Targa Resources Partners LP and Targa Resources Corp. Report Second Quarter 2013 Financial Results

Targa Resources Partners LP and Targa Resources Corp. Report Second Quarter
2013 Financial Results

HOUSTON, Aug. 1, 2013 (GLOBE NEWSWIRE) -- Targa Resources Partners LP
(NYSE:NGLS) ("Targa Resources Partners" or the "Partnership") and Targa
Resources Corp. (NYSE:TRGP) ("TRC" or the "Company") today reported second
quarter 2013 results. Second quarter 2013 net income attributable to Targa
Resources Partners was $26.3 million compared to $46.8 million for the second
quarter of 2012. The Partnership reported earnings before interest, income
taxes, depreciation and amortization and other non-cash items ("Adjusted
EBITDA") of $126.5 million for the second quarter of 2013 compared to $122.9
million for the second quarter of 2012.

The Partnership's distributable cash flow for the second quarter 2013 of $79.0
million corresponds to distribution coverage of approximately 0.8 times the
$102.4 million in total distributions to be paid on August 15, 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")).

"We saw higher volumes across all of our Field Gathering & Processing systems
as a result of the continued increase in producer activity in the Permian
Basin, North Texas and the Bakken. The combination of higher volumes,
increased margin from our downstream segment and strong fee-based margin
contributions resulted in an increase in Adjusted EBITDA compared to the
second quarter last year, despite significantly lower natural gas liquids
prices in the quarter," said Joe Bob Perkins, Chief Executive Officer of the
general partner of the Partnership and of Targa Resources Corp. "We are
excited about adding even more scale, diversity and fee-based margin to our
business during the third and fourth quarters as we bring on contributions
from our 100 MBbl/d Cedar Bayou Fractionator Train 4 expansion and our export
expansion at Galena Park. These projects are part of the $1.7 billion in
organic growth investments that will support continued distribution growth
even in a challenging natural gas liquids price environment."

On July 16, 2013, the Partnership announced a cash distribution for the second
quarter 2013 of $0.7150 per common unit, or $2.86 per unit on an annualized
basis, representing an increase of approximately 3% over the first quarter
2013 and 11% over the distribution for the second quarter 2012. The cash
distribution will be paid on August 14, 2013 on all outstanding common units
to holders of record as of the close of business on July 29, 2013. The total
distribution paid will be $102.4 million, with $66.5 million to the
Partnership's third-party limited partners and $35.9 million to TRC for its
ownership of common units, incentive distribution rights ("IDRs") and its 2%
general partner interest in the Partnership.

Targa Resources Partners - Capitalization, Liquidity and Financing Update

Total funded debt at the Partnership as of June 30, 2013 was $2,650.0 million
including $225.0 million outstanding under the Partnership's $1.2 billion
senior secured revolving credit facility, $72.7 million of 11¼% senior
unsecured notes due 2017, $250.0 million of 7⅞% senior unsecured notes due
2018, $483.6 million of 6⅞% senior unsecured notes due 2021, $300.0 million of
6⅜% senior unsecured notes due 2022, $600.0 million of 5¼% senior unsecured
notes due 2023, $625 million of 4¼% senior unsecured notes due 2023, $125.3
million outstanding under our accounts receivable securitization facility due
2014 and $31.6 million of unamortized discounts.

As of June 30, 2013, after giving effect to $47.9 million in outstanding
letters of credit, the Partnership had available revolver capacity of $927.1
million and $72.7 million of cash, resulting in total liquidity of $999.8
million.

In May 2013, the Partnership privately placed $625 million of 4¼% senior
unsecured notes due 2023. Proceeds were used to reduce borrowings under the
Partnership's senior secured revolving credit facility and for general
partnership purposes.

In June 2013 the Partnership paid $106.4 million plus accrued interest to
redeem $100 million of the outstanding 6⅜% senior unsecured notes due 2022.

During the six months ended June 30, 2013, the Partnership issued 5,971,395
common units representing net proceeds of approximately $260.3 million from
equity issuances under equity distribution agreements, which allow the
Partnership to periodically issue equity at prevailing market prices, less a
commission. TRC also contributed $5.4 million to maintain its 2% general
partnership interest.

In July 2013, the Partnership redeemed the outstanding principal amount of the
11¼% senior unsecured notes due 2017 for $80.9 million, including accrued
interest.

The Partnership estimates that its total growth capital expenditures for 2013
will be approximately $1.0 billion on a gross basis, and that maintenance
capital expenditures net to the Partnership's interest will be $85 million.

Targa Resources Corp. - Second Quarter 2013 Financial Results

Targa Resources Corp., the parent of Targa Resources Partners, reported its
second quarter 2013 results. The Company, which as of June 30, 2013 owned a 2%
general partner interest (held through its 100% ownership interest in the
general partner of the Partnership), all of the IDRs and 12,945,659 common
units of the Partnership, presents its results consolidated with those of the
Partnership.

TRC reported net income available to common shareholders of $15.0 million for
the second quarter 2013 compared with a net income available to common
shareholders of $8.6 million for the second quarter 2012. The net income per
diluted common share was $0.36 in the second quarter of 2013 compared to $0.21
for the second quarter of 2012.

Second quarter 2013 distributions to be paid on August 14, 2013 by the
Partnership to the Company will be $35.9 million, with $9.3 million, $24.6
million and $2.0 million paid with respect to common units, IDRs and general
partner interests, respectively.

On July 16, 2013, TRC declared a quarterly dividend of $0.5325 per share of
its common stock for the three months ended June 30, 2013, or $2.13 per share
on an annualized basis, representing increases of approximately 8% over the
previous quarter's dividend and 35% over the dividend for the second quarter
of 2012. Total cash dividends of approximately $22.1 million will be paid
August 15, 2013 on all outstanding common shares to holders of record as of
the close of business on July 29, 2013.

The Company's distributable cash flow for the second quarter 2013 was $29.5
million compared to $22.5 million in total declared dividends for the quarter
(see the section of this release entitled "Targa Resources Corp. - Non-GAAP
Financial Measures" for a discussion of distributable cash flow and
reconciliations of this measure to its most directly comparable financial
measure calculated and presented in accordance with GAAP).

Targa Resources Corp. - Capitalization, Liquidity and Financing Update

Total funded debt of the Company as of June 30, 2013, excluding debt of the
Partnership, was $78 million in borrowings outstanding under its $150.0
million senior secured revolving credit facility due 2017. This resulted in
$72.0 million in available revolver capacity as of June 30, 2013.

The Company's cash balance, excluding cash held by the Partnership and its
subsidiaries, was $10.2 million as of June 30, 2013, resulting in total
liquidity of $82.2 million.

