TRGP — what changed in the latest 10-Q
A section-by-section comparison of TRGP's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-07 vs the prior 10-Q · 2025-11-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +44 | −63 | ~30 | 75 |
| Market risk (Item 3) | Text added/removed | +1 | −2 | ~7 | 10 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-07
Our new cryogenic natural gas processing plant additions include:
Falcon II plant, a 275 MMcf/d plant in Permian Delaware (the “Falcon II plant”), commenced operations in the first quarter of 2026.
East Pembrook plant, a 275 MMcf/d plant in Permian Midland (the “East Pembrook plant”), commenced operations late in the first quarter of 2026.
East Driver plant, a 275 MMcf/d plant in Permian Midland (the “East Driver plant”), expected to begin operations in the third quarter of 2026.
Copperhead plant, a 275 MMcf/d plant in Permian Delaware (the “Copperhead plant”), expected to begin operations in the first quarter of 2027.
Text removed vs the prior filing · source: 10-Q · 2025-11-05
In August 2023, we announced the construction of a new 275 MMcf/d cryogenic natural gas processing plant in Permian Delaware (the “Bull Moose plant”). The Bull Moose plant commenced operations in the first quarter of 2025.
In May 2024, we announced the construction of a new 275 MMcf/d cryogenic natural gas processing plant in Permian Midland (the “Pembrook II plant”). The Pembrook II plant commenced operations in the third quarter of 2025.
In August 2024, we announced the construction of a new 275 MMcf/d cryogenic natural gas processing plant in Permian Delaware (the “Bull Moose II plant”). The Bull Moose II plant commenced operations in the fourth quarter of 2025.
In August 2024, we announced the construction of a new 275 MMcf/d cryogenic natural gas processing plant in Permian Midland (the “East Pembrook plant”). The East Pembrook plant is expected to begin operations in the second quarter of 2026.
In November 2024, we announced the construction of a new 275 MMcf/d cryogenic natural gas processing plant in Permian Delaware (the “Falcon II plant”). The Falcon II plant is expected to begin operations in the second quarter of 2026.
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-07
During the three months ended March 31, 2026, revenues from one customer within our Logistics and Transportation segment represented approximately 11% of our consolidated revenues. No customer comprised 10% or greater of our consolidated revenues during the three months ended March 31, 2025.
Text removed vs the prior filing · source: 10-Q · 2025-11-05
For more information about our hedging activities, see Note 10 – Derivative Instruments and Hedging Activities and Note 11 – Fair Value Measurements to our Consolidated Financial Statements.
During the three and nine months ended September 30, 2025 and 2024, no customer comprised 10% or greater of our consolidated revenues.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice