Targa Resources Partners LP (NGLS)
Company Conference Call
November 17, 2011 12:15 pm ET
Joe Bob Perkins – President, Targa Resources Partners
Randall Fowler – Executive Vice President, Chief Financial Officer, Enterprise Products
Frank Semple – Chairman, President, Chief Executive Officer, MarkWest Energy Partners
Thank you. The next panel topic is Infrastructure Solutions to Meet Strong Ethane Demand. On this panel, we’ve got Enterprise Products’ Randy Fowler, Executive Vice President and Chief Financial Officer; Frank Semple, Chairman, President and CEO of MarkWest Energy Partners, and Joe Bob Perkins, President of Targa Resources Partners. We’ll start with Randy.
They told us we have about four or five minutes to go through a company overview, and his message was, talk fast. Being reared in Texas and Louisiana, that’s not a talent I’ve acquired.
Just to give you a quick update, with Enterprise I think what we look at one of our strengths being is connectivity to the supply basins, whether it be the traditional supply basins or the developing shale plays and the non-conventional plays. We feel like we’ve got good connectivity there but we spend just as much time focusing on the consumers of this energy, the consumers of the NGLs, the U.S. petrochemical industry and the refining industry, so we feel like for a midstream company we’ve got good connections both to the upstream side and the downstream side.
As far as visibility to growth, I think probably some of the more noteworthy things – in the last two years, 2010 and thus far in 2011, we’ve completed about $2.9 billion worth of growth capital projects and we’ve been executing. We’ve been able to come in and largely bring those projects in on time and about 10% under budget. So we’re not seeing the cost pressures that I think we saw as a midstream industry back in that 2007 – 2008 time frame, so we’ve been able to come in and execute on these projects.