Delaware
|
|
65-1295427
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
1000 Louisiana St, Suite 4300, Houston, Texas
|
|
77002
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer þ
|
Accelerated filer o
|
Non-accelerated filer o
|
Smaller reporting company o
|
4
|
|
|
|
4
|
|
|
|
5
|
|
|
|
6
|
|
|
|
7
|
|
|
|
8
|
|
|
|
9
|
|
|
|
25
|
|
|
|
44
|
|
|
|
47
|
|
|
|
PART II—OTHER INFORMATION
|
|
|
|
47
|
|
|
|
47
|
|
|
|
47
|
|
|
|
47
|
|
|
|
47
|
|
|
|
47
|
|
|
|
48
|
|
|
|
SIGNATURES
|
|
|
|
50
|
· | our ability to access the debt and equity markets, which will depend on general market conditions and the credit ratings for our debt obligations; |
· | the amount of collateral required to be posted from time to time in our transactions; |
· | our success in risk management activities, including the use of derivative instruments to hedge commodity risks; |
· | the level of creditworthiness of counterparties to transactions; |
· | changes in laws and regulations, particularly with regard to taxes, safety and protection of the environment; |
· | the timing and extent of changes in natural gas, natural gas liquids ("NGL"), crude oil and other commodity prices, interest rates and demand for our services; |
· | weather and other natural phenomena; |
· | industry changes, including the impact of consolidations and changes in competition; |
· | our ability to obtain necessary licenses, permits and other approvals; |
· | the level and success of crude oil and natural gas drilling around our assets, our success in connecting natural gas supplies to our gathering and processing systems, oil supplies to our gathering systems and NGL supplies to our logistics and marketing facilities and our success in connecting our facilities to transportation and markets; |
· | our ability to grow through acquisitions or internal growth projects and the successful integration and future performance of such assets; |
· | general economic, market and business conditions; and |
· | the risks described elsewhere in "Part II – Other Information, Item 1A. Risk Factors." of this Quarterly Report, our Annual Report on Form 10-K for the year ended December 31, 2012 ("Annual Report") and our reports and registration statements filed from time to time with the United States Securities and Exchange Commission ("SEC"). |
Bbl
|
Barrels (equal to 42 U.S. gallons)
|
Btu
|
British thermal units, a measure of heating value
|
BBtu
|
Billion British thermal units
|
/d
|
Per day
|
/hr
|
Per hour
|
gal
|
U.S. gallons
|
GPM
|
Liquid volume equivalent expressed as gallons per 1000 cu. ft. of natural gas
|
LPG
|
Liquefied petroleum gas
|
MBbl
|
Thousand barrels
|
MMBbl
|
Million barrels
|
MMBtu
|
Million British thermal units
|
MMcf
|
Million cubic feet
|
NGL(s)
|
Natural gas liquid(s)
|
NYMEX
|
New York Mercantile Exchange
|
GAAP
|
Accounting principles generally accepted in the United States of America
|
NYSE
|
New York Stock Exchange
|
Price Index Definitions
|
|
IF-NGPL MC
|
Inside FERC Gas Market Report, Natural Gas Pipeline, Mid-Continent
|
IF-PB
|
Inside FERC Gas Market Report, Permian Basin
|
IF-WAHA
|
Inside FERC Gas Market Report, West Texas WAHA
|
NY-WTI
|
NYMEX, West Texas Intermediate Crude Oil
|
OPIS-MB
|
Oil Price Information Service, Mont Belvieu, Texas
|
|
June 30,
|
December 31,
|
||||||
|
2013
|
2012
|
||||||
|
||||||||
|
(Unaudited)
|
|||||||
|
(In millions)
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
72.7
|
$
|
68.0
|
||||
Trade receivables, net of allowances of $0.9 million and $0.7 million
|
435.9
|
514.9
|
||||||
Inventories
|
138.3
|
99.4
|
||||||
Assets from risk management activities
|
23.2
|
29.3
|
||||||
Other current assets
|
1.8
|
3.3
|
||||||
Total current assets
|
671.9
|
714.9
|
||||||
Property, plant and equipment
|
5,159.9
|
4,701.2
|
||||||
Accumulated depreciation
|
(1,281.3
|
)
|
(1,168.0
|
)
|
||||
Property, plant and equipment, net
|
3,878.6
|
3,533.2
|
||||||
Other intangible assets, net
|
667.1
|
680.8
|
||||||
Long-term assets from risk management activities
|
5.6
|
5.1
|
||||||
Investment in unconsolidated affiliate
|
57.6
|
53.1
|
||||||
Other long-term assets
|
41.8
|
38.6
|
||||||
Total assets
|
$
|
5,322.6
|
$
|
5,025.7
|
||||
|
||||||||
LIABILITIES AND OWNERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
$
|
567.1
|
$
|
639.8
|
||||
Accounts payable to Targa Resources Corp.
|
49.8
|
61.4
|
||||||
Liabilities from risk management activities
|
3.8
|
7.4
|
||||||
Total current liabilities
|
620.7
|
708.6
|
||||||
Long-term debt
|
2,650.0
|
2,393.3
|
||||||
Long-term liabilities from risk management activities
|
1.8
|
4.8
|
||||||
Deferred income taxes
|
12.0
|
11.2
|
||||||
Other long-term liabilities
|
51.4
|
47.7
|
||||||
|
||||||||
Commitments and contingencies (see Note 12)
|
||||||||
|
||||||||
Owners' equity:
|
||||||||
Common unitholders (106,080,164 and 100,095,989 units issued and outstanding as of June 30, 2013 and December 31, 2012)
|
1,788.8
|
1,649.5
|
||||||
General partner (2,164,903 and 2,042,776 units issued and outstanding as of June 30, 2013 and December 31, 2012)
|
52.8
|
45.3
|
||||||
Receivables from unit offerings
|
(34.2
|
)
|
-
|
|||||
Accumulated other comprehensive income
|
19.1
|
14.8
|
||||||
|
1,826.5
|
1,709.6
|
||||||
Noncontrolling interests in subsidiaries
|
160.2
|
150.5
|
||||||
Total owners' equity
|
1,986.7
|
1,860.1
|
||||||
Total liabilities and owners' equity
|
$
|
5,322.6
|
$
|
5,025.7
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
||||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
(In millions, except per unit amounts)
|
|||||||||||||||
Revenues
|
$
|
1,441.6
|
$
|
1,318.4
|
$
|
2,839.5
|
$
|
2,963.9
|
||||||||
Costs and expenses:
|
||||||||||||||||
Product purchases
|
1,176.4
|
1,074.6
|
2,313.9
|
2,458.7
|
||||||||||||
Operating expenses
|
96.1
|
77.2
|
182.1
|
148.8
|
||||||||||||
Depreciation and amortization expenses
|
65.7
|
47.6
|
129.6
|
94.3
|
||||||||||||
General and administrative expenses
|
36.1
|
33.5
|
70.3
|
66.4
|
||||||||||||
Other operating (income) expense
|
4.1
|
-
|
4.2
|
(0.1
|
)
|
|||||||||||
Income from operations
|
63.2
|
85.5
|
139.4
|
195.8
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense, net
|
(31.6
|
)
|
(29.4
|
)
|
(63.0
|
)
|
(58.8
|
)
|
||||||||
Equity earnings (loss)
|
2.9
|
(0.2
|
)
|
4.5
|
1.9
|
|||||||||||
Loss on debt redemption
|
(7.4
|
)
|
-
|
(7.4
|
)
|
-
|
||||||||||
Other
|
6.5
|
(0.4
|
)
|
6.3
|
(0.5
|
)
|
||||||||||
Income before income taxes
|
33.6
|
55.5
|
79.8
|
138.4
|
||||||||||||
Income tax expense:
|
||||||||||||||||
Current
|
(0.5
|
)
|
(0.4
|
)
|
(1.0
|
)
|
(1.0
|
)
|
||||||||
Deferred
|
(0.4
|
)
|
(0.4
|
)
|
(0.8
|
)
|
(0.8
|
)
|
||||||||
|
(0.9
|
)
|
(0.8
|
)
|
(1.8
|
)
|
(1.8
|
)
|
||||||||
Net income
|
32.7
|
54.7
|
78.0
|
136.6
|
||||||||||||
Less: Net income attributable to noncontrolling interests
|
6.4
|
7.9
|
12.8
|
19.6
|
||||||||||||
Net income attributable to Targa Resources Partners LP
|
$
|
26.3
|
$
|
46.8
|
$
|
65.2
|
$
|
117.0
|
||||||||
|
||||||||||||||||
Net income attributable to general partner
|
25.1
|
15.4
|
$
|
47.9
|
$
|
29.5
|
||||||||||
Net income attributable to limited partners
|
1.2
|
31.4
|
17.3
|
87.5
|
||||||||||||
Net income attributable to Targa Resources Partners LP
|
$
|
26.3
|
$
|
46.8
|
$
|
65.2
|
$
|
117.0
|
||||||||
|
||||||||||||||||
Net income per limited partner unit - basic
|
$
|
0.01
|
$
|
0.35
|
$
|
0.17
|
$
|
0.99
|
||||||||
Net income per limited partner unit - diluted
|
$
|
0.01
|
$
|
0.35
|
$
|
0.17
|
$
|
0.99
|
||||||||
Weighted average limited partner units outstanding - basic
|
103.9
|
89.2
|
102.9
|
88.6
|
||||||||||||
Weighted average limited partner units outstanding - diluted
|
104.2
|
89.3
|
103.1
|
88.7
|
|
Three Months Ended June 30,
|
|||||||||||||||||||||||
|
2013
|
2012
|
||||||||||||||||||||||
|
Pre-Tax
|
Related
Income
Tax
|
After
Tax
|
Pre-Tax
|
Related
Income
Tax
|
After
Tax
|
||||||||||||||||||
|
||||||||||||||||||||||||
|
(Unaudited)
|
|||||||||||||||||||||||
|
(In millions)
|
|||||||||||||||||||||||
Net income
|
$
|
32.7
|
$
|
54.7
|
||||||||||||||||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||
Commodity hedging contracts:
|
||||||||||||||||||||||||
Change in fair value
|
$
|
21.1
|
$
|
-
|
21.1
|
$
|
77.3
|
$
|
(0.5
|
)
|
76.8
|
|||||||||||||
Settlements reclassified to revenues
|
(5.9
|
)
|
-
|
(5.9
|
)
|
(12.9
|
)
|
0.1
|
(12.8
|
)
|
||||||||||||||
Interest rate swaps:
|
||||||||||||||||||||||||
Settlements reclassified to interest expense, net
|
1.6
|
-
|
1.6
|
1.9
|
-
|
1.9
|
||||||||||||||||||
Other comprehensive income (loss)
|
$
|
16.8
|
$
|
-
|
16.8
|
$
|
66.3
|
$
|
(0.4
|
)
