Targa Resources Partners Q2 Earnings Soar - Quick Facts

(RTTNews) - Targa Resources Partners LP (NGLS), a provider of midstream natural gas and NGL services, reported a surge in earnings as well as revenues for the second quarter, helped by higher commodity volume as well as a rise in natural gas and NGL commodity sales prices.

For the three months to June, net earnings rose to $108.8 million or $0.64 per limited partner unit, from $26.3 million or $0.01 per limited partner unit a year earlier.

On average, eighteen analysts polled by Thomson-Reuters estimated the company's loss to be $0.44 for the quarter. Analysts' estimates typically exclude one-time items.

Adjusted EBITDA totaled $226.4 million, compared with $126.5 million in the same period last year.

Quarterly revenues grew to $2.06 billion, from $1.44 billion last year, but were shy of the $2.16 billion Wall Street expected.

The company also said it has named James Whalen as executive chairman of its subsidiary Targa Resources Corp. (TRC) to replace Rene Joyce, the founding CEO of TRC, who will be retiring at the end of the year. Roy Johnson, another founding executive, will also retire on December 31, the company said.