HOUSTON, March 31, 2014 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (NYSE:NGLS) ("Targa Resources Partners" or the "Partnership") announced today the following regarding preliminary first quarter of 2014 results, operating and financial outlook for 2014 and an update on 2014 growth capital expenditures including new growth projects.
Targa Resources Partners LP Financial Update
Based on preliminary results for the first quarter of 2014, the Partnership expects Adjusted EBITDA of approximately $210 million. Increased liquefied petroleum gas ("LPG") export activity, higher commodity prices and improved performance across the Partnership's businesses during the first quarter contributed to preliminary Adjusted EBITDA being approximately 60% higher than the first quarter of 2013.The Partnership estimates Adjusted EBITDA for 2014 will be approximately $820 million to $880 million. The strength of the LPG export market and operational results at the facility since the first phase of the Partnership's export expansion project came online in September 2013 have resulted in the expectation that the Partnership will benefit from a higher level of LPG export activity in 2014 than was previously contemplated. At the same time, other parts of the Partnership's business segments have performed in line or exceeded assumptions used for 2014 Adjusted EBITDA estimates provided previously. There has been no change to the Partnership's assumption for average commodity prices of $3.75 per MMBtu for natural gas, $95.00 per barrel for crude oil and $0.90 per gallon for the Partnership's NGLs for 2014. Under these assumptions, a $0.05 change in the weighted average price of the Partnership's typical NGL gallon would correspondingly change 2014 Adjusted EBITDA by approximately 1%. These initial estimates for the first quarter of 2014 and full year 2014 are preliminary estimates and, accordingly, remain subject to changes that could be significant. See the section of this release entitled "Non-GAAP Financial Measure" for a discussion of Adjusted EBITDA and a reconciliation of this measure to its most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP").