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Targa Resources Provides Update On Financial Outlook And Announces Additional Growth Projects

Targa Resources Corp. Financial Update

Given the Partnership's expected distribution growth of 10% to 12% in 2013, TRC expects to be in a position to increase dividends by 25% to 30%+ in 2013 compared to 2012, subject to the approval of the board of directors of TRC. For 2013, the estimated financial performance of the Partnership is expected to result in cash taxes for TRC equal to approximately 23% of its estimated pre-tax distributable cash flow. TRC's estimated dividend increases, effective tax rate and the estimated Adjusted EBITDA of the Partnership are based on preliminary estimates and, accordingly, remain subject to changes that could be significant.

2012 Investor Conference

TRC and the Partnership will hold their 2012 investor conference on October 18, 2012, in Houston, TX. The presentation will begin at 9:30 AM Eastern Time (8:30 AM Central Time), and the presentation materials will be posted on the Partnership's website before the presentation begins. 

The conference will be Webcast which can be accessed by going to the Partnership's website at www.targaresources.com , clicking on Investors, choosing the Targa Resources Partners LP (NGLS) subsection and selecting Events and Presentations. The Webcast can also be accessed by going directly to http://ir.targaresources.com/events.cfm?company=LP .

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; 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.

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