Partnership Units and Related Matters

3 Months Ended

Mar. 31, 2014

Partnership Units and Related Matters [Abstract]

Partnership Units and Related Matters

Note 10 — Partnership Units and Related Matters

Public Offerings of Common Units

In the first quarter of 2014, the Partnership issued 2,222,271 common units under an equity distribution agreement entered into in August 2013 (the “August 2013 EDA”), receiving net proceeds of $115.3 million, of which $5.9 million was received in April. We contributed $2.4 million to the Partnership to maintain our 2% general partner interest, of which $1.2 million was received in April.

Subsequent Event

In April 2014, the Partnership issued 802,630 common units under the August 2013 EDA, receiving net proceeds of $47.7 million. We contributed $1.0 million to the Partnership to maintain our 2% general partner interest. As of April 18, 2014, approximately $7.4 million of the aggregate offering amount remained available for sale pursuant to the August 2013 EDA.

Distributions

In accordance with the Partnership Agreement, the Partnership must distribute all of its available cash, as determined by the general partner, to unitholders of record within 45 days after the end of each quarter. The following table details the distributions declared and/or paid by the Partnership for the three months ended March 31, 2014.

		Distributions
Three Months Ended	Date Paid or to be Paid	Limited Partners		General Partner						Distributions to Targa Resources Corp.		Distributions per limited partner unit
		Common		Incentive			2%	Total
(In millions, except per unit amounts)
March 31,2014	May 15,2014	$	87.2	$	31.7	$	2.4	$	121.3	$	44.0	$	0.7625
December 31,2013	February 14,2014		84.0		29.5		2.3		115.8		41.5		0.7475