This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs