HOUSTON, July 20, 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 unit, or $2.07 per common unit on an annualized basis, for the second quarter of 2009. This cash distribution will be paid August 14, 2009 on all outstanding common units to holders of record as of the close of business on August 5, 2009.
"We are pleased to announce that distribution coverage was healthy for the second quarter of 2009 and should approximate the first quarter's distribution coverage. Discussions with the conflicts committee and its advisors are progressing regarding the potential dropdown of Targa Resources, Inc.'s ("Targa") natural gas liquids business (the 'Downstream Business')," said Rene Joyce, Chief Executive Officer of the Partnership's general partner and Targa.
The partnership will report its second quarter 2009 earnings before the NASDAQ Stock Market opens for trading on Thursday, August 6, 2009. Following the announcement, the Partnership will host a conference call for investors and analysts at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) to discuss second 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 800-762-8779. The pass code is 4118629. 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 August 20, 2009. Replay access numbers are 303-590-3030 or 800-406-7325 with pass code 4118629.
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. A subsidiary of Targa is the general partner of Targa Resources Partners.
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.
