Targa Resources Announces First Quarter 2013 Dividend and Distribution

Targa Resources Announces First Quarter 2013 Dividend and Distribution

HOUSTON, April 16, 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 first quarter of 2013.

Targa Resources Corp. announced today that its board of directors has declared
a quarterly cash dividend of 49.50¢ per share, or $1.98 per common share on an
annualized basis, for the first quarter 2013. The approved dividend represents
increases of approximately 8% over the previous quarter's dividend and 36%
over the dividend for the first quarter 2012. This cash dividend will be paid
May 16, 2013 on all outstanding common shares to holders of record as of the
close of business on April 29, 2013.

Targa Resources Partners LP announced today that the board of directors of its
general partner has declared a quarterly cash distribution of 69.75¢ per
common unit, or $2.79 per common unit on an annualized basis, for the first
quarter 2013. The approved distribution represents an increase of
approximately 3% over the previous quarter's distribution and 12% over the
distribution for the first quarter 2012. This cash distribution will be paid
May 15, 2013 on all outstanding common units to holders of record as of the
close of business on April 29, 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
formed in October 2006 by its parent, Targa Resources Corp. to own, operate,
acquire and develop a diversified portfolio of midstream energy assets. The
Partnership is a leading provider of midstream natural gas and natural gas
liquid ("NGL") services in the United States. In addition, the Partnership
provides crude oil gathering and crude oil and petroleum product terminaling
services. The Partnership is engaged in the business of gathering,
compressing, treating, processing and selling natural gas; storing,
fractionating, treating, transporting, terminaling and selling NGLs and NGL
products; gathering, storing, and terminaling crude oil; and storing and
terminaling petroleum products. The Partnership operates in two primary
divisions: Gathering and Processing, consisting of two reportable
segments—Field Gathering and Processing and Coastal Gathering and Processing;
and Logistics and Marketing, consisting of two reportable segments—Logistics
Assets and Marketing and Distribution.

The principal executive offices of Targa Resources Corp. and Targa Resources
Partners are located at 1000 Louisiana, Suite 4300, Houston, Texas 77002 and
their 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
        
         Chris McEwan
         Director - Finance
 
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