Targa facilities OK after Ike, Lehman filing

Targa Resources Partners LP said late Tuesday that it has resumed operations after minor disruptions from Hurricane Ike, and that it has no exposure to Lehman Brothers' bankruptcy filing.

Ike slammed into Galveston, Texas, last weekend with sustained winds of about 110 mph, tearing through homes, streets and public infrastructures.

The storm destroyed at least 10 offshore platforms in the Gulf of Mexico and left refineries and pipelines idled or destroyed throughout the region.

Targa, which processes and sells natural gas, said Ike created "only minor and temporary operational disruption" and that its facilities are now fully operational and volumes are ramping back up.

Meanwhile, the company said it has no "significant counterparty exposure" to Lehman Brothers Holding Inc.'s bankruptcy filing. Targa has $400 million in liquidity for an existing credit facility and cash on hand.

A Lehman subsidiary has about 2 percent participation in the credit facility, and "the availability under the facility would not be materially" affected if Lehman did not fund, Targa said.