8-KEarnings & ResultsExhibits & Filings

Targa Resources Corp. 8-K Report, Financial Results (Feb 24, 2011)

Filed February 24, 2011For Securities:TRGP

Summary

Targa Resources Corp. (TRGP) filed an 8-K on February 24, 2011, primarily to report its financial results for the fourth quarter and full year ended December 31, 2010. The filing includes a press release (Exhibit 99.1) detailing these results and announces a conference call to discuss the performance. Investors should note that the company utilizes and reports non-GAAP financial measures such as distributable cash flow, gross margin, operating margin, and Adjusted EBITDA, with reconciliations provided. These non-GAAP measures are presented as supplemental information to GAAP measures and should be considered alongside them for a comprehensive understanding of the company's financial health and operational performance.

Key Highlights

  • 1Targa Resources Corp. reported its financial results for the three months and year ended December 31, 2010.
  • 2The company issued a press release on February 24, 2011, to disclose these financial outcomes.
  • 3A conference call was scheduled for February 24, 2011, at 10:30 a.m. Eastern time to discuss the results.
  • 4The press release and conference call will include discussions of non-GAAP financial measures.
  • 5Key non-GAAP metrics mentioned are distributable cash flow, gross margin, operating margin, and Adjusted EBITDA.
  • 6Reconciliations of these non-GAAP measures to their most comparable GAAP measures are provided in the press release.
  • 7Exhibit 99.1, the earnings press release, is furnished and incorporated by reference into the 8-K filing.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce and provide access to Targa Resources Corp.'s financial results for the period ending December 31, 2010, through an accompanying press release.

Targa Resources uses non-GAAP measures such as distributable cash flow, gross margin, operating margin, and Adjusted EBITDA. These measures are important as they are often used by management and investors to assess operational performance and cash flow generation, potentially offering a different perspective than standard GAAP measures. The company provides reconciliations to GAAP for these figures.

More detailed financial information can be found in the press release furnished as Exhibit 99.1 to this 8-K. Additionally, a replay of the conference call discussing these results was available on the company's investor website until March 10, 2011.

The 8-K filing was signed by Matthew J. Meloy, Senior Vice President, Chief Financial Officer, and Treasurer of Targa Resources Corp., on behalf of the company.