Conference Call

Targa Resources Partners and Targa Resources Corp. will host a joint
conference call for investors and analysts at 10:00 a.m. Eastern Time (9:00
a.m. Central Time) on August 1, 2013 to discuss second quarter 2013 financial
results. The conference call can be accessed via Webcast through the Events
and Presentations section of the Partnership's website at
www.targaresources.com, by going directly to
http://ir.targaresources.com/events.cfm?company=LP or by dialing 877-881-2598.
The pass code for the dial-in is 17364562. Please dial in ten minutes prior to
the scheduled start time. A replay will be available approximately two hours
following completion of the Webcast through the Investor's section of the
Partnership's and the Company's website. An updated investor presentation will
be available in the Events and Presentations section of the Partnership's
website following the completion of the conference call.

Targa Resources Partners – Consolidated Financial Results of Operations
                                                               
                        Three Months Ended June 30, Six Months Ended June 30,
                        2013          2012          2013          2012
                        (In millions except per unit data)
Revenues                $1,441.6     $1,318.4     $2,839.5     $2,963.9
Product purchases        1,176.4      1,074.6      2,313.9      2,458.7
Gross margin (1)         265.2        243.8        525.6        505.2
Operating expenses       96.1         77.2         182.1        148.8
Operating margin (2)     169.1        166.6        343.5        356.4
Depreciation and         65.7         47.6         129.6        94.3
amortization expenses
General and              36.1         33.5         70.3         66.4
administrative expenses
Other operating expense  4.1          --          4.2          (0.1)
Income from operations   63.2         85.5         139.4        195.8
Interest expense, net    (31.6)       (29.4)       (63.0)       (58.8)
Equity earnings          2.9          (0.2)        4.5          1.9
Loss on debt redemption
and early debt           (7.4)        --          (7.4)        --
extinguishment
Other                   6.5          (0.4)        6.3          (0.5)
Income tax expense      (0.9)        (0.8)        (1.8)        (1.8)
Net income              32.7         54.7         78.0         136.6
Less: Net income
attributable to          6.4          7.9          12.8         19.6
noncontrolling interests
Net income attributable
to Targa Resources       $26.3        $46.8        $65.2        $117.0
Partners LP
                                                               
Net income attributable  25.1         15.4         47.9         29.5
to general partner
Net income attributable  1.2          31.4         17.3         87.5
to limited partners
Net income attributable
to Targa Resources       $26.3        $46.8        $65.2        $117.0
Partners LP
                                                               
Basic net income per     $0.01        $0.35        $0.17        $0.99
limited partner unit
Diluted net income per   0.01         0.35         0.17         0.99
limited partner unit
                                                               
Financial data:                                                 
Adjusted EBITDA (3)      $126.5       $122.9       $258.8       $268.3
Distributable cash flow  79.0         84.5         164.7        190.2
(4)
Capital expenditures     235.7        140.4        442.6        238.4
                                                               
Operating data:                                                 
Crude oil gathered,      38.3         --          34.9         --
MBbl/d
Plant natural gas inlet, 2,072.2      2,083.0      2,075.6      2,157.8
MMcf/d (5)(6)
Gross NGL production,    131.2        124.0        132.3        128.1
MBbl/d
Export volumes, MBbl/d   41.2         28.0         43.0         25.1
Natural gas sales,       953.1        930.3        901.7        895.4
BBtu/d (6)
NGL sales, MBbl/d        282.7        270.3        282.0        274.7
Condensate sales, MBbl/d 4.0          3.7          3.7          3.4
__________                                                      
(1) Gross margin is a non-GAAP financial measure and is discussed under
"Targa Resources Partners - Non-GAAP Financial Measures."
(2) Operating margin is a non-GAAP financial measure and is discussed under
"Targa Resources Partners - Non-GAAP Financial Measures."
(3) Adjusted EBITDA is net income before: interest, income taxes,
depreciation and amortization, gains or losses on debt repurchases and debt
redemptions, early debt extinguishments and asset disposals, non-cash risk
management activities related to derivative instruments, and changes in the
fair value of the Badlands acquisition contingent consideration. This is a
non-GAAP financial measure and is discussed under "Targa Resources Partners -
Non-GAAP Financial Measures."
(4) Distributable cash flow is income attributable to Targa Resources
Partners LP plus depreciation and amortization, deferred taxes and
amortization of debt issue costs included in interest expense, adjusted for
non-cash losses (gains) on mark-to-market derivative contracts, debt
repurchases and redemptions, early debt extinguishments and asset disposals,
less maintenance capital expenditures (net of any reimbursements of project
costs), and changes in the fair value of the Badlands acquisition contingent
consideration. This is a non-GAAP financial measure and is discussed under
"Targa Resources Partners - Non-GAAP Financial Measures."
(5) Plant natural gas inlet represents the volume of natural gas passing
through the meter located at the inlet of a natural gas processing plant.
(6) Plant natural gas inlet volumes include producer take-in-kind volumes,
while natural gas sales exclude producer take-in-kind volumes.

Targa Resources Partners – Review of Consolidated Second Quarter Results

Three Months Ended June 30, 2013 Compared to Three Months Ended June 30, 2012

The increase in revenues reflected higher realized prices on natural gas and
condensate ($148.8million), higher commodity sales volumes ($50.7million)
and higher fee-based and other revenues ($19.8 million). Partially offsetting
these favorable factors was lower realized prices on NGLs ($96.1million).

The increase in consolidated gross margin was driven by volume expansions and
higher natural gas price in our Field Gathering and Processing segment and
higher fractionation fees and increased exports activities in our Logistics
and Marketing division. Offsetting these favorable factors were the effects of
lower NGL prices and lower system volumes in our Coastal Gathering and
Processing segment. Logistics margins were partially constrained by the
planned maintenance and inspection turnaround at Cedar Bayou Fractionators
(CBF). Higher operating expenses were driven by system expansions in Field
Gathering and Processing, growth projects in Logistics, the Badlands
acquisition and higher labor and maintenance costs. See "Targa Resources
Partners – Review of Segment Performance" for additional information regarding
changes in the components of operating margin on a disaggregated basis.

The increase in depreciation and amortization expenses was primarily due to
the Badlands acquisition, system expansions and other assets placed in service
during the last twelve months.

General and administrative expenses increased primarily due to higher
compensation and benefits.

The increase in interest expense reflects higher borrowing levels to fund our
business expansion ($8.0 million), offset by higher interest capitalized on
major capital projects ($5.9 million).

The June 2013 redemption of $100 million of the outstanding 6⅜% Notes at a
redemption price of 106.375% plus accrued interest resulted in a $7.4 million
loss, consisting of a premium paid of $6.4 million and the write-off of $1.0
million of unamortized debt issue costs.

The decrease in net income attributable to noncontrolling interests reflects
the impact of lower earnings at the non-wholly owned upstream consolidated
subsidiaries, primarily at our Versado and VESCO joint ventures, which were
affected by operational issues.

Six Months Ended June 30, 2013 Compared to Six Months Ended June 30, 2012

The decrease in revenues reflects lower realized prices, especially during the
first quarter of 2013, on NGLs($418.2million), which were partially offset
by the impact of higher realized prices on natural gas and condensate ($197.5
million), the impact of higher commodity volumes ($51.6million) and higher
fee-based and other revenues ($44.7 million).

The increase in consolidated gross margin for the six months was driven by the
same factors as discussed above for the three months.

