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Targa Resources Corp to Acquire Targa Resources Partners LP – Targa Resources Corp.

Targa Resources Corp. · Nov 3, 2015 · 14 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. Targa Resources Corp to Acquire Targa Resources Partners LP – Targa Resources Corp. – slide 1
    Targa Resources Corp. to Acquire Targa Resources Partners LP Positioning Targa for Continued Long-Term Success November 3, 2015
  2. Targa Resources Corp to Acquire Targa Resources Partners LP – Targa Resources Corp. – slide 2
    Additional Information Additional Information and Where to Find It In connection with the proposed transaction, TRC will file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of TRP and TRC and…
  3. Targa Resources Corp to Acquire Targa Resources Partners LP – Targa Resources Corp. – slide 3
    Transaction Overview Targa Resources Corp. (NYSE: TRGP; TRC or the Company) has executed a definitive agreement to acquire all of the outstanding common units of Targa Resources Partners LP (NYSE: NGLS; TRP or the Partnership) not…
  4. Targa Resources Corp to Acquire Targa Resources Partners LP – Targa Resources Corp. – slide 4
    Positioning Targa for Continued Long-Term Success Expected cumulative incremental coverage of over 400 million through 2018(1) Increased coverage supports dividend growth outlook, while reducing external financing Improved Coverage…
  5. Targa Resources Corp to Acquire Targa Resources Partners LP – Targa Resources Corp. – slide 5
    Improved Dividend Growth and Coverage TRC Pro Forma Dividends per Share Consensus Pricing(1) Pro Forma: 5.50 2016 2017 2018 Strong pro forma dividend Consensus Pricing growth compared to Targa BBL Wtd. Avg. (/Gal) 0.51 0.66 0.71…
  6. Targa Resources Corp to Acquire Targa Resources Partners LP – Targa Resources Corp. – slide 6
    Improved Credit Profile TRP Compliance Leverage Consensus Pricing(1) TRPs existing debt 5.5x TRP Compliance remains outstanding Covenant 5.0x TRP will continue as a 4.5x 4.5x reporting entity 4.5x 4.4x 4.3x 4.3x 4.3x TRP will…
  7. Targa Resources Corp to Acquire Targa Resources Partners LP – Targa Resources Corp. – slide 7
    Better Positioned in Lower Commodity Price Environments TRC Pro Forma Dividends per Share Price Sensitivity(1) Pro Forma: 4.50 2016 2017 2018 Dividend growth with Price Sensitivity positive coverage even in Targa BBL Wtd. Avg. (/Gal)…
  8. Targa Resources Corp to Acquire Targa Resources Partners LP – Targa Resources Corp. – slide 8
    Better Positioned in Lower Commodity Price Environments TRP Compliance Leverage Price Sensitivity(1) TRPs existing debt 5.5x TRP Compliance remains outstanding 5.2x Covenant TRP will continue as a 5.0x 4.8x 4.7x reporting entity…
  9. Targa Resources Corp to Acquire Targa Resources Partners LP – Targa Resources Corp. – slide 9
    Simplified Public Structure Current Public Structure Pro Forma Public Structure TRC Public TRC Public Shareholders Shareholders 100% Interest 100% Interest (56,019,151 Shares) (160,512,901 Shares) Revolving Credit Facility…
  10. Targa Resources Corp to Acquire Targa Resources Partners LP – Targa Resources Corp. – slide 10
    Future Growth Projects in Progress and Under Development Pro Forma Targa Well Positioned to Capitalize on Opportunity-Rich Environment 2016 growth capex of approximately 600 million, including the following: CBF Train 5 200 MMcf/d…
  11. Targa Resources Corp to Acquire Targa Resources Partners LP – Targa Resources Corp. – slide 11
    Pro Forma 2016 Guidance Standalone Pro Forma TRP Distribution Growth (FY2016 vs FY2015) Consensus Pricing 0% TRC Dividend Growth (FY2016 vs FY2015) Consensus Pricing 15% 15% TRP Distribution Growth (FY2016 vs FY2015) Price…
  12. Targa Resources Corp to Acquire Targa Resources Partners LP – Targa Resources Corp. – slide 12
    Summary Transaction Timeline Initial S-4 filing expected in November 2015 Expect TRP unitholder and TRC shareholder meetings in Q1 2016 Expect closing in Q1 2016 Subject to customary closing conditions 13
  13. Targa Resources Corp to Acquire Targa Resources Partners LP – Targa Resources Corp. – slide 13
    Appendix
  14. Targa Resources Corp to Acquire Targa Resources Partners LP – Targa Resources Corp. – slide 14
    Summary Assumptions Consensus Pricing: 2016 2017 2018 Commodity Price Deck Targa BBL Wtd. Avg. (/Gal)(1) 0.51 0.66 0.71 Henry Hub Natural Gas (/MMBtu) 3.25 3.53 3.67 WTI Crude Oil (/Bbl) 54.99 63.32 70.29 Growth Capex ( in…

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