Targa Resources has promoted Ben Branstetter to be its next CFO. He replaces Will Byers, who is retiring after two years in the role. The changes are effective September 1.

Targa has its head office in downtown Houston.  The company is the largest natural gas processor in the Permian Basin. It owns pipelines to its NGL (Natural Gas Liquids) processing plant in Mont Belvieu, near Houston. The company is also a leading exporter of LPGs (Liquefied Petroleum Gas). [note – LPGs primarily comprise Propane and Butane, whereas LNG (Liquefied Natural Gas) is methane].

The company has revenues of $17 billion and a market capitalization of $63 billion.

Mr. Branstetter joined the company in 2017 and currently serves as the President – Logistics and Transportation. He is a Texas Longhorn, who started his career at Glencore as a Risk Manager. He also worked at Phillips 66 and Lazard investment Bank before joining Targa. Mr. Branstetter will receive a base salary of $600,000.

Mr. Byers, who is 50, joined Targa in June 2024. He had previously held CFO roles at two PE-backed midstream companies. Mr. Byers will remain with the company until the end of 2026. He won’t get severance, but his restricted stock units will continue to vest. He will get a 2026 annual incentive cash bonus, once that is determined.

Targa has hired Brent Secrest to replace Mr. Branstetter. Mr. Secrest has spent the past 11 years working in various roles at Enterprise Products, another publicly-traded midstream company.

https://www.sec.gov/Archives/edgar/data/1389170/000119312526364099/0001193125-26-364099-index.html