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