This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Targa Resources Partners LP And Targa Resources Corp. Report Fourth Quarter And Full Year 2012 Financial Results

HOUSTON, Feb. 14, 2013 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (NYSE:NGLS) ("Targa Resources Partners" or the "Partnership") and Targa Resources Corp. (NYSE:TRGP) ("TRC" or the "Company") today reported fourth quarter and full year 2012 results. The Saddle Butte acquisition, now called Targa Badlands or the Badlands acquisition, closed on December 31, 2012 and did not impact the Partnership's results of operations for 2012, other than transaction costs related to the acquisition.

Fourth quarter 2012 net income attributable to Targa Resources Partners was $33.5 million compared to $75.5 million for the fourth quarter of 2011. Net income per diluted limited partner unit was $0.14 in the fourth quarter of 2012 compared to $0.75 for the fourth quarter of 2011. The Partnership reported earnings before interest, income taxes, depreciation and amortization, gains or losses on debt repurchases and redemptions, early debt extinguishments and asset disposals and non-cash risk management activities related to derivative instruments ("Adjusted EBITDA") of $130.6 million for the fourth quarter of 2012 compared to $146.3 million for the fourth quarter of 2011. Net income and Adjusted EBITDA for the fourth quarter of 2012 included approximately $6 million of transaction costs related to the Badlands acquisition.

For the full year 2012, net income attributable to Targa Resources Partners was $174.6 million compared to $204.5 million for 2011. Net income per diluted limited partner unit was $1.20 for 2012 compared to $1.98 for 2011. Net income for the full year 2012 included a $15.4 million non-cash loss related to the write-off of the Partnership's investment in the Yscloskey plant which was damaged by Hurricane Isaac and a $12.8 million loss on debt redemption and early debt extinguishment. The Partnership reported Adjusted EBITDA of $514.9 million for the full year 2012 compared to $490.8 million for the full year 2011. Net income and Adjusted EBITDA for the full year 2012 included approximately $6 million of transaction costs related to the Badlands acquisition.

Stock quotes in this article: NGLS, TRGP 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs