What happened Shares of Targa Resources (NYSE: TRGP) surged 15% by 11:15 a.m. EDT on Thursday. Fueling the midstream company's rally was its solid first-quarter report. So what Targa Resources delivered strong first-quarter results despite all the turbulence in the oil market during that period. Adjusted EBITDA soared 41% year over year to $428 million while distributable cash flow rocketed 61% to $302 million. Fueling that growth was higher volumes thanks in large part to recently completed expansion projects. Image source: Getty Images. However, while the company's expansions helped fuel volume and profit growth during the first quarter, it isn't immune to the issues facing the oil market. Because of that, it has made several adjustments to its spending plan this year to help shore up its financial situation, including slashing its dividend by 90% and reducing capital spending by 40%. These moves will help offset some of the impact lower commodity prices will have on its volumes and price-sensitive operations as well as provide it with additional financial flexibility so that it can strengthen its balance sheet. Now what Targa Resources has put a priority on shoring up its balance sheet so that it can more easily navigate through this downturn. That will put its finances on a better long-term footing so that it can eventually return more cash to shareholders. This optimism about what potentially lies ahead is helping fuel the stock today. 10 stocks we like better than Targa ResourcesWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Targa Resources wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of April 16, 2020 Matthew DiLallo has no position in any of the stocks mentioned. The Motley Fool recommends Targa Resources. The Motley Fool has a disclosure policy.Source