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Targa’s 3Q15 announcements

Published by
World Pipelines,


Targa Resources Corp. (TRC – the company) and Targa Resources Partners LP (the partnership) announced their respective quarterly dividend and distribution for the third quarter of 2015, and the prorated initial monthly distribution on the partnership’s 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (Series A Preferred Units).

TRC

Targa Resources Corp. announced 20 October that its board of directors has declared a quarterly cash dividend of 91.00¢ per share, or US$3.64 per common share on an annualised basis, for the third quarter 2015. The approved dividend represents increases of approximately 4% over the previous quarter’s dividend and 24% over the dividend for the third quarter 2014. This cash dividend will be paid 16 November 2015 on all outstanding common shares to holders of record as of the close of business on 2 November 2015.

The partnership

Targa Resources Partners LP announced on 20 October that the board of directors of its general partner has declared a quarterly cash distribution of 82.50¢ per common unit, or US$3.30 per common unit on an annualised basis, for the third quarter 2015. The approved distribution is unchanged from the previous quarter’s distribution and represents an increase of approximately 3% over the distribution for the third quarter 2014. This cash distribution will be paid 13 November 2015 on all outstanding common units to holders of record as of the close of business on 2 November 2015.

The partnership also announced that the board of directors of its general partner has declared a prorated monthly cash distribution of 0.10¢ per Series A Preferred Unit. This cash distribution is the initial distribution payable on the Series A Preferred Units for the period from 15 October 2015 through 31 October 2015, and will be paid 16 November 2015 on all outstanding Series A Preferred Units to holders of record as of the close of business on 30 October 2015.

Edited from source by Stephanie Roker

Read the article online at: https://www.worldpipelines.com/business-news/21102015/targas-3q15-announcements/

 

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