On January 14, 2014, the Partnership announced a cash distribution for the fourth quarter 2013 of $0.7475 per common unit, or $2.99 per unit on an annualized basis, representing an increase of approximately 2% over the distribution for the third quarter 2013 and 10% over the distribution for the fourth quarter 2012. The cash distribution will be paid on February 14, 2014 on all outstanding common units to holders of record as of the close of business on January 27, 2014. The total distribution paid will be $115.8 million, with $74.3 million to the Partnership's third-party limited partners and $41.5 million to TRC for its ownership of common units, incentive distribution rights ("IDRs") and its 2% general partner interest in the Partnership.
Targa Resources Corp. – Fourth Quarter and Full Year 2013 Financial Results
Targa Resources Corp., the parent of Targa Resources Partners, today reported its fourth quarter and full year 2013 results. The Company, which as of December 31, 2013 owned a 2% general partner interest in the Partnership (held through its 100% ownership interest in the general partner of the Partnership), all of the IDRs and 12,945,659 common units of the Partnership, presents its results consolidated with those of the Partnership.
TRC reported net income available to common shareholders of $20.4 million for the fourth quarter 2013 compared with a net income available to common shareholders of $11.2 million for the fourth quarter 2012. The net income per diluted common share was $0.48 in the fourth quarter of 2013 compared to $0.27 for the fourth quarter of 2012.For the full year 2013, TRC reported net income available to common shareholders of $65.1 million compared to $38.1 million for 2012. Net income per diluted common share was $1.55 for 2013 compared to $0.91 for 2012. Fourth quarter 2013 distributions to be paid on February 14, 2014 by the Partnership to the Company will be $41.5 million, with $9.7 million, $29.5 million and $2.3 million paid with respect to common units, IDRs and general partner interests, respectively.