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INVESTOR PRESENTATION – Targa Resources Corp.

Targa Resources Corp. · Sep 6, 2012 · 31 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. INVESTOR PRESENTATION – Targa Resources Corp. – slide 1
    Targa Resources Investor Presentation Barclays Capital CEO Power-Energy Conference September 6, 2012
  2. INVESTOR PRESENTATION – Targa Resources Corp. – slide 2
    Targas Positive Momentum Continues Industry Dynamics Favor Targas Integrated Midstream Platform Advances in E&P technology and economically attractive oil and NGL prices drive drilling activity and volumes in gathering and…
  3. INVESTOR PRESENTATION – Targa Resources Corp. – slide 3
    Targa Corporate Structure Management & Public Warburg Pincus LLC Directors(1) Shareholders 11.2% interest(1) 14.0% interest(2) 74.8% interest (42,440,333 Common Shares) Targa Resources Corp. 100% Indirect Ownership (NYSE:…
  4. INVESTOR PRESENTATION – Targa Resources Corp. – slide 4
    Targa Resources Two Public Companies Targa Resources Partners LP Targa Resources Corp. (NYSE: NGLS) (NYSE: TRGP) IPO February 2007 IPO December 2010 MLP C-Corp Owner/Operator of all assets General Partner of NGLS Market Cap: 3.6…
  5. INVESTOR PRESENTATION – Targa Resources Corp. – slide 5
    Industry Dynamics Favor Targas Platform Advances in E&P technology and strong oil and NGL pricing drive producer activity E&P activity, largely in oil or liquids- rich shale/resource plays, benefits Targa G&P volumes Oilier…
  6. INVESTOR PRESENTATION – Targa Resources Corp. – slide 6
    Announced Partnership Growth Drivers Over 1 billion in announced projects expected to be completed in 2012 and 2013 Announced projects provide high visibility on EBITDA growth through 2014 with over 1 billion completed in 2012 and 2013…
  7. INVESTOR PRESENTATION – Targa Resources Corp. – slide 7
    Strong Distribution Growth and Coverage Ratio NGLS Annualized Distribution Per LP Unit 3.00 Expected 10% to 15% distribution growth per common unit in 2012 2.75 2.57 Annualized Distributions per LP Unit 2.49 Over 1 billion of…
  8. INVESTOR PRESENTATION – Targa Resources Corp. – slide 8
    Diversity Drives EBITDA Stability TRPs scale, prudent hedging and EBITDA vs. Crude Oil Pricing business diversity have largely 600 130 insulated TRP from movements in crude 120 and natural gas prices 500 110 EBITDA…
  9. INVESTOR PRESENTATION – Targa Resources Corp. – slide 9
    Fee-based Contract Mix Increasing 80.00 100% ( millions) Petroleum Logistics CBF Train 4 70.00 66 Propane Exports 60 Longhorn Project 60.00 55 75% 50.00 47 49 45 37 40%-50%+ 40.00 37 50% 39% 30 31% 31% 30% 32% 30.00 28% 30% 23…
  10. INVESTOR PRESENTATION – Targa Resources Corp. – slide 10
    Disciplined and Consistent Hedging Program NGL and Condensate Hedge Arrangements as of 6/30/2012 14,000 2.00 12,000 Weighted average price Volume (Bbls/d) 10,000 1.50 (/gallon) 8,000 1.00 6,000 4,000 0.50 2,000…
  11. INVESTOR PRESENTATION – Targa Resources Corp. – slide 11
    Solid Financial Profile Positions the Partnership for Growth Committed to maintaining relatively NGLS Leverage Ratio and Unit Price Since IPO conservative capital structure to 6.0x 45 underpin access to capital 5.5x 40 Target…
  12. INVESTOR PRESENTATION – Targa Resources Corp. – slide 12
    Targas Integrated Midstream Platform LTM as of 6/30/2012 Segment Operating Margin Marketing and Distribution 15% Field G&P Logistics 39% Assets 22% Coastal G&P 24% 13
  13. INVESTOR PRESENTATION – Targa Resources Corp. – slide 13
    Field Gathering and Processing Segment Field G&P Highlights Total of 9 plants with 847 MMcf/d of gross processing capacity and 10,470 miles of gathering pipeline Field G&P segment equity volumes are well hedged North Texas located…
  14. INVESTOR PRESENTATION – Targa Resources Corp. – slide 14
    Targas Permian Basin Systems and Broad Active Plays SAOU All oil wells with associated gas and NGLs Versado Versado Record number of well connects in 2011 with 383 30 MMcf/d processing capacity expansion expected to come on line…
  15. INVESTOR PRESENTATION – Targa Resources Corp. – slide 15
    North Texas Well Positioned for Growth North Texas Systems 4,200 miles of gathering pipeline reaching 13 counties with two processing plants with gross capacity of 278 MMcf/d and fractionation capacity of 15 MBbl/d 200 MMcf/d…
