Targa Resources Partners LP NAPTP Presentation May 2011
Targa Resources Partners LP - Overview 3
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 Growth Targa has clearly demonstrated a powerful, post drop-down growth strategy 1 billion in acquisitions and expansion expenditures completed over the last 5 quarters while operating well inside our…
Targa Corporate Structure Management & Public Warburg Pincus LLC Directors Shareholders 23.2% interest TRGP Targa Resources Corp. (NYSE: TRGP) 2% GP interest (TRC or the Company) 100% of IDRs 100% Indirect Ownership 11.6MM…
Industry Dynamics Impacting Platform Advances in petrophysical, drilling and completion techniques Strong oil and NGL prices Enhance producer economics and support throughput both in G&P and Downstream Frac spread drives…
Solid Financial Profile Positions the Partnership for Growth NGLS Leverage Ratio and Unit Price Since IPO Throughout Targas history, and through 6.0x 40 major capital market/commodity price cycles, 5.5x Targa has maintained low…
Business Division and Segment Review 10
The Partnerships Business and Contract Mix 2010 Segment Operating Margin Contract Discussion Points Marketing and Other 3% Field Gathering and Processing contracts Distribution 15% are almost entirely POP (percent-of- proceeds)…
The Partnerships Operations Gathering and Processing Gathering and Processing Highlights 21 natural gas processing plants 11,372 miles of natural gas pipeline Leading position across Permian Basin benefitting from oil production…
Field Gathering and Processing Segment Outlook Four Field Segment Assets 2011 Inlet Volume Outlook by All Located in Texas and New Mexico Businesses Compared to 2010 SAOU: Meaningfully higher Permian Business: Meet or exceed…
Coastal Gathering and Processing Segment Outlook Description Coastal Straddles (including VESCO) Positioned on mainline gas pipelines and process volumes of gas collected from multiple offshore producing areas Gross processing…
Gathering and Processing Contract Mix Contract Mix Combined G&P 2010 Operating Margin Q4 2010 Plant Inlet Volumes Coastal and Field G&P Fee 3.8% POP Coastal G&P 28.6% Segment 31% Hybrid 42.5% Field G&P POL Segment 11.0%…
Disciplined and Consistent Hedging Program Natural Gas Hedge Arrangements as of 03/31/2011 45,000 8.00 Weighted average price 40,000 35,000 7.00 Volume (MMBtu/d) 30,000 (/MMBtu) 25,000 6.00 20,000 15,000 10,000…
The Partnerships Operations Logistics and Marketing Key Assets 800 miles of NGL pipeline 380 MBbl/d net fractionation and treating capacity 825 MBbl above ground NGL storage capacity 65 MMBbl storage capacity Logistics…
Logistics Assets Segment Logistics Assets Strategically Located Description Essentially all under fee-based arrangements 3 frac facilities with 380 MBbl/d maximum gross capacity Long and short-term storage and terminaling services…
Logistics Assets - Performance Trends CBF Y-grade Volumes MBbl/d Y-grade fractionation capacity 180 utilization at majority-owned CBF 170 reached 100% in 2009; other Mont 160 Belvieu fractionators full Mont Belvieu 150 140…
Marketing and Distribution Segment Fee-based transportation services to refineries and petrochemical companies throughout the U.S. Approximately 760 railcars leased and managed, 70 owned and leased transport tractors, 100…
Partnership Investment Highlights Favorable Current industry dynamics across broader upstream and downstream energy value chain are Industry favorably impacting the Partnerships integrated G&P and Logistics and Marketing businesses…
Q&A 22
Targa Resources Partners LP Appendix 23
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 Millions The following table presents a reconciliation of Adjusted EBITDA and operating margin to net income (loss) for the periods shown for NGLS. Three Months Ended March 31, 2011 2010 ( in…
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 NGLS. Three Months Ended 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar…
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