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…
The Targa Story Execution and Increasing Growth Industry Dynamics Favor Targas Integrated Midstream Platform Advances in E&P technology and strong oil and NGL prices drive drilling activity and volumes in gathering and processing…
Industry Dynamics Favor Targas Platform E&P Activity drives NGL volumes Advances in E&P technology and strong oil and NGL prices drive drilling activity Resulting in increased gathering and processing volumes Shift to oil…
Partnership Growth Drivers Strong fundamentals and positive industry dynamics create attractive growth opportunities Over 1.2 billion in announced projects and acquisitions contribute to increased scale and diversity Additional growth…
Strong Distribution Growth and Coverage Ratio 2011 Adjusted EBITDA should increase NGLS Annualized Distribution Per LP Unit more than 20% over 2010 Underlying business and organic growth 2.50 2.41 2.33 expected to drive EBITDA…
Disciplined and Consistent Hedging Program NGL and Condensate Hedge Arrangements as of 9/30/2011 14,000 2.50 Weighted average price 12,000 2.00 Volume (Bbls/d) 10,000 (/gallon) 8,000 1.50 6,000 1.00 4,000 0.50…
Solid Financial Profile Positions the Partnership for Growth Committed to maintaining relatively conservative capital structure to NGLS Leverage Ratio and Unit Price Since IPO 6.0x 40 underpin access to capital Consistent record…
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…
January 2012 Capital Markets Transactions Equity Offering 165 million net offering completed January 23, 2012 (4.4 million units including full exercise of greenshoe) TRC purchased 49 million of total (1.3 million units) and…
Business Division and Segment Review 16
Targas Integrated Midstream Platform LTM 9/30/11 Segment Operating Margin Marketing and Distribution 18% Field G&P 38% Logistics Assets 19% Coastal G&P 25% 17
Gathering and Processing Division Gathering and Processing Highlights 20 natural gas processing plants 11,852 miles of natural gas pipeline Leading position across Permian Basin benefitting from oil production North Texas System…
Field Gathering and Processing Segment LTM 9/30/11 Segment Operating Margin Field Volume Growth Discussion Marketing and Distribution Field G&P business units: North Texas, SAOU, 18% Field G&P Permian and Versado 38% Total of 9…
North Texas and SAOU Overview North Texas North Texas Operating Statistics 197 180 4,250 miles of gathering pipeline and two processing 163 174 plants with gross capacity of 278 MMcf/d 162 Recovered GPM in the 4.0 5.0 range 22…
Coastal Gathering and Processing Segment LTM 9/30/11 Segment Operating Margin Description Marketing and Distribution Coastal Straddles (including VESCO) 18% Positioned on mainline gas pipelines and process volumes of Field G&P…
Permian and Versado Overview Permian Operating Statistics 129 132 Permian 120 118 112 1,400 miles of pipeline and one processing plant with 15 16 gross capacity of 150 MMcf/d 13 13 Recovered GPM in the 4.5 5.5 range 12…
Logistics and Marketing Division Key Assets 940 miles of NGL pipeline 355 MBbl/d net fractionation in Logistics Segment (including GCF) 64 MMBbl salt dome storage capacity 2.6 MMBbl above ground storage capacity, including 1.8…
Logistics Assets LTM 9/30/11 Segment Operating Margin Logistics Assets Highlights Marketing and Distribution Second largest operator of fractionation capacity in 18% Mont Belvieu and LA Field G&P 38% Targa Logistics Assets highly…
Logistics Assets - Performance Trends CBF Y-grade Volumes MBbl/d Y-grade fractionation at Mont Belvieu 250 reached full capacity in 2009 225 Average Targas fractionation expansions Mont Belvieu Capacity 78 MBbl/d CBF Train 3 200…
Mont Belvieu Fractionation and NGL Pipeline Expansions 2,500 New fractionation and pipeline capacity to 2123 accommodate increasing y-grade from Rocky 2,000 Mountains, Mid-Continent, Permian Basin and South MB Frac Capacity NGL PL…
Price Environment Favors U.S. Propane/ Butane Export Growth Increasing shale production has filled U.S. U.S. Propane 40 * 0.40 fractionation capacity and encouraged investment 35 in expansions 0.30 30 0.20 Favorably priced U.S.…
Petroleum Logistics Majority of revenue generated through fixed-fee contracts based on volume capacity with take-or-pay features Favorable global supply-demand dynamics Portfolio of creditworthy customers Immediately accretive…
Marketing and Distribution Segment LTM 9/30/11 Segment Operating Margin Marketing NGL Marketing and Distribution Manage physical distribution of mixed NGLs and 18% specification products using owned and third Field G&P 38% party…
Partnership Investment Highlights Advancements in geophysical drilling and completion techniques drives drilling activity in the oily Favorable and liquids rich plays Industry Strong oil and NGL prices help drive volumes and margins…
Appendix 31
Pro Forma Credit Metrics & Liquidity ( in millions) Pricing / Actual Jan 2012 Jan 2012 Pro Forma Current Capitalization Maturity Coupon 9/30/11 Equity Offering High Yield Offering 9/30/11 Cash and cash equivalents 68.9 28.1 97.0…
Non-GAAP Measures Reconciliation This presentation includes non-GAAP financial measures of Adjusted EBITDA, operating margin and distributable cash flow. The presentation provides reconciliations of these non-GAAP financial measures…
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 Nine Months Ended September 30, September…
Non-GAAP Measures Reconciliation Millions The following table presents a reconciliation of reported distributable cash flow to net income (loss) for the period shown for TRP: Three Months Ended 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar…
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 6/30/2011…
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