trgp-10q_20160930.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2016

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-34991

TARGA RESOURCES CORP.

(Exact name of registrant as specified in its charter)

 

Delaware

 

20-3701075

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

1000 Louisiana St, Suite 4300, Houston, Texas

 

77002

(Address of principal executive offices)

 

(Zip Code)

(713) 584-1000

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

(Do not check if a smaller reporting company)

Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of October 31, 2016, there were 180,827,459 shares of the registrant’s common stock, $0.001 par value, outstanding.

 

 

 

 


 

PART I—FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

4

 

 

 

Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015

 

4

 

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015

 

5

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2016 and 2015

 

6

 

 

 

Consolidated Statements of Changes in Owners' Equity and Series A Preferred Stock for the nine months ended September 30, 2016 and 2015

 

8

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 and 2015

 

10

 

 

 

Notes to Consolidated Financial Statements

 

11

 

 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

 

44

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

67

 

 

 

Item 4. Controls and Procedures

 

73

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

75

 

 

 

Item 1A. Risk Factors

 

75

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

76

 

 

 

Item 3. Defaults Upon Senior Securities

 

76

 

 

 

Item 4. Mine Safety Disclosures

 

76

 

 

 

Item 5. Other Information

 

76

 

 

 

Item 6. Exhibits

 

77

 

 

 

SIGNATURES

 

 

 

 

 

Signatures

 

80

 

 

 

1


 

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

Targa Resources Corp.’s (together with its subsidiaries, including Targa Resources Partners LP (“the Partnership” or “TRP”), “we,” “us,” “our,” “Targa,” “TRC,” or the “Company”) reports, filings and other public announcements may from time to time contain statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements.” You can typically identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, by the use of forward-looking statements, such as “may,” “could,” “project,” “believe,” “anticipate,” “expect,” “estimate,” “potential,” “plan,” “forecast” and other similar words.

All statements that are not statements of historical facts, including statements regarding our future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements.

These forward-looking statements reflect our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside our control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Known risks and uncertainties include, but are not limited to, the following risks and uncertainties:

 

the timing and extent of changes in natural gas, natural gas liquids (“NGL”), crude oil and other commodity prices, interest rates and demand for our services;

 

the level and success of crude oil and natural gas drilling around our assets, our success in connecting natural gas supplies to our gathering and processing systems, oil supplies to our gathering systems and NGL supplies to our logistics and marketing facilities and our success in connecting our facilities to transportation services and markets;

 

our ability to access the capital markets, which will depend on general market conditions and the credit ratings for the Partnership’s and our debt obligations;

 

the amount of collateral required to be posted from time to time in our transactions;

 

our success in risk management activities, including the use of derivative instruments to hedge commodity price risks;

 

the level of creditworthiness of counterparties to various transactions with us;

 

changes in laws and regulations, particularly with regard to taxes, safety and protection of the environment;

 

weather and other natural phenomena;

 

industry changes, including the impact of consolidations and changes in competition;

 

our ability to obtain necessary licenses, permits and other approvals;

 

our ability to grow through acquisitions or internal growth projects and the successful integration and future performance of such assets;

 

general economic, market and business conditions; and

 

the risks described in our Annual Report on Form 10-K for the year ended December 31, 2015 (“Annual Report”), this Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 (the “Quarterly Report”) and our reports and registration statements filed from time to time with the United States Securities and Exchange Commission (“SEC”).

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of the assumptions could be inaccurate, and, therefore, we cannot assure you that the forward-looking statements included in this Quarterly Report will prove to be accurate. Some of these and other risks and uncertainties that could cause actual results to differ materially from such forward-looking statements are more fully described in “Part II- Other Information, Item 1A. Risk Factors.” in this Quarterly Report and in our Annual Report. Except as may be required by applicable law, we undertake no obligation to publicly update or advise of any change in any forward-looking statement, whether as a result of new information, future events or otherwise.

2


 

As generally used in the energy industry and in this Quarterly Report, the identified terms have the following meanings:

 

Bbl

 

Barrels (equal to 42 U.S. gallons)

BBtu

 

Billion British thermal units

Bcf

 

Billion cubic feet

Btu

 

British thermal units, a measure of heating value

/d

 

Per day

GAAP

 

Accounting principles generally accepted in the United States of America

gal

 

U.S. gallons

GPM

 

Liquid volume equivalent expressed as gallons per 1000 cu. ft. of natural gas

/hr

 

Per hour

LIBOR

 

London Interbank Offered Rate

LPG

 

Liquefied petroleum gas

MBbl

 

Thousand barrels

MMBbl

 

Million barrels

MMBtu

 

Million British thermal units

MMcf

 

Million cubic feet

MMgal

 

Million U.S. gallons

NGL(s)

 

