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Targa Resources Partners LP And Targa Resources Corp. Report Fourth Quarter And Full Year 2010 Financial Results

HOUSTON, Feb. 24, 2011 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (NYSE:NGLS) ("Targa Resources Partners" or the "Partnership") and Targa Resources Corp. (NYSE:TRGP) ("TRC or the "Company") today reported fourth quarter and full year 2010 results. Fourth quarter 2010 net income attributable to Targa Resources Partners was $35.9 million while net income attributable to limited partners was $0.39 per diluted limited partner unit, compared to a net income of $25.4 million and net income attributable to limited partners of $0.52 per diluted limited partner unit for the fourth quarter of 2009. Net income for the fourth quarters of 2010 and 2009 included $10.2 million and $25.3 million in non-cash charges related to derivative instruments, respectively. The fourth quarter 2009 also included $16.6 million in affiliate and allocated interest expense for periods prior to the acquisitions of the Downstream Business, the Permian assets, Coastal Straddles, Versado and VESCO by the Partnership. The Partnership reported earnings before interest, income taxes, depreciation and amortization and non-cash income or loss related to derivative instruments ("Adjusted EBITDA") of $115.8 million for the fourth quarter of 2010 compared to $123.0 million for the fourth quarter of 2009.

For the full year 2010, net income attributable to Targa Resources Partners was $109.1 million and net income attributable to limited partners was $0.92 per diluted limited partner unit, compared to a net loss of $12.1 million and net income attributable to limited partners of $0.86 per diluted limited partner unit for 2009. Net income for the full year 2010 and 2009 included $6.4 million and $95.5 million in non-cash charges related to derivative instruments, respectively. The 2010 and 2009 full year also included $29.4 million and $107.7 million in affiliate and allocated interest expense, respectively, for periods prior to the acquisitions of the Downstream Business, the Permian assets, Coastal Straddles, Versado and VESCO by the Partnership. The Partnership reported "Adjusted EBITDA" of $396.1 million for the full year 2010 compared to $400.6 million for the full year of 2009.

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