Targa Resources Partners LP Announces Signing of Definitive NGL Fractionation Services Agreement
HOUSTON, Feb. 16, 2010 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (NYSE:NGLS) ("Targa Resources Partners" or the "Partnership") today announced that it has signed a 10-year firm space fractionation agreement with ONEOK Partners, L.P. ("ONEOK"). The services agreement supports the Partnership's previously announced plans to expand the capacity of its majority owned Cedar Bayou Fractionators, L.P. ("CBF") natural gas liquids fractionation facility located at Mont Belvieu, Texas. The maximum gross fractionation capacity of the facility will be expanded by 28% to 275,000 barrels per day, an increase of 60,000 barrels per day. After completion, the project will increase the Partnership's maximum gross NGL fractionation capacity along the Texas and Louisiana Gulf Coast to 439,000 barrels per day.
The Partnership expects the expansion to be operational during the second quarter of 2011.
About Targa Resources Partners
Targa Resources Partners LP was 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. Targa Resources Partners owns an extensive network of integrated gathering pipelines and seven natural gas processing plants and currently operates in Southwest Louisiana, the Permian Basin in West Texas and the Fort Worth Basin in North Texas. Additionally, our natural gas liquids logistics and marketing assets are located primarily at Mont Belvieu and Galena Park near Houston, Texas and in Lake Charles, Louisiana with terminals and transportation assets across the United States. 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. 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, including a decline in the price and market demand for natural gas and natural gas liquids, 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, 2008 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.
CONTACT: Targa Resources Partners LP
Investor contact:
Anthony Riley, Sr. Manager - Finance / Investor Relations
Matthew Meloy, Vice President - Finance and Treasurer
713-584-1133
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