|
65.9
|
|||||||||||||
Comprehensive income
|
49.5
|
120.6
|
||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests
|
6.4
|
7.9
|
||||||||||||||||||||||
Comprehensive income attributable to Targa Resources Partners LP
|
$
|
43.1
|
$
|
112.7
|
|
Six Months Ended June 30,
|
|||||||||||||||||||||||
|
2013
|
2012
|
||||||||||||||||||||||
|
Pre-Tax
|
Related
Income
Tax
|
After
Tax
|
Pre-Tax
|
Related
Income
Tax
|
After
Tax
|
||||||||||||||||||
|
||||||||||||||||||||||||
|
(Unaudited)
|
|||||||||||||||||||||||
|
(In millions)
|
|||||||||||||||||||||||
Net income
|
$
|
78.0
|
$
|
136.6
|
||||||||||||||||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||
Commodity hedging contracts:
|
||||||||||||||||||||||||
Change in fair value
|
$
|
13.6
|
$
|
-
|
13.6
|
$
|
92.8
|
$
|
(0.5
|
)
|
92.3
|
|||||||||||||
Settlements reclassified to revenues
|
(12.6
|
)
|
-
|
(12.6
|
)
|
(15.1
|
)
|
0.1
|
(15.0
|
)
|
||||||||||||||
Interest rate swaps:
|
||||||||||||||||||||||||
Settlements reclassified to interest expense, net
|
3.3
|
-
|
3.3
|
4.2
|
-
|
4.2
|
||||||||||||||||||
Other comprehensive income
|
$
|
4.3
|
$
|
-
|
4.3
|
$
|
81.9
|
$
|
(0.4
|
)
|
81.5
|
|||||||||||||
Comprehensive income
|
82.3
|
218.1
|
||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests
|
12.8
|
19.6
|
||||||||||||||||||||||
Comprehensive income attributable to Targa Resources Partners LP
|
$
|
69.5
|
$
|
198.5
|
|
Accumulated
|
|||||||||||||||||||||||||||||||
|
Limited
|
General
|
Receivables
|
Other
|
Non-
|
|||||||||||||||||||||||||||
|
Partner
|
Partner
|
From Unit
|
Comprehensive
|
controlling
|
|||||||||||||||||||||||||||
|
Units
|
Amount
|
Units
|
Amount
|
Offerings
|
Income (Loss)
|
Interests
|
Total
|
||||||||||||||||||||||||
|
(Unaudited)
|
|||||||||||||||||||||||||||||||
|
(In millions, except units in thousands)
|
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Balance December 31, 2012
|
100,096
|
$
|
1,649.5
|
2,043
|
$
|
45.3
|
$
|
-
|
$
|
14.8
|
$
|
150.5
|
$
|
1,860.1
|
||||||||||||||||||
Compensation on equity grants
|
13
|
3.0
|
-
|
-
|
-
|
-
|
-
|
3.0
|
||||||||||||||||||||||||
Accrual of distribution equivalent rights
|
-
|
(0.7
|
)
|
-
|
-
|
-
|
-
|
-
|
(0.7
|
)
|
||||||||||||||||||||||
Equity offerings
|
5,971
|
260.3
|
122
|
5.4
|
(34.2
|
)
|
-
|
-
|
231.5
|
|||||||||||||||||||||||
Distributions to noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(7.4
|
)
|
(7.4
|
)
|
||||||||||||||||||||||
Contributions from noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
4.3
|
4.3
|
||||||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
4.3
|
-
|
4.3
|
||||||||||||||||||||||||
Net income
|
-
|
17.3
|
-
|
47.9
|
-
|
-
|
12.8
|
78.0
|
||||||||||||||||||||||||
Distributions
|
-
|
(140.6
|
)
|
-
|
(45.8
|
)
|
-
|
-
|
-
|
(186.4
|
)
|
|||||||||||||||||||||
Balance June 30, 2013
|
106,080
|
$
|
1,788.8
|
2,165
|
$
|
52.8
|
$
|
(34.2
|
)
|
$
|
19.1
|
$
|
160.2
|
$
|
1,986.7
|
|||||||||||||||||
|
||||||||||||||||||||||||||||||||
Balance, December 31, 2011
|
84,756
|
$
|
1,221.2
|
1,730
|
$
|
27.2
|
$
|
-
|
$
|
(25.6
|
)
|
$
|
138.9
|
$
|
1,361.7
|
|||||||||||||||||
Compensation on equity grants
|
10
|
1.6
|
-
|
-
|
-
|
-
|
-
|
1.6
|
||||||||||||||||||||||||
Proceeds from equity offerings, net
|
4,405
|
164.9
|
90
|
3.5
|
-
|
-
|
-
|
168.4
|
||||||||||||||||||||||||
Contributions from Targa Resources Corp.
|
-
|
0.7
|
-
|
0.1
|
-
|
-
|
-
|
0.8
|
||||||||||||||||||||||||
Distributions to noncontrolling interests
|
-
|
(1.2
|
)
|
-
|
-
|
-
|
-
|
(15.0
|
)
|
(16.2
|
)
|
|||||||||||||||||||||
Contributions from noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
4.8
|
4.8
|
||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
-
|
81.5
|
-
|
81.5
|
||||||||||||||||||||||||
Net income
|
-
|
87.5
|
-
|
29.5
|
-
|
-
|
19.6
|
136.6
|
||||||||||||||||||||||||
Distributions to unitholders
|
-
|
(109.2
|
)
|
-
|
(26.4
|
)
|
-
|
-
|
-
|
(135.6
|
)
|
|||||||||||||||||||||
Balance June 30, 2012
|
89,171
|
$
|
1,365.5
|
1,820
|
$
|
33.9
|
$
|
-
|
$
|
55.9
|
$
|
148.3
|
$
|
1,603.6
|
|
Six Months Ended June 30,
|
|||||||
|
2013
|
2012
|
||||||
|
||||||||
|
(Unaudited)
|
|||||||
|
(In millions)
|
|||||||
Cash flows from operating activities
|
||||||||
Net income
|
$
|
78.0
|
$
|
136.6
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Amortization in interest expense
|
8.0
|
9.1
|
||||||
Compensation on equity grants
|
3.0
|
1.6
|
||||||
Depreciation and amortization expense
|
129.6
|
94.3
|
||||||
Accretion of asset retirement obligations
|
2.0
|
2.0
|
||||||
Deferred income tax expense
|
0.8
|
0.8
|
||||||
Equity earnings, net of distributions
|
(4.5
|
)
|
-
|
|||||
Risk management activities
|
(0.1
|
)
|
2.0
|
|||||
Loss (gain) on sale or disposition of assets
|
3.8
|
(0.1
|
)
|
|||||
Loss on debt redemption
|
7.4
|
-
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Receivables and other assets
|
81.0
|
209.0
|
||||||
Inventory
|
(49.5
|
)
|
(0.3
|
)
|
||||
Accounts payable and other liabilities
|
(82.7
|
)
|
(230.0
|
)
|
||||
Net cash provided by operating activities
|
176.8
|
225.0
|
||||||
Cash flows from investing activities
|
||||||||
Outlays for property, plant and equipment
|
(444.5
|
)
|
(238.4
|
)
|
||||
Investment in unconsolidated affiliate
|
-
|
(13.7
|
)
|
|||||
Other, net
|
(10.5
|
)
|
1.3
|
|||||
Net cash used in investing activities
|
(455.0
|
)
|
(250.8
|
)
|
||||
Cash flows from financing activities
|
||||||||
Proceeds from borrowings under credit facility
|
680.0
|
325.0
|
||||||
Repayments of credit facility
|
(1,075.0
|
)
|
(683.0
|
)
|
||||
Proceeds from issuance of senior notes
|
625.0
|
400.0
|
||||||
Proceeds from accounts receivable securitization facility
|
207.7
|
-
|
||||||
Repayments of accounts receivable securitization facility
|
(82.4
|
)
|
-
|
|||||
Redemption of senior notes
|
(106.4
|
)
|
-
|
|||||
Costs incurred in connection with financing arrangements
|
(11.7
|
)
|
(4.5
|
)
|
||||
Proceeds from equity offerings
|
235.2
|
168.4
|
||||||
Distributions to unitholders
|
(186.4
|
)
|
(135.6
|
)
|
||||
General partner contributions
|
-
|
0.8
|
||||||
Contributions from noncontrolling interests
|
4.3
|
4.8
|
||||||
Distributions to noncontrolling interests
|
(7.4
|
)
|
(16.2
|
)
|
||||
Net cash provided by (used in ) financing activities
|
282.9
|
59.7
|
||||||
Net change in cash and cash equivalents
|
4.7
|
33.9
|
||||||
Cash and cash equivalents, beginning of period
|
68.0
|
55.6
|
||||||
Cash and cash equivalents, end of period
|
$
|
72.7
|
$
|
89.5
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
Year Ended December 31, 2012
|
June 30, 2012
|
June 30, 2012
|
||||||||||||||
As reported in 10-K
|
Pro forma
|
Pro forma
|
Pro forma
|
|||||||||||||
( In millions except per unit amounts)
|
||||||||||||||||
Revenues
|
$
|
5,883.6
|
$
|
5,907.8
|
$
|
1,323.3
|
$
|
2,971.7
|
||||||||
Net income
|
203.2
|
157.4
|
40.9
|
107.4
|
||||||||||||
Net income attributable to limited partners
|
107.9
|
63.1
|
17.9
|
58.9
|
||||||||||||
|
||||||||||||||||
Net income per limited partner unit - Basic and diluted
|
$
|
1.20
|
$
|
0.63
|
$
|
0.18
|
$
|
0.59
|
· | depreciation expense associated with the fair value adjustments to property, plant and equipment using the straight-line method over a useful life of 15-20 years. The pro forma information included in our 2012 Form 10-K utilized a 30 year useful life; |
· | amortization expense associated with the fair value adjustments to definite-lived intangibles in a manner that follows the expected pattern of services provided to customers, over a useful life of 20 years. The pro forma information included in our 2012 Form 10-K utilized a straight-line method over a 30 year life; and |
· | adjustment to pro forma revenues to report purchases, and sales on a net, rather than gross, basis for certain Badlands natural gas processing agreements in which we are in substance an agent rather than a principal. |
June 30, 2013
|
December 31, 2012
|
|||||||
Natural gas liquids
|
$
|
109.5
|
$
|
82.3
|
||||
Materials and supplies
|
28.8
|
17.1
|
||||||
|
$
|
138.3
|
$
|
99.4
|
Estimated useful lives
|
|||||||||||
June 30, 2013
|
December 31, 2012
|
(In years)
|
|||||||||
Gathering systems
|
$
|
2,075.7
|
$
|
1,975.3
|
5 to 20
|
||||||
Processing and fractionation facilities
|
1,269.4
|
1,251.6
|
5 to 25
|
||||||||
Terminaling and storage facilities
|
526.0
|
462.0
|
5 to 25
|
||||||||
Transportation assets
|
292.6
|
292.5
|
10 to 25
|
||||||||
Other property, plant and equipment
|
88.7
|
84.6
|
3 to 25
|
||||||||
Land
|
87.4
|
87.1
|
-
|
||||||||
Construction in progress
|
820.1
|
548.1
|
-
|
||||||||
Property, plant and equipment
|
$
|
5,159.9
|
$
|
