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

Pro forma for the Securitization Facility and the equity issuances in January, the Partnership had pro forma available revolver capacity of $771.5 million.

The Partnership estimates that its total growth capital expenditures for 2013 will be approximately $1.0 billion on a gross basis, and that maintenance capital expenditures net to the Partnership's interest will be $75 million.

Targa Resources Corp. - Fourth Quarter 2012 Financial Results

Targa Resources Corp., the parent of Targa Resources Partners, reported its fourth quarter 2012 results. The Company, which as of December 31, 2012 owned a 2% general partner interest (held through its 100% ownership interest in the general partner of the Partnership), all of the IDRs and 12,945,659 common units of the Partnership, presents its results consolidated with those of the Partnership.

TRC reported net income available to common shareholders of $11.2 million for the fourth quarter 2012 compared with a net income available to common shareholders of $8.5 million for the fourth quarter 2011. The net income per diluted common share was $0.27 in the fourth quarter of 2012 compared to $0.20 for the fourth quarter of 2011.

Fourth quarter 2012 distributions to be paid on February 14, 2013 by the Partnership to the Company will be $30.7 million, with $8.8 million, $20.1 million and $1.8 million paid with respect to common units, IDRs and general partner interests, respectively.

On January 15, 2013, TRC declared a quarterly dividend of 45.75¢ per share of its common stock for the three months ended December 31, 2012, or $1.83 per share on an annualized basis, representing increases of approximately 8% over the previous quarter's dividend and 36% over the dividend for the fourth quarter of 2011. Total cash dividends of approximately $19.0 million 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.

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