Targa Resources posts $10.7 million loss

Houston pipeline company Targa Resources reported a $10.7 million loss for the third quarter, but expressed optimism that Texas energy markets are rebounding.

Targa’s loss compares with a $12.7 million profit during the same period last year, but its revenue actually grew slightly to $1.65 billion from $1.63 billion.

“We continue to see strong results for our businesses in the Permian and are encouraged with operational performance across the company,” said Targa Chief Executive Officer Joe Bob Perkins.

Targa approved a merger this year to take control of its other publicly traded entity, Targa Resources Partners.

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