4,701.2
|
|||||||
Accumulated depreciation
|
(1,281.3
|
)
|
(1,168.0
|
)
|
|||||||
Property, plant and equipment, net
|
$
|
3,878.6
|
$
|
3,533.2
|
|||||||
|
|||||||||||
Intangible assets
|
$
|
681.8
|
$
|
681.9
|
20
|
||||||
Accumulated amortization
|
(14.7
|
)
|
(1.1
|
)
|
|||||||
Intangible assets, net
|
$
|
667.1
|
$
|
680.8
|
June 30, 2013
|
December 31, 2012
|
|||||||
Commodities
|
$
|
365.9
|
$
|
416.8
|
||||
Other goods and services
|
141.2
|
153.4
|
||||||
Interest
|
39.7
|
39.4
|
||||||
Other
|
20.3
|
30.2
|
||||||
$
|
567.1
|
$
|
639.8
|
June 30, 2013
|
December 31, 2012
|
|||||||
Senior secured revolving credit facility, variable rate, due October 2017 (1)
|
$
|
225.0
|
$
|
620.0
|
||||
Senior unsecured notes, 11¼% fixed rate, due July 2017 (2)
|
72.7
|
72.7
|
||||||
Unamortized discount
|
(2.3
|
)
|
(2.5
|
)
|
||||
Senior unsecured notes, 7⅞% fixed rate, due October 2018
|
250.0
|
250.0
|
||||||
Senior unsecured notes, 6⅞% fixed rate, due February 2021
|
483.6
|
483.6
|
||||||
Unamortized discount
|
(29.3
|
)
|
(30.5
|
)
|
||||
Senior unsecured notes, 6⅜% fixed rate, due August 2022
|
300.0
|
400.0
|
||||||
Senior unsecured notes, 5¼% fixed rate, due May 2023
|
600.0
|
600.0
|
||||||
Senior unsecured notes, 4¼% fixed rate, due November 2023
|
625.0
|
-
|
||||||
Accounts receivable securitization facility, due January 2014 (3)
|
125.3
|
-
|
||||||
Total long-term debt
|
$
|
2,650.0
|
$
|
2,393.3
|
||||
|
||||||||
Letters of credit outstanding
|
$
|
47.9
|
$
|
45.3
|
(1) | As of June 30, 2013, availability under our $1.2 billion senior secured revolving credit facility was $927.1 million. |
(2) | The outstanding balance of the 11¼% Notes was redeemed on July 15, 2013. The amounts outstanding are reflected as long-term debt as of June 30, 2013 in our balance sheet because we have the ability and intent to fund these borrowings with availability under our long-term Senior Secured Credit Facility (the "TRP Revolver"). See "Subsequent Events" below. |
(3) | All amounts outstanding under the Securitization Facility are reflected as long-term debt in our balance sheet because we have the ability and intent to fund the Securitization Facility's borrowing with availability under the TRP Revolver. |
Range of Interest Rates Incurred
|
Weighted Average Interest Rate
Incurred
|
||
Senior secured revolving credit facility
|
1.9% - 4.5%
|
2.3%
|
|
Accounts receivable securitization facility
|
0.9%
|
0.9%
|
1) | at least 65% of the aggregate principal amount of the 4¼% Notes (excluding the 4¼% Notes held by us) remains outstanding immediately after the occurrence of such redemption; and |
2) | the redemption occurs within 180 days of the date of the closing of such equity offering. |
Year
|
Redemption Price
|
|||
2018
|
102.125
|
%
|
||
2019
|
101.417
|
%
|
||
2020
|
100.708
|
%
|
||
2021 and thereafter
|
100.000
|
%
|
Distributions
|
||||||||||||||||||||||
Three Months Ended
|
Date Paid or to be Paid
|
Limited Partners
|
General Partner
|
Distributions per limited partner unit
|
||||||||||||||||||
Common
|
Incentive
|
2%
|
Total
|
|||||||||||||||||||
(In millions, except per unit amounts)
|
||||||||||||||||||||||
June 30, 2013
|
August 14, 2013
|
$
|
75.8
|
$
|
24.6
|
$
|
2.0
|
$
|
102.4
|
$
|
0.7150
|
|||||||||||
March 31, 2013
|
May 15, 2013
|
71.7
|
22.1
|
1.9
|
95.7
|
0.6975
|
||||||||||||||||
December 31, 2012
|
February 14, 2013
|
69.0
|
20.1
|
1.8
|
90.9
|
0.6800
|
Commodity
|
Instrument
|
Unit
|
2013
|
2014
|
2015
|
2016
|
||||||||||||||
Natural Gas
|
Swaps
|
MMBtu/d
|
41,090
|
33,050
|
19,551
|
10,000
|
||||||||||||||
NGL
|
Swaps
|
Bbl/d
|
5,650
|
1,000
|
-
|
-
|
||||||||||||||
Condensate
|
Swaps
|
Bbl/d
|
2,045
|
1,450
|
-
|
-
|
Fair Value as of June 30, 2013
|
Fair Value as of December 31, 2012
|
||||||||||||||||
Balance Sheet
|
Derivative
|
Derivative
|
Derivative
|
Derivative
|
|||||||||||||
Location
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|||||||||||||
Derivatives designated as hedging instruments
|
|||||||||||||||||
Commodity contracts
|
Current
|
$
|
23.2
|
$
|
3.5
|
$
|
29.2
|
$
|
7.2
|
||||||||
|
Long-term |
5.6
|
1.8
|
5.1
|
4.8
|
||||||||||||
Total derivatives designated as hedging instruments
|
$
|
28.8
|
$
|
5.3
|
$
|
34.3
|
$
|
12.0
|
|||||||||
|
|||||||||||||||||
Derivatives not designated as hedging instruments
|
|||||||||||||||||
Commodity contracts
|
Current
|
$
|
-
|
$
|
0.3
|
$
|
0.1
|
$
|
0.2
|
||||||||
Total derivatives not designated as hedging instruments
|
$
|
-
|
$
|
0.3
|
$
|
0.1
|
$
|
0.2
|
|||||||||
|
|||||||||||||||||
Total current position
|
$
|
23.2
|
$
|
3.8
|
$
|
29.3
|
$
|
7.4
|
|||||||||
Total long-term position
|
5.6
|
1.8
|
5.1
|
4.8
|
|||||||||||||
Total derivatives
|
$
|
28.8
|
$
|
5.6
|
$
|
34.4
|
$
|
12.2
|
Gross Presentation
|
Pro forma Net Presentation
|
|||||||||||||||
Asset
|
Liability
|
Asset
|
Liability
|
|||||||||||||
June 30, 2013
|
Position
|
Position
|
Position
|
Position
|
||||||||||||
Current position
|
||||||||||||||||
Counterparties with offsetting position
|
$
|
20.6
|
$
|
3.2
|
$
|
17.4
|
$
|
-
|
||||||||
Counterparties without offsetting position - assets
|
2.6
|
-
|
2.6
|
-
|
||||||||||||
Counterparties without offsetting position - liabilities
|
-
|
0.6
|
-
|
0.6
|
||||||||||||
|
23.2
|
3.8
|
20.0
|
0.6
|
||||||||||||
Long-term position
|
||||||||||||||||
Counterparties with offsetting position
|
4.1
|
0.8
|
3.3
|
-
|
||||||||||||
Counterparties without offsetting position - assets
|
1.5
|
-
|
1.5
|
-
|
||||||||||||
Counterparties without offsetting position - liabilities
|
-
|
1.0
|
-
|
1.0
|
||||||||||||
|
5.6
|
1.8
|
4.8
|
1.0
|
||||||||||||
Total derivatives
|
||||||||||||||||
Counterparties with offsetting position
|
24.7
|
4.0
|
20.7
|
-
|
||||||||||||
Counterparties without offsetting position - assets
|
4.1
|
-
|
4.1
|
-
|
||||||||||||
Counterparties without offsetting position - liabilities
|
-
|
1.6
|
-
|
1.6
|
||||||||||||
|
$
|
28.8
|
$
|
5.6
|
$
|
24.8
|
$
|
1.6
|
||||||||
|
||||||||||||||||
December 31, 2012
|
||||||||||||||||
Current position
|
||||||||||||||||
Counterparties with offsetting position
|
$
|
23.8
|
$
|
7.4
|
$
|
16.4
|
$
|
-
|
||||||||
Counterparties without offsetting position - assets
|
5.5
|
-
|
5.5
|
-
|
||||||||||||
Counterparties without offsetting position - liabilities
|
-
|
-
|
-
|
-
|
||||||||||||
|
29.3
|
7.4
|
21.9
|
-
|
||||||||||||
Long-term position
|
||||||||||||||||
Counterparties with offsetting position
|
4.4
|
2.8
|
1.6
|
-
|
||||||||||||
Counterparties without offsetting position - assets
|
0.7
|
-
|
0.7
|
-
|
||||||||||||
Counterparties without offsetting position - liabilities
|
-
|
2.0
|
-
|
2.0
|
||||||||||||
|
5.1
|
4.8
|
2.3
|
2.0
|
||||||||||||
Total derivatives
|
||||||||||||||||
Counterparties with offsetting position
|
28.2
|
10.2
|
18.0
|
-
|
||||||||||||
Counterparties without offsetting position - assets
|
6.2
|
-
|
6.2
|
-
|
||||||||||||
Counterparties without offsetting position - liabilities
|
-
|
2.0
|
-
|
2.0
|
||||||||||||
|
$
|
34.4
|
$
|
12.2
|
$
|
24.2
|
$
|
2.0
|
Gain (Loss) Recognized in OCI on Derivatives
(Effective Portion)
|
|||||||||||||||||
Derivatives in Cash Flow Hedging Relationships
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
||||||||||||||
Commodity contracts
|
$
|
21.1
|
$
|
77.3
|
$
|
13.6
|
$
|
92.8
|
|||||||||
|
$
|
21.1
|
$
|
77.3
|
$
|
13.6
|
$
|
92.8
|
Gain (Loss) Reclassified from OCI into Income
(Effective Portion)
|
|||||||||||||||||
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||||
Location of Gain (Loss)
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Interest expense, net
|
$
|
(1.6
|
)
|
$
|
(1.9
|
)
|
$
|
(3.3
|
)
|
$
|
(4.2
|
)
|
|||||
Revenues
|
5.9
|
12.9
|
12.6
|
15.1
|
|||||||||||||
$
|
4.3
|
$
|
11.0
|
$
|
9.3
|
$
|
10.9
|
June 30, 2013
|
December 31, 2012
|
|||||||
Commodity hedges
|
$
|
24.2
|
$
|
23.1
|
||||
Interest rate hedges
|
(5.1
|
)
|
(8.5
|
)
|
· | TRP Revolver and Securitization Facility are based on carrying value which approximates fair value as its interest rate is based on prevailing market rates; |
· | senior unsecured notes are based on quoted market prices derived from trades of the debt. |
· | Level 1 – observable inputs such as quoted prices in active markets; |
· | Level 2 – inputs other than quoted prices in active markets that we can directly or indirectly observe to the extent that the markets are liquid for the relevant settlement periods; and |
· | Level 3 – unobservable inputs in which little or no market data exists, therefore we must develop our own assumptions. |
June 30, 2013 | ||||||||||||||||||||
Fair Value
|
||||||||||||||||||||
Value
