HOUSTON, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (NGLS) ("Targa Resources Partners" or the "Partnership") and Targa Resources Corp. (TRGP) ("TRC" or the "Company") today reported third quarter 2013 results. Third quarter 2013 net income attributable to Targa Resources Partners was $59.7 million compared to $24.2 million for the third quarter of 2012. Net income per diluted limited partner unit was $0.30 in the third quarter of 2013 compared to $0.08 for the third quarter of 2012. The Partnership reported earnings before interest, income taxes, depreciation and amortization and other non-cash items ("Adjusted EBITDA") of $155.9 million for the third quarter of 2013 compared to $116.2 million for the third quarter of 2012.
The Partnership's distributable cash flow for the third quarter 2013 of $110.8 million corresponds to distribution coverage of approximately 1.0 times the $108.5 million in total distributions to be paid on November 14, 2013 (see the section of this release entitled "Targa Resources Partners - Non-GAAP Financial Measures" for a discussion of Adjusted EBITDA, gross margin, operating margin and distributable cash flow, and reconciliations of such measures to their most directly comparable financial measures calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP")).
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they own It. come next Nov Reed & Pelosi will not be a factor GOP will take over Senate just watch and see.
Those that have been defending the liar in chief and his band of incompetent self serving crew will be out.
LINN reported the following third quarter 2013 results:
Average daily production of 823 MMcfe/d compared to 782 MMcfe/d for the third quarter 2012;
Oil, natural gas and NGL sales of approximately $538 million compared to $444 million for the third quarter 2012;
Distributions paid to unitholders of $171 million compared to $145 million for the third quarter 2012;
Excess of net cash provided by operating activities after distributions to unitholders and discretionary adjustments considered by the Board of Directors of $2 million compared to $57 million for the third quarter 2012 (see Schedule 1, footnote 7); and
Net loss of approximately $30 million, or $0.13 per unit, compared to a net loss of $430 million, or $2.18 per unit, for the third quarter 2012, which includes non-cash changes in fair value of unsettled commodity derivatives of approximately $99 million, or $0.42 per unit, and $520 million, or $2.63 per unit, respectively, including the reduction of put option premium value over time.
"During the third quarter LINN's capital program delivered positive results exceeding guidance across the board," said Mark E. Ellis, Chairman, President and Chief Executive Officer. "Higher production volumes coupled with lower operating costs resulted in an excess of net cash provided by operating activities after distributions to unitholders and discretionary adjustments considered by the Board of Directors."
On September 11, 2013, the Company entered into a definitive purchase and sale agreement to acquire certain oil and natural gas properties, located in the Central Basin Platform of the Permian Basin, for a contract price of approximately $525 million. This acquisition further strengthens LINN's position in the Permian Basin adding approximately 124 producing wells and an additional 300 identified future drilling locations primarily in the Clearfork formation. Current proved reserves total approximately 30 MMBoe, of which approximately 70 percent are oil. Furthermore, LINN has identified additional waterflood reserve potential of approximately 24 MMBoe that could provide significant upside in the future. The Company anticipates the acquisition will close on or before October 31, 2013, subject to closing conditions.
That was announced just prior to earnings.