Targa Resources Corp (TRGP) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $150.80 million in the quarter, against a net profit of $27 million in the last year period. Revenue during the quarter grew 22.17 percent to $2,012.60 million from $1,647.40 million in the previous year period. Gross margin for the quarter contracted 463 basis points over the previous year period to 23.28 percent. Operating margin for the quarter stood at negative 4.85 percent as compared to a negative 12.56 percent for the previous year period.
Operating loss for the quarter was $97.60 million, compared with an operating loss of $206.90 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $297.60 million compared with $326 million in the prior year period. At the same time, adjusted EBITDA margin contracted 500 basis points in the quarter to 14.79 percent from 19.79 percent in the last year period.
"2016 was a successful year for Targa as we were able to improve our balance sheet and asset position in a volatile period for our industry," said Joe Bob Perkins, chief executive officer of the Company. “We recently announced the highly strategic acquisition of additional midstream assets in the Delaware and Midland Basins, where we are well-positioned to benefit from continued producer activity. With a healthy balance sheet and a diverse set of assets poised to capture increasing industry activity, we are well positioned looking out at the balance of 2017 and beyond."
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