A Closer Look At Targa Resources Partners' Distributable Cash Flow As Of 1Q 2012

By Ron Hiram:On February 14, 2013, Targa Resources Partners LP (NGLS) reported results of operations for 1Q 2012 and 2012. Certain key operating parameters for 4Q 2012 and for 2012, including revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (EBITDA), are summarized in Table 1: (click to enlarge)

By Ron Hiram:On November 1, 2012, Targa Resources Partners LP (NGLS) reported results of operations for 3Q 2012. Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (EBITDA) for 3Q 2012 and for the trailing 12 months ("TTM") are summarized in Table 1: (click to enlarge)

By Ron Hiram:Revenues in 1Q 2012 declined 2.9% vs. the prior quarter and increased 10.5% vs. 1Q 2011 (by comparison, revenues in 1Q 2011 increased 6.3% vs. 4Q 2010 and were up 19% over 1Q 2010). Earnings before interest expense, depreciation & amortization and income taxes (EBITDA) in 1Q 2012 decreased 8.7% vs. the prior quarter and were up 24% over the prior year period.

By Ron Hiram:Revenues generated by Regency Energy Partners LP (RGP) in 1Q 2012 decreased 3.2% vs. the prior quarter and were up 12.8% vs. 1Q 2011 (by comparison, revenues in 1Q 2011 decreased 1.7% vs. 4Q 2010 and were up 4.1% over 1Q 2010). Earnings before interest expense, depreciation & amortization and income taxes (EBITDA) increased 23.4% in 1Q 2012 vs.

By Ron Hiram:This is an update to a prior article dated January 24, 2012, in which I reviewed the distributable cash flows generated by Williams Partners, L.P. (WPZ).

By Ron Hiram:On August 6, 2012, Targa Resources Partners LP (NGLS) reported results of operations for 2Q 2012. Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (EBITDA) were as follows:

By Ron Hiram:Revenues in 1Q 2012 increased 3.8% vs. the prior quarter and 19.8% vs. 1Q 2011 (by comparison, revenues in 1Q 2011 increased 6.4% vs. 4Q 2010 and were up 25.6% over 1Q 2010). Earnings before interest expense, depreciation & amortization and income taxes (EBITDA) in 1Q 2012 decreased 1% vs. the prior quarter and were up 17.2% over the prior year period. However, adjusted EBITDA in 1Q12 was 18% above the $400 million mid-point of the guidance provided by management for that quarter.

By Ron Hiram:In 1Q 2012, Magellan Midstream Partners, L.P. (MMP) increased its revenues 1.4% vs. the prior quarter and 11.4% vs. 1Q 2011 (by comparison, revenues in 1Q 2011 increased 11.1% vs. 4Q 2010 and were up 34.3% over 1Q 2010). Earnings before interest expense, depreciation & amortization and income taxes (EBITDA) decreased 9.4% in 1Q 2012 vs.