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value:
|
||||||||||||||||||||
Assets from commodity derivative contracts
|
$
|
28.5
|
$
|
28.5
|
$
|
-
|
$
|
28.0
|
$
|
0.5
|
||||||||||
Liabilities from commodity derivative contracts
|
5.3
|
5.3
|
-
|
4.8
|
0.5
|
|||||||||||||||
Badlands contingent consideration liability
|
9.1
|
9.1
|
-
|
-
|
9.1
|
|||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value:
|
||||||||||||||||||||
Cash and cash equivalents
|
72.7
|
72.7
|
-
|
-
|
-
|
|||||||||||||||
Senior secured revolving credit facility
|
225.0
|
225.0
|
-
|
225.0
|
-
|
|||||||||||||||
Senior unsecured notes
|
2,299.7
|
2,317.5
|
-
|
2,317.5
|
-
|
|||||||||||||||
Accounts receivable securitization facility
|
125.3
|
125.3
|
-
|
125.3
|
-
|
December 31, 2012
|
||||||||||||||||||||
Carrying |
Fair Value
|
|||||||||||||||||||
Value
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value:
|
||||||||||||||||||||
Assets from commodity derivative contracts
|
$
|
34.3
|
$
|
34.3
|
$
|
-
|
$
|
34.3
|
$
|
-
|
||||||||||
Liabilities from commodity derivative contracts
|
12.1
|
12.1
|
-
|
11.5
|
0.6
|
|||||||||||||||
Badlands contingent consideration liability
|
15.3
|
15.3
|
-
|
-
|
15.3
|
|||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value:
|
||||||||||||||||||||
Cash and cash equivalents
|
68.0
|
68.0
|
-
|
-
|
-
|
|||||||||||||||
Senior secured revolving credit facility
|
620.0
|
620.0
|
-
|
620.0
|
-
|
|||||||||||||||
Senior unsecured notes
|
1,773.3
|
1,945.2
|
-
|
1,945.2
|
-
|
Commodity Derivative Contracts
|
Contingent Liability
|
|||||||
Balance, December 31, 2012
|
$
|
(0.6
|
)
|
$
|
(15.3
|
)
|
||
Settlements included in Revenue
|
0.6
|
-
|
||||||
Change in valuation of contingent liability included in Other Income
|
-
|
6.2
|
||||||
Balance, June 30, 2013
|
$
|
-
|
$
|
(9.1
|
)
|
Six Months Ended June 30,
|
||||||||
2013
|
2012
|
|||||||
Cash:
|
||||||||
Interest paid, net of capitalized interest
|
$
|
54.6
|
$
|
39.4
|
||||
Income taxes paid, net of refunds
|
2.3
|
2.0
|
||||||
Non-cash:
|
||||||||
Deadstock inventory transferred to property, plant and equipment
|
22.2
|
2.8
|
||||||
Accrued distribution equivalent rights
|
0.7
|
-
|
||||||
Receivables from unit offerings
|
34.2
|
-
|
Three Months Ended June 30, 2013
|
||||||||||||||||||||||||||||
Field
|
Coastal
|
|||||||||||||||||||||||||||
Gathering
|
Gathering
|
Marketing
|
Corporate
|
|||||||||||||||||||||||||
and
|
and
|
Logistics
|
and
|
and
|
||||||||||||||||||||||||
Processing
|
Processing
|
Assets
|
Distribution
|
Other
|
Eliminations
|
Total
|
||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||||||
Sales of commodities
|
$
|
51.1
|
$
|
83.1
|
$
|
45.4
|
$
|
1,142.4
|
$
|
5.6
|
$
|
(0.1
|
)
|
$
|
1,327.5
|
|||||||||||||
Fees from midstream services
|
22.6
|
9.8
|
47.4
|
34.2
|
-
|
0.1
|
114.1
|
|||||||||||||||||||||
|
73.7
|
92.9
|
92.8
|
1,176.6
|
5.6
|
-
|
1,441.6
|
|||||||||||||||||||||
Intersegment revenues
|
||||||||||||||||||||||||||||
Sales of commodities
|
291.0
|
135.8
|
0.9
|
125.7
|
-
|
(553.4
|
)
|
-
|
||||||||||||||||||||
Fees from midstream services
|
0.7
|
-
|
33.3
|
6.1
|
-
|
(40.1
|
)
|
-
|
||||||||||||||||||||
|
291.7
|
135.8
|
34.2
|
131.8
|
-
|
(593.5
|
)
|
-
|
||||||||||||||||||||
Revenues
|
$
|
365.4
|
$
|
228.7
|
$
|
127.0
|
$
|
1,308.4
|
$
|
5.6
|
$
|
(593.5
|
)
|
$
|
1,441.6
|
|||||||||||||
Operating margin
|
$
|
67.3
|
$
|
16.7
|
$
|
52.1
|
$
|
27.4
|
$
|
5.6
|
$
|
-
|
$
|
169.1
|
||||||||||||||
Other financial information:
|
||||||||||||||||||||||||||||
Total assets
|
$
|
2,950.9
|
$
|
403.9
|
$
|
1,303.6
|
$
|
509.6
|
$
|
28.8
|
$
|
125.8
|
$
|
5,322.6
|
||||||||||||||
Capital expenditures
|
$
|
115.1
|
$
|
4.3
|
$
|
114.1
|
$
|
0.8
|
$
|
-
|
$
|
1.4
|
$
|
235.7
|
Three Months Ended June 30, 2012
|
||||||||||||||||||||||||||||
Field
|
Coastal
|
|||||||||||||||||||||||||||
Gathering
|
Gathering
|
Marketing
|
Corporate
|
|||||||||||||||||||||||||
and
|
and
|
Logistics
|
and
|
and
|
||||||||||||||||||||||||
Processing
|
Processing
|
Assets
|
Distribution
|
Other
|
Eliminations
|
Total
|
||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||||||
Sales of commodities
|
$
|
46.6
|
$
|
51.7
|
$
|
54.5
|
$
|
1,068.5
|
$
|
12.8
|
$
|
-
|
$
|
1,234.1
|
||||||||||||||
Fees from midstream services
|
8.0
|
4.8
|
43.1
|
28.4
|
-
|
-
|
84.3
|
|||||||||||||||||||||
|
54.6
|
56.5
|
97.6
|
1,096.9
|
12.8
|
-
|
1,318.4
|
|||||||||||||||||||||
Intersegment revenues
|
||||||||||||||||||||||||||||
Sales of commodities
|
259.7
|
162.2
|
-
|
114.9
|
-
|
(536.8
|
)
|
-
|
||||||||||||||||||||
Fees from midstream services
|
0.3
|
-
|
24.6
|
7.0
|
-
|
(31.9
|
)
|
-
|
||||||||||||||||||||
|
260.0
|
162.2
|
24.6
|
121.9
|
-
|
(568.7
|
)
|
-
|
||||||||||||||||||||
Revenues
|
$
|
314.6
|
$
|
218.7
|
$
|
122.2
|
$
|
1,218.8
|
$
|
12.8
|
$
|
(568.7
|
)
|
$
|
1,318.4
|
|||||||||||||
Operating margin
|
$
|
53.9
|
$
|
28.0
|
$
|
45.7
|
$
|
26.2
|
$
|
12.8
|
$
|
-
|
$
|
166.6
|
||||||||||||||
Other financial information:
|
||||||||||||||||||||||||||||
Total assets
|
$
|
1,677.2
|
$
|
423.8
|
$
|
925.8
|
$
|
448.8
|
$
|
77.6
|
$
|
113.2
|
$
|
3,666.4
|
||||||||||||||
Capital expenditures
|
$
|
46.6
|
$
|
2.6
|
$
|
89.9
|
$
|
0.4
|
$
|
-
|
$
|
0.9
|
$
|
140.4
|
Six Months Ended June 30, 2013
|
||||||||||||||||||||||||||||
Field
|
Coastal
|
|||||||||||||||||||||||||||
Gathering
|
Gathering
|
Marketing
|
Corporate
|
|||||||||||||||||||||||||
and
|
and
|
Logistics
|
and
|
and
|
||||||||||||||||||||||||
Processing
|
Processing
|
Assets
|
Distribution
|
Other
|
Eliminations
|
Total
|
||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||||||
Sales of commodities
|
$
|
89.2
|
$
|
152.6
|
$
|
78.2
|
$
|
2,278.9
|
$
|
12.3
|
$
|
-
|
$
|
2,611.2
|
||||||||||||||
Fees from midstream services
|
42.8
|
18.7
|
94.6
|
72.2
|
-
|
-
|
228.3
|
|||||||||||||||||||||
|
132.0
|
171.3
|
172.8
|
2,351.1
|
12.3
|
-
|
2,839.5
|
|||||||||||||||||||||
Intersegment revenues
|
||||||||||||||||||||||||||||
Sales of commodities
|
564.0
|
287.7
|
1.8
|
236.2
|
-
|
(1,089.7
|
)
|
-
|
||||||||||||||||||||
Fees from midstream services
|
1.6
|
-
|
69.9
|
12.5
|
-
|
(84.0
|
)
|
-
|
||||||||||||||||||||
|
565.6
|
287.7
|
71.7
|
248.7
|
-
|
(1,173.7
|
)
|
-
|
||||||||||||||||||||
Revenues
|
$
|
697.6
|
$
|
459.0
|
$
|
244.5
|
$
|
2,599.8
|
$
|
12.3
|
$
|
(1,173.7
|
)
|
$
|
2,839.5
|
|||||||||||||
Operating margin
|
$
|
121.1
|
$
|
40.1
|
$
|
108.6
|
$
|
61.4
|
$
|
12.3
|
$
|
-
|
$
|
343.5
|
||||||||||||||
Other financial information:
|
||||||||||||||||||||||||||||
Total assets
|
$
|
2,950.9
|
$
|
403.9
|
$
|
1,303.6
|
$
|
509.6
|
$
|
28.8
|
$
|
125.8
|
$
|
5,322.6
|
||||||||||||||
Capital expenditures
|
$
|
211.2
|
$
|
10.8
|
$
|
217.8
|
$
|
0.7
|
$
|
-
|
$
|
2.1
|
$
|
442.6
|
Six Months Ended June 30, 2012
|
||||||||||||||||||||||||||||
Field
|
Coastal
|
|||||||||||||||||||||||||||
Gathering
|
Gathering
|
Marketing
|
Corporate
|
|||||||||||||||||||||||||
and
|
and
|
Logistics
|
and
|
and
|
||||||||||||||||||||||||
Processing
|
Processing
|
Assets
|
Distribution
|
Other
|
Eliminations
|
Total
|
||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||||||
Sales of commodities
|
$
|
92.0
|
$
|
111.5
|
$
|
100.0
|
$
|
2,485.8
|
$
|
14.1
|
$
|
-
|
$
|
2,803.4
|
||||||||||||||
Fees from midstream services
|
18.9
|
8.5
|
82.0
|
51.1
|
-
|
-
|
160.5
|
|||||||||||||||||||||
|
110.9
|
120.0
|
182.0
|
2,536.9
|
14.1
|
-
|
2,963.9
|
|||||||||||||||||||||
Intersegment revenues
|
||||||||||||||||||||||||||||
Sales of commodities
|
577.1
|
382.2
|
-
|
246.8
|
-
|
(1,206.1
|
)
|
-
|
||||||||||||||||||||
Fees from midstream services
|
0.6
|
0.1
|
48.7
|
16.3
|
-
|
(65.7
|
)
|
-
|
||||||||||||||||||||
|
577.7
|
382.3
|
48.7
|
263.1
|
-
|
(1,271.8
|
)
|
-
|
||||||||||||||||||||
Revenues
|
$
|
688.6
|
$
|
502.3
|
$
|
230.7
|
$
|
2,800.0
|
$
|
14.1
|
$
|
(1,271.8
|
)
|
$
|
2,963.9
|
|||||||||||||
Operating margin
|
$
|
126.9
|
$
|
74.3
|
$
|
88.7
|
$
|
52.4
|
$
|
14.1
|
$
|
-
|
$
|
356.4
|
||||||||||||||
Other financial information:
|
||||||||||||||||||||||||||||
Total assets
|
$
|
1,677.2
|
$
|
423.8
|
$
|
925.8
|
$
|
448.8
|
$
|
77.6
|
$
|
113.2
|
$
|
3,666.4
|
||||||||||||||
Capital expenditures
|
$
|
72.8
|
$
|
4.6
|
$
|
150.0
|
$
|
9.5
|
$
|
-
|
$
|
1.5
|
$
|
238.4
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Sales of commodities
|
||||||||||||||||
Natural gas sales
|
$
|
347.6
|
$
|
188.0
|
$
|
602.8
|
$
|
390.7
|
||||||||
NGL sales
|
896.7
|
950.7
|
1,860.3
|
2,240.9
|
||||||||||||
Condensate sales
|
33.0
|
29.0
|
60.1
|
58.0
|
||||||||||||
Petroleum products
|
44.2
|
54.3
|
75.5
|
99.8
|
||||||||||||
Derivative activities
|
6.0
|
12.1
|
12.5
|
14.0
|
||||||||||||
|
1,327.5
