For today’s agenda, I will start off with a high-level review of performance, key accomplishments and business highlights. We will then turn it over to Matt to review the Partnership’s consolidated financial results, the segment results and other financial matters. Matt will also review key financial matters related to Targa Resources Corp. Following Matt’s comments, I will provide additional updates on our ongoing activities, and we will take your questions at the end.

We are pleased to report strong operating and financial results of the fourth quarter and full-year 2011 with solid performance in both our Gathering and Processing, and Logistics and Marketing divisions. The Partnership's integrated mainstream platform continues to benefit from industry fundamentals. Strong ongoing trends, which we have discussed before, driving growth in liquids, rich and natural gas volumes and increased NGL supplies.

As indicated in our earnings release, we recorded record adjusted EBITDA of $146 million for the fourth quarter and $491 million for the year. This resulted in quarterly and annual distributable cash flow of approximately $107 million and $337 million respectively. The 2011 adjusted EBITDA of approximately $491 million reflects annual growth of about 25% over 2010. The Partnership's fourth quarter declared distribution of $0.6025 per quarter or $2.41 per unit per year was a healthy coverage of 1.6 times.

This distribution represents a 10% increase compared to the fourth quarter of 2010 and that 10% increase is just for the quarter comparison. With this latest distribution increase, the Partnership is well-known track to achieve our guidance of 10% to 15% distribution growth for full-year 2012 over full-year 2011.

In 2011, the Partnership demonstrated strong distribution growth while at the same time maintaining an average annual distribution coverage of 1.4 times, slightly higher than the 2010 reported coverage of 1.3 times. As you will recall, due to increased scale and diversity, our long-term target would be coverage of more like 1.2 times.

If you liked this article you might like

Insider Trading Charges Filed Against Omega Advisors, Leon Cooperman

Perilous Reversal Stock: Targa Resources Partners (NGLS)

Targa Resources Partners (NGLS) Marked As A Dead Cat Bounce Stock

Targa Resources Partners (NGLS) Highlighted As Weak On High Volume

Targa Resources Partners (NGLS) Highlighted As Weak On High Volume