HOUSTON, Feb. 13, 2014 (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 fourth quarter and full year 2013 results. Fourth quarter 2013 net income attributable to Targa Resources Partners was $108.6 million compared to $33.5 million for the fourth quarter of 2012. Net income per diluted limited partner unit was $0.70 in the fourth quarter of 2013 compared to $0.14 for the fourth quarter of 2012. The Partnership reported earnings before interest, income taxes, depreciation and amortization and other non-cash items ("Adjusted EBITDA") of $214.6 million for the fourth quarter of 2013 compared to $130.6 million for the fourth quarter of 2012.
For the full year 2013, net income attributable to Targa Resources Partners was $233.5 million compared to $174.6 million for 2012. Net income per diluted limited partner unit was $1.19 for 2013 compared to $1.20 for 2012. The Partnership reported Adjusted EBITDA of $629.2 million for the full year 2013 compared to $514.9 million for the full year 2012.
The Partnership's distributable cash flow for the fourth quarter 2013 of $164.9 million corresponds to distribution coverage of approximately 1.4 times the $115.8 million in total distributions to be paid on February 14, 2014 (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")). For the full year 2013, the Partnership's distributable cash flow of $440.3 million corresponds to distribution coverage of over 1.0 times the $422.4 million in total distributions declared with respect to 2013."2013 was a transformational year for Targa. The portion of the Partnership's operating margin that is fee-based now exceeds 60 percent, and the recent and expected Adjusted EBITDA growth is impressive with $515 million in 2012, $629 million in 2013 and $750+ million expected for 2014. With over $1 billion of growth projects placed in service during 2013 and additional projects in process, Targa is well positioned for the future," said Joe Bob Perkins, Chief Executive Officer of the general partner of the Partnership and of the Company.
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