Targa Resources Foresees '09 Drilling Slow Down

HOUSTON (AP) — Targa Resources Partners LP, which processes and sells natural gas, on Tuesday told investors that it expects to pull back drilling activity in all areas of operations in 2009 as demand remains weak.

The company said that management will continue to evaluate acquisition and organic growth opportunities in light of current market conditions.

On the bright side, the company noted that due to recent projects, current production activity at its North Texas System and San Angelo Operating Unit System is expected to meet or exceed 2008 volumes. Still, the company warned that weak commodity prices and economic malaise could hurt its 2009 volume outlook. ...