Targa Resources Corp. (“TRC”) owns, operates, acquires, and develops a diversified portfolio of complementary domestic midstream infrastructure assets.

In this Annual Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company” or “Targa” are intended to mean our consolidated business and operations. TRC controls the general partner of and owns all of the outstanding common units representing limited partner interests in Targa Resources Partners LP, referred to herein as the “Partnership” or “TRP.” Targa consolidates TRP and its subsidiaries under accounting principles generally accepted in the United States of America (“GAAP”). Targa’s consolidated financial statements include differences from the consolidated financial statements of TRP; however, such differences are immaterial. Such immaterial differences include:

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the inclusion of the TRC revolving credit facility;

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the inclusion of Series A Preferred Stock (“Series A Preferred”); and

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the impacts of TRC’s treatment as a corporation for U.S. federal income tax purposes.

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gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas;

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transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and

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gathering, storing, terminaling, and purchasing and selling crude oil.

See Note 25 – Segment Information for certain financial information regarding our business segments.