HOUSTON -- Targa Resources Corp. (NYSE: TRGP) and Targa Resources Partners LP (NYSE: NGLS) announced their respective quarterly dividend and distribution for the fourth quarter of 2011.
Targa Resources Corp. announced on Jan. 12 that its board of directors has declared a quarterly cash dividend of 33.625c per share, or $1.345 per common share on an annualized basis, for the fourth quarter 2011. The approved dividend represents increases of approximately 9% over the previous quarter's dividend and 31% over the prorated dividend for the fourth quarter 2010. This cash dividend will be paid February 15, 2012 on all outstanding common shares to holders of record as of the close of business on January 23, 2012.
Targa Resources Partners LP announced today that the board of directors of its general partner has declared a quarterly cash distribution of 60.25c per common unit, or $2.41 per common unit on an annualized basis, for the fourth quarter 2011. The approved distribution represents an increase of approximately 3% over the previous quarter's distribution and 10% over the distribution for the fourth quarter 2010. This cash distribution will be paid February 14, 2012 on all outstanding common units to holders of record as of the close of business on January 23, 2012.
"These increases reflect both the continued strong performance of Targa's businesses and our announced portfolio of organic growth projects," said Joe Bob Perkins, Chief Executive Officer of the Partnership's general partner and of Targa Resources Corp. "These increases are on track with the mid-range of our guidance for full year 2012 growth in the Partnership's distributions of 10% to 15% and in the Company's dividends of 30% to 40% over full year 2011."