The Partnership expects 2011 net capital expenditures to approximate $230 million with maintenance capital expenditures accounting for approximately 25% of the total. In addition, the Partnership estimates that it will invest approximately $20 million in 2011 for its pro rata share of the Gulf Coast Fractionators expansion.
Targa Resources Corp. - Fourth Quarter 2010 Financial Results
Targa Resources Corp., the parent of Targa Resources Partners LP, today reported its fourth quarter and full year 2010 results. The Company, which at December 31, 2010 owned a 2.0% general partner interest (held through its 100% ownership interest in the general partner of the Partnership), all of the incentive distribution rights ("IDRs") and 11,645,659 common units of the Partnership, presents its results consolidated with those of the Partnership.
The Company reported a net loss attributable to the Company of $7.8 million and $15 million for its fourth quarter and full year 2010, respectively, compared with a net income of $16.3 million and $29.3 million for its fourth quarter and full year 2009. The fourth quarter 2010 includes approximately $20 million that reflect increased professional services and special compensation expense related to Targa Resources Corp.'s December IPO.Total fourth quarter 2010 distributions paid in the first quarter on February 14, 2011 by the Partnership to the Company totaled approximately $13.4 million with $6.4 million, $1.0 million and $6.0 million paid with respect to common unit ownership, general partner interests and incentive distribution rights, respectively. TRC's total distributions received with respect to the fourth quarter of 2010 were approximately 14% higher than those received for the third quarter of 2010. On January 21, 2011, the Company declared a quarterly cash dividend of 6.16¢ per common share, or $1.03 per common share on an annualized basis, representing a prorated dividend for the portion of the fourth quarter of 2010 that the Company was public. Total cash dividends of approximately $2.6 million were paid February 21, 2011 on all outstanding common shares to holders of record as of the close of business on February 3, 2011.