Targa Resources Corp. (NYSE: TRGP) has declared a quarterly cash dividend of $0.33625 per share, or $1.345 per common unit on an annualized basis, for the fourth quarter 2011. The approved dividend represents increases of approximately nine percent over the previous quarter's dividend and 31 percent over the prorated dividend for the fourth quarter 2010. The cash dividend was paid Feb. 15 to holders of record on Jan. 23.
Targa Resources Partners LP (NYSE: NGLS) has declared a quarterly cash distribution of $0.6025 per common unit, or $2.41 per common unit on an annualized basis, for the fourth quarter 2011. The approved distribution represents an increase of approximately three percent over the previous quarter's distribution and 10 percent over the distribution for the fourth quarter 2010. This cash distribution was paid Feb. 14 to holders of record on Jan. 23.
"These increases reflect both the continued strong performance of Targa's businesses and our announced portfolio of organic growth projects," said Joe Bob Perkins, CEO of the Partnership's general partner and of Targa Resources Corp. "These increases are on track with the mid-range of our guidance for full year 2012 growth in the Partnership's distributions of 10 to 15 percent and in the company's dividends of 30 to 40 percent over full year 2011."
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