|
1,234.1
|
2,611.2
|
2,803.4
|
||||||||||||
Fees from midstream services
|
||||||||||||||||
Fractionating and treating fees
|
31.0
|
28.6
|
60.7
|
55.5
|
||||||||||||
Storage, terminaling, transportation and export fees
|
47.1
|
35.4
|
107.2
|
65.8
|
||||||||||||
Gathering and processing fees
|
26.9
|
9.8
|
45.4
|
18.3
|
||||||||||||
Other
|
9.1
|
10.5
|
15.0
|
20.9
|
||||||||||||
|
114.1
|
84.3
|
228.3
|
160.5
|
||||||||||||
Total revenues
|
$
|
1,441.6
|
$
|
1,318.4
|
$
|
2,839.5
|
$
|
2,963.9
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Reconciliation of operating margin to net income:
|
||||||||||||||||
Operating margin
|
$
|
169.1
|
$
|
166.6
|
$
|
343.5
|
$
|
356.4
|
||||||||
Depreciation and amortization expense
|
(65.7
|
)
|
(47.6
|
)
|
(129.6
|
)
|
(94.3
|
)
|
||||||||
General and administrative expense
|
(36.1
|
)
|
(33.5
|
)
|
(70.3
|
)
|
(66.4
|
)
|
||||||||
Interest expense, net
|
(31.6
|
)
|
(29.4
|
)
|
(63.0
|
)
|
(58.8
|
)
|
||||||||
Income tax expense
|
(0.9
|
)
|
(0.8
|
)
|
(1.8
|
)
|
(1.8
|
)
|
||||||||
Other, net
|
(2.1
|
)
|
(0.6
|
)
|
(0.8
|
)
|
1.5
|
|||||||||
Net income
|
$
|
32.7
|
$
|
54.7
|
$
|
78.0
|
$
|
136.6
|
· | gathering, compressing, treating, processing and selling natural gas; |
· | storing, fractionating, treating, transporting and selling NGLs and NGL products; |
· | gathering, storing and terminaling crude oil; and |
· | storing, terminaling and selling refined petroleum products. |
· | the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; |
· | our operating performance and return on capital as compared to other companies in the midstream energy sector, without regard to financing or capital structure; and |
· | the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities. |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(In millions)
|
||||||||||||||||
Reconciliation of Targa Resources Partners LP gross margin and operating margin to net income:
|
||||||||||||||||
Gross margin
|
$
|
265.2
|
$
|
243.8
|
$
|
525.6
|
$
|
505.2
|
||||||||
Operating expenses
|
(96.1
|
)
|
(77.2
|
)
|
(182.1
|
)
|
(148.8
|
)
|
||||||||
Operating margin
|
169.1
|
166.6
|
343.5
|
356.4
|
||||||||||||
Depreciation and amortization expenses
|
(65.7
|
)
|
(47.6
|
)
|
(129.6
|
)
|
(94.3
|
)
|
||||||||
General and administrative expenses
|
(36.1
|
)
|
(33.5
|
)
|
(70.3
|
)
|
(66.4
|
)
|
||||||||
Interest expense, net
|
(31.6
|
)
|
(29.4
|
)
|
(63.0
|
)
|
(58.8
|
)
|
||||||||
Income tax expense
|
(0.9
|
)
|
(0.8
|
)
|
(1.8
|
)
|
(1.8
|
)
|
||||||||
Gain (loss) on sale or disposition of assets
|
(3.9
|
)
|
-
|
(3.8
|
)
|
0.1
|
||||||||||
Loss on debt redemption and early debt extinguishments
|
(7.4
|
)
|
-
|
(7.4
|
)
|
-
|
||||||||||
Change in contingent consideration
|
6.5
|
-
|
6.2
|
-
|
||||||||||||
Other, net
|
2.7
|
(0.6
|
)
|
4.2
|
1.4
|
|||||||||||
Targa Resources Partners LP net income
|
$
|
32.7
|
$
|
54.7
|
$
|
78.0
|
$
|
136.6
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(In millions)
|
||||||||||||||||
Reconciliation of net cash provided by Targa Resources Partners LP operating activities to Adjusted EBITDA:
|
||||||||||||||||
Net cash provided by operating activities
|
$
|
5.1
|
$
|
78.3
|
$
|
176.8
|
$
|
225.0
|
||||||||
Net income attributable to noncontrolling interests
|
(6.4
|
)
|
(7.9
|
)
|
(12.8
|
)
|
(19.6
|
)
|
||||||||
Interest expense, net (1)
|
27.6
|
24.9
|
55.0
|
49.7
|
||||||||||||
Loss on debt redemption and early debt extinguishments
|
(7.4
|
)
|
-
|
(7.4
|
)
|
-
|
||||||||||
Change in contingent consideration
|
(6.5
|
)
|
-
|
(6.2
|
)
|
-
|
||||||||||
Current income tax expense
|
0.5
|
0.4
|
1.0
|
1.0
|
||||||||||||
Other (2)
|
5.2
|
(4.2
|
)
|
1.2
|
(9.1
|
)
|
||||||||||
Changes in operating assets and liabilities which used (provided) cash:
|
||||||||||||||||
Accounts receivable and other assets
|
90.0
|
(50.5
|
)
|
(31.5
|
)
|
(208.7
|
)
|
|||||||||
Accounts payable and other liabilities
|
18.4
|
81.9
|
82.7
|
230.0
|
||||||||||||
Targa Resources Partners LP Adjusted EBITDA
|
$
|
126.5
|
$
|
122.9
|
$
|
258.8
|
$
|
268.3
|
(1) | Net of amortization of debt issuance costs, discount and premium included in interest expense of $4.0 million and $4.4 million for the three months ended June 30, 2013 and 2012, and $8.0 million and $8.9 million for the six months ended June 30, 2013 and 2012. |
(2) | Includes equity earnings from unconsolidated investments – net of distributions, accretion expense associated with asset retirement obligations, amortization of stock-based compensation, gain on sale or disposal of assets. |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(In millions)
|
||||||||||||||||
Reconciliation of net income attributable to Targa Resources Partners LP to Adjusted EBITDA:
|
||||||||||||||||
Net income attributable to Targa Resources Partners LP
|
$
|
26.3
|
$
|
46.8
|
$
|
65.2
|
$
|
117.0
|
||||||||
Add:
|
||||||||||||||||
Interest expense, net
|
31.6
|
29.4
|
63.0
|
58.8
|
||||||||||||
Income tax expense
|
0.9
|
0.8
|
1.8
|
1.8
|
||||||||||||
Depreciation and amortization expenses
|
65.7
|
47.6
|
129.6
|
94.3
|
||||||||||||
Loss on sale or disposition of assets
|
3.9
|
-
|
3.8
|
-
|
||||||||||||
Loss on debt redemption and early debt extinguishments
|
7.4
|
-
|
7.4
|
-
|
||||||||||||
Change in contingent consideration
|
(6.5
|
)
|
-
|
(6.2
|
)
|
-
|
||||||||||
Risk management activities
|
0.2
|
1.2
|
0.1
|
2.2
|
||||||||||||
Noncontrolling interests adjustment (1)
|
(3.0
|
)
|
(2.9
|
)
|
(5.9
|
)
|
(5.8
|
)
|
||||||||
Targa Resources Partners LP Adjusted EBITDA
|
$
|
126.5
|
$
|
122.9
|
$
|
258.8
|
$
|
268.3
|
(1) | Noncontrolling interest portion of depreciation and amortization expenses. |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(In millions)
|
||||||||||||||||
Reconciliation of net income attributable to Targa Resources Partners LP to distributable cash flow:
|
||||||||||||||||
Net income attributable to Targa Resources Partners LP
|
$
|
26.3
|
$
|
46.8
|
$
|
65.2
|
$
|
117.0
|
||||||||
Depreciation and amortization expenses
|
65.7
|
47.6
|
129.6
|
94.3
|
||||||||||||
Deferred income tax expense
|
0.4
|
0.4
|
0.8
|
0.8
|
||||||||||||
Amortization in interest expense
|
4.0
|
4.4
|
8.0
|
8.9
|
||||||||||||
Loss on debt redemption and early debt extinguishment
|
7.4
|
-
|
7.4
|
-
|
||||||||||||
Change in contingent consideration
|
(6.5
|
)
|
-
|
(6.2
|
)
|
-
|
||||||||||
Loss on sale or disposition of assets
|
3.9
|
-
|
3.8
|
-
|
||||||||||||
Risk management activities
|
0.2
|
1.2
|
0.1
|
2.2
|
||||||||||||
Maintenance capital expenditures
|
(21.8
|
)
|
(15.5
|
)
|
(43.4
|
)
|
(31.9
|
)
|
||||||||
Other (1)
|
(0.6
|
)
|
(0.4
|
)
|
(0.6
|
)
|
(1.1
|
)
|
||||||||
Targa Resources Partners LP distributable cash flow
|
$
|
79.0
|
$
|
84.5
|
$
|
164.7
|
$
|
190.2
|
(1) | Includes reimbursements of certain environmental maintenance capital expenditures by Targa, the noncontrolling interest portion of maintenance capital expenditures, depreciation and amortization expenses. |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||
2013
|
2012
|
2013 vs. 2012
|
2013
|
2012
|
2013 vs. 2012
|
|||||||||||||||||||||||||||
(In millions, except operating statistics and price amounts)
|
||||||||||||||||||||||||||||||||
Revenues
|
$
|
1,441.6
|
$
|
1,318.4
|
$
|
123.2
|
9
|
%
|
$
|
2,839.5
|
$
|
2,963.9
|
$
|
(124.4
|
)
|
(4
|
%)
|
|||||||||||||||
Product purchases
|
1,176.4
|
1,074.6
|
101.8
|
9
|
%
|
2,313.9
|
2,458.7
|
(144.8
|
)
|
(6
|
%)
|
|||||||||||||||||||||
Gross margin (1)
|
265.2
|
243.8
|
21.4
|
9
|
%
|
525.6
|
505.2
|
20.4
|
4
|
%
|
||||||||||||||||||||||
Operating expenses
|
96.1
|
77.2
|
18.9
|
24
|
%
|
182.1
|
148.8
|
33.3
|
22
|
%
|
||||||||||||||||||||||
Operating margin (2)
|
169.1
|
166.6
|
2.5
|
2
|
%
|
343.5
|
356.4
|
(12.9
|
)
|
(4
|
%)
|
|||||||||||||||||||||
Depreciation and amortization expenses
|
65.7
|
47.6
|
18.1
|
38
|
%
|
129.6
|
94.3
|
35.3
|
37
|
%
|
||||||||||||||||||||||
General and administrative expenses
|
36.1
|
33.5
|
2.6
|
8
|
%
|
70.3
|
66.4
|
3.9
|
6
|
%
|
||||||||||||||||||||||
Other operating (income) expense
|
4.1
|
-
|
4.1
|
-
|
4.2
|
(0.1
|
)
|
4.3
|
-
|
|||||||||||||||||||||||
Income from operations
|
63.2
|
85.5
|
(22.3
|
)
|
(26
|
%)
|
139.4
|
195.8
|
(56.4
|
)
|
(29
|
%)
|
||||||||||||||||||||
Interest expense, net
|
(31.6
|
)
|
(29.4
|
)
|
(2.2
|
)
|
7
|
%
|
(63.0
|
)
|
(58.8
|
)
|
(4.2
|
)
|
7
|
%
|
||||||||||||||||
Equity earnings
|
2.9
|
(0.2
|
)
|
3.1
|
NM
|
4.5
|
1.9
|
2.6
|
NM
|
|||||||||||||||||||||||
Loss on debt redemption
|
(7.4
|
)
|
-
|
(7.4
|
)
|
-
|
(7.4
|
)
|
-
|
(7.4
|
)
|
-
|
||||||||||||||||||||
Other
|
6.5
|
(0.4
|
)
|
6.9
|
NM
|
6.3
|
(0.5
|
)
|
