Targa Resources Partners LP Announces Monthly Distribution on Preferred Units
February 15 2017 - 4:05PM
Targa Resources Partners LP (“Targa Resources Partners” or the
“Partnership”) (NYSE:NGLS PRA) 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 February 2017.
Targa Resources Partners LP announced today that the board of
directors of its general partner has declared a monthly cash
distribution of 18.75¢ per Series A Preferred Unit, or $2.25 per
Series A Preferred Unit on an annualized basis, for February 2017.
This cash distribution will be paid March 15, 2017 on all
outstanding Series A Preferred Units to holders of record as of the
close of business on February 28, 2017.
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.
TRC 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, and selling natural gas; storing, fractionating,
treating, transporting, and selling NGLs and NGL products,
including services to LPG exporters; gathering, storing, and
terminaling crude oil; storing, terminaling, and selling refined
petroleum products.
The principal executive offices of Targa Resources Partners LP
are located at 1000 Louisiana, Suite 4300, Houston, TX 77002 and
their telephone number is 713-584-1000.
For more information please go to 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.
Investor contact:
713-584-1133
Jennifer Kneale
Vice President - Finance
Matthew Meloy
Executive Vice President and Chief Financial Officer
Targa Resources (NYSE:TRGP)
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