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TheStreet Open House

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

The following table provides summary data regarding results of operations of this segment for the periods indicated:

  Three Months Ended December 31, Year Ended December 31,
  2012 2011 2012 2011
  ($ in millions)
Gross margin  $ 86.2  $ 104.2  $ 357.4  $ 403.6
Operating expenses  35.6  29.4  126.2  115.7
Operating margin  $ 50.6  $ 74.8  $ 231.2  $ 287.9
Operating statistics (1):         
Plant natural gas inlet, MMcf/d (2), (3)        
Sand Hills  149.6  142.0  145.2  134.2
SAOU  136.0  114.0  124.8  111.0
North Texas System  264.0  221.6  244.5  203.5
Versado  170.8  154.8  167.4  162.8
   720.4  632.4  681.9  611.5
Gross NGL production, MBbl/d        
Sand Hills  17.4  16.5  16.9  15.7
SAOU  20.2  18.1  19.2  17.4
North Texas System  29.1  24.9  26.8  22.9
Versado  20.5  17.9  19.7  18.2
   87.2  77.4  82.6  74.2
Natural gas sales, BBtu/d (3)  340.2  298.0  325.0  285.5
NGL sales, MBbl/d   72.7  62.5  68.5  59.8
Condensate sales, MBbl/d   3.0  2.4  3.2  2.8
Average realized prices (4):        
Natural gas, $/MMBtu  3.15  3.32  2.60  3.80
NGL, $/gal  0.77  1.27  0.87  1.23
Condensate, $/Bbl  82.23  89.94  88.49  91.55
 
(1) Segment operating statistics include the effect of intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the quarter and the denominator is the number of calendar days during the quarter.
(2) Plant natural gas inlet represents the volume of natural gas passing through the meter located at the inlet of a natural gas processing plant.
(3) Plant natural gas inlet volumes include producer take-in-kind volumes, while natural gas sales exclude producer take-in-kind volumes.
(4) Average realized prices exclude the impact of hedging activities presented in Other.

Three Months Ended December 31, 2012 Compared to Three Months Ended December 31, 2011

The decrease in gross margin was primarily due to lower commodity sales prices, partially offset by higher throughput volumes and higher plant reliability. The increase in plant inlet volumes was largely attributable to new well connects, particularly North Texas, Sand Hills and SAOU. The impact of fourth quarter 2011 operational issues at Versado exceeded those incurred in the fourth quarter 2012.

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