HOUSTON, May 1, 2014 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (NYSE:NGLS) ("Targa Resources Partners" or the "Partnership") and Targa Resources Corp. (NYSE:TRGP) ("TRC" or the "Company") today reported first quarter 2014 results. First quarter 2014 net income attributable to Targa Resources Partners was $122.4 million compared to $38.9 million for the first quarter of 2013. Net income per diluted limited partner unit was $0.78 in the first quarter of 2014 compared to $0.16 for the first quarter of 2013. The Partnership reported earnings before interest, income taxes, depreciation and amortization and other non-cash items ("Adjusted EBITDA") of $231.6 million for the first quarter of 2014 compared to $132.2 million for the first quarter of 2013.
The Partnership's distributable cash flow for the first quarter 2014 of $189.0 million corresponds to distribution coverage of approximately 1.6 times the $121.3 million in total distributions to be paid on May 15, 2014 (see the section of this release entitled "Targa Resources Partners - Non-GAAP Financial Measures" for a discussion of Adjusted EBITDA, gross margin, operating margin and distributable cash flow, and reconciliations of such measures to their most directly comparable financial measures calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP")).
"Our record first quarter 2014 financial results were the result of strong performance across our businesses. Despite severe cold weather during the quarter, our assets performed at high levels and we continued to benefit from robust demand for our upstream and downstream services. We expect 2014 EBITDA to be approximately 30%-40% higher than our record 2013, which is reflective of the continued need for our services and our ongoing success in identifying and constructing attractive growth projects," said Joe Bob Perkins, Chief Executive Officer of the general partner of the Partnership and of the Company.
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