HOUSTON, Oct. 13, 2008 (GLOBE NEWSWIRE) -- Targa Resources Partners LP ("Targa Resources Partners" or the "Partnership") (Nasdaq:NGLS) today announced that the Board of Directors of Targa Resources GP LLC, its general partner, has authorized a program for the Partnership to repurchase up to $50 million in value of its common units from time to time through December 31, 2009 in open market transactions, including block purchases, or in privately negotiated transactions. The unit repurchase program authorizes the Partnership to make repurchases on a discretionary basis as determined by its management subject to market conditions, applicable legal requirements, available liquidity and other appropriate factors as determined by such officers. The Partnership stated that the unit repurchase program does not include specific price targets or timetables and may be modified or suspended at any time and could be terminated prior to completion. Repurchased common units will be cancelled and current payments on the Partnership's incentive distribution rights will decrease.
Rene R. Joyce, the Partnership's Chief Executive Officer, commented, "This unit repurchase program provides the opportunity to create meaningful incremental value and accretion to our unitholders at a time when market valuations are clearly dislocated from the fundamentals of our industry and our business. The Partnership's strong liquidity and low leverage profile allow us to pursue this strategy while maintaining our financial strength."
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.