Natural gas liquid(s)

NYMEX

 

New York Mercantile Exchange

NYSE

 

New York Stock Exchange

Price Index Definitions

 

 

 

EP_PERMIAN

 

Inside FERC Gas Market Report, El Paso (Permian Basin)

ICE

 

Intercontinental Exchange

IF-NGPL MC

 

Inside FERC Gas Market Report, Natural Gas Pipeline Co. of America, Mid-Continent

IF-PB

 

Inside FERC Gas Market Report, Permian Basin

IF-WAHA

 

Inside FERC Gas Market Report, West Texas WAHA

NG-NYMEX

 

NYMEX, Natural Gas

NGPL_TXOK

 

Inside FERC Gas Market Report, Natural Gas Pipeline Co. of America, TexOK Zone

NY-WTI

 

NYMEX, West Texas Intermediate Crude Oil

OPIS-MB

 

Oil Price Information Service, Mont Belvieu, Texas

PEPL

 

Inside FERC Gas Market Report, Oklahoma Panhandle, Texas-Oklahoma Midpoint

TENN_800

 

Tennessee Gas Pipeline Co., 800 Leg

TRANSCO_Z4

 

Inside FERC Gas Market Report, Transco Zone 4

 

 

3


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

TARGA RESOURCES CORP.

CONSOLIDATED BALANCE SHEETS

 

 

 

September 30, 2016

 

 

December 31, 2015

 

 

 

(Unaudited)

 

 

 

(In millions)

 

ASSETS

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

141.1

 

 

$

140.2

 

Trade receivables, net of allowances of $0.1 million

 

 

547.4

 

 

 

515.8

 

Inventories

 

 

150.3

 

 

 

141.0

 

Assets from risk management activities

 

 

34.8

 

 

 

92.2

 

Income tax receivable

 

 

78.5

 

 

 

13.5

 

Other current assets

 

 

24.6

 

 

 

17.3

 

Total current assets

 

 

976.7

 

 

 

920.0

 

Property, plant and equipment

 

 

12,354.5

 

 

 

11,935.1

 

Accumulated depreciation

 

 

(2,674.3

)

 

 

(2,232.4

)

Property, plant and equipment, net

 

 

9,680.2

 

 

 

9,702.7

 

Intangible assets, net

 

 

1,693.0

 

 

 

1,810.1

 

Goodwill, net

 

 

393.0

 

 

 

417.0

 

Long-term assets from risk management activities

 

 

12.4

 

 

 

34.9

 

Investments in unconsolidated affiliates

 

 

246.9

 

 

 

258.9

 

Other long-term assets

 

 

53.4

 

 

 

67.4

 

Total assets

 

$

13,055.6

 

 

$

13,211.0

 

 

 

 

 

 

 

 

 

 

LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

710.8

 

 

$

657.1

 

Liabilities from risk management activities

 

 

13.0

 

 

 

5.2

 

Accounts receivable securitization facility

 

 

225.0

 

 

 

219.3

 

Total current liabilities

 

 

948.8

 

 

 

881.6

 

Long-term debt

 

 

4,725.9

 

 

 

5,718.8

 

Long-term liabilities from risk management activities

 

 

17.6

 

 

 

2.4

 

Deferred income taxes, net

 

 

1,141.7

 

 

 

177.8

 

Other long-term liabilities

 

 

159.1

 

 

 

180.2

 

 

 

 

 

 

 

 

 

 

Contingencies (see Note 17)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A Preferred 9.5% Stock, $1,000 per share liquidation preference, (1,200,000 shares authorized, issued and outstanding 965,100 shares)

 

 

185.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Owners' equity:

 

 

 

 

 

 

 

 

Targa Resources Corp. stockholders' equity:

 

 

 

 

 

 

 

 

Common stock ($0.001 par value, 300,000,000 shares authorized)

 

 

0.2

 

 

 

0.1

 

                                 Issued                       Outstanding

 

 

 

 

 

 

 

 

September 30, 2016              173,700,369                173,193,354

 

 

 

 

 

 

 

 

December 31, 2015                 56,446,573                  56,020,266

 

 

 

 

 

 

 

 

Preferred stock ($0.001 par value, after designation of Series A Preferred Stock; 98,800,000 shares authorized, no shares issued and outstanding)

 

 

 

 

 

 

Additional paid-in capital

 

 

5,377.7

 

 

 

1,457.4

 

Retained earnings (deficit)

 

 

(36.6

)

 

 

26.9

 

Accumulated other comprehensive income (loss)

 

 

(2.7

)

 

 

5.7

 

Treasury stock, at cost (507,015 shares as of September 30, 2016 and 426,307 as of

   December 31, 2015)

 

 

(31.8

)

 

 

(28.7

)

Total Targa Resources Corp. stockholders' equity

 

