Targa Resources Corp. (NYSE:TRGP) Q1 2017 Earnings Conference Call - Preliminary Transcript
May 04, 2017 • 11:00 am ET
Good day, ladies and gentlemen, and welcome to the Targa Resources First Quarter 2017 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions]I would now like to introduce your host for today's conference, Ms. Jennifer Kneale, VP-Finance. Ma'am, go ahead.
Thank you, Chris. I'd like to welcome everyone to the First Quarter 2017 Earnings Call for Targa Resources Corp. I would also like to welcome Sanjay Lad to his first earnings call for Targa as our recently hired Director of Investor Relations. Before we get started, I would like to mention that Targa Resources Corp., Targa, TRC or the company, has published its earnings release and an updated investor presentation, which are available on our website, www.targaresources.com.
Any statements made during this call that might include the company's expectations or predictions should be considered forward-looking statements and are covered by the Safe Harbor provision of the Securities Acts of 1933 and 1934. Please note that actual results could differ materially from those projected in any forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our recent SEC filings, including the company's annual report on Form 10-K for the year ended December 31, 2016, and subsequently filed quarterly reports on Form 10-Q.
Danny Middlebrooks, EVP of Northern Field Gathering and Processing, our North Dakota position; Pat McDonie, EVP of Southern Field Gathering and Processing; and Scott Pryor, EVP of Logistics and Marketing, our downstream business; will be joining Joe Bob Perkins, CEO; and Matt Meloy, CFO, with prepared remarks today. Joe Bob will begin the call. We'll then turn it over to Matt to discuss first quarter 2017 results. And then Danny, Pat and Scott will discuss their business areas in that order. After closing remarks from Joe Bob, we will then open the call up for questions. With that, I'll turn the call over to Joe Bob.
Joe Bob Perkins
Thanks, Jen. Good morning. It's a beautiful morning in Houston, and we appreciate you joining us today. I'm going to begin today's call with an update on the integration of our recent Permian acquisition. I will then discuss some exciting new growth CapEx projects that we are officially announcing today and then provide an updated estimate of 2017 growth CapEx for our announced projects.
I will finish my initial prepared remarks with some color on the outlook for Targa over the near- and long-term before turning it over to Matt to discuss the first quarter results. One of our biggest first quarter highlights was the announcement and then later the March 1 closing of the acquisition of additional Delaware and Midland Basin midstream assets in the Permian Basin. For the quarter, we benefited from one month of volume and margin from these assets. We connected the acquired Delaware Basin assets to our Sand Hills system, and we're flowing natural gas volumes to Sand Hills very shortly