Targa Resources Expands Footprint With $950 Million Bakken Shale Midstream Acquisition

Targa Resources Expands Footprint With $950 Million Bakken Shale Midstream
Acquisition

HOUSTON, Nov. 15, 2012 (GLOBE NEWSWIRE) -- Targa Resources Partners LP
(NYSE:NGLS) ("Targa Resources Partners" or the "Partnership") announced today
that it has agreed to acquire 100% of Saddle Butte Pipeline, LLC's ownership
of its Williston Basin crude oil pipeline and terminal system and its natural
gas gathering and processing operations for cash consideration of $950
million, subject to customary purchase price adjustments and certain
contingent payments. The transaction is expected to close during the fourth
quarter of 2012, subject to customary regulatory approvals and closing
conditions.

The business to be acquired is located in the heart of the oil-rich Bakken
Shale Play in McKenzie, Dunn, and Mountrail counties, North Dakota and
includes approximately 155 miles of crude oil pipelines. The business has
combined crude oil operational storage capacity of 70,000 barrels, including
the Johnsons Corner Terminal with 20,000 barrels of storage capacity
(expanding to 40,000 barrels) and Alexander Terminal with storage capacity of
30,000 barrels. The business also includes approximately 95 miles of natural
gas gathering pipelines and a 20 MMcf/d natural gas processing plant with an
expansion underway to increase capacity to 40 MMcf/d. The operations are
backed by producer dedications under long-term contracts that include
approximately 260,000 acres of crude oil production and over 100,000 acres of
natural gas production. The Partnership expects that growth capital
expenditures of over $250 million will be required in 2013 to support system
expansions necessary to meet producer activity.

"This acquisition of a major, strategic midstream business complements our
extensive portfolio of midstream assets, extends our footprint to the very
attractive Bakken Shale play, further diversifies our business with the
addition of crude oil gathering, and adds significant long-term growth in
fee-based revenues," said Joe Bob Perkins, CEO of the general partner of the
Partnership. "We are very excited to expand our geographic footprint into one
of the most important oil producing basins in the country.The visible,
long-term growth potential of this business complements our attractive
portfolio of ongoing and future organic growth projects and enhances the
Partnership's longer term distribution growth."

Over time, the Partnership expects to fund the acquisition and associated
growth capital expenditures consistent with its stated financial strategy of
approximately 50% debt and 50% equity. Current liquidity pro forma for the
October 2012 offering of 5.25% Senior Notes due 2023 and redemption of the
8.25% Senior Notes due 2016 is over $1.1 billion. The Partnership anticipates
that the acquisition will contribute an additional 10% to 15% of EBITDA to its
current 2013 guidance. After giving effect to the acquisition, the Partnership
expects to maintain its 2013 distribution per unit guidance of 10% to 12%
growth over full year 2012, and expects that the transaction will be accretive
to distributable cash flow per unit starting in 2014, with increasing
accretion thereafter.

Evercore Partners acted as advisor to the Partnership with respect to the
transaction.

About Targa Resources Partners

Targa Resources Partners is a publicly traded Delaware limited partnership
that is a leading provider of midstream natural gas and natural gas liquid
services in the United States. The Partnership is engaged in the business of
gathering, compressing, treating, processing and selling natural gas; storing,
fractionating, treating, transporting and selling natural gas liquids, or
NGLs, and NGL products; and storing and terminaling refined petroleum products
and crude oil. The Partnership owns an extensive network of integrated
gathering pipelines and gas processing plants and currently operates along the
Louisiana Gulf Coast primarily accessing the onshore and near offshore region
of Louisiana, the Permian Basin in West Texas and Southeast New Mexico and the
Fort Worth Basin in North Texas. Additionally, the Partnership's logistics and
marketing assets are located primarily at Mont Belvieu and Galena Park near
Houston, Texas and in Lake Charles, Louisiana with terminals and
transportation assets across the United States. Targa Resources Partners is
managed by its general partner, Targa Resources GP LLC, which is indirectly
wholly owned by Targa Resources Corp.

Targa Resources Partners' principal executive offices are located at 1000
Louisiana, Suite 4300, Houston, Texas 77002 and its telephone number is
713-584-1000.

Forward-Looking Statements

Certain statements in this release are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical facts, included in this release that address
activities, events or developments that the Partnership and the Company
expect, believe or anticipate will or may occur in the future are
forward-looking statements. These forward-looking statements rely on a number
of assumptions concerning future events and are subject to a number of
uncertainties, factors and risks, many of which are outside the Partnership's
and the Company's control, which could cause results to differ materially from
those expected by management of the Partnership and the Company. Such risks
and uncertainties include, but are not limited to, weather, political,
economic and market conditions, including a decline in the price and market
demand for natural gas and natural gas liquids, the timing and success of
business development efforts; and other uncertainties. These and other
applicable uncertainties, factors and risks are described more fully in the
Partnership's and the Company's filings with the Securities and Exchange
Commission, including their Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K. Neither the Partnership nor the
Company undertake an obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise.

This release is intended to be a qualified notice under Treasury Regulation
Section 1.1446-4(b).Brokers and nominees should treat one hundred percent
(100.0%) of Targa Resources Partners LP's distributions to foreign investors
as being attributable to income that is effectively connected with a United
States trade or business. Accordingly, Targa Resources Partners LP's
distributions to foreign investors are subject to federal income tax
withholding at the highest applicable effective tax rate.

CONTACT: Investor contact:
         713-584-1133
        
         Joe Brass
         Director - Finance
        
         Matthew Meloy
         Senior Vice President, Chief Financial Officer and Treasurer