 

5,306.8

 

 

 

1,461.4

 

Noncontrolling interests in subsidiaries

 

 

570.1

 

 

 

4,788.8

 

Total owners' equity

 

 

5,876.9

 

 

 

6,250.2

 

Total liabilities, Series A Preferred Stock and owners' equity

 

$

13,055.6

 

 

$

13,211.0

 

 

See notes to consolidated financial statements

 

4


 

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In millions, except per share amounts)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

$

1,398.7

 

 

$

1,321.3

 

 

$

3,882.9

 

 

$

4,119.6

 

Fees from midstream services

 

 

253.6

 

 

 

310.8

 

 

 

795.5

 

 

 

891.6

 

Total revenues

 

 

1,652.3

 

 

 

1,632.1

 

 

 

4,678.4

 

 

 

5,011.2

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product purchases

 

 

1,222.7

 

 

 

1,163.3

 

 

 

3,378.9

 

 

 

3,650.0

 

Operating expenses

 

 

143.0

 

 

 

142.7

 

 

 

414.0

 

 

 

409.6

 

Depreciation and amortization expenses

 

 

184.0

 

 

 

165.8

 

 

 

563.6

 

 

 

448.3

 

General and administrative expenses

 

 

46.1

 

 

 

44.9

 

 

 

138.3

 

 

 

136.5

 

Goodwill impairment

 

 

 

 

 

 

 

 

24.0

 

 

 

 

Other operating (income) expense

 

 

4.9

 

 

 

0.1

 

 

 

6.1

 

 

 

0.6

 

Income from operations

 

 

51.6

 

 

 

115.3

 

 

 

153.5

 

 

 

366.2

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(62.7

)

 

 

(67.8

)

 

 

(187.0

)

 

 

(189.5

)

Equity earnings (loss)

 

 

(2.2

)

 

 

(1.6

)

 

 

(11.4

)

 

 

(1.1

)

Gain (loss) from financing activities

 

 

 

 

 

(0.5

)

 

 

21.4

 

 

 

(13.4

)

Other

 

 

1.4

 

 

 

(0.6

)

 

 

1.2

 

 

 

(27.5

)

Income (loss) before income taxes

 

 

(11.9

)

 

 

44.8

 

 

 

(22.3

)

 

 

134.7

 

Income tax (expense) benefit

 

 

8.7

 

 

 

(24.0

)

 

 

3.9

 

 

 

(54.1

)

Net income (loss)

 

 

(3.2

)

 

 

20.8

 

 

 

(18.4

)

 

 

80.6

 

Less: Net income attributable to noncontrolling interests

 

 

7.5

 

 

 

8.1

 

 

 

18.2

 

 

 

49.2

 

Net income (loss) attributable to Targa Resources Corp.

 

 

(10.7

)

 

 

12.7

 

 

 

(36.6

)

 

 

31.4

 

Dividends on Series A preferred stock

 

 

22.9

 

 

 

 

 

 

49.7

 

 

 

 

Deemed dividends on Series A preferred stock

 

 

5.8

 

 

 

 

 

 

12.3

 

 

 

 

Net income (loss) attributable to common shareholders

 

$

(39.4

)

 

$

12.7

 

 

$

(98.6

)

 

$

31.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share - basic

 

$

(0.23

)

 

$

0.23

 

 

$

(0.68

)

 

$

0.60

 

Net income (loss) per common share - diluted

 

$

(0.23

)

 

$

0.23

 

 

$

(0.68

)

 

$

0.60

 

Weighted average shares outstanding - basic

 

 

168.0

 

 

 

56.0

 

 

 

145.5

 

 

 

52.6

 

Weighted average shares outstanding - diluted

 

 

168.0

 

 

 

56.1

 

 

 

145.5

 

 

 

52.7

 

 

See notes to consolidated financial statements.

 

 

5


 

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

 

 

Three Months Ended September 30,

 

 

 

2016

 

 

2015

 

 

 

Pre-Tax

 

 

Related Income Tax

 

 

After Tax

 

 

Pre-Tax

 

 

Related Income Tax

 

 

After Tax

 

 

 

(Unaudited)

 

 

 

(In millions)

 

Net income (loss) attributable to Targa Resources Corp.

 

 

 

 

 

 

 

 

$

 

(10.7

)

 

 

 

 

 

 

 

 

$

 

12.7

 

Other comprehensive income (loss) attributable to Targa Resources Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity hedging contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value

$

 

12.9

 

$

 

(4.9

)

 

 

8.0

 

$

 

5.5

 

$

 

(2.0

)

 

 

3.5

 

Settlements reclassified to revenues

 

 

(8.1

)

 

 

3.1

 

 

 

(5.0

)

 

 

(2.7

)

 

 

1.0

 

 

 

(1.7

)

Other comprehensive income (loss) attributable to Targa Resources Corp.

