Targa Resources Partners LP Announces Monthly Distribution on Preferred Units
May 15 2020 - 4:15PM
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 LadSenior Director, Finance &
Investor Relations
Jennifer KnealeChief Financial Officer
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