Targa Resources Corp. operates midstream energy infrastructure focused on natural gas gathering and processing and logistics and transportation for natural gas liquids. Company news commonly covers earnings results, adjusted EBITDA, adjusted cash flow metrics, Permian inlet volumes, NGL fractionation activity, marketing margins, and operations across assets such as the Grand Prix NGL pipeline and LPG export facilities.
Recurring updates also include common-stock dividends, capital projects for new processing plants in the Permian Midland and Permian Delaware, acquisition-related volume growth, weather or commodity-price effects on producer activity, and annual or quarterly reporting matters tied to its NYSE-listed common stock.
Targa Resources Partners LP announced a monthly distribution of $0.1637 per unit on its 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units for November 2020. This marks a transition from a fixed rate to an annual floating rate, based on one-month LIBOR plus a 7.71% spread, effective November 1, 2020. The payment is scheduled for December 15, 2020, to holders on record by November 30, 2020. Targa Resources operates a diversified portfolio of midstream infrastructure assets and is a major player in the North American market for natural gas, NGLs, and crude oil.
Targa Resources Corp. (NYSE: TRGP) will participate in virtual investor meetings at the UBS Midstream Virtual 1x1 Mini-Conference and the RBC Midstream and Energy Infrastructure Virtual Conference on November 17 and 18, 2020. The presentation slides will be available in the Investors section of Targa's website. As a leader in midstream services, Targa operates a vast portfolio of natural gas, NGL, and crude oil infrastructure assets across North America. For more information, visit www.targaresources.com.
Targa Resources Corp. reported a strong third quarter for 2020, revealing a net income of $69.3 million, up from a loss of $47.3 million year-over-year. Adjusted EBITDA rose 20% to $419.1 million driven by improved commodity prices and increased production recovery. The company declared a quarterly dividend of $0.10 per share. Targa anticipates full-year 2020 Adjusted EBITDA to be at the high end of its $1.5 billion to $1.625 billion guidance. Total consolidated debt stood at $7.9 billion, while liquidity was approximately $2.6 billion, indicating strong financial health amidst challenges.
Targa Resources Corp. (NYSE: TRGP) announced a quarterly dividend of $0.10 per common share and $23.75 per Series A preferred share for Q3 2020. The dividends will be paid on November 16, 2020, for common shareholders and on November 13, 2020, for preferred shareholders, with a record date of October 30, 2020. Additionally, Targa will release its Q3 2020 financial results on November 5, 2020, and host a webcast to discuss these results.
Targa Resources Partners LP announced a monthly cash distribution of $0.1875 per Series A Preferred Unit for October 2020, amounting to an annualized $2.25. This distribution will be paid on November 16, 2020, to holders on record by October 30, 2020. Targa Resources Partners LP, a major player in midstream infrastructure, focuses on gathering, processing, and selling natural gas and related products. The company has significant operations in North America, and its strategic management decisions and market conditions could impact future performance.
Targa Resources Corp. (NYSE: TRGP) has authorized a $500 million share repurchase program for its common stock, effective immediately. This move aims to enhance shareholder value and reduce leverage. Despite ongoing uncertainties due to COVID-19, the company estimates a full-year 2020 Adjusted EBITDA around $1.625 billion and anticipates lower growth capital spending of approximately $700 million. CEO Matt Meloy emphasized the strength of the company's performance and its commitment to improving financial flexibility.
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Targa Resources Partners LP announced a monthly cash distribution of $0.1875 per Series A Preferred Unit for September 2020, amounting to $2.25 on an annualized basis. This distribution will be paid on October 15, 2020, to holders of record as of September 30, 2020. The company operates a diversified portfolio of midstream infrastructure assets, primarily in natural gas, NGLs, and crude oil.
Targa Resources Corp. (NYSE: TRGP) will participate in two upcoming investor meetings via video conference. These events include the BMO Real Assets Virtual Conference on September 2, 2020, and the Barclays CEO Energy-Power Virtual Conference on September 9, 2020. Interested investors can access the presentation slides in the Investors section of the company's website. Targa is a leading provider of midstream services, focusing on natural gas, natural gas liquids, and crude oil.
Targa Resources Partners LP announced the expiration of its cash tender offer for its 6.750% senior notes due 2024, with $262,131,000 (45.2%) validly tendered. The offer expired on August 17, 2020. Targa Resources Partners intends to accept all validly tendered notes and make payments on August 18, 2020, contingent upon the completion of a debt financing transaction. Additionally, the firm will optionally redeem any 2024 Notes not bought in the tender offer, depending on the financing condition.