 

 

4.8

 

 

 

(1.8

)

 

 

3.0

 

 

 

2.8

 

 

 

(1.0

)

 

 

1.8

 

Comprehensive income attributable to

   Targa Resources Corp.

 

 

 

 

 

 

 

 

 

 

(7.7

)

 

 

 

 

 

 

 

 

 

 

14.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

7.5

 

 

 

 

 

 

 

 

 

 

 

8.1

 

Other comprehensive income (loss) attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity hedging contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value

 

 

 

 

 

 

 

 

 

 

 

45.2

 

 

 

 

 

 

45.2

 

Settlements reclassified to revenues

 

 

 

 

 

 

 

 

 

 

 

(21.8

)

 

 

 

 

 

(21.8

)

Other comprehensive income (loss) attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

23.4

 

 

 

 

 

 

23.4

 

Comprehensive income (loss) attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

7.5

 

 

 

 

 

 

 

 

 

 

 

31.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

(3.2

)

 

 

 

 

 

 

 

 

 

 

20.8

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity hedging contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value

 

 

12.9

 

 

 

(4.9

)

 

 

8.0

 

 

 

50.7

 

 

 

(2.0

)

 

 

48.7

 

Settlements reclassified to revenues

 

 

(8.1

)

 

 

3.1

 

 

 

(5.0

)

 

 

(24.5

)

 

 

1.0

 

 

 

(23.5

)

Other comprehensive income (loss)

$

 

4.8

 

$

 

(1.8

)

 

 

3.0

 

$

 

26.2

 

$

 

(1.0

)

 

 

25.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

$

 

(0.2

)

 

 

 

 

 

 

 

 

$

 

46.0

 

 

See notes to consolidated financial statements.

6


 

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

 

 

Nine Months Ended September 30,

 

 

 

2016

 

 

2015

 

 

 

Pre-Tax

 

 

Related Income Tax

 

 

After Tax

 

 

Pre-Tax

 

 

Related Income Tax

 

 

After Tax

 

 

 

(Unaudited)

 

 

 

(In millions)

 

Net income (loss) attributable to Targa Resources Corp.

 

 

 

 

 

 

 

 

$

 

(36.6

)

 

 

 

 

 

 

 

 

$

 

31.4

 

Other comprehensive income (loss) attributable to Targa Resources Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity hedging contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value

$

 

(64.1

)

$

 

24.4

 

 

 

(39.7

)

$

 

7.5

 

$

 

(2.9

)

 

 

4.6

 

Settlements reclassified to revenues

 

 

(39.5

)

 

 

15.0

 

 

 

(24.5

)

 

 

(6.8

)

 

 

2.6

 

 

 

(4.2

)

Other comprehensive income (loss) attributable to Targa Resources Corp.

 

 

(103.6

)

 

 

39.4

 

 

 

(64.2

)

 

 

0.7

 

 

 

(0.3

)

 

 

0.4

 

Comprehensive income attributable to Targa Resources Corp.

 

 

 

 

 

 

 

 

 

 

(100.8

)

 

 

 

 

 

 

 

 

 

 

31.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

18.2

 

 

 

 

 

 

 

 

 

 

 

49.2

 

Other comprehensive income (loss) attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity hedging contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value

 

 

23.6

 

 

 

 

 

 

23.6

 

 

 

70.1

 

 

 

 

 

 

70.1

 

Settlements reclassified to revenues

 

 

(11.1

)

 

 

 

 

 

(11.1

)

 

 

(52.5

)

 

 

 

 

 

(52.5

)

Other comprehensive income (loss) attributable to noncontrolling interests

 

 

12.5

 

 

 

 

 

 

12.5

 

 

 

17.6

 

 

 

 

 

 

17.6

 

Comprehensive income (loss) attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

30.7

 

 

 

 

 

 

 

 

 

 

 

66.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

(18.4

)

 

 

 

 

 

 

 

 

 

 

80.6

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity hedging contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value

 

 

(40.5

)

 

 

24.4

 

 

 

(16.1

)

 

 

77.6

 

 

 

(2.9

)

 

 

74.7

 

Settlements reclassified to revenues

 

 

(50.6

)

 

 

15.0

 

 

 

(35.6

)

 

 

(59.3

)

 

 

2.6

 

 

 

(56.7

)

Other comprehensive income (loss)

$

 

(91.1

)

$

 

39.4

 

 

 

(51.7

)

$

 

18.3

 

$

 

(0.3

)

 

 

18.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

$

 

(70.1

)

 

 

 

 

 

 

 

 

$

 

98.6

 

 

See notes to consolidated financial statements.

 

7


 

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

Accumulated