Key Developments: Targa Resources Partners LP (NGLS.N)
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Latest Key Developments (Source: Significant Developments)
Targa Resources Partners LP Declares Quarterly Cash Dividend
Targa Resources Partners LP announced that its board of directors has declared a quarterly cash dividend of 53.25 cents per share, or $2.13 per common share on an annualized basis, for the second quarter 2013. The approved dividend represents increases of approximately 8% over the previous quarter's dividend and 35% over the dividend for the second quarter 2012. This cash dividend will be paid August 15, 2013 on all outstanding common shares to holders of record as of the close of business on July 29, 2013. Full Article
Targa Resources Partners LP And Its Subsidiary Announce $625 Million Offering of Senior Notes
Targa Resources Partners LP and its subsidiary Targa Resources Partners Finance Corporation announced that, subject to market conditions, they intend to sell in an offering in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to persons outside of the United States pursuant to Regulation S under the Securities Act, $625 million in aggregate principal amount of senior unsecured notes due 2023. The Partnership intends to use the net proceeds from the offering to reduce borrowings under its senior secured credit facility, and will use the remaining proceeds for general partnership purposes, which may include repaying other indebtedness, redeeming or repurchasing some of its outstanding notes, working capital and funding capital expenditures and acquisitions. Full Article
Targa Resources Partners LP Announces First Quarter 2013 Dividend and Distribution
Targa Resources Partners LP announced that the board of directors of its general partner has declared a quarterly cash distribution of 69.75¢ per common unit, or $2.79 per common unit on an annualized basis, for the first quarter 2013. The approved distribution represents an increase of approximately 3% over the previous quarter's distribution and 12% over the distribution for the first quarter 2012. This cash distribution will be paid May 15, 2013 on all outstanding common units to holders of record as of the close of business on April 29, 2013. Full Article
Targa Resources Partners LP Issues FY 2013 EBITDA Guidance In Line With Analysts' Estimates-Conference Call
Targa Resources Partners LP announced that for fiscal 2013, it expects EBITDA in the range of about $600 million to $650 million. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EBITDA of $630 million for fiscal 2013. Full Article
Targa Resources Partners LP Announces Fourth Quarter 2012 Dividend and Distribution
Targa Resources Partners LP announced that its Board of Directors has declared a quarterly cash dividend of 45.75c per share, or $1.83 per common share on an annualized basis, for the fourth quarter 2012. The approved dividend represents increases of approximately 8% over the previous quarter's dividend and 36% over the dividend for the fourth quarter 2011. This cash dividend will be paid February 15, 2013 on all outstanding common shares to holders of record as of the close of business on January 28, 2013. The Company also announced that the board of directors of its general partner has declared a quarterly cash distribution of 68.00c per common unit, or $2.72 per common unit on an annualized basis, for the fourth quarter 2012. The approved distribution represents an increase of approximately 3% over the previous quarter's distribution and 13% over the distribution for the fourth quarter 2011. This cash distribution will be paid February 14, 2013 on all outstanding common units to holders of record as of the close of business on January 28, 2013. Full Article
Targa Resources Partners LP Completes Bakken Shale Midstream Acquisition
Targa Resources Partners LP announced that on December 31, 2012 it completed its acquisition of Saddle Butte Pipeline, LLC's ownership of its Williston Basin crude oil pipeline and terminal system and its natural gas gathering and processing operations for cash consideration of $950 million, subject to customary purchase price adjustments and certain contingent payments. The transaction was previously announced on November 15, 2012. The acquired business, which is renamed Targa Badlands, is located in the heart of the oil-rich Bakken Shale Play in McKenzie, Dunn, and Mountrail counties, North Dakota and includes approximately 155 miles of crude oil pipelines. The business has combined crude oil operational storage capacity of 70,000 barrels, including the Johnsons Corner Terminal with 20,000 barrels of storage capacity (expanding to 40,000 barrels) and Alexander Terminal with storage capacity of 30,000 barrels. The business also includes approximately 95 miles of natural gas gathering pipelines and a 20 MMcf/d natural gas processing plant with an expansion underway to increase capacity to 40 MMcf/d. The operations are backed by producer dedications under long-term contracts that include approximately 260,000 acres of crude oil production and over 100,000 acres of natural gas production. Full Article
