TARGA RESOURCES PARTNERS LP DECLARES PRORATED QUARTERLY DISTRIBUTION; INVITES INVESTORS TO FIRST QUARTER 2007 EARNINGS CALL
HOUSTON, April 23, 2007 Targa Resources Partners LP (NASDAQ: NGLS) ("Targa Resources Partners" or the "Partnership") announced today that the board of directors of its general partner has declared a quarterly cash distribution of 16.875¢ per unit, or $1.35 per unit on an annualized basis, for the first quarter of 2007. This cash distribution will be paid May 15 on all outstanding common and subordinated units to holders of record as of the close of business on May 3, 2007. This is the first distribution declared by the Partnership and corresponds to the minimum quarterly distribution of 33.75¢ per unit, pro rated for the partial quarter following the closing of the Partnership's initial public offering on February 14, 2007.
Targa Resources Partners will announce its earnings for the first quarter of 2007 before the NASDAQ Stock Market opens for trading on Tuesday, May 15, 2007. Following the announcement, the Partnership will host a conference call for investors and analysts at 10 a.m. ET 9 a.m. CT)] to discuss first quarter earnings. The conference call can be accessed via Webcast through the Investors section of the Partnership's web site at http://www.targaresources.com or by dialing 800-240-2134. The pass code is 11088895#. Please call in 5 to 10 minutes prior to the scheduled start time. A replay of the Webcast will be available through the Investors section of the Partnership's web site until May 22 approximately 2 hours following completion of the Webcast.
About Targa Resources Partners
Targa Resources Partners was recently formed by Targa Resources, Inc. ("Targa") to engage in the business of gathering, compressing, treating, processing and selling natural gas and fractionating and selling natural gas liquids and natural gas liquids products. The Partnership operates in the Fort Worth Basin in north Texas. A subsidiary of Targa is the general partner of the Partnership. Targa Resources Partners owns approximately 3,950 miles of integrated gathering pipelines, two natural gas processing plants and a fractionator.
Targa Resources Partners' principal executive offices are located at 1000 Louisiana, Suite 4300, Houston, Texas 77002 and its telephone number is 713-584-1000.
Forward-Looking Statements
Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside Targa Resources Partners' control, which could cause results to differ materially from those expected by management of Targa Resources Partners. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, the timing and success of business development efforts; and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2006 and other reports filed with the Securities and Exchange Commission. Targa Resources Partners undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Investor contact:
Howard Tate
Vice President Finance
713-584-1000
Web site: http://www.targaresources.com
Media contact:
Kenny Juarez
212-371-5999