  16. INVESTOR PRESENTATION – Targa Resources Corp. – slide 16
    Coastal Gathering and Processing Segment Coastal G&P Highlights LOU (Louisiana Operating Unit) Onshore gathering and processing with gas and NGLs primarily marketed in the Lake Charles industrial complex 875 miles of gathering…
  17. INVESTOR PRESENTATION – Targa Resources Corp. – slide 17
    Coastal G&P Integration, Optimization, Well Positioned LOUs inlet volume stable with growth LOU potential 200.0 200.0 12.0 12.0 LOUs inlet volume has remained relatively flat 10.0 (MBbl/d) 10.0 (MBbl/d) even as…
  18. INVESTOR PRESENTATION – Targa Resources Corp. – slide 18
    Logistics Assets Logistics Assets Highlights Second largest operator of fractionation capacity in Mont Belvieu and Louisiana Targa Logistics Assets highly integrated with industry and markets CBF, GCF and Mont Belvieu fractionation…
  19. INVESTOR PRESENTATION – Targa Resources Corp. – slide 19
    Mont Belvieu Y-Grade Pipeline Expansions Capacity in MBbl/d Expansion Pipeline Name Operator 2011 2012E 2013E 2014E 2011-2014 West Texas LPG Chevron 210 210 210 210 0 Black Lake DCP 28 28 28 28 0 Sand Hills DCP 0 100 200 200 200…
  20. INVESTOR PRESENTATION – Targa Resources Corp. – slide 20
    Mont Belvieu Fractionation Expansion Mt. Belvieu Fractionation Capacity (MBbl/d) Capacity in MBbl/d Expansion Facility Operator 2011 2012E 2013E 2014E 2011-2014 Announced Projects Enterprise Mont Belvieu Enterprise 380 455 615 615 235…
  21. INVESTOR PRESENTATION – Targa Resources Corp. – slide 21
    Logistics Assets - Performance Trends CBF Y-grade Volumes MBbl/d 275 Y-grade fractionation at Mont Belvieu reached full capacity in 250 2009 Mont Belvieu 225 Fractionation Targas fractionation expansions 200 78 MBbl/d CBF Train…
  22. INVESTOR PRESENTATION – Targa Resources Corp. – slide 22
    Environment Favors U.S. Propane / Butane Export Growth US Propane 60 US Propane 0.70 U.S. Gulf Coast propane and butane exported 60 0.70 0.60 predominantly to the Americas, with spot 50 0.60 50 0.50 opportunities to the Far East…
  23. INVESTOR PRESENTATION – Targa Resources Corp. – slide 23
    Petroleum Logistics - Current Capabilities and Projects 156MM in acquisitions in 2011 Announced 60 million of growth capital related to three terminals acquired in 2011 Pursuing additional acquisitions with similar characteristics…
  24. INVESTOR PRESENTATION – Targa Resources Corp. – slide 24
    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 Manages inventories…
  25. INVESTOR PRESENTATION – Targa Resources Corp. – slide 25
    Partnership Investment Highlights Advancements in geophysical, drilling and completion techniques drive drilling activity in oil and Favorable liquids rich gas plays Industry Activity and strong oil and NGL prices help drive volumes…
  26. INVESTOR PRESENTATION – Targa Resources Corp. – slide 26
    Appendix 27
  27. INVESTOR PRESENTATION – Targa Resources Corp. – slide 27
    Position in the Midstream Natural Gas Industry The Partnership is one of the few midstream companies with leadership positions in both gathering and processing and NGL logistics Natural Gas Gathering and Processing Logisticsand…
  28. INVESTOR PRESENTATION – Targa Resources Corp. – slide 28
    Credit Metrics and Liquidity Pricing / Actual Q2 Actual Cash and Debt Maturity Coupon 3/31/12 Adjustments 6/30/12 Cash and cash equivalents 86.3 3.2 89.5 Senior Secured Debt Jul-15 L + 225 bps - 140.0 140.0 Total Senior Secured…
  29. INVESTOR PRESENTATION – Targa Resources Corp. – slide 29
    Non-GAAP Measures Reconciliation The following table presents a reconciliation of Adjusted EBITDA and operating margin to net income (loss) for the periods shown for TRP: Three Months Ended Six Months Ended June 30, June 30, 2012…
  30. INVESTOR PRESENTATION – Targa Resources Corp. – slide 30
    Non-GAAP Measures Reconciliation Millions The following table presents a reconciliation of reported distributable cash flow to net income (loss) for the periods shown for TRP: Three Months Ended 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar…
  31. INVESTOR PRESENTATION – Targa Resources Corp. – slide 31
    Non-GAAP Measures Reconciliation 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 3/31/2011…

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