The increase in operating expenses was primarily driven by plant and system expansions in the Permian region, the inclusion of the Permian Acquisition in March 2017 and the commencement in operations of the Raptor Plant at SouthTX in June 2017. These intersegment transactions have been eliminated from the consolidated presentation. Operating expenses increased due to higher compensation and benefits, higher fuel and power costs that are largely passed through, partially offset by lower maintenance.6 billion senior secured revolving credit facility due 2020, $300. The increase in fair value of the contingent consideration during the three months ended March 31, 2018 was primarily related to an increase in underlying forecasted volumes for the remainder of the earn-out period and a shorter term over which such projections are discounted. generally accepted accounting principles ("GAAP")).1Total Central1,287.(6)SouthOK includes Centrahoma Processing, LLC, a joint venture that the Company operates ("Centrahoma" or the "Centrahoma Joint Venture"), of which the Company owns 60%, and other plants that are owned 100% by the Company.3)(52.4$43.978.0318.6$263.31,423. The conference ID number for the dial-in is 6449338.2119%Dividends on Series A Preferred Stock22. During 2018, the Company recorded expense of $56.6833% (1)Segment operating statistics include the effect of intersegment amounts, which have been eliminated from the consolidated presentation. The Company operates in two primary segments: (i) Gathering and Processing and (ii) Logistics and Marketing. Gross Operating Statistics Compared to Actual Reported The table below provides a reconciliation between gross operating statistics and the actual reported operating statistics for the Field portion of the Gathering and Processing segment: Three Months Ended March31, 2018Operating statistics:Plant natural gas inlet, MMcf/d (1),(2)Gross Volume (3)Ownership %Net Volume (3)Actual ReportedPermian Midland1,257.799.411%Total revenues2,455.4100%19.91per share of its common stock for the threemonths ended March31,2018, or $3. The Coastal Gathering and Processing assets generate significantly lower unit margins than the Field Gathering and Processing assets.6644.1015% (1)Segment operating statistics include intersegment amounts, which have been eliminated from the consolidated presentation.8) Other contains the results of commodity derivative activities related to Gathering and Processing hedges of equity volumes that are included in operating margin and mark-to-market gain/losses related to derivative contracts that were not designated as cash flow hedges.915%Net income (loss) attributable to common shareholders$(7.04%General and administrative expense56. Sale of Inland Marine Barge Business Targa executed agreements on May 1, 2018 to sell its inland marine barge business to Kirby Corp.25.4148.940."(2)Includes the $416.3122.4)43.38%Condensate sales, MBbl/d16.373.9814.(5)Badlands natural gas inlet represents the total wellhead gathered volume.25.8)(7.(6)Average realized prices exclude the impact of hedging activities presented in Other.92,465.2)5.6220.071. Because the Company is essentially forward-selling a portion of the Company’s future plant equity volumes, these hedge positions will move favorably in periods of falling commodity prices and unfavorably in periods of rising commodity prices.7$29. - Non-GAAP Financial Measures - Operating Margin. Three Months Ended March31, 2017Operating statistics:Plant natural gas inlet, MMcf/d (1),(2)Gross Volume (3)Ownership %Net Volume (3)Actual ReportedPermian Midland (4)987.4WestOK393.2286.316.5226%North Texas25. Including the April 2018 senior notes issuance, TRC’s pro forma consolidated liquidity as of March 31, 2018 was approximately $2.0 million outstanding under TRP’s accounts receivable securitization facility and $4,278.4 million compared to total common dividends to be paid of $199.3 million acquisition date fair value of the potential earn-out payments.1Varies (5)36.8$177.8Varies (6)161.648.22.5Varies (5)99.422. These factors more than offset the impact of higher average outstanding borrowings during 2018.9Varies (7)34.637.54.24%Crude oil gathered, Permian, MBbl/d (4)49.672.75. The conference call can be accessed via webcast through the Events and Presentations section of Targa’s website at , by going directly to trc/events.925. