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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2020

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from            to           

Commission File Number: 001-33303

TARGA RESOURCES PARTNERS LP

(Exact name of registrant as specified in its charter)

 

Delaware

 

65-1295427

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

811 Louisiana St, Suite 2100, Houston, Texas

 

77002

(Address of principal executive offices)

 

(Zip Code)

 

(713584-1000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of each class

Trading Symbol(s)

Name of exchange on which registered

9.0% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

NGLS/PA

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes No

 

As of July 31, 2020, there were 5,000,000 9.0% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units outstanding.

 

 

 


TABLE OF CONTENTS

 

PART I—FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Financial Statements

 

4

 

 

 

Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

 

4

 

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019

 

5

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2020 and 2019

 

6

 

 

 

Consolidated Statements of Changes in Owners' Equity for the three and six months ended June 30, 2020 and 2019

 

7

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

 

9

 

 

 

Notes to Consolidated Financial Statements

 

10

 

 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

 

25

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

42

 

 

 

Item 4. Controls and Procedures

 

44

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

45

 

 

 

Item 1A. Risk Factors

 

45

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

46

 

 

 

Item 3. Defaults Upon Senior Securities

 

46

 

 

 

Item 4. Mine Safety Disclosures

 

46

 

 

 

Item 5. Other Information

 

46

 

 

 

Item 6. Exhibits

 

47

 

 

 

SIGNATURES

 

 

 

 

 

Signatures

 

48

 


 

1


CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

 

Targa Resources Partners LP’s (together with its subsidiaries, “we,” “us,” “our,” “TRP” or the “Partnership”) reports, filings and other public announcements may from time to time contain statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements.” You can typically identify 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, by the use of forward-looking statements, such as “may,” “could,” “project,” “believe,” “anticipate,” “expect,” “estimate,” “potential,” “plan,” “forecast” and other similar words.

 

All statements that are not statements of historical facts, including statements regarding our future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements.

 

These forward-looking statements reflect our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside our control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Known risks and uncertainties include, but are not limited to, the following risks and uncertainties:

 

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 natural gas liquid supplies to our logistics and transportation facilities and our success in connecting our facilities to transportation services and markets;

 

the timing and extent of changes in natural gas, natural gas liquids, crude oil and other commodity prices, interest rates and demand for our services;

 

our ability to access the capital markets, which will depend on general market conditions, the credit ratings for our debt obligations and demand for our senior notes;

 

the impact of outbreaks of illnesses, pandemics (like COVID-19) or any other public health crises;

 

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 price risks;

 

the level of creditworthiness of counterparties to various transactions with us;

 

changes in laws and regulations, particularly with regard to taxes, safety and protection of the environment;

 

weather and other natural phenomena;

 

industry changes, including the impact of consolidations and changes in competition;

 

our ability to timely obtain and maintain necessary licenses, permits and other approvals;

 

our ability to grow through internal growth capital projects or acquisitions and the successful integration and future performance of such assets;

 

general economic, market and business conditions; and

 

 

the risks described in our Annual Report on Form 10-K for the year ended December 31, 2019 (“Annual Report”) and our reports and registration statements filed from time to time with the United States Securities and Exchange Commission (“SEC”).

 

Additionally, while we have not been previously materially impacted by prior outbreaks of illnesses, pandemics or other public health crises, there are potential risks to us from the continued impact on global demand for commodities related to the COVID-19 pandemic. The COVID-19 pandemic has reduced economic activity and the related demand for energy commodities, which contributed to a sharp drop in prices in the first half of 2020 and is expected to continue to impact demand over the short-to-medium term.

 

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of the assumptions could be inaccurate, and, therefore, we cannot assure you that the forward-looking statements included in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 (“Quarterly Report”) will prove to be accurate. Some of these and other risks and uncertainties that could cause actual results to differ materially from such forward-looking statements are more fully described in our Annual

2


Report. Except as may be required by applicable law, we undertake no obligation to publicly update or advise of any change in any forward-looking statement, whether as a result of new information, future events or otherwise.

