Targa Resources Partners LP Announces Monthly Distribution on Preferred Units
October 15 2019 - 4:10PM
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 October 2019.
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
October 2019. This cash distribution will be paid November 15, 2019
on all outstanding Series A Preferred Units to holders of record as
of the close of business on October 31, 2019.
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 StatementsCertain
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 LadSenior Director, Finance &
Investor Relations
Jennifer KnealeChief Financial Officer
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