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling NGLs and NGL products, including services to LPG exporters; gathering, storing, terminaling and selling crude oil; and storing, terminaling, and selling refined petroleum products.39.0Total Permian1,325.8)Operating margin$(17.(7)Badlands natural gas inlet represents the total wellhead gathered volume.3Total Field3,271.8Varies (4)1,014.3North Texas235.0)$(16. About Targa Resources Corp.210.1112%Gain (loss) from financing activities& Valve Pressure Suppliers https://www.xiervalve.com/ x2014;(5. For all volume statistics presented, the numerator is the total volume sold during the quarter and the denominator is the number of calendar days during the quarter.0 million).92,380.6)(7%)Natural gas sales, BBtu/d (6) (8)2,107. In April 2018, the Partnership issued $1.5Total Field280.0288. For all volume statistics presented, the numerator is the total volume sold during the quarter and the denominator is the number of calendar days during the quarter.8North Texas282. Review of Segment Performance The following discussion of segment performance includes inter-segment activities.76$0.534.(5)SouthTX includes the Raptor Plant, which began operations in the second quarter of 2017, of which the Company owns a 50% interest through the Carnero Processing Joint Venture.9 million will be paid on May 14, 2018 on all outstanding shares of Series A Preferred Stock to holders of record as of the close of business on May 1, 2018.8Total Central112.2NMNatural gas sales, BBtu/d (3)1,767. First quarter 2018 - Capitalization, Liquidity and Financing The Company’s total consolidated debt as of March 31, 2018 was $5,364.9217.633.30)(4.4$0. - Non-GAAP Financial Measures.921.9)(98%)Income (loss) from operations86.626%LSNG treating volumes (2)30.6291.02,465.1Permian Delaware409.2Total Field379.0 billion aggregate principal amount of 5⅞% senior notes due April 2026.9WestOK350.06. Targa Resources Corp.911%Distributable cash flow (1)216.5$0. New Midland volumes are included within Permian Midland and New Delaware volumes are included within Permian Delaware. Net income attributable to noncontrolling interests was higher in 2018 due to increased earnings at the Company’s consolidated joint ventures as compared with 2017.4227.04)(1.9 million.240.0)$(148.8)$(1.046.798.2 million of Targa Resources Partners LP ("TRP" or "the Partnership") debt, net of $28.737. Central time) on May 3, 2018 to discuss first quarter 2018 results.6383.5344.3SouthTX416.72,805.5(4.(7)SouthOK includes the Centrahoma Joint Venture, of which the Company owns 60%, and other plants that are owned 100% by the Company.716%Gross NGL production, MBbl/d386.885.1350.(6)SouthTX includes the Silver Oak II Plant, of which the Company owned a 90% interest from October 2015 through May 2017, and after which the Company owns a 100% interest.6)14.619.2100%10.0million of borrowings and $25.1100%235.922.716%Gross NGL production, MBbl/d (3)Permian Midland (4)140.(2)Plant natural gas inlet represents the Company’s undivided interest in the volume of natural gas passing through the meter located at the inlet of a natural gas processing plant, other than Badlands.9533.97.33,223.590. Operating results for the WestTX undivided interest assets are presented on a pro-rata net basis in the Company’s reported financials.0(6.566.(2)Plant natural gas inlet volumes and gross NGL production volumes include producer take-in-kind volumes.(6)Plant natural gas inlet volumes include producer take-in-kind volumes, while natural gas sales exclude producer take-in-kind volumes.9——Deemed dividends on Series A Preferred Stock7.8100%Change in contingent considerations(56.64 per share on an annualized basis.1100%393. The Company reported distributable cash flow for the first quarter of 2018 of $216. As of March 31, 2018, TRC had available borrowing capacity under its senior secured revolving credit facility of $235.314%Operating margin (1)341.8255.7113.3112.520%WestOK350.617%Fees from midstream services281.8 million of cash, was approximately $1. General and administrative expense increased primarily due to higher compensation and benefits. is a leading provider of midstream services and is one of the largest independent midstream energy companies in North America.9)(4%)Total3,752.6793.1)(43%)Export volumes, MBbl/d (4)201.75 per share of its Series A Preferred Stock.
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