HOUSTON, May 3, 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 first quarter 2013 results. First quarter 2013 net income attributable to Targa Resources Partners was $38.9 million compared to $70.1 million for the first quarter of 2012. Net income per diluted limited partner unit was $0.16 in the first quarter of 2013 compared to $0.63 for the first quarter of 2012. The Partnership reported earnings before interest, income taxes, depreciation and amortization and other non-cash items ("Adjusted EBITDA") of $132.2 million for the first quarter of 2013 compared to $145.4 million for the first quarter of 2012.
The Partnership's distributable cash flow for the first quarter 2013 of $85.5 million corresponds to distribution coverage of approximately 0.9 times the $95.7 million in total distributions to be paid on May 15, 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")).
"Our first quarter financial results demonstrate the benefits of the increasing scale, diversity and fee-based nature of our businesses. Despite the significant reduction in natural gas liquids prices compared to the first quarter of last year, the effect on our financial results was mitigated by record quarterly margin from our Logistics and Marketing division," said Joe Bob Perkins, Chief Executive Officer of the general partner of the Partnership and of Targa Resources Corp. "We are currently commissioning our 100 MBbl/d Cedar Bayou Fractionator Train 4 expansion in Mont Belvieu, Texas. This project is part of the $1.7 billion in organic growth investments expected to be placed in service by the end of 2014, $1.2 billion of which is expected to be placed in service this year. We expect these primarily fee-based investments to add scale, diversity and margin that will support continued distribution growth."
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