Oil was down about 14% and NGL’s were down about 31%. But Targa benefited from our growth, our fee-based diversification and our hedging program. In that down 14% to 31% pricing environment, EBITDA was only down 5%, coming end at $123 million.
We noted in the June press release that the Partnership is expected to have excess distribution coverage for 2012 and 2013 based on our continued distribution growth rates, and a commodity price environment that was assuming $2.50 gas, $80 crude and $0.75 average NGL pricing, which included a $0.30 ethane and $0.80 propane assumption.
Since June, the NGL price environment has improved with ethane currently at about $0.38 per gallon and propane at approximately $0.88 per gallon. Even without this recent price improvement, management believes the Partnership is well-positioned for continued increases in distributions to our unitholders and that ongoing growth CapEx projects provide significant visibility for this outlook.
Our reported second quarter adjusted EBITDA of $123 million resulted in distributable cash flow of approximately $85 million. Distribution coverage was 1.15 times based on our second quarter declared distribution of $64.25 or $2.57 on an annual basis.Consistent with our 2012 full year guidance given last fall, the Partnership’s second quarter distribution represents our 13% increase compared to the second quarter of 2011.Moving to a brief business overview, of the increase volumes and decrease pricing that I just mentioned, our Field, Gathering and Processing segment reported the second quarter 2012 operating margin decrease of approximately 33%, compared to second quarter 2011. The hedges for Field G&P, which we report as other in our segment information reduced this operating margin decrease to about 15% or only $12 million.Second quarter 2012 Coastal G&P segment operating margin decreased approximately 39% over second quarter 2011, primarily due to lower commodity prices and from lower NGL production due to planned and unplanned maintenance at VESCO. This maintenance has now been completed.
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