6.8
|
NM
|
||||||||||||||||||||||
Income tax expense
|
(0.9
|
)
|
(0.8
|
)
|
(0.1
|
)
|
(13
|
%)
|
(1.8
|
)
|
(1.8
|
)
|
-
|
-
|
||||||||||||||||||
Net income
|
32.7
|
54.7
|
(22.0
|
)
|
(40
|
%)
|
78.0
|
136.6
|
(58.6
|
)
|
(43
|
%)
|
||||||||||||||||||||
Less: Net income attributable to noncontrolling interests
|
6.4
|
7.9
|
(1.5
|
)
|
(19
|
%)
|
12.8
|
19.6
|
(6.8
|
)
|
(35
|
%)
|
||||||||||||||||||||
Net income attributable to Targa Resources Partners LP
|
$
|
26.3
|
$
|
46.8
|
$
|
(20.5
|
)
|
(44
|
%)
|
$
|
65.2
|
$
|
117.0
|
$
|
(51.8
|
)
|
(44
|
%)
|
||||||||||||||
Financial and operating data:
|
||||||||||||||||||||||||||||||||
Financial data:
|
||||||||||||||||||||||||||||||||
Adjusted EBITDA (3)
|
$
|
126.5
|
$
|
122.9
|
$
|
3.6
|
3
|
%
|
$
|
258.8
|
$
|
268.3
|
$
|
(9.5
|
)
|
(4
|
%)
|
|||||||||||||||
Distributable cash flow (4)
|
79.0
|
84.5
|
(5.5
|
)
|
(7
|
%)
|
164.7
|
190.2
|
(25.5
|
)
|
(13
|
%)
|
||||||||||||||||||||
Capital expenditures
|
235.7
|
140.4
|
95.3
|
68
|
%
|
442.6
|
238.4
|
204.2
|
86
|
%
|
||||||||||||||||||||||
Operating data:
|
||||||||||||||||||||||||||||||||
Crude oil gathered, MBbl/d
|
38.3
|
-
|
38.3
|
-
|
34.9
|
-
|
34.9
|
-
|
||||||||||||||||||||||||
Plant natural gas inlet, MMcf/d (5)(6)
|
2,072.2
|
2,083.0
|
(10.8
|
)
|
(1
|
%)
|
2,075.6
|
2,157.8
|
(82.2
|
)
|
(4
|
%)
|
||||||||||||||||||||
Gross NGL production, MBbl/d
|
131.2
|
124.0
|
7.2
|
6
|
%
|
132.3
|
128.1
|
4.2
|
3
|
%
|
||||||||||||||||||||||
Export volumes, MBbl/d
|
41.2
|
28.0
|
13.2
|
47
|
%
|
43.0
|
25.1
|
17.9
|
71
|
%
|
||||||||||||||||||||||
Natural gas sales, BBtu/d (6)
|
953.1
|
930.3
|
22.8
|
2
|
%
|
901.7
|
895.4
|
6.3
|
1
|
%
|
||||||||||||||||||||||
NGL sales, MBbl/d
|
282.7
|
270.3
|
12.4
|
5
|
%
|
282.0
|
274.7
|
7.3
|
3
|
%
|
||||||||||||||||||||||
Condensate sales, MBbl/d
|
4.0
|
3.7
|
0.3
|
9
|
%
|
3.7
|
3.4
|
0.3
|
10
|
%
|
(1) | Gross margin is a non-GAAP financial measure and is discussed under "Management's Discussion and Analysis of Financial Condition and Results of Operations – How We Evaluate Our Operations" and "Non-GAAP Financial Measures." |
(2) | Operating margin is a non-GAAP financial measure and is discussed under "Management's Discussion and Analysis of Financial Condition and Results of Operations – How We Evaluate Our Operations" and "Non-GAAP Financial Measures." |
(3) | Adjusted EBITDA is net income before: interest, income taxes, depreciation and amortization, gains or losses on debt repurchases and debt redemptions, early debt extinguishments and asset disposals, non-cash risk management activities related to derivative instruments and changes in the fair value of the Badlands acquisition contingent consideration. This is a non-GAAP financial measure and is discussed under "Management's Discussion and Analysis of Financial Condition and Results of Operations – How We Evaluate Our Operations" and "Non-GAAP Financial Measures." |
(4) | Distributable cash flow is income attributable to Targa Resources Partners LP plus depreciation and amortization, deferred taxes and amortization of debt issue costs included in interest expense, adjusted for non-cash losses (gains) on mark-to-market derivative contracts, debt repurchases, debt redemptions, early debt extinguishments, asset disposals, less maintenance capital expenditures (net of any reimbursements of project costs) and changes in the fair value of the Badlands acquisition contingent consideration. This is a non-GAAP financial measure and is discussed under "Management's Discussion and Analysis of Financial Condition and Results of Operations – How We Evaluate Our Operations" and "Non-GAAP Financial Measures." |
(5) | Plant natural gas inlet represents the volume of natural gas passing through the meter located at the inlet of a natural gas processing plant. |
(6) | Plant natural gas inlet volumes include producer take-in-kind volumes, while natural gas sales exclude producer take-in-kind volumes. |
Field
|
Coastal
|
|||||||||||||||||||||||
Gathering
|
Gathering
|
Marketing
|
||||||||||||||||||||||
and
|
and
|
Logistics
|
and
|
|||||||||||||||||||||
Processing
|
Processing
|
Assets
|
Distribution
|
Other
|
Total
|
|||||||||||||||||||
Three Months Ended:
|
(In millions)
|
|||||||||||||||||||||||
June 30, 2013
|
$
|
67.3
|
$
|
16.7
|
$
|
52.1
|
$
|
27.4
|
$
|
5.6
|
$
|
169.1
|
||||||||||||
June 30, 2012
|
53.9
|
28.0
|
45.7
|
26.2
|
12.8
|
166.6
|
||||||||||||||||||
Six Months Ended:
|
||||||||||||||||||||||||
June 30, 2013
|
$
|
121.1
|
$
|
40.1
|
$
|
108.6
|
$
|
61.4
|
$
|
12.3
|
$
|
343.5
|
||||||||||||
June 30, 2012
|
126.9
|
74.3
|
88.7
|
52.4
|
14.1
|
356.4
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||
2013
|
2012
|
2013 vs. 2012
|
2013
|
2012
|
2013 vs. 2012
|
|||||||||||||||||||||||||||
($ in millions)
|
||||||||||||||||||||||||||||||||
Gross margin
|
$
|
110.2
|
$
|
85.0
|
$
|
25.2
|
30
|
%
|
$
|
201.7
|
$
|
187.3
|
$
|
14.4
|
8
|
%
|
||||||||||||||||
Operating expenses
|
42.9
|
31.1
|
11.8
|
38
|
%
|
80.6
|
60.4
|
20.2
|
33
|
%
|
||||||||||||||||||||||
Operating margin
|
$
|
67.3
|
$
|
53.9
|
$
|
13.4
|
25
|
%
|
$
|
121.1
|
$
|
126.9
|
$
|
(5.8
|
)
|
(5
|
%)
|
|||||||||||||||
Operating statistics (1):
|
||||||||||||||||||||||||||||||||
Plant natural gas inlet, MMcf/d (2),(3)
|
||||||||||||||||||||||||||||||||
Sand Hills
|
162.4
|
130.6
|
31.8
|
24
|
%
|
157.4
|
138.2
|
19.2
|
14
|
%
|
||||||||||||||||||||||
SAOU
|
155.1
|
121.9
|
33.2
|
27
|
%
|
147.2
|
118.6
|
28.6
|
24
|
%
|
||||||||||||||||||||||
North Texas System
|
290.8
|
242.7
|
48.1
|
20
|
%
|
275.9
|
233.5
|
42.4
|
18
|
%
|
||||||||||||||||||||||
Versado
|
170.8
|
169.9
|
0.9
|
1
|
%
|
165.8
|
169.9
|
(4.1
|
)
|
(2
|
%)
|
|||||||||||||||||||||
Badlands
|
14.1
|
-
|
14.1
|
-
|
15.0
|
-
|
15.0
|
-
|
||||||||||||||||||||||||
|
793.2
|
665.1
|
128.1
|
19
|
%
|
761.3
|
660.2
|
101.1
|
15
|
%
|
||||||||||||||||||||||
Gross NGL production, MBbl/d
|
||||||||||||||||||||||||||||||||
Sand Hills
|
17.5
|
15.4
|
2.1
|
14
|
%
|
17.5
|
16.2
|
1.3
|
8
|
%
|
||||||||||||||||||||||
SAOU
|
22.7
|
18.9
|
3.8
|
20
|
%
|
21.7
|
18.5
|
3.2
|
17
|
%
|
||||||||||||||||||||||
North Texas System
|
32.0
|
26.8
|
5.2
|
19
|
%
|
30.5
|
25.8
|
4.7
|
18
|
%
|
||||||||||||||||||||||
Versado
|
20.6
|
20.0
|
0.6
|
3
|
%
|
20.0
|
19.6
|
0.4
|
2
|
%
|
||||||||||||||||||||||
Badlands
|
1.8
|
-
|
1.8
|
-
|
1.7
|
-
|
1.7
|
-
|
||||||||||||||||||||||||
|
94.6
|
81.1
|
13.5
|
17
|
%
|
91.4
|
80.1
|
11.3
|
14
|
%
|
||||||||||||||||||||||
Crude oil gathered, MBbl/d
|
38.3
|
-
|
38.3
|
-
|
34.9
|
-
|
34.9
|
-
|
||||||||||||||||||||||||
Natural gas sales, BBtu/d (3)
|
379.1
|
312.6
|
66.5
|
21
|
%
|
359.3
|
313.0
|
46.3
|
15
|
%
|
||||||||||||||||||||||
NGL sales, MBbl/d
|
67.3
|
67.5
|
(0.2
|
)
|
0
|
%
|
69.0
|
66.2
|
2.8
|
4
|
%
|
|||||||||||||||||||||
Condensate sales, MBbl/d
|
3.6
|
3.5
|
0.1
|
4
|
%
|
3.3
|
3.2
|
0.1
|
3
|
%
|
||||||||||||||||||||||
Average realized prices (4):
|
||||||||||||||||||||||||||||||||
Natural gas, $/MMBtu
|
3.89
|
2.02
|
1.87
|
93
|
%
|
3.53
|
2.29
|
1.24
|
54
|
%
|
||||||||||||||||||||||
NGL, $/gal
|
0.69
|
0.86
|
(0.17
|
)
|
(20
|
%)
|
0.71
|
0.96
|
(0.25
|
)
|
(26
|
%)
|
||||||||||||||||||||
Condensate, $/Bbl
|
90.58
|
86.51
|
4.07
|
5
|
%
|
88.40
|
92.34
|
(3.94
|
)
|
(4
|
%)
|
(1) | Segment operating statistics include the effect of intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the quarter and the denominator is the number of calendar days during the quarter. |
(2) | Plant natural gas inlet represents the volume of natural gas passing through the meter located at the inlet of a natural gas processing plant. |
(3) | Plant natural gas inlet volumes include producer take-in-kind volumes, while natural gas sales exclude producer take-in-kind volumes. |
(4) | Average realized prices exclude the impact of hedging activities presented in Other. |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||
2013
|
2012
|
2013 vs. 2012
|
2013
|
2012
|
2013 vs. 2012
|
|||||||||||||||||||||||||||
($ in millions)
|
||||||||||||||||||||||||||||||||
Gross margin
|
$
|
28.6
|
$
|
38.8
|
$
|
(10.2
|
)
|
(26
|
%)
|
$
|
62.6
|
$
|
95.5
|
$
|
(32.9
|
)
|
(34
|
%)
|
||||||||||||||
Operating expenses
|
11.9
|
10.8
|
1.1
|
10
|
%
|
22.5
|
21.2
|
1.3
|
6
|
%
|
||||||||||||||||||||||
Operating margin
|
$
|
16.7
|
$
|
28.0
|
$
|
(11.3
|
)
|
(40
|
%)
|
$
|
40.1
|
$
|
74.3
|
$
|
(34.2
|
)
|
(46
|
%)
|
||||||||||||||
Operating statistics (1):
|
||||||||||||||||||||||||||||||||
Plant natural gas inlet, MMcf/d (2),(3)
|
||||||||||||||||||||||||||||||||
LOU (4)
|
317.7
|
214.7
|
103.0
|
48
|
%
|
329.5
|
204.8
|
124.7
|
61
|
%
|
||||||||||||||||||||||
Coastal Straddles
