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HOUSTON, April 15, 2014 (GLOBE NEWSWIRE) -- Targa Resources Corp. ("TRC" or the "Company") (NYSE:TRGP) and Targa Resources Partners LP ("Targa Resources Partners" or the "Partnership") (NYSE:NGLS) announced their respective quarterly dividend and distribution for the first quarter of 2014.
Targa Resources Corp. announced today that its board of directors has declared a quarterly cash dividend of 64.75¢ per share, or $2.59 per common share on an annualized basis, for the first quarter 2014. The approved dividend represents increases of approximately 7% over the previous quarter's dividend and 31% over the dividend for the first quarter 2013. This cash dividend will be paid May 16, 2014 on all outstanding common shares to holders of record as of the close of business on April 28, 2014.
Targa Resources Partners LP announced today that the board of directors of its general partner has declared a quarterly cash distribution of 76.25¢ per common unit, or $3.05 per common unit on an annualized basis, for the first quarter 2014. The approved distribution represents increases of approximately 2% over the previous quarter's distribution and 9% over the distribution for the first quarter 2013. This cash distribution will be paid May 15, 2014 on all outstanding common units to holders of record as of the close of business on April 28, 2014.
About Targa Resources Corp. and Targa Resources Partners LP
Targa Resources Corp. is a publicly traded Delaware corporation that owns a 2% general partner interest (which the Company holds through its 100% ownership interest in the general partner of the Partnership), all of the outstanding incentive distribution rights and a portion of the outstanding limited partner interests in 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.