Before we begin, I would like to remind you that any statements made during this call that might include the company’s or the partnership’s expectations or predictions should be considered forward-looking statements and are covered by the Safe Harbor provision of the Securities Acts of 1933 and 1934. Please note that actual results could differ materially from those projections and any forward-looking statements.
For a discussion of factors that could cause actual results to differ, please refer to our SEC filings including the partnership’s annual report on Form 10-K for the year ended December 31, 2010 and other quarterly reports on Form 10-Q, as well as the company’s registration statement on Form S-1 as amended.
One quick reminder before starting into our results. With the closing of multiple acquisitions from TRC over the previous years and in accordance with accounting treatment for entities under common control, the results of operations of the Partnership includes historical results from these businesses for all periods reported.
With that, I will turn it over to Rene Joyce.Rene R. Joyce Thanks Joe. Welcome and thanks to everyone for participating in our second quarter conference call. Besides Matt and myself, there are several other members of management who will be available to assist in the Q&A session. For today’s agenda, I will start off with a high-level review of performance, key accomplishments and business highlights for the quarter. We will then turn it over to Matt to review the Partnership’s consolidated financial results, the segment result and other financial matters for the Partnership. Matt will also review key financial matters related to Targa Resources Corp. Following Matt’s comments, I will provide additional updates on some of our ongoing activities, and of course, we will take your questions at the end. The Partnership reported very strong results for the second quarter of this year driven by favorable industry dynamics and the increased NGL volumes throughout the first asset base. Operating margins strengthened in both our Natural Gas Gathering and Processing division and our Logistics and Marketing division. We reported a strong second quarter adjusted EBITDA of almost $130 million, which helped drive distributable cash flow to $90 million. The result was a healthy distribution coverage ratio of almost 1.6 times based on our second quarter declared distribution of $0.57 or $2.28 on an annual basis.