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Exhibit 99.1
 TARGA RESOURCES PARTNERS LP REPORTS
SECOND QUARTER 2007 EARNINGS
    Review of Quarterly Results
    Review of First Six Months Results




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Contract Mix, Hedges and Realized Prices
   Capitalization
  Development Activities
  1.
    
    $5.7 million for the installation of a pipeline system and the acquisition of a
producer owned pipeline system in Wise and Montague counties. The project includes over
4,400 acres of dedications with estimated initial production of 3.1 MMBtu/d;2.
    
    $3.9 million for the installation of a pipeline and compression system in Wise
county which includes a 20,000 acreage dedication in Wise and Southern Montague
counties; and3.
    
    the installation of 4.3 MMcf/d of compression and 10 MMcf/d of dehydration in
Jack and Palo Pinto counties and the addition of 2.3 MMcf/d of volumes to the system.
 2
 Conference Call
 http://www.targaresources.com




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About Targa Resources Partners
  Use of Non-GAAP Financial Measures
      Three Months Ended
    
    
    Three Months Ended
    
    
    Six Months Ended
    
    
    Six Months EndedJune 30, 2007
    
    
    June 30, 2006
    
    
    June 30, 2007
    
    
    June 30, 2006(in millions)Reconciliation of Non-GAAP Measures
    
    
    
    
    
    (unaudited)Reconciliation of net income toEBITDA:Net loss
    
    $
    4.0
    
    
    $
    (13.0
    )
    
    $
    (0.7
    )
    
    $
    (23.2
    )Add:Interest expense, net
    
    
    5.2
    
    
    
    18.3
    
    
    
    17.7
    
    
    
    35.7Deferred income tax expense
    
    
    0.3
    
    
    
    1.5
    
    
    
    0.7
    
    
    
    1.5Depreciation and amortization expense
    
    
    14.3
    
    
    
    13.7
    
    
    
    28.5
    
    
    
    27.4EBITDA
    
    $
    23.8
    
    
    $
    20.5
    
    
    $
    46.2
    
    
    $
    41.4




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Three Months Ended
    
    
    Three Months Ended
    
    
    Six Months Ended
    
    
    Six Months EndedJune 30, 2007
    
    
    June 30, 2006
    
    
    June 30, 2007
    
    
    June 30, 2006(in millions)(unaudited)Reconciliation of Distributable cash flow to net income (loss):Net income (loss)
    
    $
    4.0
    
    
    $
    (13.0
    )
    
    $
    (0.7
    )
    
    $
    (23.2
    )Depreciation and amortization expense
    
    
    14.3
    
    
    
    13.7
    
    
    
    28.5
    
    
    
    27.4Deferred income tax expense
    
    
    0.3
    
    
    
    1.5
    
    
    
    0.7
    
    
    
    1.5Amortization of debt issue costs
    
    
    0.2
    
    
    
    1.3
    
    
    
    0.3
    
    
    
    2.6Maintenance capital expenditures
    
    
    (2.6
    )
    
    
    (2.8
    )
    
    
    (5.3
    )
    
    
    (6.3
    )Distributable cash flow
    
    $
    16.2
    
    
    $
    0.7
    
    
    $
    23.5
    
    
    $
    2.0
 Forward-Looking Statements
  http://www.targaresources.com




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TARGA RESOURCES PARTNERS LP
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Three Months
    
    
    Three Months
    
    
    Six Months
    
    
    Six MonthsEnded
    
    
    Ended
    
    
    Ended
    
    
    EndedJune 30, 2007
    
    
    June 30, 2006
    
    
    June 30, 2007
    
    
    June 30, 2006(Unaudited)(In thousands, except per unit amounts)Revenues from third parties
    
    $
    4,300
    
    
    $
    2,871
    
    
    $
    10,384
    
    
    $
    4,728Revenues from affiliates
    
    
    102,103
    
    
    
    89,802
    
    
    
    189,612
    
    
    
    184,196Total operating revenues
    
    
    106,403
    
    
    
    92,673
    
    
    
    199,996
    
    
    
    188,924Costs and expenses:Product purchases from third parties
    
    
    74,306
    
    
    
    64,657
    
    
    
    137,751
    
    
    
    132,350Product purchases from affiliates
    
    
    271
    
    
    
    227
    
    
    
    514
    
    
    
    400Operating expenses, excluding DD&A
    
    
    6,065
    
    
    
    5,599
    
    
    
    12,033
    
    
    
    11,543Depreciation and amortization expense
    
    
    14,289
    
    
    
    13,719
    
    
    
    28,484
    
    
    
    27,439General and administrative expense
    
    
    1,953
    
    
    
    1,667
    
    
    
    3,531
    
    
    
    3,25596,884
    
    
    
    85,869
    
    
    
    182,313
    
    
    
    174,987Income from operations
    
    
    9,519
    
    
    
    6,804
    
    
    
    17,683
    
    
    
    13,937Other expense:Interest expense, net
    
    
    5,154
    
    
    
    
    
    
    
    7,859
    
    
    
    Interest expense from affiliates, net
    
    
    
    
    
    
    
    
    
    
    9,827
    
    
    
    Interest expense allocated from Parent
    
    
    
    
    
    
    18,302
    
    
    
    
    
    
    
    35,663Income (loss) before income taxes
    
    
    4,365
    
    
    
    (11,498
    )
    
    
    (3
    )
    
    
    (21,726
    )Deferred income tax expense
    
    
    327
    
    
    
    1,454
    
    
    
    665
    
    
    
    1,454Net income (loss)
    
    $
    4,038
    
    
    $
    (12,952
    )
    
    $
    (668
    )
    
    $
    (23,180
    )Allocation of net income (loss) for the three and six months ended June 30, 2007:Net loss attributable to the period from
January 1, 2007 to February 13, 2007
    
    $
    
    
    
    
    
    
    
    $
    (6,861
    )Net income attributable to the period from
February 14, 2007 to June 30, 2007
    
    
    4,038
    
    
    
    
    
    
    
    6,193Net income (loss)
    
    $
    4,038
    
    
    
    
    
    
    $
    (668
    )General partner interest in net income for the period
from February 14, 2007 to June 30, 2007
    
    $
    81
    
    
    
    
    
    
    $
    124Common and subordinated unitholders interest
in net income for the period from
February 14, 2007 to June 30, 2007
    
    $
    3,957
    
    
    
    
    
    
    $
    6,069Basic net income per common and subordinated unit
    
    $
    0.13
    
    
    
    
    
    
    $
    0.20Diluted net income per common and subordinated unit
    
    $
    0.13
    
    
    
    
    
    
    $
    0.20Basic average number of common and subordinated
units outstanding
    
    
    30,848
    
    
    
    
    
    
    
    30,848Diluted average number of common and subordinated
units outstanding
    
    
    30,855
    
    
    
    
    
    
    
    30,854




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TARGA RESOURCES PARTNERS LP
 CONSOLIDATED BALANCE SHEETS
 June 30, 2007
    
    
    December 31, 2006(Unaudited)(In thousands)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    9,361
    
    
    $
    Receivables from third parties
    
    
    1,195
    
    
    
    1,310Receivables from affiliated companies
    
    
    50,701
    
    
    
    Assets from risk management activities
    
    
    7,616
    
    
    
    17,250Other
    
    
    483
    
    
    
    Total current assets
    
    
    69,356
    
    
    
    18,560Property, plant and equipment, at cost
    
    
    1,139,723
    
    
    
    1,129,210Accumulated depreciation
    
    
    (93,586
    )
    
    
    (65,102
    )Property, plant and equipment, net
    
    
    1,046,137
    
    
    
    1,064,108Long-term assets from risk management activities
    
    
    4,462
    
    
    
    15,541Other long-term assets
    
    
    3,860
    
    
    
    17,612Total assets
    
    $
    1,123,815
    
    
    $
    1,115,821LIABILITIES AND PARTNERS CAPITALCurrent liabilities:Accounts payable
    
    $
    4,252
    
    
    $
    2,789Accrued liabilities
    
    
    33,983
    
    
    
