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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: NGLS TRGP

The Partnership estimates that its total growth capital expenditures for 2013 will be approximately $900 million on a gross basis, and that maintenance capital expenditures net to the Partnership's interest will be $80 million.

Targa Resources Corp. Third Quarter 2013 - Capitalization, Liquidity and Financing

Total funded debt of the Company as of September 30, 2013, excluding debt of the Partnership, was $70.0 million in borrowings outstanding under its $150.0 million senior secured revolving credit facility due 2017. This resulted in $80.0 million in available revolver capacity as of September 30, 2013.

The Company's cash balance, excluding cash held by the Partnership and its subsidiaries, was $9.6 million as of September 30, 2013, resulting in total liquidity of $89.6 million.

Conference Call

Targa Resources Partners and Targa Resources Corp. will host a joint conference call for investors and analysts at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on November 5, 2013 to discuss third quarter 2013 financial results. The 2013 Investor & Analyst Presentation will begin immediately following the discussion of third quarter results, and will include an update from Management on the Partnership's business operations and on financial and operational guidance, along with presentation materials that will be posted to the Partnership's website after the NYSE closes for trading on Monday, November 4, 2013. The conference call can be accessed via Webcast through the Events and Presentations section of the Partnership's website at www.targaresources.com , by going directly to http://ir.targaresources.com/events.cfm?company=LP or by dialing 877-881-2598. The pass code for the dial-in is 85694850. Please dial in ten minutes prior to the scheduled start time. A replay will be available approximately two hours following completion of the Webcast through the Investor's section of the Partnership's and the Company's website.

Targa Resources Partners – Consolidated Financial Results of Operations
         
  Three Months Ended September 30, Nine Months Ended September 30,
  2013 2012 2013 2012
  (In millions except per unit data)
Revenues   $ 1,556.9  $ 1,392.9  $ 4,396.4  $ 4,356.8
Product purchases  1,259.8  1,153.0  3,573.8  3,611.7
Gross margin (1)  297.1  239.9  822.6  745.1
Operating expenses  97.6  78.3  279.7  227.1
Operating margin (2)  199.5  161.6  542.9  518.0
Depreciation and amortization expenses  68.9  47.9  198.5  142.1
General and administrative expenses  35.4  33.5  105.7  100.0
Other operating expense  4.2  18.9  8.3  18.8
Income from operations  91.0  61.3  230.4  257.1
Interest expense, net  (32.6)  (29.0)  (95.6)  (87.8)
Equity earnings (loss)  5.6  (2.2)  10.1  (0.3)
Loss on debt redemption   (7.4)  --   (14.7)  -- 
Other   9.1  (1.1)  15.3  (1.6)
Income tax expense   (0.7)  (0.9)  (2.5)  (2.7)
Net income   65.0  28.1  143.0  164.7
Less: Net income attributable to noncontrolling interests  5.3  3.9  18.1  23.5
Net income attributable to Targa Resources Partners LP  $ 59.7  $ 24.2  $ 124.9  $ 141.2
         
Net income attributable to general partner  28.1  15.4  76.1  46.1
Net income attributable to limited partners   31.6  8.8  48.8  95.1
Net income attributable to Targa Resources Partners LP  $ 59.7  $ 24.2  $ 124.9  $ 141.2
         
Basic net income per limited partner unit  $ 0.30  $ 0.08  $ 0.47  $ 1.07
Diluted net income per limited partner unit  0.30  0.08  0.47  1.07
         
Financial data:        
Adjusted EBITDA (3)  $ 155.94  $ 116.2  $ 414.64  $ 384.4
Distributable cash flow (4)  110.8  77.2  275.4  267.6
Capital expenditures  284.5  161.5  727.1  399.8
         
Operating data:        
Crude oil gathered, MBbl/d  52.4  --   40.8  -- 
Plant natural gas inlet, MMcf/d (5)(6)  2,126.5  1,968.6  2,092.0  2,094.3
Gross NGL production, MBbl/d  142.3  123.4  135.6  126.6
Export volumes, MBbl/d  55.2  31.1  47.1  40.8
Natural gas sales, BBtu/d (6)  988.0  981.8  930.8  924.4
NGL sales, MBbl/d  303.9  282.0  289.4  277.1
Condensate sales, MBbl/d  3.7  3.6  3.7  3.5
         

(1) Gross margin is a non-GAAP financial measure and is discussed under "Targa Resources Partners - Non-GAAP Financial Measures."

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