8-K/AEarnings & ResultsExhibits & Filings

Targa Resources Corp. 8-K/A Report, Financial Results (Oct 24, 2011)

Filed October 24, 2011For Securities:TRGP

Summary

This Form 8-K/A filing from Targa Resources Corp. serves as an amendment to a previous 8-K report, primarily to reclassify the disclosure of preliminary third-quarter results and financial guidance from Item 8.01 to Item 2.02. The key takeaway for investors is the release of preliminary estimated third-quarter 2011 results for Targa Resources Partners LP, along with forward-looking guidance for the fourth quarter of 2011 and the full year 2012. The amendment emphasizes that the information, including the non-GAAP measure Adjusted EBITDA, is furnished and not filed, meaning it's not subject to Section 18 liability. Investors should refer to the press release (Exhibit 99.1) for detailed financial information and reconciliations of non-GAAP measures. The primary purpose of this filing is to ensure proper reporting of operational and financial updates to the market.

Key Highlights

  • 1Amendment to a prior Form 8-K, reclassifying disclosure from Item 8.01 to Item 2.02.
  • 2Disclosure of Targa Resources Partners LP's preliminary estimated third-quarter 2011 results.
  • 3Provides forecasts for Targa Resources Partners LP's financial results for the fourth quarter of 2011.
  • 4Offers financial guidance for Targa Resources Partners LP for the calendar year 2012.
  • 5Includes a financial update from Targa Resources Corp.
  • 6Highlights the use of the non-GAAP financial measure Adjusted EBITDA, with reconciliations to GAAP provided in the accompanying press release.
  • 7Information furnished under Item 2.02 is not deemed 'filed' for Section 18 purposes, limiting liability.

Frequently Asked Questions

The primary purpose of this filing is to amend a previous Form 8-K to correct the classification of certain disclosures. The preliminary third-quarter results and financial guidance for Targa Resources Partners LP, originally filed under Item 8.01, are being reclassified as furnished under Item 2.02 for proper reporting.

This report, through an attached press release, discloses preliminary estimated results for Targa Resources Partners LP for the third quarter of 2011. It also provides forecasts for the Partnership's financial results 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 (Generally Accepted Accounting Principles) financial measure. The filing states that it should not be considered an alternative to GAAP measures like net income. The accompanying press release provides reconciliations of Adjusted EBITDA to the most directly comparable GAAP financial measure and other disclosures regarding its use.

No, the information furnished under Item 2.02 in this amended filing (and the original report) is not deemed 'filed' for the purposes of Section 18 of the Securities Exchange Act of 1934. This means Targa Resources Corp. has reduced liability associated with this specific disclosure compared to a filing that is considered 'filed'.