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Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp

DCP Midstream Partners Lp · Feb 25, 2015 · 16 slides

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Slides

  1. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 1
    FOURTH QUARTER AND YEAR END 2014 Earnings Review February 25, 2015
  2. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 2
    Q4 & YTD 2014 Highlights Adjusted EBITDA Distributable Cash Flow 17 Consecutive Distributions Declared (MM) (MM) ( Per LP Unit) (1) (1) 2014 Highlights Best safety performance ever for the DCP (1) enterprise (1)(2) Record…
  3. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 3
    Key Focus Areas 2015 and Beyond Strong MLP with sustainable earnings Growing fee-based margins 90 percent fee based or hedged in 2015 Fee-based organic projects coming online and ramping up Commodity exposure mitigated via hedges…
  4. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 4
    2015 Outlook 2015e Outlook (MM) 2015 Capital Forecast (MM) DCF target range 545-565 Growth Capex 300+ EBITDA target range 655-685 Maintenance Capex 50-60 Distribution growth target 1/quarter (up to 5.5%) Adjusted EBITDA…
  5. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 5
    2015 Capital Growth Outlook 2015 Capital Forecast (MM) Dropdowns Growth Capex 300+ Organic growth Maintenance Capex 50-60 33% Sand Hills 33% Southern Hills 20% Eagle Ford 2015 Organic Project Benefits Lucerne 1 Plant Dropdowns…
  6. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 6
    2014 Capital & Operational Update Eagle Ford System 85% Asset ramp-up highlights capital efficiency & Total Throughput (MMcf/d) Q414 System improves return on capital 1,100 Utilization 950 Completed 1.15 billion dropdown 800 Sand…
  7. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 7
    Margin Portfolio & Commodity Sensitivities Sensitivities & Fee-Based Dropdowns/Projects Growing Fee-Based Margin Mont Belvieu Fracs Texas Express 10% 28% 29% 30% Front Range 40% 36% NGL Logistics: 30% Sand Hills Pipeline / Laterals…
  8. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 8
    Consolidated Financial Results Q4 2014 Adjusted EBITDA (MM) YTD 2014 Adjusted EBITDA (MM) (3) (3) (1) (1) Q4 2013 Q4 2014 YTD 2013 YTD 2014 79(2) Distributable Cash Flow 112 42% 296(2) Distributable Cash Flow 471(4)…
  9. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 9
    Q4 2014 Segment Adjusted EBITDA (MM) Natural Gas Services Eagle Ford and DJ Basin (2) systems driving growth in Natural Gas Services 27 million increase (1) Growth in NGL (2) Wholesale Logistics driven Propane reflects by…
  10. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 10
    Liquidity and Financial Position Liquidity and Credit Metrics (12/31/14) Target 1.10x 1.12x Credit Facility Leverage Ratio(1) 1.08x 3.2x 3.0 - 4.0x (max 5.0x/5.5x) Coverage Ratio (Paid) 1.01x 1.1x 1.1 - 1.2x .99x (TTM 12/31/14) 3.2x…
  11. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 11
    Proven Performance Must run business with strategic discipline through economic cycles Record Q4 and YTD 2014 Results Growing DPMs size and scale Strengthened position in key basins Growth trend continues in 2015 Strong,…
  12. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 12
    SUPPLEMENTAL INFORMATION APPENDIX Q4 2014 Earnings Webcast
  13. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 13
    Hedge Position Hedge Position 2015 2016 2017 NGL Hedges (Bbls/d) 15,593 2,222 Crude equivalent (Bbls/d) 4,900 701 NGL hedge price(/gal) 0.96 0.94 Gas Hedges (MMBtu/d) 25,915 10,023 17,500 Crude equivalent (Bbls/d) 879 340 593 Gas…
  14. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 14
    Consolidated Financial Results Three Months Ended Year Ended December 31, December 31, ( in millions) 2014 2013 2013 2014 2013 2013 As Reported As Reported Sales, transportation, processing and other revenues 731 843 824 3,488…
  15. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 15
    Commodity Derivative Activity Three Months Ended Year Ended December 31, December 31, ( in millions) 2014 2013 2014 2013 Non-cash gains (losses) commodity derivative 112 (35) 86 (37) Other net cash hedge settlements received 38…
  16. Q4 2014 EARNINGS CALL – DCP Midstream Partners Lp – slide 16
    Balance Sheet As Reported December 31, December 31, December 31, 2014 2013 2013 (Millions) Cash and cash equivalents 25 12 12 Other current assets 565 491 491 Property, plant and equipment, net 3,347 3,046 3,005 Other long…

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