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

Growth Projects Update

The Partnership has recently approved construction of a condensate splitter at its Channelview Terminal on the Houston Ship Channel. Targa is contracting with Noble Americas Corp., a subsidiary of Noble Group Ltd. ("Noble"), who will support the project with a long-term, fee-based arrangement.

The approximately $115 million project will have the capability to split ~35,000 barrels per day of condensate into its various components, including naptha, kerosene, gas oil, jet fuel and liquefied petroleum gas, and will provide segregated storage for the condensate and components. The project is expected to be completed approximately 18 months after all permits have been obtained.

"We are very pleased to be working with a market leader like Noble to launch our first condensate splitter project. We continually look at facilities and services to support our customers, and believe that this project will help provide a partial solution as domestic condensate volumes continue to ramp up," said Joe Bob Perkins, CEO of the general partner of the Partnership.

Once the project is complete, the Partnership's Channelview Terminal will handle condensate, blendstock, asphalt, marine diesel oil, used motor oil, vacuum gas oil, and crude oil. Capabilities of the terminal will include condensate splitting, truck and barge transport, large ship loading, blending and heating.

The Partnership has also approved a 40 MMcf/d cryogenic processing plant and related facilities in the Williston Basin that will effectively double capacity to support the continued success of producers in the Bakken and Three Forks Shale plays. The additional Badlands plant could be on line before the end of the year.

Including these projects, the Partnership now expects growth capital expenditures of over $700 million in 2014.

About Targa Resources Partners LP

Targa Resources Partners is a publicly traded Delaware limited partnership formed in October 2006 by its parent, Targa Resources Corp. to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. The Partnership is a leading provider of midstream natural gas, NGL, terminaling and crude oil gathering services in the United States. The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling NGLs and NGL products; gathering, storing and terminaling crude oil; and storing, terminaling and selling refined petroleum products.

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