Targa Resources Corp. Annual Report, Year Ended Dec 31, 2011

Targa Resources Corp. (TRGP) in its 2011 10-K filing operates as a holding company with its primary source of revenue derived from its ownership interests in Targa Resources Partners LP (NGLS). The company itself does not directly own operating assets, but benefits from its general partner interest, incentive distribution rights (IDRs), and common units in the Partnership. The Partnership is a significant provider of midstream natural gas and natural gas liquid (NGL) services across the United States, involved in gathering, processing, storing, fractionating, and transporting these commodities. The company's strategy revolves around supporting the Partnership's growth through financial means and potential asset acquisitions. The Partnership's growth is driven by organic expansion projects and strategic third-party acquisitions. Key operational segments for the Partnership include Natural Gas Gathering and Processing (with Field Gathering and Processing, and Coastal Gathering and Processing segments) and Logistics and Marketing (with Logistics Assets and Marketing and Distribution segments). Investors should note that TRGP's financial results are consolidated with the Partnership's, but key differences arise from noncontrolling interests, separate debt obligations of TRGP, and corporate-level expenses. The company's ability to pay dividends to its stockholders is directly tied to the cash distributions it receives from the Partnership, making the Partnership's operational success and financial health critical to TRGP's performance. The filing highlights significant ongoing capital expenditure projects aimed at expanding the Partnership's infrastructure, particularly in fractionation capacity and export capabilities.