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Targa Resources Partners LP And Targa Resources Corp. Report Second Quarter 2013 Financial Results

Stocks in this article: NGLS TRGP

HOUSTON, Aug. 1, 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 second quarter 2013 results. Second quarter 2013 net income attributable to Targa Resources Partners was $26.3 million compared to $46.8 million for the second quarter of 2012. The Partnership reported earnings before interest, income taxes, depreciation and amortization and other non-cash items ("Adjusted EBITDA") of $126.5 million for the second quarter of 2013 compared to $122.9 million for the second quarter of 2012.

The Partnership's distributable cash flow for the second quarter 2013 of $79.0 million corresponds to distribution coverage of approximately 0.8 times the $102.4 million in total distributions to be paid on August 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")).

"We saw higher volumes across all of our Field Gathering & Processing systems as a result of the continued increase in producer activity in the Permian Basin, North Texas and the Bakken. The combination of higher volumes, increased margin from our downstream segment and strong fee-based margin contributions resulted in an increase in Adjusted EBITDA compared to the second quarter last year, despite significantly lower natural gas liquids prices in the quarter," said Joe Bob Perkins, Chief Executive Officer of the general partner of the Partnership and of Targa Resources Corp. "We are excited about adding even more scale, diversity and fee-based margin to our business during the third and fourth quarters as we bring on contributions from our 100 MBbl/d Cedar Bayou Fractionator Train 4 expansion and our export expansion at Galena Park. These projects are part of the $1.7 billion in organic growth investments that will support continued distribution growth even in a challenging natural gas liquids price environment."

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