 

As generally used in the energy industry and in this Quarterly Report, the identified terms have the following meanings:

 

Bbl

Barrels (equal to 42 U.S. gallons)

BBtu

Billion British thermal units

Bcf

Billion cubic feet

Btu

British thermal units, a measure of heating value

/d

Per day

GAAP

Accounting principles generally accepted in the United States of America

gal

U.S. gallons

LIBOR

London Interbank Offered Rate

LPG

Liquefied petroleum gas

MBbl

Thousand barrels

MMBbl

Million barrels

MMBtu

Million British thermal units

MMcf

Million cubic feet

MMgal

Million U.S. gallons

NGL(s)

Natural gas liquid(s)

NYMEX

New York Mercantile Exchange

NYSE

New York Stock Exchange

SCOOP

South Central Oklahoma Oil Province

STACK

Sooner Trend, Anadarko, Canadian and Kingfisher

 

 

 

 

3


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

TARGA RESOURCES PARTNERS LP

CONSOLIDATED BALANCE SHEETS

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In millions)

 

ASSETS

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

173.6

 

 

$

291.1

 

Trade receivables, net of allowances of $0.1 and $0.0 million at June 30, 2020 and December 31, 2019

 

 

547.3

 

 

 

855.2

 

Inventories

 

 

219.3

 

 

 

161.5

 

Assets from risk management activities

 

 

122.0

 

 

 

103.3

 

Deposits

 

 

 

 

 

 

 

 

 

 

95.2

 

 

 

35.4

 

Held for sale assets

 

 

 

 

 

137.7

 

Other current assets

 

 

31.5

 

 

 

18.8

 

Total current assets

 

 

1,188.9

 

 

 

1,603.0

 

Property, plant and equipment, net

 

 

12,417.5

 

 

 

14,549.0

 

Intangible assets, net

 

 

1,452.8

 

 

 

1,735.0

 

Long-term assets from risk management activities

 

 

43.3

 

 

 

35.5

 

Investments in unconsolidated affiliates

 

 

724.3

 

 

 

738.7

 

Other long-term assets

 

 

89.5

 

 

 

83.3

 

Total assets

 

$

15,916.3

 

 

$

18,744.5

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND OWNERS' EQUITY

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

608.7

 

 

$

977.8

 

Accrued liabilities

 

 

75.0

 

 

 

88.7

 

Interest payable

 

 

144.3

 

 

 

125.4

 

Distributions payable to noncontrolling interests

 

 

89.9

 

 

 

91.8

 

Accounts payable to Targa Resources Corp.

 

 

190.4

 

 

 

193.8

 

Liabilities from risk management activities

 

 

80.5

 

 

 

104.1

 

Current debt obligations

 

 

261.9

 

 

 

382.2

 

Held for sale liabilities

 

 

 

 

 

6.4

 

Total current liabilities

 

 

1,450.7

 

 

 

1,970.2

 

Long-term debt

 

 

7,144.6

 

 

 

7,005.2

 

Long-term liabilities from risk management activities

 

 

52.9

 

 

 

40.8

 

Deferred income taxes, net

 

 

23.0

 

 

 

23.0

 

Other long-term liabilities

 

 

266.2

 

 

 

260.0

 

Contingencies (see Note 11)

 

 

 

 

 

 

 

 

Owners' equity:

 

 

 

 

 

 

 

 

Series A preferred limited partners

Issued

 

 

Outstanding

 

 

 

 

120.6

 

 

 

120.6

 

June 30, 2020

 

5,000,000

 

 

 

5,000,000

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

5,000,000

 

 

 

5,000,000

 

 

 

 

 

 

 

 

 

 

Common limited partners

Issued

 

 

Outstanding

 

 

 

 

2,865.2

 

 

 

5,022.7

 

June 30, 2020

 

275,168,410

 

 

 

275,168,410

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

275,168,410

 

 

 

275,168,410

 

 

 

 

 

 

 

 

 

 

General partner

Issued

 

 

Outstanding

 

 

 

 

733.8

 

 

 

778.0

 

June 30, 2020

 

5,629,136

 

 

 

5,629,136

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

5,629,136

 

 

 

5,629,136

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income (loss)

 

 

 

 

 

28.4

 

 

 

122.5

 

 

 

 

3,748.0

 

 

 

6,043.8

 

Noncontrolling interests

 

 

 

 

 

3,230.9

 

 

 

3,401.5

 

Total owners' equity

 

 

6,978.9

 

 

 

9,445.3

 

Total liabilities and owners' equity

 

$

15,916.3

 

 

$

18,744.5

 

 

 

 

 

 

 

 

 

 

See notes to consolidated financial statements.

