Distributable cash flow for the fourth quarter of 2010 of $76.0 million corresponds to distribution coverage of approximately 1.4 times the $53.5 million in total distributions paid on February 14, 2011 (see the section of this release entitled "Targa Resources Partners - Non-GAAP Financial Measures" for a discussion of Adjusted EBITDA, gross margin, operating margin and distributable cash flow, and reconciliations of such measures to their most directly comparable financial measures calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP")."We are very pleased with our fourth quarter operating and financial results," said Rene Joyce, Chief Executive Officer of the Partnership's general partner and of Targa Resources Corp. "Our declared fourth quarter 2010 distribution rate represents an impressive 6% increase over the distribution rate for fourth quarter of 2009, an accomplishment largely a result of having purchased all of the remaining assets from TRC during the year at attractive prices and also a result of the strong performance of our businesses.
Targa Resources Partners LP And Targa Resources Corp. Report Fourth Quarter And Full Year 2010 Financial Results
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