The increase in depreciation and amortization expenses was primarily due to
the Badlands acquisition, system expansions and other assets placed in service
during the last twelve months.

General and administrative expenses increased primarily due to compensation
and benefits.

The increase in interest expense reflects higher borrowing levels to fund our
business expansion ($11.8 million) and higher effective interest rates ($2.6
million), offset by higher interest capitalized on major capital projects
($10.2million).

The June 2013 6⅜% Notes redemption noted above resulted in a $7.4 million loss
on debt redemption.

The decrease in net income attributable to noncontrolling interests reflects
the impact of lower earnings at our non-wholly owned upstream consolidated
subsidiaries, primarily at our Versado and VESCO joint ventures, which were
affected by operational issues.

Targa Resources Partners – Review of Segment Performance

The following discussion of segment performance includes inter-segment
revenues. The Partnership views segment operating margin as an important
performance measure of the core profitability of its operations. This measure
is a key component of internal financial reporting and is reviewed for
consistency and trend analysis. For a discussion of operating margin, see
"Targa Resources Partners - Non-GAAP Financial Measures - Operating Margin."
Segment operating financial results and operating statistics include the
effects of intersegment transactions. These intersegment transactions have
been eliminated from the consolidated presentation. For all operating
statistics presented, the numerator is the total volume or sales for the
period and the denominator is the number of calendar days for the period.

The Partnership reports its operations in two divisions: (i) Gathering and
Processing, consisting of two reportable segments - (a) Field Gathering and
Processing and (b) Coastal Gathering and Processing; and (ii)Logistics and
Marketing, consisting of two reportable segments - (a)Logistics Assets and
(b)Marketing and Distribution. The financial results of the Partnership's
commodity hedging activities are reported in Other.

Field Gathering and Processing

The Field Gathering and Processing segment's assets are located in North Texas
and the Permian Basin on West Texas and New Mexico. With the Badlands
acquisition on December 31, 2012, this segment's assets now include the
Badlands crude oil and natural gas gathering, terminaling and processing
assets in North Dakota.

The following table provides summary data regarding results of operations of
this segment for the periods indicated:

                      Three Months Ended June 30,   Six Months Ended June 30,
                      2013            2012          2013         2012
                      ($ in millions)
Gross margin           $110.2         $85.0        $201.7      $187.3
Operating expenses     42.9           31.1         80.6        60.4
Operating margin       $67.3          $53.9        $121.1      $126.9
Operating statistics                                           
(1):
Plant natural gas                                              
inlet, MMcf/d (2),(3)
Sand Hills             162.4          130.6        157.4       138.2
SAOU                   155.1          121.9        147.2       118.6
North Texas System     290.8          242.7        275.9       233.5
Versado                170.8          169.9        165.8       169.9
Badlands               14.1           --          15.0        --
                      793.2          665.1        761.3       660.2
Gross NGL production,                                          
MBbl/d
Sand Hills             17.5           15.4         17.5        16.2
SAOU                   22.7           18.9         21.7        18.5
North Texas System     32.0           26.8         30.5        25.8
Versado                20.6           20.0         20.0        19.6
Badlands               1.8            --          1.7         --
                      94.6           81.1         91.4        80.1
Crude oil gathered,    38.2           --          34.9        --
MBbl/d
Natural gas sales,     379.1          312.6        359.3       313.0
BBtu/d (3)
NGL sales, MBbl/d      67.3           67.5         69.0        66.2
Condensate sales,      3.6            3.5          3.3         3.2
MBbl/d
Average realized                                               
prices (4):
Natural gas, $/MMBtu   3.89           2.02         3.53        2.29
NGL, $/gal             0.69           0.86         0.71        0.96
Condensate, $/Bbl      90.58          86.51        88.40       92.34
__________                                                    
(1) Segment operating statistics include the effect of intersegment amounts,
which have been eliminated from the consolidated presentation. For all volume
statistics presented, the numerator is the total volume sold during the
quarter and the denominator is the number of calendar days during the quarter.
(2) Plant natural gas inlet represents the volume of natural gas passing
through the meter located at the inlet of a natural gas processing plant.
(3) Plant natural gas inlet volumes include producer take-in-kind volumes,
while natural gas sales exclude producer take-in-kind volumes.
(4) Average realized prices exclude the impact of hedging activities
presented in Other.

Three Months Ended June 30, 2013 Compared to Three Months Ended June 30, 2012

The increase in gross margin was primarily due to higher throughput volumes
and higher natural gas prices partially offset by lower NGL sales prices. The
increase in plant inlet volumes was largely attributable to new well connects
across each of our areas of operations. At the same time, volumes at Sand
Hills and Versado were constrained by operational issues. NGL sales were flat,
impacted by the planned partial curtailment of CBF in May and June 2013 (see
Logistics Assets discussion). The planned partial curtailment of CBF also
resulted in a temporary build of y-grade inventory, primarily for our third
party producer customers, that is expected to be fractionated during the third
and fourth quarters.

The increase in operating expenses was primarily due to the addition of
Badlands, additional compression related expenses due to increased volumes,
system expansions and higher system maintenance and repair costs.

Six Months Ended June 30, 2013 Compared to Six Months Ended June 30, 2012

The six month results were impacted by the same factors as discussed above for
the three month comparison of 2013 to 2012.

Coastal Gathering and Processing

The Coastal Gathering and Processing segment assets are located in the onshore
and near offshore region of the Louisiana Gulf Coast and the Gulf of Mexico.
With the strategic location of the Partnership's assets in Louisiana, it has
access to the Henry Hub, the largest natural gas hub in the U.S., and to a
substantial NGL distribution system with access to markets throughout
Louisiana and the Southeast United States.

The following table provides summary data regarding results of operations of
this segment for the periods indicated:

                     Three Months Ended June 30,   Six Months Ended June 30,
                     2013           2012           2013          2012
                     ($ in millions)
Gross margin          $28.6         $38.8         $62.6        $95.5
Operating expenses   11.9          10.8          22.5         21.2
Operating margin      $16.7         $28.0         $40.1        $74.3
Operating statistics                                           
(1):
Plant natural gas                                              
inlet, MMcf/d (2),(3)
LOU (4)               317.7         214.7         329.5        204.8
Coastal Straddles     468.0         760.9         471.3        800.2
VESCO                 493.3         442.3         513.6        492.6
                     1,279.0       1,417.9       1,314.4      1,497.6
Gross NGL production,                                          
MBbl/d
LOU                   8.4           8.2           8.7          8.2
Coastal Straddles     13.1          15.8          13.3         16.7
VESCO                 15.2          18.9          19.0         23.1
                     36.7          42.9          41.0         48.0
Natural gas sales,    285.3         315.1         280.2        298.5
BBtu/d (3)
NGL sales, MBbl/d    35.3          40.7          38.3         44.0
Condensate sales,     0.3           0.2           0.4          0.2
MBbl/d
Average realized                                               
prices:
Natural gas, $/MMBtu  4.09          2.27          3.78         2.43
NGL, $/gal            0.81          0.95          0.83         1.06
Condensate, $/Bbl    102.63        91.40         107.19       111.64
________                                                       
(1) Segment operating statistics include intersegment amounts, which have
been eliminated from the consolidated presentation. For all volume statistics
presented, the numerator is the total volume during the quarter and the
denominator is the number of calendar days during the quarter.
(2) Plant natural gas inlet represents the volume of natural gas passing
through the meter located at the inlet of a natural gas processing plant.
(3) Plant natural gas inlet volumes include producer take-in-kind volumes,
while natural gas sales exclude producer take-in-kind volumes.
(4) Includes volumes from the Big Lake processing plant acquired in July
2012.

