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Targa Resources Partners CEO Discusses Q2 2011 Results - Earnings Call Transcript

The Partnership’s distribution represents an 8% increase compared to the second quarter of ’10. We are very proud of our consistent year-over-year distribution growth.

Drilling and production activity remains high for our Gathering and Processing segment, significantly increasing inlet volumes at San Angelo in North Texas year-over-year. Our Coastal Gathering and Processing segment turned in a strong second quarter performance led by increased VESCO plant inlet volumes in a favorable pricing environment, resulting NGL production helps drive notable operating activity throughout system of downstream assets.

For our Logistics and Marketing division, healthy operating results benefited from increased CBF and LSNG volumes, continued strong NGL prices and LPG export activity. At Galena Park LPG export activity was supported by multi-year deals as well as spot export opportunities. Mostly sea-based LPG exports benefit both our Logistics Assets in our Marketing and Distribution segments.

As mentioned in our first quarter call, we closed the purchase of the Targa Channelview Terminal and we are currently pursuing incremental growth capital investment asset at the facility to expand its capabilities. Additionally, we continue to develop, negotiate and work to close additional refined products and crude storage and terminaling acquisitions that complement this existing business. I am pleased to report that the 78,000 barrel per day expansion at Cedar Bayou fractionator ramped up commercial operation through out the quarter completed on schedule and under budget this expansion increases our fee-based income to the segment.

At the TRC level, TRC declared a second quarter cash annualized dividend of a $1.60 per share which was a 13% increase over the annualized rate paid with respect to the pro-rated fourth quarter 2010. That wraps up my initial review and I will hand it over to Matt.

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