Based in Houston, Texas, Targa Resources Corp. gathers, processes, transports and sells natural gas, NGL, and crude oil primarily in the Anadarko, Barnett, Eagle Ford, Permian, and Williston basins. TRGP consists of two segments: Gathering and Processing; and Logistics and Transportation.

The major indices are managing to stay in the green at midday on Monday. Negotiations between Iran and the U.S. continue -- but, so far, are not yielding significant results. Meanwhile, earnings reports continue to flow in, though the pace is moderating a bit. Crude oil is at $98 per barrel. The yield on the 10-year note is at 4.39%. The VIX volatility index is at 18.

For years, demand from all corners of the globe for the safety and security of U.S. Treasury debt has helped keep a cap on long-term interest rates, even when inflation was stubbornly high. Total public debt owed by the U.S. federal government was $38.5 trillion at the end of 4Q25, according to the Department of the Treasury (DOT). Outside of U.S. investors, the two largest holders of U.S. public debt were Japan, which owns 3.2% of the debt, and the UK, which owns 2.3%. The other nations among the top 10 holders have 9% of the debt, so the top 10 holders collectively own about 15%. The grand total of U.S. debt owned by foreign holders is $9.3 trillion, or about 24% of the total. Over the past year, this sum has ranged from $8.9 trillion to $9.5 trillion, and is currently above the midpoint of the range. That's due, in part, to the global "flight to quality" move into US Treasuries after the onset of the war in Iran. Yes, the U.S. runs a trade deficit. But its trading partners take part of their import proceeds and reinvest in the U.S. economy, keeping the dollar strong and U.S. consumers in a position to purchase their goods. Global sovereign investment also helps keep long-term interest rates at reasonable levels.

The United States economy is full of innovation. It has to be. Manufacturing industries that dominated the economy decades ago - textiles, televisions, even automobiles to a large degree - have moved overseas, where labor and materials costs are lower. Yet the U.S. economy, even during the pandemic and the recent period of high inflation, has expanded to record levels. If U.S. corporations weren't innovating, creating new products (such as AI and vaccines) and services (such as Zoom calls and Netflix), as well as moving into new markets (clean energy, rare drugs), the domestic economy would not be growing, and capital would not be flooding into the country. Consider that U.S. GDP was approximately $1 trillion in 1930 but was almost $31.5 trillion at the end of 2025. That's growth of 30-times. Meanwhile, the U.S. population has grown less than 3-times during that time span, to 340 million from 120 million. The delta between GDP growth and population growth has been driven, in large part, by innovation.