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Targa Resources Partners LP And Targa Resources Corp. Report Third Quarter 2013 Financial Results And Provide Update On Financial Outlook

Stocks in this article: NGLSTRGP

HOUSTON, Nov. 4, 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 third quarter 2013 results. Third quarter 2013 net income attributable to Targa Resources Partners was $59.7 million compared to $24.2 million for the third quarter of 2012. Net income per diluted limited partner unit was $0.30 in the third quarter of 2013 compared to $0.08 for the third quarter of 2012. The Partnership reported earnings before interest, income taxes, depreciation and amortization and other non-cash items ("Adjusted EBITDA") of $155.9 million for the third quarter of 2013 compared to $116.2 million for the third quarter of 2012.

The Partnership's distributable cash flow for the third quarter 2013 of $110.8 million corresponds to distribution coverage of approximately 1.0 times the $108.5 million in total distributions to be paid on November 14, 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 commissioned two large expansion programs this quarter - 100 MBbl/d of additional fractionation capacity with Train 4 at our Cedar Bayou facility plus the addition of over 2 million barrels per month of export capacity at our Galena Park Marine Terminal. These projects contributed to the Partnership's record third quarter Adjusted EBITDA of $156 million," said Joe Bob Perkins, Chief Executive Officer of the general partner of the Partnership and of Targa Resources Corp. "We had higher volumes and margin in our Field Gathering & Processing segment, and increased export volumes and margin in our Downstream Business. Our gathering and processing assets, located in some of the most active oil and gas producing basins in the country, combined with a growing and diverse downstream footprint position us well for continued growth."

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