Targa Resources Two Public Companies Targa Resources Partners LP Targa Resources Corp. (NYSE: NGLS; TRP or the Partnership) (NYSE: TRGP; TRC or the Company) IPO February 2007 IPO December 2010 MLP C-Corp Owner/Operator of all assets…
Targa Current Corporate Structure Targa Resources Corp. (NYSE: TRGP) 100% Indirect (TRC or the Company) Ownership 9.2% LP Interest (16,309,595 LP Units) Targa Resources GP LLC Public Unitholders 90.8% LP Interest…
Investment Highlights 2nd largest Permian G&P position across premier acreage Leading Asset 2nd largest fractionation presence in Mont Belvieu Position 2nd largest LPG export presence on U.S. Gulf Coast Mont Belvieu / Galena Park…
2014 Highlights Assets Placed in Service SAOU 200 MMcf/d High Plains plant Sound (Tacoma, WA) storage expansion North Texas 200 MMcf/d Longhorn plant Galena Park Phase II Intl Export Expansion 6
2014 Highlights Assets Placed in Service (contd) WestTX 200 MMcf/d Edward plant SouthTX 200 MMcf/d Silver Oak II plant SouthOK 120 MMcf/d Stonewall plant Note: These projects are former Atlas assets placed in service 7
Targas Diversified Midstream Platform Well positioned in U.S. shale / resource plays Leadership position at Mont Belvieu Increasing scale, diversity and fee-based margin Over 1 billion of projects in service in 2013 and 1…
Increasing Value through Organic Growth and Strategic Acquisitions Organic Growth Capex* TRP completed: TRP completed: TRP completed: TRP completed: TRP completed: CBF Train 3 GCF expansion CBF Train 4 200MMcf/d High Plains Badlands…
Business Mix, Diversity and Fee Based Margin Business Mix Field G&P Diversity 2014 Pro Forma Operating Margin 2014 Pro Forma Nat Gas Inlet Volumes 8% 17% 7% 7% 45% 55% 23% 14% 2% 5% 19% Downstream G&P SAOU Sand Hills…
Strategic Focus 2015+ Capital Capital spending focused on efficiently meeting customer needs Investment Spending may be delayed/deferred to reflect lower activity levels, especially in Field G&P Efficiency Projects with greater cash…
Attractive Positions in Oil and Liquids-Rich Basins Rig activity has decreased significantly across the U.S. Targas footprint has been impacted, but positioning in some of the best basins / areas will provide some…
Producer Activity Drives NGL Flows to Mont Belvieu Marcellus & Others Rockies Growing field NGL production increases NGL flows to Mont Belvieu Increased NGL production could support Targas existing and expanding Mont Belvieu and…
LPG Exports will Continue to Balance Supply/Demand U.S. Propane Inventory(1) 90,000 80,000 70,000 60,000 MBbls 50,000 40,000 30,000 20,000 January February March April May June July August September October November…
Long and Short-Term Demand for Exports Continues U.S. Propane(1) 160 0.80 140 0.70 U.S. Gulf Coast propane and butane have 0.60 120 0.50 been favorably priced compared to world markets over the last several years MMBbls…
Major Announced Capital Projects Preliminary Preliminary Actual / Total Capex 2014 Capex 2015 Capex Expected Primarily Downstream Growth Projects ( millions) ( millions) ( millions) Completion Fee-Based (1) Petroleum Logistics…
Major Capital Projects Under Development Over 3 billion of additional opportunities are in various stages of development Opportunities include additional infrastructure in both G&P and Downstream In current environment, Targa is…
Diversity and Scale Mitigate Commodity Price Changes Adjusted EBITDA vs. Commodity Prices Adjusted EBITDA WTI Crude Oil Prices Growth has been driven by investing 1,100 130 1,000 in the business, not by changes in 900 120 Crude…
Targa Asset Overview
Extensive Field Gathering and Processing Position Summary Footprint Over 24,000 miles of pipeline across attractive positions in the Permian Basin, Eagle Ford Shale, Barnett Shale, Anadarko Basin, Ardmore Basin, Arkoma Basin and…
World Class Permian Footprint Summary Footprint Footprint includes approximately 10,500 miles of pipeline from the southeast of the Permian Basin to the northwest Targa is the second largest Permian gas processor with over 1.4 Bcf/d in…
Strong North Texas, SouthTX and Oklahoma Positions Summary Footprint Four footprints including over 13,000 miles of pipeline Over 1.8 Bcf/d of gross processing capacity 200 MMcf/d Longhorn plant placed in service in May 2014 15…
Growing Footprint in the Core of the Williston Basin Summary Footprint Acquired in December 2012; substantial build-out of system since January 2013 continuing in 2015 260% growth in crude gathering volumes since acquisition 125%…
Coastal Gathering and Processing Summary Footprint LOU (Louisiana Operating Unit) 440 MMcf/d of gas processing (180 MMcf/d Gillis plant, 80 MMcf/d Acadia plant and 180 MMcf/d Big Lake plant) Interconnected to Lake Charles…
Logistics Assets Extensive Gulf Coast Footprint Fractionators Gross Net Capacity Capacity (MBbl/d) (MBbl/d)(2) CBF - Mont Belvieu(1) Trains 1-3 253 223 Backend Capacity 40 35 Train 4 100 88 GCF - Mont Belvieu 125 49 Total - Mont…
Galena Park Marine Terminal Effective Export Capacity Phase I expansion completed in September 2013 Phase II expansion completed in September 2014 Phase II expansion was completed in stages Additional 12 pipeline, refrigeration,…
Petroleum Logistics Highlights At TRPs Channelview and Patriot Terminals: Expanding presence along the Houston Ship Channel In 2014 completed construction of a new 8 bay truck rack and installed a marine vapor combustor for…
Marketing and Distribution Segment Marketing and Distribution Highlights NGL and Natural Gas Marketing Manage physical distribution of mixed NGLs and specification products using owned and third party facilities Manage inventories…
Appendix
TRP Capitalization ( millions) Actual APL Acquisition Pro Forma Tender Pro Forma Cash and Debt Maturity Coupon 12/31/2014 Adjustments 12/31/2014 Adjustments 12/31/2014 Cash and Cash Equivalents 72.4 72.4 72.4 Accounts Receivable…
Non-GAAP Measures Reconciliation Adjusted EBITDA The Partnership and Targa define Adjusted EBITDA as net income attributable to Targa Resources Partners LP before: interest; income taxes; depreciation and amortization; gains or losses on…
Non-GAAP Reconciliation 2014 EBITDA and Gross Margin The following table presents a reconciliation of Adjusted EBITDA and operating margin to net income (loss) for the periods shown for TRP: Year Ended December 31, 2014 2013…
Non-GAAP Reconciliation DCF The following table presents a reconciliation of reported distributable cash flow to net income (loss) for the periods shown for TRP: Three Months Ended ( in millions) 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar…
Non-GAAP Reconciliation 2010-2011 Fee-Based Margin The following table presents a reconciliation of operating margin to net income (loss) for the periods shown for TRP: Three Months Ended 3/31/2010 6/30/2010 9/30/2010 12/31/2010…
Non-GAAP Reconciliation 2012-2014 Fee-Based Margin The following table presents a reconciliation of operating margin to net income (loss) for the periods shown for TRP: Three Months Ended 3/31/2012 6/30/2012 9/30/2012 12/31/2012…
Reconciliation of Total Pro Forma TRP Distributions(1) ( in Millions, except per unit data) Actual Actual Actual Actual Actual Pro Forma (1) Q4 2014 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Annualized Annualized Distributions to LP…
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