We are leading player in both of these phases. The set of businesses operate very much on an integrated basis and as you’ll hear throughout our presentation with the increase in volumes going on, we are seeing growth opportunities across the business. What’s driving that growth? There’s kind of two basic factors; one is the E&P skills and technologies that have made the gas shales the hot story of the day are also being deployed in oil plays and in the liquid-rich combo plays, oil and gas plays. Secondly, the price environment we are in right now with very strong oil and strong NGL prices is driving a higher level of producer activity and increasing drilling completion and the supplies into our system. So those drivers are increasing volumes which result in investment opportunities and growth for us. Where also in the gathering and processing as well as in the downstream business. The downstream is mostly fee. It’s also getting most of the investment opportunities right now because there’s a need for new fractionation capacity, and so as we invest in that business we see the fee component of our business mix increasing and trending up over time.Separate from those industry dynamics, 2010 was sort of a milestone year for Targa Resources. We were a drop-down story for three and a half years following the partnership IPO in 2007 and at the end of ’10 after the drop-downs were done, we had a very successful IPO for Targa Resources Corp., the parent company, which provided attractive liquidity for the sponsor and really moved Targa from being a portfolio company system to a parent company that’s a public pure-play general partner.
Targa Resources Partners' Management Present At The Deutsche Bank 19th Annual Leveraged Finance Conference (Transcript)
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