 

 

 

4


 

TARGA RESOURCES PARTNERS LP

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

(Unaudited)

 

 

(In millions)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

$

1,280.6

 

 

$

1,684.2

 

 

$

3,060.2

 

 

$

3,660.7

 

Fees from midstream services

 

242.9

 

 

 

311.1

 

 

 

512.2

 

 

 

634.0

 

Total revenues

 

1,523.5

 

 

 

1,995.3

 

 

 

3,572.4

 

 

 

4,294.7

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product purchases

 

860.6

 

 

 

1,361.6

 

 

 

2,043.6

 

 

 

3,087.6

 

Operating expenses

 

183.4

 

 

 

210.2

 

 

 

383.3

 

 

 

400.5

 

Depreciation and amortization expense

 

204.5

 

 

 

237.2

 

 

 

443.6

 

 

 

474.6

 

General and administrative expense

 

58.6

 

 

 

69.3

 

 

 

115.5

 

 

 

146.7

 

Impairment of long-lived assets

 

 

 

 

 

 

 

2,442.8

 

 

 

 

Other operating (income) expense

 

0.4

 

 

 

(0.2

)

 

 

1.6

 

 

 

3.3

 

Income (loss) from operations

 

216.0

 

 

 

117.2

 

 

 

(1,858.0

)

 

 

182.0

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(94.3

)

 

 

(69.5

)

 

 

(188.1

)

 

 

(144.9

)

Equity earnings (loss)

 

14.9

 

 

 

3.2

 

 

 

35.5

 

 

 

5.9

 

Gain (loss) from financing activities

 

21.8

 

 

 

 

 

 

61.1

 

 

 

(1.4

)

Change in contingent considerations

 

 

 

 

0.8

 

 

 

 

 

 

(8.9

)

Other, net

 

0.8

 

 

 

 

 

 

0.8

 

 

 

 

Income (loss) before income taxes

 

159.2

 

 

 

51.7

 

 

 

(1,948.7

)

 

 

32.7

 

Income tax (expense) benefit

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

159.2

 

 

 

51.7

 

 

 

(1,948.7

)

 

 

32.7

 

Less: Net income (loss) attributable to noncontrolling interests

 

93.3

 

 

 

56.3

 

 

 

8.0

 

 

 

67.7

 

Net income (loss) attributable to Targa Resources Partners LP

$

65.9

 

 

$

(4.6

)

 

$

(1,956.7

)

 

$

(35.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to preferred limited partners

$

2.8

 

 

$

2.8

 

 

$

5.6

 

 

$

5.6

 

Net income (loss) attributable to general partner

 

1.2

 

 

 

(0.1

)

 

 

(39.4

)

 

 

(0.8

)

Net income (loss) attributable to common limited partners

 

61.9

 

 

 

(7.3

)

 

 

(1,922.9

)

 

 

(39.8

)

Net income (loss) attributable to Targa Resources Partners LP

$

65.9

 

 

$

(4.6

)

 

$

(1,956.7

)

 

$

(35.0

)

 

See notes to consolidated financial statements.

5


 

TARGA RESOURCES PARTNERS LP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

(Unaudited)

 

 

 

(In millions)

 

Net income (loss)

 

$

159.2

 

 

$

51.7

 

 

$

(1,948.7

)

 

$

32.7

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity hedging contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value

 

 

(132.9

)

 

 

88.4

 

 

 

26.2

 

 

 

49.6

 

Settlements reclassified to revenues

 

 

(60.2

)

 

 

(43.3

)

 

 

(120.3

)

 

 

(64.6

)

Other comprehensive income (loss)

 

 

(193.1

)

 

 

45.1

 

 

 

(94.1

)

 

 

(15.0

)

Comprehensive income (loss)

 

 

(33.9

)

 

 

96.8

 

 

 

(2,042.8

)

 

 

17.7

 

Less: Comprehensive income (loss) attributable to noncontrolling interests

 

 

93.3

 

 

 

56.3

 

 

 

8.0

 

 

 

67.7

 

Comprehensive income (loss) attributable to Targa Resources Partners LP

 

$

(127.2

)

 

$

40.5

 

 

$

(2,050.8

)

 

$

(50.0

)

 

See notes to consolidated financial statements.

 

 

 

6


 

TARGA RESOURCES PARTNERS LP

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Limited

 

 

Limited

 

 

General

 

 

Other

 

 

Non-

 

 

 

 

 

 

 

Partner

 

 

Partner

 

 

Partner

 

 

Comprehensive

 

 

controlling

 

 

 

 

 

 

 

Preferred

 

 

Amount

 

 

Common

 

 

Amount

 

 

Units

 

 

Amount

 

 

Income (Loss)

 

 

Interests

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In millions, except units in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, March 31, 2020

 

 

5,000