8-K/AExhibits & Filings

Targa Resources Corp. 8-K/A Report, Exhibit Filing (May 2, 2016)

Filed May 2, 2016For Securities:TRGP

Summary

This Form 8-K/A filing by Targa Resources Corp. (TRC) on May 2, 2016, serves as an amendment to a previous filing from February 19, 2016. The primary purpose of this amendment is to provide crucial unaudited pro forma condensed combined financial statements. These statements give investors a clearer picture of the company's financial position and performance as if a significant merger transaction had occurred on specific historical dates. The merger, which closed on February 17, 2016, involved Targa Resources Partners LP and Targa Resources Corp. Targa Resources Corp. effectively acquired all outstanding common units of Targa Resources Partners LP that it did not already own. While TRC already consolidated the partnership's financials, these pro forma statements are essential for understanding the combined entity's financial structure and operational results following the full integration of the partnership, providing a more complete view for investment analysis.

Key Highlights

  • 1Targa Resources Corp. (TRC) filed an 8-K/A on May 2, 2016, to provide pro forma financial information.
  • 2The filing amends a previous 8-K from February 19, 2016, concerning a merger transaction.
  • 3The merger involved Targa Resources Partners LP and Targa Resources Corp., closing on February 17, 2016.
  • 4TRC indirectly acquired all outstanding common units of Targa Resources Partners LP it did not already own.
  • 5The core of this filing is the inclusion of unaudited pro forma condensed combined financial statements.
  • 6These pro forma statements show the financial impact as if the merger occurred on December 31, 2015 (balance sheet) and January 1, 2015 (statement of operations).
  • 7This provides investors with a clearer, forward-looking view of the combined entity's financial position and performance.

Frequently Asked Questions

The main purpose of this 8-K/A filing is to provide unaudited pro forma condensed combined financial statements for Targa Resources Corp. (TRC) that reflect the financial impact of a merger transaction that closed on February 17, 2016. This information was not included in the original 8-K filing.

The merger transaction involved Targa Resources Corp. acquiring all outstanding common units of Targa Resources Partners LP that it and its subsidiaries did not already own. Targa Resources Partners LP continued to exist as a subsidiary of TRC after the merger.

Pro forma financial statements are important because they present the combined company's financial position and results of operations as if the merger had occurred at an earlier date. This helps investors understand the potential financial performance and structure of the combined entity, rather than just historical standalone figures, allowing for a more informed assessment of the company's future prospects.

No, this filing does not change TRC's historical consolidated financial statements. Instead, it provides 'pro forma' (as if) financial statements that combine the historical results and present them under hypothetical scenarios to illustrate the financial impact of the merger. TRC will continue to include the Partnership in its consolidated financial statements going forward.