Business Context and Reporting Period
This Form 8-K was filed by Targa Resources Corp. on October 19, 2011. The filing serves to disclose a press release (Exhibit 99.1) issued by the Company and Targa Resources Partners LP regarding the Partnership's preliminary estimated results for the third quarter of 2011. The filing also includes forecasts for the fourth quarter of 2011 and the full calendar year 2012, alongside a financial update from the Company.
Key Financial Metrics
The filing text references the disclosure of preliminary estimated results and forecasts but does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The document explicitly notes the use of the non-GAAP financial measure "Adjusted EBITDA" in the accompanying press release, with reconciliations to GAAP net income provided therein. As the specific figures are located in the referenced Exhibit 99.1 and not within the body of this 8-K, the filing text does not provide a clear value for these metrics.
Material Changes
The filing does not detail specific material changes versus prior periods within the text provided. It indicates that such comparisons and updates are contained within the press release furnished as Exhibit 99.1.
Guidance, Outlook, and Risks
Management has issued forecasts for the Partnership's financial results for the fourth quarter of 2011 and the calendar year 2012. The filing highlights the use of Adjusted EBITDA as a key non-GAAP measure for evaluating performance. The document includes a standard disclaimer stating that the information furnished under Item 2.02 is not deemed "filed" under Section 18 of the Securities Exchange Act of 1934 and will not be incorporated by reference into other filings unless specifically identified.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release dated October 19, 2011) for specific Q3 2011 preliminary results and Q4 2011/2012 forecasts.
- Examine the reconciliation of Adjusted EBITDA to GAAP net income provided in the press release.
- Verify the specific financial metrics for revenue, profit, and cash flow which are not listed in the 8-K body text.
- Confirm the distinction between the Company (Targa Resources Corp.) and the Partnership (Targa Resources Partners LP) regarding the reported results.