Three Months Ended June 30, 2013 Compared to Three Months Ended June 30, 2012

The decrease in gross margin was primarily due to lower NGL prices, less
favorable frac spread and lower throughput volumes. The decrease in plant
inlet volumes was largely attributable to the decline in offshore and
off-system supply volumes, the impact of the Yscloskey, Calumet and other
third-party plant shutdowns and operational issues at VESCO and LOU. This
volume decrease was partially offset by the addition of the Big Lake plant.
The operational issues at VESCO included the impact of damage to one of the
two third-party pipelines that provide NGL takeaway capacity for VESCO that
constrained NGL production until repairs were completed in June. Lower natural
gas sales volumes reflected decreased sales to other reportable segments for
resale partially offset by an increase in demand from industrial customers.

The increase in operating expenses was primarily due to higher system
maintenance and repair costs at LOU and Yscloskey mothballing expenses.

Six Months Ended June 30, 2013 Compared to Six Months Ended June 30, 2012

The six month results were impacted by the same factors as discussed above for
the three month comparison of 2013 to 2012.

Logistics and Marketing Segments

Logistics Assets

The Logistics Assets segment is involved in transporting, storing and
fractionating mixed NGLs; storing, terminaling and transporting finished NGLs;
and storing and terminaling refined petroleum products and crude oil. The
Partnership's logistics assets are generally connected to, and supplied in
part by its Gathering and Processing segments and are predominantly located in
Mont Belvieu, Texas and Southwestern Louisiana.

The following table provides summary data regarding results of operations of
this segment for the periods indicated:

                        Three Months Ended June 30, Six Months Ended June 30,
                        2013          2012          2013         2012
                        ($ in millions)
Gross margin             $84.7        $69.1        $171.3      $133.5
Operating expenses       32.6         23.4         62.7        44.8
Operating margin         $52.1        $45.7        $108.6      $88.7
Operating statistics                                           
(1):
Fractionation volumes,   256.6        311.3        257.3       302.5
MBbl/d
LSNG treating volumes,   19.4         27.1         22.6        23.1
MBbl/d
Benzene treating         16.9         23.7         18.8        20.4
volumes, MBbl/d
_______                                                       
(1) Segment operating statistics include intersegment amounts, which have
been eliminated from the consolidated presentation. For all volume statistics
presented, the numerator is the total volume sold during the quarter and the
denominator is the number of calendar days during the quarter.

Three Months Ended June 30, 2013 Compared to Three Months Ended June 30, 2012

The increase in gross margin reflects higher revenues from all logistics
activities except for treating. Higher fractionation fees more than offset the
impact of partially curtailed fractionation volumes associated with the
planned maintenance turnaround at CBF. Included in the increase in
fractionation gross margin is the impact of higher fuel prices, which pass
through to operating expenses. The CBF planned maintenance, which started in
May2013 and was completed in July 2013, primarily addresses Occupational
Safety and Health Administration ("OSHA") Process Safety Management Standards
and CBF's mechanical integrity programs. Export volumes, which benefit both
the Logistics Assets and Marketing and Distribution segments, averaged 41
MBbl/d for the three months ended June 30, 2013, compared to 28 MBbl/d for the
same period last year. Export rates were also higher. Storage revenues were
higher due to increased rates and new customers. Treating revenues decreased
due to reduced market demand. Petroleum Logistics terminaling gross margin
improved as a result of increased crude oil throughput, the 2013 start-up of a
renewable fuels project, and improved margins.

The increase in operating expenses primarily reflects higher fuel and power
prices (which have a corresponding impact on fractionating and treating
revenues), expenses related to the commissioning of Train Four at CBF, and
increased maintenance costs, partially offset by higher system product gains.

Six Months Ended June 30, 2013 Compared to Six Months Ended June 30, 2012

The six month results were impacted by the same factors as discussed above for
the three month comparison of 2013 to 2012.

Marketing and Distribution

The Marketing and Distribution segment covers all activities required to
distribute and market raw and finished natural gas liquids and all natural gas
marketing activities. It includes: (1) marketing of the Partnership's natural
gas liquids production and purchasing natural gas liquids products in selected
United States markets; (2)providing liquefied petroleum gas balancing
services to refinery customers; (3)transporting, storing and selling propane
and providing related propane logistics services to multi-state retailers,
independent retailers and other end users; and (4)marketing natural gas
available to the Partnership from its Gathering and Processing division and
the purchase and resale of natural gas in selected United States markets.

The following table provides summary data regarding results of operations of
this segment for the periods indicated:

                      Three Months Ended June 30,   Six Months Ended June 30,
                      2013           2012           2013         2012
                      ($ in millions)
Gross margin           $37.2         $35.4         $82.0        $70.8
Operating expenses     9.8           9.2           20.6        18.4
Operating margin       $27.4         $26.2         $61.4       $52.4
Operating statistics                                           
(1):
NGL sales, MBbl/d      282.9         274.4         283.3       278.5
Average realized                                               
prices:
NGL realized price,    0.84          0.92          0.88        1.07
$/gal
________                                                       
(1) Segment operating statistics include intersegment amounts, which have
been eliminated from the consolidated presentation. For all volume statistics
presented, the numerator is the total volume sold during the quarter and the
denominator is the number of calendar days during the quarter.

Three Months Ended June 30, 2013 Compared to Three Months Ended June 30, 2012

Gross margin increased primarily due to higher LPG export activity (which
benefited both the Logistics Assets and Marketing and Distribution segments),
higher truck and barge utilization and higher wholesale terminal margins,
partially offset by lower marketing fees.

Operating expenses increased primarily due to higher truck utilization and
increased storage operating costs.

Six Months Ended June 30, 2013 Compared to Six Months Ended June 30, 2012

The six month results were impacted by the same factors as discussed above for
the three month comparison of 2013 to 2012.

Other

                Three Months Ended June 30, Six Months Ended June 30,
                2013           2012           2013          2012
                (In millions)
Gross margin     $5.6          $12.8         $12.3        $14.1
Operating margin $5.6          $12.8         $12.3        $14.1

Other contains the financial effects of our hedging program on operating
margin. It typically represents the cash settlements on our derivative
contracts. Other also includes deferred gains or losses on previously
terminated or de-designated hedge contracts that are reclassified to revenues
upon the occurrence of the underlying physical transactions.

