8-KOther Events

Targa Resources Corp. 8-K Report, Corporate Update (Oct 19, 2011)

Filed October 19, 2011For Securities:TRGP

Summary

Targa Resources Corp. (TRGP) filed an 8-K on October 19, 2011, to report preliminary results for the third quarter of 2011 and provide financial forecasts for the fourth quarter of 2011 and the full calendar year 2012. The report highlights the use of Adjusted EBITDA, a non-GAAP financial measure, which provides an operational perspective distinct from traditional GAAP net income. Investors should note that this non-GAAP measure is presented alongside GAAP figures and includes reconciliations to facilitate understanding. The press release, furnished as an exhibit, is the primary source of this forward-looking information. While the 8-K itself does not incorporate this information into SEC filings for liability purposes under Section 18, it serves as a critical disclosure vehicle for investors seeking insights into the company's operational performance and future financial expectations. The focus on Adjusted EBITDA suggests management's emphasis on this metric for evaluating ongoing business performance.

Key Highlights

  • 1Disclosure of preliminary Q3 2011 results for Targa Resources Partners LP.
  • 2Inclusion of financial forecasts for Q4 2011 and calendar year 2012 for the Partnership.
  • 3Company provided a financial update.
  • 4Significant use of non-GAAP financial measure 'Adjusted EBITDA' in the press release.
  • 5Press release includes reconciliations of Adjusted EBITDA to GAAP measures.
  • 6Information furnished under Item 2.02 is not considered 'filed' for Section 18 liability purposes.

Frequently Asked Questions

The main purpose of this 8-K filing is to disclose preliminary financial results for Targa Resources Partners LP's third quarter of 2011 and to provide financial forecasts for the fourth quarter of 2011 and the full calendar year 2012, along with a financial update from Targa Resources Corp.

Adjusted EBITDA is a non-GAAP financial measure that Targa Resources uses to present its financial results. It is presented as a supplemental measure to GAAP net income, likely to provide a clearer view of operational performance by excluding certain non-cash or non-recurring items. Reconciliations to GAAP measures are provided.

No, the information furnished under Item 2.02, including the press release, is not deemed 'filed' for the purposes of Section 18 of the Securities Exchange Act of 1934, meaning the company is not subject to liability under that section for this specific disclosure.

The detailed financial information and forecasts are contained within the press release issued by Targa Resources Corp. and Targa Resources Partners LP on October 19, 2011, which is furnished as Exhibit 99.1 to this 8-K filing.