HOUSTON, Feb. 9, 2011 (GLOBE NEWSWIRE) -- Targa Resources Partners LP ("Targa Resources Partners" or the "Partnership") (NYSE:NGLS) announced today that its assets located at Mont Belvieu, TX were not physically affected or damaged by the fire that occurred at a neighboring facility on February 8, 2011. The Partnership followed strict safety and other operating procedures during the fire and did not make delivery changes to its petrochemical customers until certain safety thresholds were met. The Partnership's operated assets continued to make deliveries to its customers and did take additional raw NGL supplies ("y-grade") into underground storage from various NGL pipelines that had been feeding other area fractionators that prudently shutdown due to their physical proximity to the fire.
The Partnership's majority-owned and operated Cedar Bayou Fractionator (CBF) ran throughout the day and continues to run while Gulf Coast Fractionators (GCF), of which the Partnership owns a 38.8% ownership interest and does not operate, did shut down but is expected to restart later today assuming no unforeseen safety or operational issues are identified in the interim.
During this event, the Partnership worked closely with other industry participants on the emergency response and is now working with customers to try to meet their new requirements caused by temporary logistics disruptions.
Certain statements in this release are "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. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside Targa Resources Partners' control, which could cause results to differ materially from those expected by management of Targa Resources Partners. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas and natural gas liquids, the timing and success of business development efforts; and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2009 and other reports filed with the Securities and Exchange Commission. Targa Resources Partners undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CONTACT: Investor Contact: (713) 584-1133 Anthony Riley Director - Finance / Investor Relations Matthew Meloy Senior Vice President, Chief Financial Officer and Treasurer