The primary purpose of our commodity risk management activities is to manage
our exposure to commodity price risk and reduce volatility in our operating
cash flow due to fluctuations in commodity prices. We have hedged the
commodity price associated with a portion of our expected (i) natural gas
equity volumes in Field Gathering and Processing Operations and (ii) NGL and
condensate equity volumes predominately in Field Gathering and Processing as
well as in the LOU portion of the Coastal Gathering and Processing Operations
that result from their percent of proceeds or liquids processing arrangements
by entering into derivative instruments.

The following table provides a breakdown of our hedge revenue by product:

           Three Months Ended June 30, Six Months Ended June 30,
           2013          2012          2013         2012
           (In millions)
Natural gas $1.0         $10.4        $4.3        $19.0
NGL         4.5          3.0          8.1         (2.6)
Crude oil   0.1          (0.6)        (0.1)       (2.3)
           $5.6         $12.8        $12.3       $14.1

Because the Partnership is essentially forward selling a portion of the plant
equity volumes, these hedge positions will move favorably in periods of
falling prices and unfavorably in periods of rising prices.

About Targa Resources Corp. and Targa Resources Partners

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 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, TX 77002 and
their telephone number is 713-584-1000. For more information please go to
www.targaresources.com.

Targa Resources Partners - Non-GAAP Financial Measures

This press release includes the Partnership's non-GAAP financial measures
distributable cash flow, Adjusted EBITDA, gross margin and operating margin.
The following tables provide reconciliations of these non-GAAP financial
measures to their most directly comparable GAAP measures. The Partnership's
non-GAAP financial measures should not be considered as alternatives to GAAP
measures such as net income, operating income, net cash flows provided by
operating activities or any other GAAP measure of liquidity or financial
performance.

Distributable Cash Flow - The Partnership defines distributable cash flow as
net income attributable to Targa Resources Partners LP plus depreciation and
amortization, deferred taxes and amortization of debt issue costs included in
interest expense, adjusted for non-cash losses (gains) on mark-to-market
derivative contracts, debt repurchases and redemptions, early debt
extinguishments and asset disposals, less maintenance capital expenditures
(net of any reimbursements of project costs), and changes in the fair value of
the Badlands acquisition contingent consideration, to the extent unrealized.
This measure includes any impact of noncontrolling interests.

Distributable cash flow is a significant performance metric used by the
Partnership and by external users of its financial statements, such as
investors, commercial banks and research analysts to compare basic cash flows
generated by the Partnership (prior to the establishment of any retained cash
reserves by the board of directors of the Partnership's general partner) to
the cash distributions it expects to pay its unitholders. Using this metric,
management and external users of the Partnership's financial statements can
quickly compute the coverage ratio of estimated cash flows to planned cash
distributions. Distributable cash flow is also an important financial measure
for the Partnership's unitholders since it serves as an indicator of the
Partnership's success in providing a cash return on investment. Specifically,
this financial measure indicates to investors whether or not the Partnership
is generating cash flow at a level that can sustain or support an increase in
its quarterly distribution rates. Distributable cash flow is also a
quantitative standard used throughout the investment community with respect to
publicly-traded partnerships and limited liability companies because the value
of a unit of such an entity is generally determined by the unit's yield (which
in turn is based on the amount of cash distributions the entity pays to a
unitholder).

Distributable cash flow is a non-GAAP financial measure. The GAAP measure most
directly comparable to distributable cash flow is net income attributable to
Targa Resources Partners LP. Distributable cash flow should not be considered
as an alternative to GAAP net income attributable to Targa Resources Partners
LP. It has important limitations as an analytical tool. Investors should not
consider distributable cash flow in isolation or as a substitute for analysis
of the Partnership's results as reported under GAAP. Because distributable
cash flow excludes some, but not all, items that affect net income
attributable to Targa Resources Partners LP and is defined differently by
different companies in the Partnership's industry, the Partnership's
definition of distributable cash flow may not be comparable to similarly
titled measures of other companies, thereby diminishing its utility.

Management compensates for the limitations of distributable cash flow as an
analytical tool by reviewing the comparable GAAP measure, understanding the
differences between the measures and incorporating these insights into its
decision making processes.

The following table presents a reconciliation of net income attributable to
Targa Resources Partners LP to distributable cash flow for the periods
indicated:

                        Three Months Ended June 30, Six Months Ended June 30,
                        2013          2012          2013         2012
                        (In millions)
Reconciliation of net income                                    
attributable to Targa
Resources Partners LP to distributable                          
cash flow:
Net income attributable
to Targa Resources       $26.3        $46.8        $65.2       $117.0
Partners LP
Depreciation and         65.7         47.6         129.6       94.3
amortization expenses
Deferred income tax      0.4          0.4          0.8         0.8
expense
Amortization in interest 4.0          4.4          8.0         8.9
expense
Loss on debt redemption
and early debt           7.4          --          7.4         --
extinguishment
Change in contingent     (6.5)                     (6.2)       
consideration
Loss on sale or          3.9          --          3.8         --
disposition of assets
Risk management          0.2          1.2          0.1         2.2
activities
Maintenance capital      (21.8)       (15.5)       (43.4)      (31.9)
expenditures
Other (1)                (0.6)        (0.4)        (0.6)       (1.1)
Targa Resources Partners
LP distributable cash    $79.0        $84.5        $164.7      $190.2
flow
_______                                                        
(1) Includes reimbursements of certain environmental maintenance capital
expenditures by TRC, the noncontrolling interest portion of maintenance
capital expenditures, and depreciation and amortization expenses.

Adjusted EBITDA - The Partnership defines Adjusted EBITDA as net income
before: interest; income taxes; depreciation and amortization; gains or losses
on debt repurchases and redemptions, early debt extinguishments and asset
disposals; non-cash risk management activities related to derivative
instruments; and changes in the fair value of the Badlands acquisition
contingent consideration. Adjusted EBITDA is used as a supplemental financial
measure by the Partnership and by external users of the Partnership's
financial statements such as investors, commercial banks and others.

The economic substance behind management's use of Adjusted EBITDA is to
measure the ability of the Partnership's assets to generate cash sufficient to
pay interest costs, support indebtedness and make distributions to investors.

The GAAP measures most directly comparable to Adjusted EBITDA are net cash
provided by operating activities and net income attributable to Targa
Resources Partners LP. Adjusted EBITDA should not be considered as an
alternative to GAAP net cash provided by operating activities or GAAP net
income attributable to Targa Resources Partners LP. Adjusted EBITDA is not a
presentation made in accordance with GAAP and has important limitations as an
analytical tool. Investors should not consider Adjusted EBITDA in isolation or
as a substitute for analysis of the Partnership's results as reported under
GAAP. Because Adjusted EBITDA excludes some, but not all, items that affect
net income attributable to Targa Resources Partners LP and net cash provided
by operating activities and is defined differently by different companies in
the Partnership's industry, the Partnership's definition of Adjusted EBITDA
may not be comparable to similarly titled measures of other companies.

Management compensates for the limitations of Adjusted EBITDA as an analytical
tool by reviewing the comparable GAAP measures, understanding the differences
between the measures and incorporating these insights into its decision-making
processes.

