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.

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