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HOUSTON, Oct. 11, 2012 (GLOBE NEWSWIRE) -- Targa Resources Corp. ("TRC" or the "Company") (NYSE:TRGP) and Targa Resources Partners LP ("Targa Resources Partners" or the "Partnership") (NYSE:NGLS) announced their respective quarterly dividend and distribution for the third quarter of 2012.
Targa Resources Corp. announced today that its board of directors has declared a quarterly cash dividend of 42.25¢ per share, or $1.69 per common share on an annualized basis, for the third quarter 2012. The approved dividend represents increases of approximately 7% over the previous quarter's dividend and 37% over the dividend for the third quarter 2011. This cash dividend will be paid November 15, 2012 on all outstanding common shares to holders of record as of the close of business on October 22, 2012.
Targa Resources Partners LP announced today that the board of directors of its general partner has declared a quarterly cash distribution of 66.25¢ per common unit, or $2.65 per common unit on an annualized basis, for the third quarter 2012. The approved distribution represents an increase of approximately 3% over the previous quarter's distribution and 14% over the distribution for the third quarter 2011. This cash distribution will be paid November 14, 2012 on all outstanding common units to holders of record as of the close of business on October 22, 2012.
About Targa Resources Corp. and Targa Resources Partners LP
Targa Resources Corp. is a publicly traded Delaware corporation that owns a 2% general partner interest (which the Company holds through its 100% ownership interest in the general partner of the Partnership), all of the outstanding incentive distribution rights and a portion of the outstanding limited partner interests in Targa Resources Partners LP.
Targa Resources Partners is a publicly traded Delaware limited partnership that is a leading provider of midstream natural gas and natural gas liquid services in the United States. The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas; and storing, fractionating, treating, transporting and selling natural gas liquids, or NGLs, and NGL products; and storing and terminaling refined petroleum products and crude oil. The Partnership owns an extensive network of integrated gathering pipelines and gas processing plants and currently operates along the Louisiana Gulf Coast primarily accessing the onshore and near offshore region of Louisiana, the Permian Basin in West Texas and Southeast New Mexico and the Fort Worth Basin in North Texas. Additionally, the Partnership's logistics and marketing assets are located primarily at Mont Belvieu and Galena Park near Houston, Texas and in Lake Charles, Louisiana with terminals and transportation assets across the United States. Targa Resources Partners is managed by its general partner, Targa Resources GP LLC, which is indirectly wholly owned by Targa Resources Corp.