##### 



Exhibit 99.1
 TARGA RESOURCES PARTNERS LP REPORTS
FIRST QUARTER 2007 EARNINGS




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Review of Quarterly Operational Performance
  Contract Mix, Hedges and Realized Prices
   Capitalization




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Conference Call
  About Targa Resources Partners
  Use of Non-GAAP Financial Measures




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Three
    
    
    
    
    
    
    
    
    
    ThreeMonths
    
    Feb. 14,
    
    Jan. 1,
    
    MonthsEnded
    
    2007 to
    
    2007 to
    
    EndedMarch 31,
    
    March 31,
    
    Feb. 13,
    
    March 31,2007
    
    2007
    
    2007
    
    2006(in millions)
    
    (unaudited)Net income (loss)
    
    $
    (4.7
    )
    
    $
    2.2
    
    
    $
    (6.9
    )
    
    $
    (10.2
    )Add:Interest expense, net
    
    
    12.5
    
    
    
    2.7
    
    
    
    9.8
    
    
    
    17.4Deferred income tax expense
    
    
    0.3
    
    
    
    0.3
    
    
    
    
    
    
    
    Depreciation and amortization expense
    
    
    14.2
    
    
    
    7.3
    
    
    
    6.9
    
    
    
    13.7EBITDA
    
    $
    22.3
    
    
    $
    12.5
    
    
    $
    9.8
    
    
    $
    20.9




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Three
    
    
    
    
    
    
    
    
    
    ThreeMonths
    
    Feb. 14,
    
    Jan. 1,
    
    MonthsEnded
    
    2007 to
    
    2007 to
    
    EndedMarch 31,
    
    March 31,
    
    Feb. 13,
    
    March 31,2007
    
    2007
    
    2007
    
    2006(in millions)
    
    (unaudited)Net loss
    
    $
    (4.7
    )
    
    $
    2.2
    
    
    $
    (6.9
    )
    
    $
    (10.2
    )Depreciation and amortization expense
    
    
    14.2
    
    
    
    7.3
    
    
    
    6.9
    
    
    
    13.7Deferred income tax expense
    
    
    0.3
    
    
    
    0.3
    
    
    
    
    
    
    
    Amortization of debt issue costs
    
    
    0.1
    
    
    
    0.1
    
    
    
    
    
    
    
    1.3Maintenance capital expenditures
    
    
    (2.7
    )
    
    
    (1.2
    )
    
    
    (1.5
    )
    
    
    (3.4
    )Distributable cash flow
    
    $
    7.2
    
    
    $
    8.7
    
    
    $
    (1.5
    )
    
    $
    1.4
 Forward-Looking Statements
  Investor contact:
    
    Media contact:Howard Tate
    
    Kelly HahnVice President  Finance, Treasurer
    
    212-371-5999713-584-1000Web site: http://www.targaresources.com




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TARGA RESOURCES PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per unit amounts)
 Three Months
    
    Three MonthsEnded
    
    EndedMarch 31, 2007
    
    March 31, 2006Revenues:Revenues from third parties
    
    $
    6,084
    
    
    $
    1,857Revenues from afiliates
    
    
    87,509
    
    
    
    94,39393,593
    
    
    
    96,250Costs and expenses:Product purchases
    
    
    63,688
    
    
    
    67,866Operating expenses, excluding DD&A
    
    
    5,968
    
    
    
    5,944Depreciation and amortization expense
    
    
    14,195
    
    
    
    13,720General and administrative expense
    
    
    1,578
    
    
    
    1,58885,429
    
    
    
    89,118Income from operations
    
    
    8,164
    
    
    
    7,132Other expenseInterest expense, net
    
    
    2,705
    
    
    
    Interest expense from affiliate, net
    
    
    9,827
    
    
    
    Interest expense allocated from Parent
    
    
    
    
    
    
    17,361Loss before income taxes
    
    
    (4,368
    )
    
    
    (10,229
    )Deferred income tax expense
    
    
    338
    
    
    
    Net loss
    
    $
    (4,706
    )
    
    $
    (10,229
    )Allocation of income for the three months ended March 31, 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
March 31, 2007
    
    
    2,155Net loss
    
    $
    (4,706
    )General partner interest in net income for the period from
February 14, 2007 to March 31, 2007
    
    $
    43Common and subordinated unitholders interest in net income for the
period from February 14, 2007 to March 31, 2007
    
    $
    2,112Basic net income per common and subordinated unit
    
    $
    0.07Diluted net income per common and subordinated unit
    
    $
    0.07Basic average number of common and subordinated units outstanding
    
    
    30,848Diluted average number of common and subordinated units outstanding
    
    
    30,851




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##### 



Targa Resources Partners LP  $ in thousands, except unit amounts
 Three
    
    
    
    
    
    
    
    
    
    ThreeMonths
    
    Feb. 14,
    
    Jan. 1,
    
    MonthsEnded
    
    2007 to
    
    2007 to
    
    EndedMarch 31,
    
    March 31,
    
    Feb. 13,
    
    March 31,INCOME STATEMENT INFORMATION
    
    2007
    
    2007
    
    2007
    
    2006Revenues from third parties
    
    $
    6,084
    
    
    $
    2,149
    
    
    $
    3,935
    
    
    $
    1,857Revenues from affiliates
    
    
    87,509
    
    
    
    49,340
    
    
    
    38,169
    
    
    
    94,39393,593
    
    
    
    51,489
    
    
    
    42,104
    
    
    
    96,250Costs and expenses:Product purchases
    
    
    63,688
    
    
    
    34,993
    
    
    
    28,695
    
    
    
    67,866Operating expenses, excluding DD&A
    
    
    5,968
    
    
    
    3,152
    
    
    
    2,816
    
    
    
    5,944Depreciation and amortization expense
    
    
    14,195
    
    
    
    7,270
    
    
    
    6,925
    
    
    
    13,720General and administrative expense
    
    
    1,578
    
    
    
    876
    
    
    
    702
    
    
    
    1,58885,429
    
    
    
    46,291
    
    
    
    39,138
    
    
    
    89,118Income from operations
    
    
    8,164
    
    
    
    5,198
    
    
    
    2,966
    
    
    
    7,132Other expense
    
    
    
    
    
    
    Interest expense, net
    
    
    2,705
    
    
    
    2,705
    
    
    
    
    
    
    
    Interest expense from affiliate, net
    
    
    9,827
    
    
    
    
    
    
    
    9,827Interest expense allocated from Parent
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17,361Income (loss) before income taxes
    
    
    (4,368
    )
    
    
    2,493
    
    
    
    (6,861
    )
    
    
    (10,229
    )Deferred income tax expense
    
    
    338
    
    
    
    338
    
    
    
    
    
    
    
    Net income (loss)
    
    
    (4,706
    )
    
    
    2,155
    
    
    
    (6,861
    )
    
    $
    (10,229
    )General partner interest in net income
    
    
    (6,818
    )
    
    
    43
    
    
    
    (6,861
    )Net income available to common and subordinated unitholders
    
    $
    2,112
    
    
    $
    2,112
    
    
    $
    Basic net income per common and subordinated unit
    
    $
    0.07
    
    
    $
    0.07Diluted net income per common and subordinated unit
    
    $
    0.07
    
    
    $
    0.07Basic average number of common and subordinated units outstanding
    
    
    30,848
    
    
    
    30,848Restrictive equivalents
    
    
    3
    
    
    
    3Diluted average number of common and subordinated units outstanding
    
    
    30,851
    
    
    
    30,851