HOUSTON, Sept. 16, 2008 (GLOBE NEWSWIRE) -- Based on initial assessments, Targa Resources Partners LP (Nasdaq:NGLS) ("Targa Resources Partners" or the "Partnership") reported today that Hurricane Ike, which made landfall in Texas over the weekend, created only minor and temporary operational disruption to the Partnership's operations located in West Texas, North Texas and onshore Louisiana. Operations were either temporarily interrupted or curtailed during and immediately after the storm due to natural gas and natural gas liquids supply and market issues. The Partnership's facilities are now fully operational and volumes are ramping back up subject to coordination with producers and to market constraints. Most of the disruptions were linked to power outages experienced by other parties downstream of our plants. If progress continues on the market side, volumes are expected to be at or near pre-hurricane levels in a matter of days. For clarity, the Partnership was not impacted by Hurricane Gustav.
Our corporate offices in Houston have been open this week for essential personnel and will be open tomorrow with understandable staffing issues given the storm's impact on employees.
Additionally, because of the Lehman Brothers bankruptcy news during a similar time period, the Partnership also reports that it has no significant counterparty exposure with Lehman Brothers.
Furthermore, the Partnership has approximately $400 million of liquidity from its existing credit facility and cash on hand. A Lehman Brothers subsidiary has an approximately 2% participation in the credit facility and the availability under the facility would not be materially impacted were they not to fund.
About Targa Resources Partners
Targa Resources Partners was formed by Targa Resources, Inc. ("Targa") to engage in the business of gathering, compressing, treating, processing and selling natural gas and fractionating and selling natural gas liquids and natural gas liquids products. Targa Resources Partners owns an extensive network of integrated gathering pipelines, seven natural gas processing plants and two fractionators and currently operates in Southwest Louisiana, the Permian Basin in West Texas and the Fort Worth Basin in North Texas. A subsidiary of Targa is the general partner of Targa Resources Partners.
Targa Resources Partners' principal executive offices are located at 1000 Louisiana, Suite 4300, Houston, Texas 77002 and its telephone number is 713-584-1000.
Forward-Looking Statements
Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Partnership expects, believes or anticipates 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 Targa Resources Partners' control, which could cause results to differ materially from those expected by management of Targa Resources Partners. 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 Annual Report on Form 10-K for the year ended December 31, 2007 and other reports filed with the Securities and Exchange Commission. Targa Resources Partners undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.