Targa Resources Partners LP ("Targa Resources Partners" or the "Partnership") (Nasdaq:NGLS) today reported third quarter 2009 net income attributable to Targa Resources Partners of $10.0 million or $0.23 per diluted limited partner unit. The Partnership reported earnings before interest, income taxes, depreciation and amortization and non-cash income or loss related to derivative instruments ("Adjusted EBITDA") of $69.1 million for the third quarter of 2009.

Distributable cash flow for the quarter was $51.5 million which corresponds to distribution coverage of approximately 1.46 times for the 62.9 million total units outstanding on September 30, 2009 (see the section of this release entitled "Non-GAAP Financial Measures" for a discussion of Adjusted EBITDA, operating margin and distributable cash flow, and reconciliations of such measures to the comparable GAAP measures).

"We are excited to have closed the acquisition of the Downstream Business during the third quarter, and are pleased with the Partnership's very solid third quarter results. We currently expect the Downstream Business to generate 2009 Adjusted EBITDA that exceeds our guidance range of $80 to $85 million. Furthermore, our total gathering and processing volumes continue to perform above last year's levels," said Rene Joyce, Chief Executive Officer of the Partnership's general partner and of Targa Resources, Inc. ("Targa").

On October 19, 2009, the Partnership announced a cash distribution of 51.75c per common unit, or $2.07 per unit on an annualized basis, for the third quarter of 2009. The cash distribution will be paid November 13, 2009 on all outstanding common units to holders of record as of the close of business on November 4, 2009.