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

The Partnership's distributable cash flow for the fourth quarter 2012 of $86.4 million corresponds to distribution coverage of approximately 1.0 times the $90.9 million in total distributions to be paid on February 14, 2013 (see the section of this release entitled "Targa Resources Partners - Non-GAAP Financial Measures" for a discussion of Adjusted EBITDA, gross margin, operating margin and distributable cash flow, and reconciliations of such measures to their most directly comparable financial measures calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP")). For the full year 2012, the Partnership's distributable cash flow of $353.9 corresponds to distribution coverage of 1.1 times the $310.4 million in total distributions declared with respect to 2012.

"We are pleased to report the Partnership's record full year Adjusted EBITDA of $515 million despite a lower commodity price environment, impacts from Hurricane Isaac and one-time transaction expenses related to the Badlands acquisition. These results demonstrate the diversity in our businesses and our increasing fee-based margin from projects placed in service in recent years," said Joe Bob Perkins, Chief Executive Officer of the general partner of the Partnership and of Targa Resources Corp. "Our current organic investment program, with $1.7 billion of announced growth capital projects expected to come on line in 2013 and 2014, provides high visibility to our increasing fee-based margin and EBITDA growth, and we continue to evaluate other potential opportunities to add to our announced projects. With $1.1 billion in growth investments expected to be placed in service by the fourth quarter of 2013, we expect to exit 2013 a larger, more diversified company than we are today. Similarly, the Badlands acquisition with its ongoing capital investment program is a fee-based growth project in process. We expect that our significant focus on 2013 expansion efforts for this business will result in growth that is accretive to 2014."

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