Targa Resources Partners LP Announces Monthly Distribution on Preferred Units

Rhea-AI Summary

Targa Resources Partners LP announced a monthly cash distribution of $0.1875 per Series A Preferred Unit for July 2020, amounting to an annualized rate of $2.25. The distribution will be paid on August 17, 2020 to holders of record as of July 31, 2020. Targa is recognized as a significant player in the midstream energy sector, engaging in natural gas and NGL services. The partnership's forward-looking statements note potential risks such as market conditions and pandemics impacting operations.

Positive

• Monthly cash distribution set at $0.1875 per Series A Preferred Unit.
• Annualized distribution rate of $2.25 per Series A Preferred Unit.

Negative

• Risks associated with market conditions and pandemic impacts on operations.

HOUSTON, July 15, 2020 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (“Targa Resources Partners” or the “Partnership”) (NYSE: NGLS PR A) announced its monthly distribution on the Partnership’s 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units ("Series A Preferred Units") for July 2020.

Targa Resources Partners LP announced today that the board of directors of its general partner has declared a monthly cash distribution of $0.1875 per Series A Preferred Unit, or $2.25 per Series A Preferred Unit on an annualized basis, for July 2020. This cash distribution will be paid August 17, 2020 on all outstanding Series A Preferred Units to holders of record as of the close of business on July 31, 2020.

About Targa Resources Partners LP

Targa Resources Partners LP is a Delaware limited partnership formed in October 2006 by its parent, Targa Resources Corp. (“TRC” or the “Company”), to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. On February 17, 2016 TRC completed the acquisition of all outstanding common units of the Partnership. Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream energy companies in North America. Targa owns, operates, acquires and develops a diversified portfolio of complementary midstream energy assets. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting and selling natural gas; transporting, storing, fractionating, treating and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling and selling crude oil.

The principal executive offices of Targa Resources Partners LP are located at 811 Louisiana, Suite 2100, Houston, TX 77002 and their telephone number is 713-584-1000. 

For more information, please visit our website at www.targaresources.com.

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 the Partnership’s control, which could cause results to differ materially from those expected by management of the Partnership. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the impact of pandemics such as COVID-19, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, 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 filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Partnership does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b).   Brokers and nominees should treat one hundred percent (100.0%) of Targa Resources Partners LP’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Targa Resources Partners LP’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.

Contact the Company's investor relations department by email at InvestorRelations@targaresources.com or by phone at (713) 584-1133.

Sanjay Lad
Senior Director, Finance & Investor Relations

Jennifer Kneale
Chief Financial Officer

FAQ

What is the cash distribution for Targa Resources Partners LP in July 2020?

The cash distribution for July 2020 is set at $0.1875 per Series A Preferred Unit.

When will Targa Resources Partners LP distribute the July 2020 payment?

The distribution will be paid on August 17, 2020.

What is the annualized distribution rate for Targa Resources Partners LP's Series A Preferred Units?

The annualized distribution rate is $2.25 per Series A Preferred Unit.

What risks does Targa Resources Partners LP face according to the press release?

The partnership faces risks related to market conditions and the impact of pandemics.