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Targa Resources guides Q1, FY 2014 EBITDA above analyst estimates

  • In an operational update, Targa Resources Partners (NGLS) says it expects Q1 adjusted EBITDA of ~$210M, up ~60% Y/Y, due to increased liquefied petroleum gas export activity, higher commodity prices and improved performance across NGLS' businesses.
  • NGLS sees adjusted EBITDA for FY 2014 at $820M-$880M, as the strength of the LPG export market and operational results since the first phase of its export expansion project allow it to expect a higher level of LPG export activity in 2014 than previously contemplated.
  • Analyst consensus had estimated Q1 EBITDA of $186M and FY 2014 EBITDA of $784M.
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