HOUSTON, Nov. 02, 2016 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE:TRGP) ("TRC", the "Company" or "Targa") today reported third quarter 2016 results. Third Quarter 2016 Financial Results Third quarter 2016 net income (loss) attributable to Targa Resources Corp. was ($10.7) million compared to $12.7 million for the third quarter of 2015. The Company reported earnings before interest, income taxes, depreciation and amortization, and other non-cash items ("Adjusted EBITDA") of $245.3 million for the third quarter of 2016 compared to $311.3 million for the third quarter of 2015 (see the section of this release entitled "Targa Resources Corp. - Non-GAAP Financial Measures" for a discussion of Adjusted EBITDA, distributable cash flow, gross margin and operating margin, 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")). "We continue to see strong results for our businesses in the Permian and are encouraged with operational performance across the company. The third quarter drop in LPG export volumes has been more than offset by recent export activity, and we now expect to exceed our full year guidance for average export volumes," said Joe Bob Perkins, Chief Executive Officer of the Company. "With this performance, coupled with the receipt of the first annual payment related to the crude and condensate splitter, Adjusted EBITDA for the fourth quarter will likely be the highest of the year. We expect fourth quarter dividend coverage approaching 1.2 times and full year coverage consistent with our guidance of slightly above 1.0 times. Looking forward, our Field Gathering and Processing volumes should grow with improving prices, and our Downstream businesses will benefit from similar trends." On October 19, 2016, TRC declared a quarterly dividend of $0.91 per share of its common stock for the three months ended September 30, 2016, or $3.64 per share on an annualized basis, unchanged to the previous quarter's dividend. Total cash dividends of approximately $164.6 million will be paid November 15, 2016 on all outstanding shares of common stock to holders of record as of the close of business on November 2, 2016. Also on October 19, 2016, TRC declared a quarterly cash dividend of $23.75 per share of Series A Preferred Stock. Total cash dividends of approximately $22.9 million will be paid on November 14, 2016 on all outstanding shares of Series A Preferred Stock to holders of record as of the close of business on November 2, 2016.