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Targa Resources Partners Provides Update On Incident At Saunders Gas Processing Plant

Stocks in this article: NGLS TRGP

HOUSTON, Sept. 5, 2013 (GLOBE NEWSWIRE) -- Targa Resources Partners LP ("Targa Resources Partners" or the "Partnership") (NYSE:NGLS) announced today that its wholly owned subsidiary, Targa Midstream Services LLC ("TMS"), experienced a fire this morning at the Saunders gas processing facility in Lea County, New Mexico. All workers have been accounted for. Emergency services were notified and arrived promptly on-site. The fire was contained and surrounding roads were secured and monitored by emergency personnel. The fire is now out, and TMS will begin to assess damage to the facility.

The Partnership's ownership in the facility is held through Versado Gas Processors, L.L.C., a joint venture that is 63% owned by the Partnership and 37% owned by Chevron U.S.A. Inc. TMS serves as the operator of the Versado system. Saunders is the smallest gas processing plant in the Versado system, with approximately 70 MMcf/d of the Versado system's approximately 280 MMcf/d gross processing capacity.

About Targa Resources Partners

Targa Resources Partners is a publicly traded Delaware limited partnership formed in October 2006 by its parent, Targa Resources Corp. to own, operate, acquire and develop a diversified portfolio of midstream energy assets. The Partnership is a leading provider of midstream natural gas and natural gas liquid services in the United States. In addition, the Partnership provides crude oil gathering and crude oil and petroleum product terminaling services. The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting, terminaling and selling NGLs and NGL products; gathering, storing, and terminaling crude oil; and storing and terminaling petroleum products. The Partnership operates in two primary divisions: Gathering and Processing, consisting of two reportable segments—Field Gathering and Processing and Coastal Gathering and Processing; and Logistics and Marketing, consisting of two reportable segments—Logistics Assets and Marketing and Distribution.

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