This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Targa Resources Provides Update On Financial Outlook And Announces New Growth Projects

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").

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,191.65 -22.77 -0.12%
S&P 500 2,111.99 +1.25 0.06%
NASDAQ 4,986.5160 -1.3740 -0.03%

Partners Compare Online Brokers

Free Reports

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