Targa Resources Corp. (NYSE:TRGP) Q2 2017 Earnings Conference Call - Preliminary Transcript

Aug 03, 2017 • 11:00 am ET


Targa Resources Corp. (NYSE:TRGP) Q2 2017 Earnings Conference Call - Preliminary Transcript


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Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Targa Resources Corporation Second Quarter 2017 Earnings Webcast and Presentation.

I would now like to introduce your host for today's presentation, Mr. Sanjay Lad. Sir, please begin.

Sanjay Lad

Great. Thank you, Howard. Good morning, and welcome to the second quarter 2017 earnings call for Targa Resources Corp. The second quarter earnings release for Targa Resources Corp, Targa, TRC or the company is available on the investor section of our website at www.targaresources.com. We also posted the new quarterly earnings supplement presentation to our website, that provides perspectives on our longer-term outlook and additional detail related to the second quarter and sequential results. As always, we welcome your feedback on whether this additional information is helpful.

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 provisions of the Securities Acts of 1933 and 1934. Please note that actual results can 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.

Our speakers for the call today will be Joe Bob Perkins, Chief Executive Officer; Matt Meloy, Chief Financial Officer; Patrick McDonie, Executive Vice President of Southern Field Gathering and Processing; and Scott Pryor, Executive Vice President of Logistics and Marketing, our Downstream segment. Other members of senior management will be available during the Q&A portion of the call. Joe Bob will begin today's call and then turn it over to Matt to discuss second quarter results, and then Pat and Scott will discuss their respective business segments. After closing remarks from Joe Bob, we'll then open up the call for questions.

With that, I'll now turn the call over to Mr. Joe Bob.

Joe Bob Perkins

Thanks, Sanjay. Good morning, and thanks to everyone for joining. I'm going to start with an update on Targa's strategic initiatives underway initiatives underway which are positioning us for longer-term EBITDA growth.

It was another busy quarter for Targa employees, with our day-to-day business activities augmented by progress on a number of impactful initiatives. For example, we continued the integration of our Permian assets acquired on March 1 and had the first full quarter of operating and improving those assets. We brought on growing volumes across our strong Midland and Delaware Basin positioning. Our 200 million cubic feet per day Raptor plant in South Texas came online.

We made an acquisition of Boardwalk Pipeline Partners Flag City assets and contracts in South Texas, and then immediately integrated those volumes into our existing facilities. We continued progress on adding 710 million cubic feet per day of processing capacity in the Permian Basin, which will bring us to a total of approximately 2.5 billion cubic feet per day of gross