Targa Resources Announces Fourth Quarter 2012 Dividend and Distribution

Targa Resources Announces Fourth Quarter 2012 Dividend and Distribution

HOUSTON, Jan. 15, 2013 (GLOBE NEWSWIRE) -- Targa Resources Corp. ("TRC" or the
"Company") (NYSE:TRGP) and Targa Resources Partners LP ("Targa Resources
Partners" or the "Partnership") (NYSE:NGLS) announced their respective
quarterly dividend and distribution for the fourth quarter of 2012.

Targa Resources Corp. announced today that its board of directors has declared
a quarterly cash dividend of 45.75¢ per share, or $1.83 per common share on an
annualized basis, for the fourth quarter 2012. The approved dividend
represents increases of approximately 8% over the previous quarter's dividend
and 36% over the dividend for the fourth quarter 2011. This cash dividend will
be paid February 15, 2013 on all outstanding common shares to holders of
record as of the close of business on January 28, 2013.

Targa Resources Partners LP announced today that the board of directors of its
general partner has declared a quarterly cash distribution of 68.00¢ per
common unit, or $2.72 per common unit on an annualized basis, for the fourth
quarter 2012. The approved distribution represents an increase of
approximately 3% over the previous quarter's distribution and 13% over the
distribution for the fourth quarter 2011. This cash distribution will be paid
February 14, 2013 on all outstanding common units to holders of record as of
the close of business on January 28, 2013.

This dividend increase positions TRC to exceed 30% dividend growth for full
year 2013 and this distribution increase positions the Partnership for 10% -
12% distribution growth for the full year 2013.

About Targa Resources Corp. and Targa Resources Partners LP

Targa Resources Corp. is a publicly traded Delaware corporation that owns a 2%
general partner interest (which the Company holds through its 100% ownership
interest in the general partner of the Partnership), all of the outstanding
incentive distribution rights and a portion of the outstanding limited partner
interests in Targa Resources Partners LP.

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; gathering, storing and terminaling crude oil; and
storing and terminaling refined petroleum products. 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 the Fort Worth Basin in North Texas and in the
Williston Basin in North Dakota. 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.

For more information please go to www.targaresources.com

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
        
         Matthew Meloy
         Senior Vice President, Chief Financial Officer and Treasurer
 
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