Gulf Coast Fractionators Announces Expansion of Its
Natural Gas Liquids Fractionation Facility

HOUSTON, October 11, 2010 -- Gulf Coast Fractionators, a partnership between ConocoPhillips [NYSE:COP], Devon Energy Corporation [NYSE:DVN] and Targa Resources Partners LP [NYSE:NGLS] ("Targa Resources Partners" or the "Partnership"), today announced plans to expand the capacity of its natural gas liquids fractionation facility located in Mont Belvieu, Texas. The maximum gross fractionation capacity of the facility will be expanded by approximately 42 percent (43,000 barrels per day) to 145,000 barrels per day.

ConocoPhillips, as the operator, will manage the expansion project, and existing operations are not expected to be disrupted during the construction phase.

"This expansion will allow us to meet continued demand growth for natural gas liquids fractionation capacity in the Mont Belvieu market," said Chris Conway, president, ConocoPhillips Global Trading.

The expansion is expected to be operational during the second quarter of 2012, subject to regulatory approvals. The total capital expenditures of approximately $75 million are expected to be significantly lower than a greenfield fractionation facility since the new capacity will be integrated with existing fractionation capacity, utilities, infrastructure, and footprint already at Mont Belvieu.

http://www.businesswire.com   （2010.10.11）