Targa Resources (TRGP) executive compensation, 2026 proxy

Matthew J. Meloy, Chief Executive Officer, was paid $21.5M in 2025, up 38% from $15.5M the year before. The CEO-to-median-employee pay ratio was 145:1, on median employee pay of $147,880.

Filed
March 26, 2026
Annual meeting
May 21, 2026
Pay year
2025
Named executives
6
CEO total pay
$21.5M+38% vs prior year
CEO to median employee
145:1median $147,880
CEO pay in equity
76%$16.3M in awards
Prior say-on-pay support
94%of votes cast
CEO Total Compensation
$21,470,7082025 total compensation
CEO Prior Year Total
$15,515,7932024 total compensation
CEO Pay Ratio
145:1Ratio to median employee
Median Employee Pay
$147,880Annual total compensation

How Meloy was paid

$21.5M in total for 2025, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.

Salary5%Bonus19%Stock awards76%All other compensation0%

Named executive officers

ExecutiveTotal
Matthew J. MeloyChief Executive Officer$21,470,708
Jennifer R. KnealePresident$8,914,447
Patrick J. McDoniePresident – Gathering and Processing$6,308,766
D. Scott PryorPresident – Logistics and Transportation$6,308,766
Robert M. MuraroChief Commercial Officer$6,308,766
William A. ByersChief Financial Officer$5,368,186

What changed and why

  • $21.5MCEO total compensation increased to $21,470,708 in 2025 from $15,515,793 in 2024.
  • Stock awards comprised the largest portion of executive compensation alongside discretionary annual bonuses.
  • 94%Say-on-pay received 94% support at the prior annual meeting.
  • The CEO to median employee pay ratio was 145 to 1 for 2025.
  • $148KMedian employee annual total compensation was calculated at $147,880 for the fiscal year.

About this page

Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.