Targa Resources 2015 Barclays CEO Energy Power Conference September 9-10, 2015
Targa Current Corporate Structure Targa Resources Corp. (NYSE: TRGP) (TRC or the Company) 100% Indirect Ownership 8.8% LP Interest (16,309,594 LP Units) Targa Resources GP LLC Public Unitholders 91.2% LP Interest…
Targa Resources Partners LP Overview Targa Resources Partners LP Premier Permian G&P position (NYSE: NGLS; TRP or the Partnership) Leading 2nd largest fractionation presence in IPO February 2007 Asset Mont Belvieu MLP Position 2nd…
Targa Resources Corp. Overview Targa Resources Corp. TRC pure play GP; growth driven by (NYSE: TRGP; TRC or the Company) increasing cash distributions from General TRP(1) IPO December 2010 Partner of C-Corp Premier Significant…
Strategic Focus 2015+ Capital spending focused on efficiently meeting customer needs Capital Investment Will continue to delay/defer spending to reflect lower expected activity levels, especially in Field G&P; projects with greater…
Creating Value with 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 Little…
Attractive Asset Positions Despite Lower Producer Activity Rig activity has decreased significantly across the U.S. Targas footprint has been impacted, but positioning in some of the best basins / areas provides resiliency…
Major Capital Projects in Progress in 2015 Expect 700 to 800 million of growth capex in 2015 G&P expansion program growth capex is largely additional gathering lines and compression, providing incremental returns upon completion…
Future Growth Projects Under Development Targa has over 4 billion of projects under development Demand for additional infrastructure across Targas G&P and Downstream areas of operations continues, with current environment resulting…
Business Mix, Diversity and Fee Based Margin Business Mix Field G&P Diversity Q2 2015 Operating Margin Q2 2015 Natural Gas Inlet Volumes 2% 8% 22% 20% 50% 50% 18% 6% 6% 5% 13% G&P Downstream SAOU WestTX Sand Hills Versado…
Strong Growth in Fee-Based Margin Continues Increasing Fee-Based Margin Provides Additional Stability to Our Business ( in millions) 250 150% 235 227 140% 219 211 130% 200 120% 187 110% 160 164 100% 150 90% 80% 113 76%…
Diversity and Scale Mitigate Commodity Price Changes Adjusted EBITDA vs. Commodity Prices Adjusted EBITDA - Actual Adjusted EBITDA Annualized (1) WTI Crude Oil Prices - Quarter Realized WTI Crude Oil Prices Growth has been driven by…
Producer Activity Drives NGL Flows to Mont Belvieu Marcellus & Others Growing field NGL production Rockies increases NGL flows to Mont Belvieu Increased NGL production supports Targas existing and expanding Mont Belvieu and…
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 47 Total - Mont…
Targas LPG Export Business Trailing 12 Months Trailing 12 Months Targa LPG Exports by Destination Targa Propane and Butane Exports 15% 30% 55% 85% 15% Latin America/South America Caribbean Rest of the World Propane…
Dynamics of the Waterborne Propane Market VLGC Freight Rates(1) Increasing VLGC Fleet(2) 1.80 0.35 300 +10 1.60 +44 0.30 250 1.40 +32 253 243 Number of VLGCs 0.25 1.20 200 0.20 199 1.00 /gal /gal 150 167 0.80…
Long and Short-Term Demand for Exports Continues U.S. Propane(1) 250 0.80 0.70 U.S. Gulf Coast propane and butane have 200 0.60 0.50 been favorably priced compared to world MMbbls markets over the last several years…
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…
Permian East Premier Midland Basin Footprint Summary Footprint Footprint includes approximately 5,500 miles of pipeline in the Midland Basin Targa is one of the largest Midland Basin gas processors with over 1.0 Bcf/d in gross…
Permian West Poised to Capture Growth Summary Footprint Footprint includes approximately 5,000 miles of pipeline Significant growth opportunities driven by continued producer activity Processing capacity available in Versado to…
Strategic 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, Silver Oak II, and Stonewall plants…
Strong Position in the Core of the Williston Basin Summary Footprint System currently consists of oil gathering and terminaling and natural gas gathering and processing in McKenzie, Dunn and Mountrail Counties, ND Acquired in…
2015 Guidance & Preliminary 2016 Outlook 2015 2016 Guidance Preliminary Outlook Fee-Based Margin % 70% 70% 2015 operating margin may Logistics & Marketing Division Operating Margin be 5% lower than 2014 At current prices, 2016…
Additional Information
TRP Capitalization ( millions) Actual Actual Cash and Debt Maturity Coupon 3/31/2015 Adjustments 6/30/2015 Cash and Cash Equivalents 63.5 22.0 85.5 Accounts Receivable Securitization Dec-15 197.9 (73.7) 124.2 Revolving Credit…
Targa Leverage and Liquidity Liquidity(1) 1,400 Approximately 787 million of 1,200 current liquidity at quarter end 1,000 in Millions 800 From January through July 2015, received proceeds of 600 approximately 375 million…
TRC Capitalization ( millions) Actual Actual Capitalization Maturity 3/31/2015 Adjustments 6/30/2015 Cash and Cash Equivalents -- 107.2 (87.0) 20.2 Senior Secured Revolver (670 MM) Feb-20 460.0 -- 460.0 Term Loan B Feb-22 242.0…
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…
Well Positioned Along the Louisiana Gulf Coast 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…
Non-GAAP Measures Reconciliation Adjusted EBITDA The Partnership defines Adjusted EBITDA as net income attributable to Targa Resources Partners LP before: interest; income taxes; depreciation and amortization; gains or losses on debt…
Non-GAAP Reconciliation Q1 2015 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: Three Months Ended Six Months Ended June…
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 2010-2012 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 2013-2015 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 3/31/2013 6/30/2013 9/30/2013 12/31/2013…
Reconciliation of Total Pro Forma TRP Distributions ( in Millions, except per unit data) Actual Actual Actual Actual Q2 2015 Q4 2014 Q1 2015 Q2 2015 Annualized Distributions to LP Units 96.3 138.9 143.1 572.4 Distributions to GP…
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