Targa Resources Partners LP Prices $200 Million Offering Of Additional 5¼% Senior Notes Due 2023
Targa Resources Partners LP and its subsidiary Targa Resources Partners Finance Corporation announced the pricing of $200 million in aggregate principal amount of its 5¼% Senior Notes due 2023 (the Additional Notes). The Additional Notes mature May 2023 and were priced at 101% of the principal amount to yield 5.093%. The Additional Notes are being offered as additional notes to the Partnership's existing $400 million aggregate principal amount of 5¼% Senior Notes due 2023 that the Partnership sold in a private placement on October 25, 2012. The Additional Notes and the notes issued on October 25, 2012 will be treated as a single class of debt securities and will have identical terms, other than the issue date. The offering is expected to close on December 10, 2012, subject to customary closing conditions. The Partnership intends to use the net proceeds from the offering for general partnership purposes, which may include working capital and funding acquisitions Full Article
Targa Resources Partners LP Announces $200 Million Offering Of Additional 51/4% Senior Notes Due 2023
Targa Resources Partners LP announced that they intend to sell in an offering in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), $200 million in aggregate principal amount of its 5¼% Senior Notes due 2023 (the "Additional Notes"). The Additional Notes are being offered as additional notes to the Partnership's existing $400 million aggregate principal amount of 5¼% Senior Notes due 2023 that the Partnership sold in a private placement on October 25, 2012. The Additional Notes and the notes issued on October 25, 2012 will be treated as a single class of debt securities and will have identical terms, other than the issue date. The Partnership intends to use the net proceeds from the offering for general partnership purposes, which may include working capital and funding acquisitions. Full Article
Targa Resources Partners LP Announces Pricing of Common Units
Targa Resources Partners LP announced that it has priced an underwritten public offering of 9,500,000 common units representing limited partner interests at $36.00 per common unit. The offering is expected to close on or about November 21, 2012. The Partnership also has granted the underwriters a 30-day option to purchase up to 1,425,000 additional common units. The Partnership intends to use the net proceeds from this offering, including any net proceeds from the underwriters' exercise of their option to purchase additional common units, to fund the Partnership's proposed acquisition of 100% of Saddle Butte Pipeline LLC's Williston Basin crude oil pipeline and terminal system and natural gas gathering and processing operations. Prior to funding the Saddle Butte Acquisition, the Partnership may use some or all of the net proceeds for general partnership purposes, which may include repayment of outstanding borrowings under its senior secured credit facility. If the Partnership does not complete the Saddle Butte Acquisition, the Partnership will use the net proceeds from the offering to reduce borrowings outstanding under its senior secured credit facility, for general partnership purposes including announced or potential growth capital expenditures or for potential future acquisitions. BofA Merrill Lynch, Barclays, Citigroup, J.P.Morgan, Morgan Stanley, UBS Investment Bank, Wells Fargo Securities and RBC Capital Markets will act as joint book-running managers for the offering. Full Article
Targa Resources Partners LP Announces Public Offering Of Common Units
Targa Resources Partners LP announced the commencement of an underwritten public offering of 9,500,000 common units representing limited partner interests. The Partnership also has granted the underwriters a 30-day option to purchase up to 1,425,000 additional common units. The Partnership intends to use the net proceeds from this offering, including any net proceeds from the underwriters' exercise of their option to purchase additional common units, to fund the Partnership's proposed acquisition of 100% of Saddle Butte Pipeline LLC's Williston Basin crude oil pipeline and terminal system and natural gas gathering and processing operations (the "Saddle Butte Acquisition"). Prior to funding the Saddle Butte Acquisition, the Partnership may use some or all of the net proceeds for general partnership purposes, which may include repayment of outstanding borrowings under its senior secured credit facility. If the Partnership does not complete the Saddle Butte Acquisition, the Partnership will use the net proceeds from the offering to reduce borrowings outstanding under its senior secured credit facility, for general partnership purposes including announced or potential growth capital expenditures or for potential future acquisitions. BofA Merrill Lynch, Barclays, Citigroup, J.P. Morgan, Morgan Stanley, UBS Investment Bank, Wells Fargo Securities and RBC Capital Markets will act as joint book-running managers for the offering. Full Article

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