|
468.0
|
760.9
|
(292.9
|
)
|
(38
|
%)
|
471.3
|
800.2
|
(328.9
|
)
|
(41
|
%)
|
||||||||||||||||||||
VESCO
|
493.3
|
442.3
|
51.0
|
12
|
%
|
513.6
|
492.6
|
21.0
|
4
|
%
|
||||||||||||||||||||||
|
1,279.0
|
1,417.9
|
(138.9
|
)
|
(10
|
%)
|
1,314.4
|
1,497.6
|
(183.2
|
)
|
(12
|
%)
|
||||||||||||||||||||
Gross NGL production, MBbl/d
|
||||||||||||||||||||||||||||||||
LOU
|
8.4
|
8.2
|
0.2
|
2
|
%
|
8.7
|
8.2
|
0.5
|
6
|
%
|
||||||||||||||||||||||
Coastal Straddles
|
13.1
|
15.8
|
(2.7
|
)
|
(17
|
%)
|
13.3
|
16.7
|
(3.4
|
)
|
(21
|
%)
|
||||||||||||||||||||
VESCO
|
15.2
|
18.9
|
(3.7
|
)
|
(20
|
%)
|
19.0
|
23.1
|
(4.1
|
)
|
(18
|
%)
|
||||||||||||||||||||
|
36.7
|
42.9
|
(6.2
|
)
|
(15
|
%)
|
41.0
|
48.0
|
(7.0
|
)
|
(15
|
%)
|
||||||||||||||||||||
Natural gas sales, BBtu/d (3)
|
285.3
|
315.1
|
(29.8
|
)
|
(9
|
%)
|
280.2
|
298.5
|
(18.3
|
)
|
(6
|
%)
|
||||||||||||||||||||
NGL sales, MBbl/d
|
35.3
|
40.7
|
(5.4
|
)
|
(13
|
%)
|
38.3
|
44.0
|
(5.7
|
)
|
(13
|
%)
|
||||||||||||||||||||
Condensate sales, MBbl/d
|
0.3
|
0.2
|
0.1
|
63
|
%
|
0.4
|
0.2
|
0.2
|
97
|
%
|
||||||||||||||||||||||
Average realized prices:
|
||||||||||||||||||||||||||||||||
Natural gas, $/MMBtu
|
4.09
|
2.27
|
1.82
|
80
|
%
|
3.78
|
2.43
|
1.35
|
56
|
%
|
||||||||||||||||||||||
NGL, $/gal
|
0.81
|
0.95
|
(0.14
|
)
|
(14
|
%)
|
0.83
|
1.06
|
(0.23
|
)
|
(22
|
%)
|
||||||||||||||||||||
Condensate, $/Bbl
|
102.63
|
91.40
|
11.23
|
12
|
%
|
107.19
|
111.64
|
(4.45
|
)
|
(4
|
%)
|
(1) | Segment operating statistics include intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume during the quarter and the denominator is the number of calendar days during the quarter. |
(2) | Plant natural gas inlet represents the volume of natural gas passing through the meter located at the inlet of a natural gas processing plant. |
(3) | Plant natural gas inlet volumes include producer take-in-kind volumes, while natural gas sales exclude producer take-in-kind volumes. |
(4) | Includes volumes from the Big Lake processing plant acquired in July 2012. |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||
2013
|
2012
|
2013 vs. 2012
|
2013
|
2012
|
2013 vs. 2012
|
|||||||||||||||||||||||||||
($ in millions)
|
||||||||||||||||||||||||||||||||
Gross margin
|
$
|
84.7
|
$
|
69.1
|
$
|
15.6
|
23
|
%
|
$
|
171.3
|
$
|
133.5
|
$
|
37.8
|
28
|
%
|
||||||||||||||||
Operating expenses
|
32.6
|
23.4
|
9.2
|
39
|
%
|
62.7
|
44.8
|
17.9
|
40
|
%
|
||||||||||||||||||||||
Operating margin
|
$
|
52.1
|
$
|
45.7
|
$
|
6.4
|
14
|
%
|
$
|
108.6
|
$
|
88.7
|
$
|
19.9
|
22
|
%
|
||||||||||||||||
Operating statistics (1):
|
||||||||||||||||||||||||||||||||
Fractionation volumes, MBbl/d
|
256.6
|
311.3
|
(54.7
|
)
|
(18
|
%)
|
257.3
|
302.5
|
(45.2
|
)
|
(15
|
%)
|
||||||||||||||||||||
LSNG treating volumes, MBbl/d
|
19.4
|
27.1
|
(7.7
|
)
|
(28
|
%)
|
22.6
|
23.1
|
(0.5
|
)
|
(2
|
%)
|
||||||||||||||||||||
Benzene treating volumes, MBbl/d
|
16.9
|
23.7
|
(6.8
|
)
|
(29
|
%)
|
18.8
|
20.4
|
(1.5
|
)
|
(7
|
%)
|
(1) | Segment operating statistics include intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the quarter and the denominator is the number of calendar days during the quarter. |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||
2013
|
2012
|
2013 vs. 2012
|
2013
|
2012
|
2013 vs. 2012
|
|||||||||||||||||||||||||||
($ in millions)
|
||||||||||||||||||||||||||||||||
Gross margin
|
$
|
37.2
|
$
|
35.4
|
$
|
1.8
|
5
|
%
|
$
|
82.0
|
$
|
70.8
|
$
|
11.2
|
16
|
%
|
||||||||||||||||
Operating expenses
|
9.8
|
9.2
|
0.6
|
7
|
%
|
20.6
|
18.4
|
2.2
|
12
|
%
|
||||||||||||||||||||||
Operating margin
|
$
|
27.4
|
$
|
26.2
|
$
|
1.2
|
5
|
%
|
$
|
61.4
|
$
|
52.4
|
$
|
9.0
|
17
|
%
|
||||||||||||||||
Operating statistics (1):
|
||||||||||||||||||||||||||||||||
NGL sales, MBbl/d
|
282.9
|
274.4
|
8.5
|
3
|
%
|
283.3
|
278.5
|
4.8
|
2
|
%
|
||||||||||||||||||||||
Average realized prices:
|
||||||||||||||||||||||||||||||||
NGL realized price, $/gal
|
0.84
|
0.92
|
(0.08
|
)
|
(9
|
%)
|
0.88
|
1.07
|
(0.19
|
)
|
(18
|
%)
|
(1) | Segment operating statistics include intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the quarter and the denominator is the number of calendar days during the quarter. |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||
2013
|
2012
|
2013 vs. 2012
|
2013
|
2012
|
2013 vs. 2012
|
|||||||||||||||||||
(In millions)
|
||||||||||||||||||||||||
Gross margin
|
$
|
5.6
|
$
|
12.8
|
$
|
(7.2
|
)
|
$
|
12.3
|
$
|
14.1
|
$
|
(1.8
|
)
|
||||||||||
Operating margin
|
$
|
5.6
|
$
|
12.8
|
$
|
(7.2
|
)
|
$
|
12.3
|
$
|
14.1
|
$
|
(1.8
|
)
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||
2013
|
2012
|
2013 vs. 2012
|
2013
|
2012
|
2013 vs. 2012
|
|||||||||||||||||||
(In millions)
|
||||||||||||||||||||||||
Natural gas
|
$
|
1.0
|
$
|
10.4
|
$
|
(9.4
|
)
|
$
|
4.3
|
$
|
19.0
|
$
|
(14.7
|
)
|
||||||||||
NGL
|
4.5
|
3.0
|
1.5
|
8.1
|
(2.6
|
)
|
10.7
|
|||||||||||||||||
Crude oil
|
0.1
|
(0.6
|
)
|
0.7
|
(0.1
|
)
|
(2.3
|
)
|
2.2
|
|||||||||||||||
$
|
5.6
|
$
|
12.8
|
$
|
(7.2
|
)
|
$
|
12.3
|
$
|
14.1
|
$
|
(1.8
|
)
|
July 29, 2013
|
||||
(In millions)
|
||||
Cash on hand
|
$
|
91.7
|
||
Total availability under the TRP Revolver
|
1,200.0
|
|||
Total availability under the Securitization Facility
|
114.1
|
|||
1,405.8
|
||||
Less:
|
||||
Outstanding borrowings under the TRP Revolver
|
(368.0
|
)
|
||
Outstanding borrowings under the Securitization Facility
|
(114.1
|
)
|
||
Outstanding letters of credit under the TRP Revolver
|
(51.2
|
)
|
||
Total liquidity
|
$
|
872.5
|
Six Months Ended June 30,
|
||||||||||||
2013
|
2012
|
2013 vs. 2012
|
||||||||||
(In millions)
|
||||||||||||
Net cash provided by (used in):
|
||||||||||||
Operating activities
|
$
|
176.8
|
$
|
225.0
|
$
|
(48.2
|
)
|
|||||
Investing activities
|
(455.0
|
)
|
(250.8
|
)
|
(204.2
|
)
|
||||||
Financing activities
|
282.9
|
59.7
|
223.2
|
Six Months Ended June 30,
|
||||||||||||
2013
|
2012
|
2013 vs. 2012
|
||||||||||
(In millions)
|
||||||||||||
Cash flows from operating activities:
|
||||||||||||
Cash received from customers
|
$
|
2,900.3
|
$
|
3,173.0
|
$
|
(272.7
|
)
|
|||||
Cash received from (paid to) derivative counterparties
|
12.3
|
16.6
|
(4.3
|
)
|
||||||||
Cash outlays for:
|
||||||||||||
Product purchases
|
(2,421.8
|
)
|
(2,704.8
|
)
|
283.0
|
|||||||
Operating expenses
|
(175.7
|
)
|
(142.9
|
)
|
(32.8
|
)
|
||||||
General and administrative expenses
|
(87.7
|
)
|
(76.7
|
)
|
(11.0
|
)
|
||||||
Cash distributions from equity investment
|
-
|
1.9
|
(1.9
|
)
|
||||||||
Interest paid, net of amounts capitalized (1)
|
(54.6
|
)
|
(39.4
|
)
|
(15.2
|
)
|
||||||
Income taxes paid
|
(2.3
|
)
|
(2.0
|
)
|
(0.3
|
)
|
||||||
Other cash receipts (payments)
|
6.3
|
(0.7
|
)
|
7.0
|
||||||||
Net cash provided by operating activities
|
$
|
176.8
|
$
|
225.0
|
$
|
(48.2
|
)
|
(1) | Net of capitalized interest paid of $14.8 million and $4.5 million included in investing activities for the six months ended June 30, 2013 and 2012. |
· | $395.0 million related to net repayments under credit facility; |
· | $231.2 million from the sale of common units under the 2012 and 2013 EDAs; |
· | $4.0 million related general partner contributions to maintain 2% general partner ownership; |
· | $125.3 million of net borrowings under the Securitization Facility; |
· | $618.1 million of new debt from the issuance of 4¼% Notes; and |
· | $106.4 million related to the redemption of $100 million face value of 6⅜% Senior Notes. |
Distributions
|
||||||||||||||||||||||
Three Months Ended
|
Date Paid or to be Paid
|
Limited Partners
|
General Partner
|
Distributions per limited partner unit
|
||||||||||||||||||
Common
|
Incentive
|
2%
|
Total
|
|||||||||||||||||||
(In millions, except per unit amounts)
|
||||||||||||||||||||||
June 30, 2013
|
August 14, 2013
|
$
|
75.8
|
$
|
24.6
|
$
|
2.0
|
$
|
102.4
|
$
|
0.7150
|
|||||||||||
March 31, 2013
|
May 15, 2013
|
71.7
|
22.1
|
1.9
|
95.7
|
0.6975
|
||||||||||||||||
December 31, 2012
|
February 14, 2013
|
69.0
|
20.1
|
1.8
|
90.9
|
0.6800
|
Six Months Ended June 30,
|
||||||||
2013
|
2012
|
|||||||
Capital expenditures :
|
(In millions)
|
|||||||
Expansion (1)
|
$
|
399.2
|
$
|
206.5
|
||||
Maintenance
|
43.4
|
31.9
|
||||||
Gross additions to property, plant and equipment
|
442.6
|
238.4
|
||||||
Change in capital project payables and accruals
|
1.9
|
-
|
||||||
Cash outlays for capital projects
|
$
|
444.5
|
$
|
238.4
|
(1) | Excludes our investment in Gulf Coast Fractionators, which is accounted for as an equity investment. Cash calls for expansion are reflected in Investment in unconsolidated affiliate in cash flows from investing activities on our Consolidated Statements of Cash Flows in our Consolidated Financial Statements. |
