Targa Resources Partners LP And Targa Resources Corp. Report Second Quarter 2014 Financial Results, Update Outlook And Announce Management Changes

HOUSTON, Aug. 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 second quarter 2014 results. Second quarter 2014 net income attributable to Targa Resources Partners was $108.8 million compared to $26.3 million for the second quarter of 2013. Net income per diluted limited partner unit was $0.64 in the second quarter of 2014 compared to $0.01 for the second quarter of 2013. The Partnership reported earnings before interest, income taxes, depreciation and amortization and other non-cash items ("Adjusted EBITDA") of $226.4 million for the second quarter of 2014 compared to $126.5 million for the second quarter of 2013.

The Partnership's distributable cash flow for the second quarter 2014 of $175.3 million corresponds to distribution coverage of approximately 1.4 times the $125.7 million in total distributions to be paid on August 14, 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")).

"With another record-setting quarter across both Targa divisions, the strength of our results through the first and second quarters of 2014 is indicative of the continued substantial demand for services across our business footprint. Our 2014 EBITDA is now expected to exceed our record 2013 EBITDA by more than 45%, which is a significant step-change reflective of the success of our ongoing operations and of the growth projects that we brought online in 2013 and thus far in 2014," said Joe Bob Perkins, Chief Executive Officer of the general partner of the Partnership and of the Company.

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