This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

The Partnership expects net maintenance capital expenditures to be approximately $90 million in 2014.

Targa Resources Corp. – Financial Outlook Update

Given the Partnership's expected distribution growth of 7% to 9% in 2014, TRC expects to be in a position to increase dividends in excess of 25% compared to 2013, subject to the approval of the board of directors of TRC. For 2014, the estimated financial performance of the Partnership is expected to result in cash taxes for TRC equal to approximately 27% of its estimated pre-tax distributable cash flow. TRC's estimated dividend increases, effective tax rate and the estimated Adjusted EBITDA of the Partnership are based on preliminary estimates and, accordingly, remain subject to changes that could be significant.

Targa Resources Partners Third Quarter 2013 - Capitalization, Liquidity and Financing

Total funded debt at the Partnership as of September 30, 2013 was $2,797.9 million including $400.0 million outstanding under the Partnership's $1.2 billion senior secured revolving credit facility, $168.0 million outstanding under the Partnership's accounts receivable securitization facility, and $2,229.9 million of senior unsecured notes, net of unamortized discounts.

As of September 30, 2013, after giving effect to $50.0 million in outstanding letters of credit, the Partnership had available revolver capacity of $750.0 million and $74.1 million of cash on hand, resulting in total liquidity of $824.1 million.

In July 2013, the Partnership paid $76.8 million plus accrued interest to redeem all of its outstanding 11¼% Notes.

During the nine months ended September 30, 2013, the Partnership issued a total of 8,349,727 common units representing total net proceeds of $377.4 million from equity issuances under equity distribution agreements, which allow the Partnership to periodically issue equity at prevailing market prices, less a commission. TRC contributed $7.9 million to maintain its 2% general partner interest during this period.

4 of 25

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,120.87 +69.14 0.41%
S&P 500 1,982.42 +8.79 0.45%
NASDAQ 4,451.6920 +26.9880 0.61%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs