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Targa Resources Partners LP (NGLS)

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Welcome to Targa Resources

Targa Resources is a growth-oriented provider of midstream natural gas and NGL services, and is one of the largest independent midstream energy companies in the country. Our natural gas and NGL products services include gas gathering, processing, treating, fractionation, storage terminalling, and transportation throughout the United States to a very large and diverse customer base and are provided through our extensive portfolio of integrated midstream assets and experienced employee base.

Our gas gathering and processing asset locations provide us access to relatively stable natural gas supplies from the continued development of oil and gas producing regions including the Permian Basin, Fort Worth / Bend Arch Basin, South Louisiana Basin and deepwater, deep shelf Gulf of Mexico natural gas reserves.

Targa's downstream NGL logistics assets are located in several states including Texas, Louisiana, California, and consist of fractionation, storage, terminalling, transportation and distribution. We either sell raw NGL mix or component NGLs to petrochemical and refining companies, retail distributors, or to marketers at market hubs from the east to west coast including the largest of which is located on the Texas Gulf Coast at Mont Belvieu, Texas, close to our fractionation and marine terminal facilities.

Our asset proximity to attractive producing regions, end-use markets and leading market hubs position us to capitalize on growth opportunities. We believe our significant scale, broad range of services, operational focus and competitive cost structure position us well to serve customers and to benefit from the importance of existing infrastructure in the growing U.S. energy market.

We also look to acquire strategically located midstream gathering, processing, transmission and NGL logistics assets in stable supply and demand areas, including the Gulf Coast, Gulf of Mexico, Mid-Continent and Rocky Mountain regions of the United States.

Overview

 

Targa Resources offers two separate publicly-traded securities on the NYSE

  • Targa Resources Corp. (NYSE: TRGP) - a corporation; and,

  • Targa Resources Partners LP ("Targa Resources Partners" or the "Partnership") (NYSE: NGLS) - a Master Limited Partnership

Both securities offer investors an opportunity to participate in the midstream energy sector.

Targa Resources Corp. (NYSE: TRGP)

 

Targa Resources Corp. owns general and limited partner interests, including incentive distribution rights ("IDRs"), in Targa Resources Partners (NYSE: NGLS), a publicly traded Delaware limited partnership that is a leading provider of midstream natural gas and natural gas liquid services in the United States. Our IDRs entitle us to receive increasing percentages, up to 48%, of all cash distributed by the Partnership. Our interests in the Partnership consist of a 2% general partner interest, which we hold through our 100% ownership interest in the general partner of the Partnership (Targa Resources GP LLC); all of the outstanding IDRs; and common units of the Partnership.

Our primary business objective is to increase our cash available for distribution to our stockholders by assisting the Partnership in executing its business strategy. Our cash flows are generated from the cash distributions we receive from the Partnership.

Targa Resources Partners LP (NYSE:NGLS)

 

Targa Resources Partners is a Delaware limited partnership engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting and selling natural gas liquids, or NGLs, and NGL products. The Partnership owns an extensive network of integrated gathering pipelines and gas processing plants and currently operates along the Louisiana Gulf Coast, accessing the Coastal and offshore region of Louisiana, the Permian Basin in West Texas and Southeast New Mexico and the Fort Worth Basin in North Texas. Additionally, our natural gas liquids 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. (NYSE: TRGP).

Our primary objective is to provide increasing cash distributions to our unitholders over time. Our business strategies focus on creating and increasing value for our unitholders through efficient operations, disciplined risk management and prudent growth through organic projects and acquisitions.

Our History

 


Formed in 2003, Targa is a growth-oriented midstream, Warburg Pincus sponsored, company. Our business objective is to target for acquisition, and subsequent improvement, strategically located midstream gathering, processing and transmission assets in stable supply and demand areas, primarily in the Gulf Coast, Gulf of Mexico, Mid-Continent and Rocky Mountain regions of the United States.

Company Milestones

 

April 2003 - Targa Resources, Inc. ("Targa") was formed by its Management Team and Warburg Pincus.

April 2004 - Targa purchased certain midstream natural gas operations from ConocoPhillips

October 2005 - Targa purchased Dynegy Midstream Services from Dynegy

February 2007 - IPO of Targa Resources Partners LP ("Targa Resources Partners" or the "Partnership") (Ticker: NGLS). In connection with its initial public offering, the Partnership acquired natural gas gathering, processing and treating assets from Targa in the Fort Worth Basin known as the "North Texas System."

October 2007 - The Partnership acquired from Targa certain natural gas gathering, processing and treating assets in the Permian Basin of West Texas and in Southwest Louisiana. The West Texas assets are collectively referred to as "SAOU" (San Angelo Operating Unit) and the Southwest Louisiana assets are collectively referred to as "LOU" (Louisiana Operating Unit).

September 2009 - The Partnership acquired from Targa the NGL Logistics and Marketing Division (the "Downstream Business") consisting of fractionation facilities, storage and terminalling facilities, low sulfur natural gasoline treating facilities, pipeline transportation and distribution assets, propane storage, truck terminals and NGL (natural gas liquids) transport assets.

April 2010 - The Partnership acquired certain natural gas gathering and processing systems, processing plants and related assets in West Texas including the Sand Hills processing plant and gathering system and other smaller gathering systems that are collectively referred to as the "Permian Business." The Partnership also acquired from Targa a natural gas straddle processing plant business collectively referred to as the "Coastal Straddles" that operates along the Louisiana Gulf Coast primarily accessing the coastal and offshore region of Louisiana.

August 2010 - The Partnership acquired from Targa a 63% ownership interest in Versado, which conducts a natural gas gathering and processing business in New Mexico consisting of the business and operations involving the Eunice, Monument and Saunders gathering and processing systems, processing plants and related assets. These assets are collectively referred to as the "Versado System."

September 2010 - The Partnership acquired from Targa a 77% ownership interest in VESCO, a joint venture that owns and operates a natural gas gathering and processing business in Louisiana consisting of a coastal straddle plant and the business and operations of Venice Gathering System, L.L.C., an offshore gathering system (collectively, the "VESCO System"). The VESCO System captures volumes from the Gulf of Mexico shelf and deepwater.

December 2010 - Targa Resources Corp. - (NYSE: TRGP) IPO (Targa Resources Corp. formerly known as Targa Resources Investments, Inc.

 

Management

 

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Rene R. Joyce
Chief Executive Officer

Joe Bob Perkins
President

James W. Whalen
Executive Chairman

Roy E. Johnson
Executive Vice President

Michael A. Heim
Executive Vice President and Chief Operating Officer

Paul W. Chung
Executive Vice President, General Counsel and Secretary

Jeffrey J. McParland
President, Finance and Administration

Matthew J. Meloy
Senior Vice President, Chief Financial Officer and Treasurer

Rene R. Joyce has served as a director and Chief Executive Officer of Targa Resources Investments Inc. (the "Company") since its formation on October 27, 2005, of the General Partner since October 2006 and of Targa Resources, Inc. ("Targa") since its formation in February 2004 and was a consultant for the Targa predecessor company during 2003. He is also a member of the supervisory directors of Core Laboratories N.V. Mr. Joyce served as a consultant in the energy industry from 2000 through 2003 providing advice to various energy companies and investors regarding their operations, acquisitions and dispositions. Mr. Joyce served as President of onshore pipeline operations of Coral Energy, LLC, a subsidiary of Shell Oil Company ("Shell") from 1998 through 1999 and President of energy services of Coral Energy Holding, L.P. ("Coral"), a subsidiary of Shell which was the gas and power marketing joint venture between Shell and Tejas Gas Corporation ("Tejas"), during 1999. Mr. Joyce served as President of various operating subsidiaries of Tejas, a natural gas pipeline company, from 1990 until 1998 when Tejas was acquired by Shell. As the founding Chief Executive Officer of Targa, Mr. Joyce brings deep experience in the midstream business, expansive knowledge of the oil and gas industry, as well as relationships with chief executives and other senior management at peer companies, customers and other oil and natural gas companies throughout the world. His experience and industry knowledge, complemented by an engineering and legal educational background, enable Mr. Joyce to provide the board with executive counsel on the full range of business, technical, and professional matters.

Joe Bob Perkins has served as President of the Company since its formation on October 27, 2005, of the General Partner since October 2006 and of Targa since February 2004 and was a consultant for the Targa predecessor company during 2003. Mr. Perkins also served as a consultant in the energy industry from 2002 through 2003 and was an active partner in RTM Media (an outdoor advertising firm) during such time period. Mr. Perkins served as President and Chief Operating Officer for the Wholesale Businesses, Wholesale Group and Power Generation Group of Reliant Resources, Inc. and its parent/predecessor companies, from 1998 to 2002 and Vice President, Corporate Planning and Development, of Houston Industries from 1996 to 1998. He served as Vice President, Business Development, of Coral from 1995 to 1996 and as Director, Business Development, of Tejas from 1994 to 1995. Prior to 1994, Mr. Perkins held various positions with the consulting firm of McKinsey & Company and with an exploration and production company.

James W. Whalen has served as a director of the Company since its formation on October 27, 2005, of the General Partner since February 2007 and of Targa since 2004 and has served as President-Finance and Administration of the Company since October 27, 2005, of the General Partner since October 2006 and of Targa since January 2006. Since November 2005, Mr. Whalen has served as President-Finance and Administration for various Targa subsidiaries. Between October 2002 and October 2005, Mr. Whalen served as the Senior Vice President and Chief Financial Officer of Parker Drilling Company. Between January 2002 and October 2002, he was the Chief Financial Officer of Diversified Diagnostic Products, Inc. He served as Chief Commercial Officer of Coral from February 1998 through January 2000. Previously, he served as Chief Financial Officer for Tejas from 1992 to 1998. Mr. Whalen brings a breadth and depth of experience as an executive, board member, and audit committee member across several different companies and in energy and other industry areas. His valuable management and financial expertise includes an understanding of the accounting and financial matters that the Partnership and industry address on a regular basis.

Roy E. Johnson has served as Executive Vice President of the Company since its formation on October 27, 2005, of the General Partner since October 2006 and of Targa since April 2004 and was a consultant for the Targa predecessor company during 2003. Mr. Johnson also served as a consultant in the energy industry from 2000 through 2003 providing advice to various energy companies and investors regarding their operations, acquisitions and dispositions. He served as Vice President, Business Development and President of the International Group of Tejas from 1995 to 2000. In these positions, he was responsible for acquisitions, pipeline expansion and development projects in North and South America. Mr. Johnson served as President of Louisiana Resources Company, a company engaged in intrastate natural gas transmission, from 1992 to 1995. Prior to 1992, Mr. Johnson held various positions with a number of different companies in the upstream and downstream energy industry.

Michael A. Heim has served as Executive Vice President and Chief Operating Officer of the Company since its formation on October 27, 2005, of the General Partner since October 2006 and of Targa since April 2004 and was a consultant for the Targa predecessor company during 2003. Mr. Heim also served as a consultant in the energy industry from 2001 through 2003 providing advice to various energy companies and investors regarding their operations, acquisitions and dispositions. Mr. Heim served as Chief Operating Officer and Executive Vice President of Coastal Field Services, a subsidiary of The Coastal Corp. ("Coastal") a diversified energy company, from 1997 to 2001 and President of Coastal States Gas Transmission Company from 1997 to 2001. In these positions, he was responsible for Coastal's midstream gathering, processing, and marketing businesses. Prior to 1997, he served as an officer of several other Coastal exploration and production, marketing and midstream subsidiaries.

Paul W. Chung has served as Executive Vice President, General Counsel and Secretary of the Company since its formation on October 27, 2005, of the General Partner since October 2006 and of Targa since May 2004. Mr. Chung served as Executive Vice President and General Counsel of Coral from 1999 to April 2004; Shell Trading North America Company, a subsidiary of Shell, from 2001 to April 2004; and Coral Energy, LLC from 1999 to 2001. In these positions, he was responsible for all legal and regulatory affairs. He served as Vice President and Assistant General Counsel of Tejas from 1996 to 1999. Prior to 1996, Mr. Chung held a number of legal positions with different companies, including the law firm of Vinson & Elkins L.L.P

Jeffrey J. McParland has served as President- Finance and Administration since October 25, 2010. Mr. McParland served as Executive Vice President and Chief Financial Officer of the Company between October 27, 2005 and October 25, 2010 and of Targa between April 2004 and October 25, 2010 and was a consultant for the Targa predecessor company during 2003. He has served as Executive Vice President and Chief Financial Officer of the General Partner since October 2006 and served as a director of the General Partner from October 2006 to February 2007. Mr. McParland served as Treasurer of the Company from October 27, 2005 until May 2007, of the General Partner from October 2006 until May 2007 and of Targa from April 2004 until May 2007. Mr. McParland served as Secretary of Targa since February 2004 until May 2004, at which time he was elected as Assistant Secretary. Mr. McParland served as Senior Vice President, Finance of Dynegy Inc., a company engaged in power generation, the midstream natural gas business and energy marketing, from 2000 to 2002. In this position, he was responsible for corporate finance and treasury operations activities. He served as Senior Vice President, Chief Financial Officer and Treasurer of PG&E Gas Transmission, a midstream natural gas and regulated natural gas pipeline company, from 1999 to 2000. Prior to 1999, he worked in various engineering and finance positions with companies in the power generation and engineering and construction industries.

Matthew J. Meloy has served as Senior Vice President, Chief Financial Officer and Treasurer of the Company and Targa since October 25, 2010. Mr. Meloy served as Vice President- Finance and Treasurer of the Company and Targa between March 2008 and October 2010, and as Director, Corporate Development of the Company and the General Partner between March 2006 and March 2008. He has served as Vice President- Finance and Treasurer of the General Partner since March 2008. Mr. Meloy was with The Royal Bank of Scotland in the structured finance group, focusing on the energy sector from October 2003 to March 2006, most recently serving as Assistant Vice President.

 


 


 

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NGLS News: Quarterly Report (10-q) 11/04/2016 04:54:41 PM
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PostSubject
#20   Smart move in my opinion. Timothy Smith 11/05/15 12:26:43 PM
#19   Dividend history eastunder 11/03/15 10:37:54 AM
#18   Targa Resources (TRGP) to Acquire Remaining Targa Resources eastunder 11/03/15 10:31:36 AM
#17   Alongside its upgrade of Columbia PIpeline Group, Jefferies Timothy Smith 10/08/15 06:02:07 PM
#16   NGLS $32.40 10-5-15 www.dividendinvestor.com/historical.php?no=33837 Dividend eastunder 10/05/15 10:59:26 AM
#15   Targa Resources Corp. and Targa Resources Partners LP eastunder 10/05/15 10:57:46 AM
#14   Targa Resources Announces Increase in Quarterly Dividend and Distribution eastunder 07/15/14 08:25:40 PM
#13   Targa Said to Abandon Sale to Energy Transfer eastunder 06/25/14 01:04:58 PM
#12   Targa Resources Partners (NGLS) is a provider of Timothy Smith 02/13/13 11:15:53 PM
#11   Targa Resources Partners LP added $200 million to Timothy Smith 01/23/13 12:37:38 PM
#10   Targa Resources Partners (NGLS) Timothy Smith 01/05/13 11:28:56 PM
#9   Targa Resources Announces Second Quarter 2012 Dividend and Distribution Timothy Smith 07/11/12 07:28:26 PM
#8   ~ Monday! $NGLS ~ Earnings posted, pending or Penny Roger$ 02/20/12 05:35:14 AM
#7   This is a great buy and hold MLP. SCREAMING EAGLE 11/26/11 11:42:11 AM
#6   Followed some chatter. Marked the board & the PoemStone 11/22/11 07:20:59 AM
#5   Doing well today... SCREAMING EAGLE 11/02/11 02:07:32 PM
#4   Another great income generator and a great way SCREAMING EAGLE 10/31/11 09:12:41 AM
#3   This is another growth and income play that SCREAMING EAGLE 10/31/11 09:09:30 AM
#2   Good balance sheet, great business plan... What is SCREAMING EAGLE 10/31/11 09:08:36 AM
#1   Targa is another one of my MLP plays... SCREAMING EAGLE 10/31/11 09:07:34 AM
PostSubject