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Targa Resources Partners LP (NGLS)
Deutsche Bank 19th Annual Leveraged Finance Conference
October 13, 2011 08:40 AM EST
Jeffrey J. McParland – President, Finance & Administration
Matthew J. Meloy – Senior Vice President, Chief Financial Officer and Treasurer
Okay, after a little delay we have our next interview company Targa Resources. From the company, we have Jeff McParland; he is the President of Finance.
Thank you, Kathryn. Good morning. Pleasure to be with you this morning over-the-top, stellar Deutsche Leverage Conference. Thank you for taking time to visit with us. I am going to do the executive summary version here and Matt will run through – Matt Meloy, our CFO, will run through in a little more detail on the businesses. As we get rolling I hope you’ll take note of our cautionary language on forward-looking statements.
Alright. Where does Targa fit in the midstream space? We are a natural gas and natural gas liquid midstream company. So we operate in two basic divisions; gas gathering and processing and logistics and marketing for the NGLs, which we call our downstream business. Up top in the gas gathering and processing, we serve producers, we collect wellhead production, our natural gas production. We treat it and more importantly with process that gas to separate it into pipeline quality residue gas and the natural gas liquid stream, which is a mixed stream of natural gas liquids. Those mixed liquids then go into the downstream business, which is centered on the Gulf Coast or it assets are centered on the Gulf Coast. And there we stage the liquids, fractionate the mixed stream of NGLs into its product components ethane, propane, butane, and so forth and then handle our logistics of delivering those products to their markets.