Natural Gas
|
||||||||||||||||||||||||||
Instrument
|
Price
|
MMBtu/d
|
||||||||||||||||||||||||
Type
|
Index
|
$/MMBtu
|
2013
|
2014
|
2015
|
2016
|
Fair Value
|
|||||||||||||||||||
(in millions)
|
||||||||||||||||||||||||||
Swap
|
IF-WAHA
|
4.45
|
18,354
|
-
|
-
|
-
|
$
|
3.1
|
||||||||||||||||||
Swap
|
IF-WAHA
|
3.86
|
-
|
14,780
|
-
|
-
|
0.3
|
|||||||||||||||||||
Swap
|
IF-WAHA
|
4.05
|
-
|
-
|
8,736
|
-
|
-
|
|||||||||||||||||||
Swap
|
IF-WAHA
|
4.25
|
-
|
-
|
-
|
4,436
|
-
|
|||||||||||||||||||
Total Swaps
|
18,354
|
14,780
|
8,736
|
4,436
|
||||||||||||||||||||||
Swap
|
IF-PB
|
4.50
|
14,871
|
-
|
-
|
-
|
2.8
|
|||||||||||||||||||
Swap
|
IF-PB
|
3.80
|
-
|
11,966
|
-
|
-
|
0.3
|
|||||||||||||||||||
Swap
|
IF-PB
|
4.02
|
-
|
-
|
7,076
|
-
|
0.2
|
|||||||||||||||||||
Swap
|
IF-PB
|
4.22
|
-
|
-
|
-
|
3,608
|
0.1
|
|||||||||||||||||||
Total Swaps
|
14,871
|
11,966
|
7,076
|
3,608
|
||||||||||||||||||||||
Swap
|
IF-NGPL MC
|
4.14
|
7,865
|
-
|
-
|
-
|
0.9
|
|||||||||||||||||||
Swap
|
IF-NGPL MC
|
3.58
|
-
|
6,304
|
-
|
-
|
(0.3
|
)
|
||||||||||||||||||
Swap
|
IF-NGPL MC
|
3.88
|
-
|
-
|
3,739
|
-
|
-
|
|||||||||||||||||||
Swap
|
IF-NGPL MC
|
4.13
|
-
|
-
|
-
|
1,956
|
0.1
|
|||||||||||||||||||
Total Swaps
|
7,865
|
6,304
|
3,739
|
1,956
|
||||||||||||||||||||||
Total
|
41,090
|
33,050
|
19,551
|
10,000
|
||||||||||||||||||||||
$
|
7.5
|
|||||||||||||||||||||||||
NGL
|
||||||||||||||||||
Instrument
|
Price
|
Bbl/d
|
||||||||||||||||
Type
|
Index
|
$/Gal
|
2013
|
2014
|
Fair Value
|
|||||||||||||
|
(in millions)
|
|||||||||||||||||
Swap
|
OPIS-MB
|
1.05
|
5,650
|
-
|
$
|
11.2
|
||||||||||||
Swap
|
OPIS-MB
|
1.21
|
-
|
1,000
|
5.6
|
|||||||||||||
Total
|
5,650
|
1,000
|
||||||||||||||||
$
|
16.8
|
Condensate
|
||||||||||||||||||
Instrument
|
Price
|
Bbl/d
|
||||||||||||||||
Type
|
Index
|
$/Bbl
|
2013
|
2014
|
Fair Value
|
|||||||||||||
(in millions)
|
||||||||||||||||||
Swap
|
NY-WTI
|
93.23
|
2,045
|
-
|
$
|
(0.7
|
)
|
|||||||||||
Swap
|
NY-WTI
|
89.80
|
-
|
1,450
|
(0.1
|
)
|
||||||||||||
Total
|
2,045
|
1,450
|
||||||||||||||||
$
|
(0.8
|
)
|
Number
|
|
Description
|
|
|
|
3.1
|
|
Certificate of Limited Partnership of Targa Resources Partners LP (incorporated by reference to Exhibit 3.2 to Targa Resources Partners LP's Registration Statement on Form S-1 filed November 16, 2006 (File No. 333-138747)).
|
|
|
|
3.2
|
|
Certificate of Formation of Targa Resources GP LLC (incorporated by reference to Exhibit 3.3 to Targa Resources Partners LP's Registration Statement on Form S-1/A filed January 19, 2007 (File No. 333-138747)).
|
|
|
|
3.3
|
|
First Amended and Restated Agreement of Limited Partnership of Targa Resources Partners LP (incorporated by reference to Exhibit 3.1 to Targa Resources Partners LP's Current Report on Form 8-K filed February 16, 2007 (File No. 001-33303)).
|
|
|
|
3.4
|
|
Amendment No. 1, dated May 13, 2008, to the First Amended and Restated Agreement of Limited Partnership of Targa Resources Partners LP (incorporated by reference to Exhibit 3.5 to Targa Resources Partners LP's Quarterly Report on Form 10-Q filed May 14, 2008 (File No. 001-33303)).
|
|
|
|
3.5
|
|
Amendment No. 2, dated May 25, 2012, to the First Amended and Restated Agreement of Limited Partnership of Targa Resources Partners LP (incorporated by reference to Exhibit 3.1 to Targa Resources Partners LP's Current Report on Form 8-K filed May 25, 2012 (File No. 001-33303)).
|
|
|
|
3.6
|
|
Limited Liability Company Agreement of Targa Resources GP LLC (incorporated by reference to Exhibit 3.4 to Targa Resources Partners LP's Registration Statement on Form S-1/A filed January 19, 2007 (File No. 333-138747)).
|
|
|
|
4.1
|
|
Indenture dated as of May 14, 2013 among the Issuers and the Guarantors and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to Targa Resources Partners LP's Current Report on Form 8-K filed May 14, 2013 (File No. 001-33303)).
|
|
|
|
4.2
|
|
Registration Rights Agreement dated as of May 14, 2013 among the Issuers, the Guarantors and Wells Fargo Securities, LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC, as representatives of the several initial purchasers (incorporated by reference to Exhibit 4.2 to Targa Resources Partners LP's Current Report on Form 8-K filed May 14, 2013 (File No. 001-33303)).
|
|
|
|
10.1
|
|
Targa Resources Partners LP Performance Unit Grant Agreement (incorporated by reference to Exhibit 10.1 to Targa Resources Partners LP's Current Report on Form 8-K/A filed July 24, 2013 (File No. 001-33303)).
|
|
|
|
10.2
|
|
Targa Resources Partners LP Amendment to Outstanding Performance Units (incorporated by reference to Exhibit 10.2 to Targa Resources Partners LP's Current Report on Form 8-K/A filed July 24, 2013 (File No. 001-33303)).
|
|
|
|
10.3
|
|
First Amendment to the Targa Resources Investments Inc. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.3 to Targa Resources Partners LP's Current Report on Form 8-K/A filed July 24, 2013 (File No. 001-33303)).
|
|
|
|
10.4
|
|
Targa Resources Partners LP Performance Unit Grant Agreement under the Targa Resources Corp. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.4 to Targa Resources Partners LP's Current Report on Form 8-K/A filed July 24, 2013 (File No. 001-33303)).
|
10.5
|
|
Targa Resources Corp. Amendment to Targa Resources Partner LP Outstanding Performance Units (incorporated by reference to Exhibit 10.5 to Targa Resources Partners LP's Current Report on Form 8-K/A filed July 24, 2013 (File No. 001-33303)).
|
|
|
|
|
Computation of Ratio of Earnings to Fixed Charges.
|
|
|
|
|
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
101.INS*
|
|
XBRL Instance Document
|
|
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
* | Filed herewith |
** | Furnished herewith |
|
Targa Resources Partners LP
|
|
|
(Registrant)
|
|
|
|
|
|
By:
|
Targa Resources GP LLC,
|
|
|
its general partner
|
|
|
|
Date: August 2, 2013
|
By:
|
/s/ Matthew J. Meloy
|
|
|
Matthew J. Meloy
|
|
|
Senior Vice President, Chief Financial Officer and Treasurer
|
|
|
(Authorized Officer and Principal Financial Officer)
|
Years Ended December 31,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
2013
|
2012
|
||||||||||||||||||||||
Pre-tax income (loss) from continuing operations
|
$
|
207.4
|
$
|
249.8
|
$
|
138.0
|
$
|
8.4
|
$
|
238.1
|
$
|
79.8
|
$
|
138.5
|
||||||||||||||
|
||||||||||||||||||||||||||||
Fixed charges:
|
||||||||||||||||||||||||||||
Interest expense and amortization of debt issuance costs
|
116.8
|
107.7
|
110.9
|
159.8
|
156.1
|
63.0
|
58.8
|
|||||||||||||||||||||
Capitalized interest
|
13.6
|
3.4
|
1.3
|
0.7
|
0.6
|
14.8
|
4.5
|
|||||||||||||||||||||
Operating lease payments
|
5.4
|
4.7
|
4.6
|
4.5
|
4.8
|
3.8
|
2.2
|
|||||||||||||||||||||
Total fixed charges
|
135.8
|
115.8
|
116.8
|
165.0
|
161.5
|
81.6
|
65.5
|
|||||||||||||||||||||
Amortization of capitalized interest
|
0.7
|
0.2
|
0.1
|
0.1
|
0.1
|
0.7
|
0.2
|
|||||||||||||||||||||
Equity earnings in unconsolidated investment
|
(1.9
|
)
|
(8.8
|
)
|
(5.4
|
)
|
(5.0
|
)
|
(14.0
|
)
|
(4.5
|
)
|
(1.9
|
)
|
||||||||||||||
Distributions from unconsolidated investment
|
2.3
|
8.3
|
8.7
|
5.1
|
4.6
|
-
|
2.3
|
|||||||||||||||||||||
Capitalized interest
|
(13.6
|
)
|
(3.4
|
)
|
(1.3
|
)
|
(0.7
|
)
|
(0.6
|
)
|
(14.8
|
)
|
(4.5
|
)
|
||||||||||||||
Pre-tax income from continuing operations plus fixed charges
|
$
|
330.6
|
$
|
361.9
|
$
|
256.9
|
$
|
172.9
|
$
|
389.7
|
$
|
142.7
|
$
|
200.1
|
||||||||||||||
|
||||||||||||||||||||||||||||
Ratio of earnings to fixed charges
|
2.4
|
3.1
|
2.2
|
1.0
|
2.4
|
1.8
|
3.1
|
|||||||||||||||||||||
Deficiency
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
Date: August 2, 2013
|
|
|
|
By:
|
/s/ Joe Bob Perkins
|
Name: Joe Bob Perkins
|
|
Title: Chief Executive Officer of Targa Resources GP LLC,
|
|
the general partner of Targa Resources Partners LP
|
|
(Principal Executive Officer)
|
Date: August 2, 2013
|
|
|
|
By:
|
/s/ Matthew J. Meloy
|
Name: Matthew J. Meloy
|
|
Title: Senior Vice President, Chief Financial Officer and Treasurer
|
|
of Targa Resources GP LLC, the general partner of Targa Resources Partners LP
|
|
(Principal Financial Officer)
|
By:
|
/s/ Joe Bob Perkins
|
Name: Joe Bob Perkins
|
|
Title: Chief Executive Officer of Targa Resources GP LLC,
|
|
the general partner of Targa Resources Partners LP
|
By:
|
/s/ Matthew J. Meloy
|
Name: Matthew J. Meloy
|
|
Title: Senior Vice President, Chief Financial Officer and Treasurer
|
|
of Targa Resources GP LLC, the general partner of
|
|
Targa Resources Partners LP
|