HOUSTON, Feb. 23, 2012 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (NYSE:NGLS) ("Targa Resources Partners" or the "Partnership") and Targa Resources Corp. (NYSE:TRGP) ("TRC" or the "Company") today reported fourth quarter and full year 2011 results. Fourth quarter 2011 net income attributable to Targa Resources Partners was $75.5 million compared to $35.9 million for the fourth quarter of 2010. The income per basic and diluted limited partner unit was $0.75 in the fourth quarter of 2011 compared to $0.39 for the fourth quarter of 2010. Net income for the fourth quarters of 2011 and 2010 included non-cash losses of $1.3 million and $9.3 million related to derivative instruments, respectively. The Partnership reported earnings before interest, income taxes, depreciation and amortization and non-cash income or loss related to derivative instruments ("Adjusted EBITDA") of $146.3 million for the fourth quarter of 2011 compared to $114.1 million for the fourth quarter of 2010.

For the full year 2011, net income attributable to Targa Resources Partners was $204.5 million compared to $109.1 million for 2010. Net income per basic and diluted limited partner unit was $1.98 for 2011 compared to $0.92 for 2010. Net income for the full year 2011 and 2010 included $7.2 million and $6.4 million in non-cash charges related to derivative instruments, respectively. The 2010 full year also included $29.4 million in affiliate and allocated interest expense for periods prior to the acquisitions of the Permian Business, Coastal Straddles, Versado and VESCO by the Partnership. The Partnership reported Adjusted EBITDA of $490.8 for the full year 2011 compared to $396.1 million for the full year of 2010.

The Partnership's distributable cash flow for the fourth quarter 2011 of $107.2 million corresponds to distribution coverage of approximately 1.6 times the $66.0 million in total distributions paid on February 14, 2011 (see the section of this release entitled "Targa Resources Partners - Non-GAAP Financial Measures" for a discussion of Adjusted EBITDA, gross margin, operating margin and distributable cash flow, and reconciliations of such measures to their most directly comparable financial measures calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP")).

"We are pleased to report the Partnership's record full year EBITDA of $491 million for 2011 and record quarter with $146 million of fourth quarter EBITDA. The Partnership's EBITDA increased approximately 25% over the prior year driven significantly by successful execution of our growth strategy. We had approximately $300 million of growth projects come into service in 2011 and announced a total of $1 billion of organic growth projects for 2012 and 2013," said Joe Bob Perkins, Chief Executive Officer of the Partnership's general partner and of Targa Resources Corp. "We have clear momentum going forward as our announced projects come on line through 2013 and add significant fee based margin to our cash flow profile. We are well positioned to execute on our growth strategy in 2012 having raised over $565 million in both debt and equity this year. We will continue to pursue high quality organic growth projects, steadily execute our strategy and deliver exceptional customer service."

On January 12, 2012, the Partnership announced a cash distribution for the fourth quarter 2011 of 60.25¢ per common unit, or $2.41 per unit on an annualized basis, representing an increase of approximately 3% over the third quarter 2011 and 10% over the annualized distribution paid with respect to the fourth quarter 2010. The cash distribution was paid on February 14, 2012 on all outstanding common units to holders of record as of the close of business on January 23, 2012. The total distribution paid was $66.0 million, with $45.9 million to the Partnership's third-party limited partners, and $20.1 million to TRC for its ownership of common units, incentive distribution rights ("IDRs") and its 2% general partner interest in the Partnership.

Targa Resources Partners - Capitalization, Liquidity and Financing Update

Total funded debt at the Partnership as of December 31, 2011 was $1,477.7 million including $498.0 million outstanding under the Partnership's $1.1 billion senior secured revolving credit facility, $209.1 million of 8¼% senior unsecured notes due 2016, $72.7 million of 11¼% senior unsecured notes due 2017, $250.0 million of 7