The following table presents a reconciliation of net cash provided by
operating activities to Targa Resources Partners LP Adjusted EBITDA for the
periods indicated:

                         Three Months Ended June   Six Months Ended June 30,
                          30,
                         2013         2012         2013          2012
                         (In millions)
Reconciliation of net
cash provided by Targa                                         
Resources
Partners LP operating
activities to Adjusted                                         
EBITDA:
Net cash provided by      $5.1        $78.3       $176.8       $225.0
operating activities
Net income attributable
to noncontrolling         (6.4)       (7.9)       (12.8)       (19.6)
interests
Interest expense, net (1) 27.6        24.9        55.0         49.7
Loss on debt redemption
and early debt            (7.4)       --         (7.4)        --
extinguishments
Change in contingent      (6.5)       --         (6.2)        --
consideration
Current income tax        0.5         0.4         1.0          1.0
expense
Other (2)                 5.2         (4.2)       1.2          (9.1)
Changes in operating
assets and liabilities                                         
which used (provided)
cash:
Accounts receivable and   90.0        (50.5)      (31.5)       (208.7)
other assets
Accounts payable and      18.4        81.9        82.7         230.0
other liabilities
Targa Resources Partners  $126.5      $122.9      $258.8       $268.3
LP Adjusted EBITDA
_________                                                      
(1) Net of amortization of debt issuance costs, discount and premium included
in interest expense of $4.0 million and $4.4 million for the three months
ended June 30, 2013 and 2012, and $8.0 million and $8.9 million for the six
months ended June 30, 2013 and 2012.
(2) Includes equity earnings from unconsolidated investments – net of
distributions, accretion expense associated with asset retirement obligations,
amortization of stock-based compensation, gain on sale or disposal of assets.

The following table presents a reconciliation of net income attributable to
Targa Resources Partners LP to Adjusted EBITDA for the periods indicated:

                                Three Months Ended June Six Months Ended June
                                 30,                    30,
                                2013        2012        2013       2012
                                (In millions)
Reconciliation of net income                                     
attributable to
Targa Resources Partners LP to                                   
Adjusted EBITDA:
Net income attributable to Targa $26.3      $46.8      $65.2     $117.0
Resources Partners LP
Add:                                                             
Interest expense, net           31.6       29.4       63.0      58.8
Income tax expense               0.9        0.8        1.8       1.8
Depreciation and amortization    65.7       47.6       129.6     94.3
expenses
Loss on sale or disposition of   3.9        --        3.8       --
assets
Loss on debt redemption and      7.4        --        7.4       --
early debt extinguishments
Change in contingent             (6.5)      --        (6.2)     --
consideration
Risk management activities       0.2        1.2        0.1       2.2
Noncontrolling interests         (3.0)      (2.9)      (5.9)     (5.8)
adjustment (1)
Targa Resources Partners LP      $126.5     $122.9     $258.8    $268.3
Adjusted EBITDA
_________                                                       
(1) Noncontrolling interest portion of depreciation and amortization
expenses.

Gross Margin – The Partnership defines gross margin as revenues less
purchases. It is impacted by volumes and commodity prices as well as the
Partnership's contract mix and hedging program. The Partnership defines
Gathering and Processing gross margin as total operating revenues from (1) the
sale of natural gas, condensate and NGLs (2) natural gas and crude oil
gathering and service fee revenues and (3) settlement gains and losses on
commodity hedges, less product purchases, which consist primarily of producer
payments and other natural gas purchases. Logistics Assets gross margin
consists primarily of service fee revenue. Gross margin for Marketing and
Distribution equals total revenue from service fees, NGL and natural gas
sales, less cost of sales, which consists primarily of NGL and natural gas
purchases, transportation costs and changes in inventory valuation.

Operating Margin - Operating margin is an important performance measure of the
core profitability of the Partnership's operations. The Partnership defines
operating margin as gross margin less operating expenses.

Gross margin and operating margin are non-GAAP measures. The GAAP measure most
directly comparable to gross margin and operating margin is net income. Gross
margin and operating margin are not alternatives to GAAP net income, and have
important limitations as analytical tools. Investors should not consider gross
margin and operating margin in isolation or as substitutes for analysis of the
Partnership's results as reported under GAAP. Because gross margin and
operating margin exclude some, but not all, items that affect net income and
are defined differently by different companies in the Partnership's industry,
the Partnership's definition of gross margin and operating margin may not be
comparable to similarly titled measures of other companies, thereby
diminishing their utility..

Management reviews business segment gross margin and operating margin monthly
as a core internal management process. The Partnership believes that investors
benefit from having access to the same financial measures that its management
uses in evaluating its operating results. Gross margin and operating margin
provide useful information to investors because they are used as supplemental
financial measures by the Partnership and by external users of the
Partnership's financial statements, including investors and commercial banks
to assess:

  *the financial performance of the Partnership's assets without regard to
    financing methods, capital structure or historical cost basis;
    
  *the Partnership's operating performance and return on capital as compared
    to other companies in the midstream energy sector, without regard to
    financing or capital structure; and
    
  *the viability of acquisitions and capital expenditure projects and the
    overall rates of return on alternative investment opportunities.

Management compensates for the limitations of gross margin and operating
margin as analytical tools by reviewing the comparable GAAP measure,
understanding the differences between the measures and incorporating these
insights into its decision-making processes.

The following table presents a reconciliation of gross margin and operating
margin to net income for the periods indicated:

                            Three Months Ended June Six Months Ended June 30,
                             30,
                            2013        2012        2013         2012
                            (In millions)
Reconciliation of Targa                                        
Resources Partners LP gross
margin and operating margin                                    
to net income:
Gross margin                 $265.2     $243.8     $525.6      $505.2
Operating expenses           (96.1)     (77.2)     (182.1)     (148.8)
Operating margin             169.1      166.6      343.5       356.4
Depreciation and             (65.7)     (47.6)     (129.6)     (94.3)
amortization expenses
General and administrative   (36.1)     (33.5)     (70.3)      (66.4)
expenses
Interest expense, net        (31.6)     (29.4)     (63.0)      (58.8)
Income tax expense           (0.9)      (0.8)      (1.8)       (1.8)
Gain (loss) on sale or       (3.9)      --        (3.8)       0.1
disposition of assets
Loss on debt redemption and  (7.4)      --        (7.4)       --
early debt extinguishments
Change in contingent         6.5        --        6.2         --
consideration
Other, net                   2.7        (0.6)      4.2         1.4
Targa Resources Partners LP  $32.7      $54.7      $78.0       $136.6
net income

Targa Resources Corp. - Non-GAAP Financial Measures

This press release includes the Company's non-GAAP financial measure
distributable cash flow. Distributable cash flow should not be considered as
an alternative to GAAP measures such as net income or any other GAAP measure
of liquidity or financial performance.

