Targa Resources Partners LP Announces Monthly Distribution on Preferred Units

Rhea-AI Summary

Targa Resources Partners LP has declared a monthly cash distribution of $0.1875 per Series A Preferred Unit for May 2020, amounting to $2.25 annualized. This will be paid on June 15, 2020 to holders of record by May 29, 2020. Targa Resources Partners operates a diverse portfolio in midstream energy assets, including natural gas processing and crude oil services. The company has noted potential risks affecting its operations, including market fluctuations in energy prices. For more information, visit www.targaresources.com.

Positive

• Monthly cash distribution of $0.1875 per Series A Preferred Unit.
• Annualized distribution rate of $2.25, indicating strong cash flow management.

Negative

• Risks associated with market conditions, including declines in natural gas and oil prices.

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

Targa Resources Partners LP announced today that the board of directors of its general partner has declared a monthly cash distribution of $0.1875 per Series A Preferred Unit, or $2.25 per Series A Preferred Unit on an annualized basis, for May 2020. This cash distribution will be paid June 15, 2020 on all outstanding Series A Preferred Units to holders of record as of the close of business on May 29, 2020.

About Targa Resources Partners LP

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

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

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

Forward-Looking Statements

Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future, are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Partnership’s control, which could cause results to differ materially from those expected by management of the Partnership. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the timing and success of business development efforts; and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Partnership's filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Partnership does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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

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

Sanjay Lad
Senior Director, Finance & Investor Relations

Jennifer Kneale
Chief Financial Officer

 

FAQ

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

The cash distribution is $0.1875 per Series A Preferred Unit, or $2.25 annualized.

When will Targa Resources Partners LP pay its distribution for May 2020?

The distribution will be paid on June 15, 2020.

What are the risks mentioned in Targa Resources Partners LP's press release?

The risks include declines in the price and market demand for natural gas and crude oil.

What is the record date for the cash distribution to be paid by Targa Resources Partners LP?

The record date is May 29, 2020.