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Targa Resources Announces Fourth Quarter 2012 Dividend And Distribution

HOUSTON, Jan. 15, 2013 (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 fourth quarter of 2012.

Targa Resources Corp. announced today that its board of directors has declared a quarterly cash dividend of 45.75¢ per share, or $1.83 per common share on an annualized basis, for the fourth quarter 2012. The approved dividend represents increases of approximately 8% over the previous quarter's dividend and 36% over the dividend for the fourth quarter 2011. This cash dividend will be paid February 15, 2013 on all outstanding common shares to holders of record as of the close of business on January 28, 2013.

Targa Resources Partners LP announced today that the board of directors of its general partner has declared a quarterly cash distribution of 68.00¢ per common unit, or $2.72 per common unit on an annualized basis, for the fourth quarter 2012. The approved distribution represents an increase of approximately 3% over the previous quarter's distribution and 13% over the distribution for the fourth quarter 2011. This cash distribution will be paid February 14, 2013 on all outstanding common units to holders of record as of the close of business on January 28, 2013.

This dividend increase positions TRC to exceed 30% dividend growth for full year 2013 and this distribution increase positions the Partnership for 10% - 12% distribution growth for the full year 2013.

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.

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