Distributable Cash Flow - The Company defines distributable cash flow as
distributions due to it from the Partnership, less the Company's specific
general and administrative costs as a separate public reporting entity, the
interest carry costs associated with its debt and taxes attributable to the
Company's earnings. Distributable cash flow is a significant performance
metric used by the Company and by external users of the Company's financial
statements, such as investors, commercial banks, research analysts and others
to compare basic cash flows generated by the Company to the cash dividends the
Company expects to pay its shareholders. Using this metric, management and
external users of the Company's financial statements can quickly compute the
coverage ratio of estimated cash flows to planned cash dividends.
Distributable cash flow is also an important financial measure for the
Company's shareholders since it serves as an indicator of the Company's
success in providing a cash return on investment. Specifically, this financial
measure indicates to investors whether or not the Company is generating cash
flow at a level that can sustain or support an increase in the Company's
quarterly dividend rates. Distributable cash flow is also a quantitative
standard used throughout the investment community because the share value is
generally determined by the share's yield (which in turn is based on the
amount of cash dividends the entity pays to a shareholder).

The economic substance behind the Company's use of distributable cash flow is
to measure the ability of the Company's assets to generate cash flow
sufficient to pay dividends to the Company's investors.

The GAAP measure most directly comparable to distributable cash flow is net
income attributable to Targa Resources Corp. Distributable cash flow should
not be considered as an alternative to GAAP net income attributable to Targa
Resources Corp. Distributable cash flow is not a presentation made in
accordance with GAAP and has important limitations as an analytical tool.
Investors should not consider distributable cash flow in isolation or as a
substitute for analysis of the Company's results as reported under GAAP.
Because distributable cash flow excludes some, but not all, items that affect
net income attributable to Targa Resources Corp. and is defined differently by
different companies in the Company's industry, the Company's definition of
distributable cash flow may not be compatible to similarly titled measures of
other companies, thereby diminishing its utility.

Management compensates for the limitations of distributable cash flow as an
analytical tool by reviewing the comparable GAAP measure, understanding the
differences between the measures and incorporating these insights into its
decision making process.

The following table presents a reconciliation of net income of Targa Resources
Corp. to distributable cash flow for the periods indicated:

                          Three Months Ended June   Six Months Ended June 30,
                           30,
                          2013         2012         2013         2012
                          ( in millions)
Reconciliation of net                                          
income attributable to
Targa Resources Corp. to                                       
distributable Cash Flow
Net income of Targa        $22.5       $43.5       $56.2       $112.6
Resources Corp.
Less: Net income of Targa  (32.7)      (54.7)      (78.0)      (136.6)
Resources Partners LP
Net loss for TRC           (10.2)      (11.2)      (21.8)      (24.0)
Non-Partnership
TRC Non-Partnership income 7.1         7.8         15.8        17.0
tax expense
Distributions from the     35.9        24.2        68.9        46.4
Partnership
Non-cash loss (gain) on    0.1         (0.6)       0.1         (1.0)
hedges
Depreciation -             --         0.7         0.1         1.4
Non-Partnership
Current cash tax expense   (5.9)       (5.8)       (13.4)      (12.7)
(1)
Taxes funded with cash on  2.5         2.2         5.0         4.4
hand (2)
Targa Resources Corp.      $29.5       $17.3       $54.7       $31.5
distributable cash flow
_________                                                     
(1) Excludes $1.2 million and $2.4 million of non-cash current tax expense
arising from amortization of deferred long-term tax assets from drop-down
gains realized for tax purposes and paid in 2010 for the three and six months
ended June 30, 2013 and 2012.
(2) Current period portion of amount established at our IPO to fund taxes on
deferred gains related to drop-down transactions that were treated as sales
for income tax purposes.

The following table presents an alternative reconciliation of cash
distributions declared by Targa Resources Partners LP to distributable cash
flow of Targa Resources Corp. for the periods indicated:

                            Three Months Ended June Six Months Ended June 30,
                             30,
                            2013        2012        2013         2012
                            ( in millions)
Targa Resources Corp.                                          
distributable Cash Flow
Distributions declared by
Targa Resources Partners LP                                    
associated with:
General Partner Interests    $2.0       $1.5       $3.9        $2.9
Incentive Distribution       24.6       14.4       46.7        27.1
Rights
Common Units                 9.3        8.3        18.3        16.4
Total distributions declared
by Targa Resources Partners  35.9       24.2       68.9        46.4
LP
Income (expenses) of TRC                                       
Non-Partnership
General and administrative   (2.3)      (2.2)      (4.3)       (4.4)
expenses
Interest expense, net        (0.8)      (1.1)      (1.5)       (2.2)
Current cash tax expense (1) (5.9)      (5.8)      (13.4)      (12.7)
Taxes funded with cash on    2.5        2.2        5.0         4.4
hand (2)
Other income (expense)       0.1        --        --         --
Targa Resources Corp.        $29.5      $17.3      $54.7       $31.5
distributable cash flow
_________                                                     
(1) Excludes $1.2 million and $2.4 million of non-cash current tax expense
arising from amortization of deferred long-term tax assets from drop-down
gains realized for tax purposes and paid in 2010 for the three and six months
ended June 30, 2013 and 2012.
(2) Current period portion of amount established at our IPO to fund taxes on
deferred gains related to drop-down transactions that were treated as sales
for income tax purposes.

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.

TARGA RESOURCES PARTNERS LP                                    
FINANCIAL SUMMARY (unaudited)
CONSOLIDATED BALANCE SHEETS                                    
(In millions)                                                  
                                                     June 30,  December 31,
                                                     2013      2012
ASSETS                                                        
Current assets:                                                
Cash and cash equivalents                             $72.7    $68.0
Trade receivables                                     435.9    514.9
Inventories                                           138.3    99.4
Assets from risk management activities                23.2     29.3
Other current assets                                  1.8      3.3
Total current assets                                  671.9    714.9
Property, plant and equipment, net                    3,878.6  3,533.2
Other intangible assets, net                          667.1    680.8
Long-term assets from risk management activities      5.6      5.1
Other long-term assets                                99.4     91.7
Total assets                                         $5,322.6 $5,025.7
LIABILITIES AND PARTNERS' CAPITAL                              
Current liabilities:                                           
Accounts payable and accrued liabilities              $616.9   $701.2
Liabilities from risk management activities           3.8      7.4
Total current liabilities                             620.7    708.6
Long-term debt                                       2,650.0  2,393.3
Long-term liabilities from risk management activities 1.8      4.8
Other long-term liabilities                           63.4     58.9
Owners' equity:                                                
Targa Resources Partners LP owner's equity            1,826.5  1,709.6
Noncontrolling interests in subsidiaries              160.2    150.5
Total owners' equity                                  1,986.7  1,860.1
Total liabilities and owners' equity                  $5,322.6 $5,025.7

