Targa Resources Q4 Loss Widens

(RTTNews) - Targa Resources Corp. (TRGP) reported that its net loss attributable to common shareholders for the fourth-quarter widened to $144.4 million from $137.0 million in the prior year.

The fourth quarter of 2019 included a pre-tax non-cash loss of $229.0 million from the impairment of property, plant and equipment from a continuing decline in natural gas production across the Barnett Shale in North Texas and Gulf of Mexico due to the sustained low commodity price environment.

The fourth quarter of 2018 included a pre-tax non-cash loss of $210.0 million from the impairment of goodwill.

Total revenues for the quarter declined to $2.47 billion from $2.60 billion in the previous year.

For 2020, Targa estimates full year Adjusted EBITDA to be between $1.625 billion and $1.750 billion, with the midpoint of the range representing an 18 percent increase over full year 2019 Adjusted EBITDA.