HOUSTON, April 23, 2009 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (Nasdaq:NGLS) ("Targa Resources Partners" or the "Partnership") announced today that the board of directors of its general partner (the "Board") has declared a quarterly cash distribution of 51.75c per common and subordinated unit, or $2.07 per common and subordinated unit on an annualized basis, for the first quarter of 2009. The approved distribution reflects an increase of approximately 24% over the quarterly distribution of 41.75c per unit paid in May 2008 and is unchanged from the fourth quarter of 2008 distribution level. This cash distribution will be paid May 15, 2009 on all outstanding common and subordinated units to holders of record as of the close of business on May 6, 2009.
"We are pleased to announce that distribution coverage was healthy for the first quarter of 2009, though slightly lower than the fourth quarter's distribution coverage. We continue to maintain a conservative posture while obtaining more visibility into the timing of an economic recovery, stability in the capital markets and the outlook for long-term commodity prices and producer activity," said Rene Joyce, Chief Executive Officer of the Partnership's general partner and of Targa Resources, Inc. ("Targa").
The partnership will report its first quarter 2009 earnings before the NASDAQ Stock Market opens for trading on Thursday, May 07, 2009. Following the announcement, the Partnership will host a conference call for investors and analysts at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss first quarter results.
The conference call can be accessed via Webcast through the Investor's section of the Partnership's website at http://www.targaresources.com or by dialing 800-762-8795. The pass code is 4058507. Please dial in ten minutes prior to the scheduled start time. A replay will be available approximately two hours following completion of the Webcast through the Investor's section of the Partnership's website and will remain available until May 21, 2009. Replay access numbers are 303-590-3030 or 800-406-7325 with pass code 4058507.
About Targa Resources Partners
Targa Resources Partners was formed by 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. Targa Resources Partners owns an extensive network of integrated gathering pipelines, seven natural gas processing plants and two fractionators and currently operates in Southwest Louisiana, the Permian Basin in West Texas and the Fort Worth Basin in North Texas.