                                                                 
TARGA RESOURCES PARTNERS LP                                       
FINANCIAL SUMMARY (unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS                             
(In millions, except per unit amounts)                            
                                      Three Months Ended  Six Months Ended
                                      June 30,            June 30,
                                      2013      2012      2013      2012
REVENUES                               $1,441.6 $1,318.4 $2,839.5 $2,963.9
Product purchases                      1,176.4  1,074.6  2,313.9  2,458.7
Operating expenses                     96.1     77.2     182.1    148.8
Depreciation and amortization expenses 65.7     47.6     129.6    94.3
General and administrative expenses    36.1     33.5     70.3     66.4
Other operating (income) expense       4.1      --      4.2      (0.1)
Total costs and expenses              1,378.4  1,232.9  2,700.1  2,768.1
INCOME FROM OPERATIONS                 63.2     85.5     139.4    195.8
Other income (expense):                                           
Interest expense, net                  (31.6)   (29.4)   (63.0)   (58.8)
Equity earnings (loss)                 2.9      (0.2)    4.5      1.9
Loss on debt redemption and early debt (7.4)    --      (7.4)    --
extinguishments
Other expense                          6.5      (0.4)    6.3      (0.5)
Income before income taxes             33.6     55.5     79.8     138.4
Income tax expense (benefit)           (0.9)    (0.8)    (1.8)    (1.8)
NET INCOME                             32.7     54.7     78.0     136.6
Less: Net income attributable to       6.4      7.9      12.8     19.6
noncontrolling interests
NET INCOME ATTRIBUTABLE TO TARGA       $26.3    $46.8    $65.2    $117.0
RESOURCES PARTNERS LP
                                                                 
Net income attributable to general     $25.1     $15.4    $47.9    $29.5
partner
Net income attributable to limited     1.2      31.4     17.3     87.5
partners
Net income attributable to Targa       $26.3    $46.8    $65.2    $117.0
Resources Partners LP
                                                                 
Net income per limited partner unit -  $0.01    $0.35    $0.17    $0.99
basic
Net income per limited partner unit -  0.01     0.35     0.17     0.99
diluted
                                                                 
Weighted average limited partner units 103.9    89.2     102.9    88.6
outstanding - basic
Weighted average limited partner units 104.2    89.3     103.1    88.7
outstanding - diluted

                                                                 
TARGA RESOURCES PARTNERS LP                                       
FINANCIAL SUMMARY (unaudited)
CONSOLIDATED CASH FLOW INFORMATION                                
(In millions)                                                     
                                                    Six Months Ended June 30,
                                                    2013          2012
CASH FLOWS FROM OPERATING ACTIVITIES                              
Net income                                           $78.0        $136.6
Adjustments to reconcile net income to net cash                   
provided by operating activities:                                 
Amortization in interest expense                     8.0          9.1
Compensation on equity grants                        3.0          1.6
Depreciation and amortization expense                129.6        94.3
Accretion of asset retirement obligations            2.0          2.0
Deferred income tax expense                          0.8          0.8
Equity earnings, net of distributions                (4.5)        --
Risk management activities                           (0.1)        2.0
Loss on debt redemption and early debt               7.4          --
extinguishments
Gain (loss) on sale or disposal of assets            3.8          (0.1)
Changes in operating assets and liabilities          (51.2)       (21.3)
Net cash provided by operating activities            176.8        225.0
CASH FLOWS FROM INVESTING ACTIVITIES                              
Outlays for property, plant and equipment            (444.5)      (238.4)
Investment in unconsolidated affiliate               --          (13.7)
Other, net                                           (10.5)       1.3
Net cash used in investing activities                (455.0)      (250.8)
CASH FLOWS FROM FINANCING ACTIVITIES                              
Proceeds from borrowings under credit facility       680.0        325.0
Repayments of credit facility                        (1,075.0)    (683.0)
Proceeds from issuance of senior notes               625.0        400.0
Redemption of senior notes                           (106.4)      --
Proceeds from accounts receivable securitization     207.7        --
facility
Repayments of accounts receivable securitization     (82.4)       --
facility
Costs incurred in connection with financing          (11.7)       (4.5)
arrangements
Proceeds from equity offerings                       235.2        168.4
Distributions to unitholders                         (186.4)      (135.6)
Contributions from parent                            --          0.8
Contributions from noncontrolling interests          4.3          4.8
Distributions to noncontrolling interests            (7.4)        (16.2)
Net cash provided by (used in) financing activities  282.9        59.7
Net change in cash and cash equivalents              4.7          33.9
Cash and cash equivalents, beginning of period       68.0         55.6
Cash and cash equivalents, end of period             $72.7        $89.5

                                                              
TARGA RESOURCES CORP.                                          
FINANCIAL SUMMARY (unaudited)
CONSOLIDATED STATEMENTS                                        
OF OPERATIONS
(In millions, except per                                       
share amounts)
                        Three Months Ended June 30, Six Months Ended June 30,
                        2013          2012          2013         2012
REVENUES                 $1,441.6     $1,319.1     $2,839.4    $2,964.9
Product purchases        1,176.4      1,074.6      2,313.9     2,458.8
Operating expenses       96.1         77.3         182.2       148.9
Depreciation and         65.7         48.3         129.7       95.7
amortization expenses
General and              38.4         35.7         74.6        70.8
administrative expenses
Other operating (income) 4.1          --          4.2         (0.1)
expense
Total costs and         1,380.7      1,235.9      2,704.6     2,774.1
expenses
INCOME FROM OPERATIONS   60.9         83.2         134.8       190.8
Other income (expense):                                        
Interest expense, net    (32.4)       (30.5)       (64.5)      (61.0)
Equity earnings (loss)   2.9          (0.2)        4.5         1.9
Loss on debt redemption
and early debt           (7.4)        --          (7.4)       --
extinguishments
Other expenses           6.5          (0.4)        6.3         (0.3)
Income before income     30.5         52.1         73.7        131.4
taxes
Income tax expense       (8.0)        (8.6)        (17.5)      (18.8)
NET INCOME               22.5         43.5         56.2        112.6
Less: Net income
attributable to          7.5          34.9         27.9        94.4
noncontrolling interests
NET INCOME AVAILABLE TO  $15.0        $8.6         $28.3       $18.2
COMMON SHAREHOLDERS
                                                              
Net income available per $0.36        $0.21        $0.68       $0.44
common share - basic
Net income available per $0.36        $0.21        $0.67       $0.44
common share - diluted
                                                              
Weighted average shares  41.6         41.0         41.6        41.0
outstanding - basic
Weighted average shares  42.1         41.9         42.0        41.8
outstanding - diluted
                                                              

                               
TARGA RESOURCES CORP.           
FINANCIAL SUMMARY (unaudited)
KEY TARGA RESOURCES CORP. BALANCE SHEET ITEMS
(In millions)                   
                               
                               June 30, 2013
Cash and cash equivalents:      
TRC Non-Partnership             $10.2
Targa Resources Partners       72.7
Total cash and cash equivalents $82.9
Long-term debt:                 
TRC Non-Partnership             $78.0
Targa Resources Partners       2,650.0
Total long-term debt            $2,728.0

CONTACT: Investor Relations
         (713) 584-1133

         Jennifer Kneale
         Director - Finance

         Matthew Meloy
         Senior Vice President, Chief Financial Officer and Treasurer