8-KEarnings & ResultsExhibits & Filings

Targa Resources Corp. 8-K Report, Financial Results (Nov 7, 2011)

Filed November 7, 2011For Securities:TRGP

Summary

Targa Resources Corp. (TRGP) filed an 8-K on November 7, 2011, to announce its financial results for the third quarter and first nine months of 2011. The filing primarily serves to incorporate by reference the press release containing these results, which was issued on the same day and discussed during a scheduled conference call. Investors should note that the press release includes non-GAAP financial measures such as distributable cash flow, gross margin, operating margin, and Adjusted EBITDA. The company explicitly states that these non-GAAP measures should not be used as substitutes for GAAP-based metrics like net income or cash flow from operations.

Key Highlights

  • 1Targa Resources announced Q3 and year-to-date 2011 financial results on November 7, 2011.
  • 2The company issued a press release detailing these financial results, which is furnished as an exhibit.
  • 3A conference call was scheduled for November 7, 2011, to discuss the earnings.
  • 4The press release utilizes and defines several non-GAAP financial measures: distributable cash flow, gross margin, operating margin, and Adjusted EBITDA.
  • 5Targa Resources emphasized that these non-GAAP measures are supplemental and should not replace GAAP financial statements.
  • 6A replay of the earnings conference call webcast was available on the company's website through November 22, 2011.

Frequently Asked Questions

The main purpose of this 8-K filing is to officially report Targa Resources Corp.'s financial results for the three and nine months ended September 30, 2011, by incorporating its press release dated November 7, 2011.

Targa Resources used distributable cash flow, gross margin, operating margin, and Adjusted EBITDA in its earnings release. The company also provided reconciliations for these measures to their most comparable GAAP figures.

Investors should interpret these non-GAAP measures as supplemental information. Targa Resources clearly states that these measures should not be considered as alternatives to GAAP measures such as net cash provided by operating activities or net income, and should be analyzed alongside the company's GAAP financial statements.

More details can be found in the press release furnished as Exhibit 99.1 to this 8-K filing. Additionally, a replay of the November 7, 2011 conference call discussing these results was available on the Investors section of Targa Resources' website until November 22, 2011.