Targa Resources Announces Increase In Quarterly Dividend And Distribution

HOUSTON, Oct. 21, 2013 (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 third quarter of 2013.

Targa Resources Corp. announced today that its board of directors has declared a quarterly cash dividend of 57¢ per share, or $2.28 per common share on an annualized basis, for the third quarter 2013. The approved dividend represents increases of approximately 7% over the previous quarter's dividend and 35% over the dividend for the third quarter 2012. This cash dividend will be paid November 15, 2013 on all outstanding common shares to holders of record as of the close of business on October 31, 2013.

Targa Resources Partners LP announced today that the board of directors of its general partner has declared a quarterly cash distribution of 73.25¢ per common unit, or $2.93 per common unit on an annualized basis, for the third quarter 2013. The approved distribution represents an increase of approximately 2% over the previous quarter's distribution and 11% over the distribution for the third quarter 2012. This cash distribution will be paid November 14, 2013 on all outstanding common units to holders of record as of the close of business on October 31, 2013.

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, storage and terminaling crude oil; and storing, terminaling and selling refined petroleum products.

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