    28,832Current maturities of debt allocated from Parent
    
    
    
    
    
    
    281,083Liabilities from risk management activities
    
    
    6,874
    
    
    
    Total current liabilities
    
    
    45,109
    
    
    
    312,704Long-term debt allocated from Parent
    
    
    
    
    
    
    582,877Long-term debt
    
    
    294,500
    
    
    
    Long-term liabilities from risk management activities
    
    
    11,550
    
    
    
    96Other long-term liabilities
    
    
    1,763
    
    
    
    1,684Deferred income tax liability
    
    
    3,197
    
    
    
    2,844Commitments and contingencies (Note 9)Partners capital:Common unitholders (19,336,000 units issued and outstanding at June 30, 2007)
    
    
    378,208
    
    
    
    Subordinated unitholders (11,528,231 units issued and outstanding at June 30, 2007)
    
    
    376,673
    
    
    
    General partner (629,555 units issued and outstanding at June 30, 2007)
    
    
    20,571
    
    
    
    Accumulated other comprehensive income (loss)
    
    
    (7,756
    )
    
    
    30,843Net parent investment
    
    
    
    
    
    
    184,773Total partners capital
    
    
    767,696
    
    
    
    215,616Total liabilities and partners capital
    
    $
    1,123,815
    
    
    $
    1,115,821




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TARGA RESOURCES PARTNERS LP
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 Six Months
    
    
    Six MonthsEnded
    
    
    EndedJune 30, 2007
    
    
    June 30, 2006(Unaudited)(In thousands)Cash flows from operating activitiesNet loss
    
    $
    (668
    )
    
    $
    (23,180
    )Adjustments to reconcile net loss to net cash
provided by operating activitiesDepreciation
    
    
    28,484
    
    
    
    27,439Accretion of asset retirement obligations
    
    
    79
    
    
    
    72Amortization of debt issue costs
    
    
    305
    
    
    
    2,570Noncash compensation
    
    
    76
    
    
    
    Gain (loss) on sale of assets
    
    
    1
    
    
    
    (15
    )Deferred income tax expense
    
    
    665
    
    
    
    1,454Risk management activities
    
    
    130
    
    
    
    Changes in operating assets and liabilities:Accounts receivable
    
    
    (11,730
    )
    
    
    409Inventory
    
    
    
    
    
    
    824Other
    
    
    (503
    )
    
    
    630Accounts payable
    
    
    1,463
    
    
    
    933Accrued liabilities
    
    
    5,151
    
    
    
    (7,754
    )Net cash provided by operating activities
    
    
    23,453
    
    
    
    3,382Cash flows from investing activitiesPurchases of property, plant and equipment
    
    
    (10,515
    )
    
    
    (11,225
    )Other
    
    
    1
    
    
    
    64Net cash used in investing activities
    
    
    (10,514
    )
    
    
    (11,161
    )Cash flows from financing activitiesProceeds from initial public offering
    
    
    380,768
    
    
    
    Costs incurred in connection with initial public offering
    
    
    (3,175
    )
    
    
    Distributions
    
    
    (5,315
    )
    
    
    Proceeds from borrowings under credit facility
    
    
    342,500
    
    
    
    Costs incurred in connection with financing arrangements
    
    
    (4,145
    )
    
    
    Repayments of loans:Affiliated
    
    
    (665,692
    )
    
    
    Credit facility
    
    
    (48,000
    )
    
    
    Deemed parent contributions (distributions)
    
    
    (519
    )
    
    
    7,779Net cash provided by (used in) financing activities
    
    
    (3,578
    )
    
    
    7,779Cash and cash equivalents, beginning of period
    
    
    
    
    
    
    Cash and cash equivalents, end of period
    
    $
    9,361
    
    
    $
    Supplemental cash flow information:Net settlement of allocated indebtedness and debt issue costs
    
    $
    846,348
    
    
    $
    Net contribution of affiliated indebtedness
    
    
    (665,692
    )
    
    
    Net contribution of affiliated receivables
    
    
    38,856
    
    
    
    Noncash long-term debt allocation of payments from Parent
    
    
    
    
    
    
    2,466