Business Context and Reporting Period
This Form 8-K filing by Targa Resources Corp. (Targa) was submitted on April 16, 2019, reporting events occurring on that date. The filing addresses corporate governance changes rather than financial performance.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to Item 5.02 regarding the departure of a director.
Material Changes
The primary material change reported is the retirement of Michael A. Heim, age 70, from the Board of Directors, effective April 30, 2019. Mr. Heim served as a director since March 1, 2016, and as Vice Chairman of the Board since March 11, 2016. Consequently, the Board size will be reduced from 11 to 10 directors. The filing explicitly states there are no disagreements between Mr. Heim and the Company regarding operations, policies, or practices.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of market risks. Management commentary is limited to acknowledging Mr. Heim's instrumental role in shaping the Company's operations, engineering, commercial, and ES&H functions since its formation. No unusual items or contingencies are disclosed.
Investor Verification Checklist
- Confirm the effective date of Michael A. Heim's retirement (April 30, 2019).
- Verify the reduction of the Board of Directors from 11 to 10 members.
- Check for subsequent filings regarding the appointment of a replacement director.
- Review the Company's most recent 10-Q or 10-K for financial metrics not included in this 8-K.