On April 15, 2014, the Partnership announced a cash distribution for the first quarter 2014 of $0.7625 per common unit, or $3.05 per unit on an annualized basis, representing an increase of approximately 2% over the distribution for the fourth quarter 2013 and 9% over the distribution for the first quarter 2013. The cash distribution will be paid on May 15, 2014 on all outstanding common units to holders of record as of the close of business on April 28, 2014. The total distribution paid will be $121.3 million, with $77.3 million to the Partnership's third-party limited partners and $44.0 million to TRC for its ownership of common units, incentive distribution rights ("IDRs") and its 2% general partner interest in the Partnership.
Targa Resources Corp. – First Quarter 2014 Financial Results
Targa Resources Corp., the parent of Targa Resources Partners, today reported its first quarter 2014 results. The Company, which as of March 31, 2014 owned a 2% general partner interest in the Partnership (held through its 100% ownership interest in the general partner of the Partnership), all of the IDRs and 12,945,659 common units of the Partnership, presents its results consolidated with those of the Partnership.
TRC reported net income available to common shareholders of $19.6 million for the first quarter 2014 compared with a $13.4 million for the first quarter 2013. The net income per diluted common share was $0.47 in the first quarter of 2014 compared to $0.32 for the first quarter of 2013.First quarter 2014 distributions to be paid on May 15, 2014 by the Partnership to the Company will be $44.0 million, with $9.9 million, $31.7 million and $2.4 million paid with respect to common units, IDRs and general partner interests, respectively. On April 15, 2014, TRC declared a quarterly dividend of $0.6475 per share of its common stock for the three months ended March 31, 2014, or $2.59 per share on an annualized basis, representing increases of approximately 7% over the previous quarter's dividend and 31% over the dividend for the first quarter of 2013. Total cash dividends of approximately $27.2 million 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.