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Q2 2015 Earnings Call – DCP Midstream Partners Lp

DCP Midstream Partners Lp · Aug 6, 2015 · 14 slides

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Slides

  1. Q2 2015 Earnings Call – DCP Midstream Partners Lp – slide 1
    SECOND QUARTER 2015 Earnings Review August 6, 2015
  2. Q2 2015 Earnings Call – DCP Midstream Partners Lp – slide 2
    Q215 Highlights Adjusted EBITDA Distributable Cash Flow (MM) 150 (MM) 141 110 93 Q2'14 Q2'15 Q2'14 Q2'15 Q2 2015 Highlights Adjusted EBITDA of 150MM, up 36% from Q214 Distributable Cash Flow of 141MM, up 52% from Q214…
  3. Q2 2015 Earnings Call – DCP Midstream Partners Lp – slide 3
    Distribution Track Record Sustainable distribution history 0.78 (/unit) 0.35 Q1'06 Q1'07 Q1'08 Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14 Q1'15 Distribution history highlights Declared 0.78/unit Q215 distribution 27…
  4. Q2 2015 Earnings Call – DCP Midstream Partners Lp – slide 4
    Capital Update Completed 225MM of forecasted growth capex 1H15 2015 Capital Forecast (MM) 2015 Organic Project Benefits All current projects are fee-based Growth Capex 300 Provide stability to earnings and DCF Maintenance Capex…
  5. Q2 2015 Earnings Call – DCP Midstream Partners Lp – slide 5
    Q215 Operational Update Q2 Q2 Inc/ YTD YTD Inc/ Volumes 2014 2015 (dec) 2014 2015 (dec) Natural Gas Services Natural gas throughput (Bcf/d) 2.6 2.7 0.1 4% 2.5 2.7 0.2 8% NGL gross production (MBbls/d) 156 157 1 1% 148 154 6 4%…
  6. Q2 2015 Earnings Call – DCP Midstream Partners Lp – slide 6
    Q215 Results Adjusted EBITDA and DCF Q2 Q2 Q2 Segment Adjusted EBITDA ( Millions) 2014 2015 4 Natural Gas Services 96 124 NGL Logistics 32 43 (2) Wholesale Propane (2) 4 43 Other (16) (21) 32 Adjusted EBITDA 110 150 36%…
  7. Q2 2015 Earnings Call – DCP Midstream Partners Lp – slide 7
    Q215 Liquidity and Financial Position Liquidity and Credit Metrics 6/30/15 Strong Liquidity Credit Facility Leverage Ratio(1) 3.1x (max 5.0x) Substantial liquidity on revolver Distribution Coverage Ratio (Paid) Solid balance sheet…
  8. Q2 2015 Earnings Call – DCP Midstream Partners Lp – slide 8
    Margin Portfolio & Commodity Sensitivities Sensitivities & Executing Hedge Strategy Additional 2015 & 2016 crude hedges increase fee/hedged margin 2015 2016 Fee 5% from 2014 Fee 5% from 2015 Hedge position 5% from Q115 Hedge position…
  9. Q2 2015 Earnings Call – DCP Midstream Partners Lp – slide 9
    DCP Enterprise Strategy and Execution DCP 2020 Strategy Position DCP Enterprise for long-term sustainability Guiding Principles Execution Right-sizing organization Reduction in force implemented Q1 Completion of Zia II provides…
  10. Q2 2015 Earnings Call – DCP Midstream Partners Lp – slide 10
    SUPPLEMENTAL INFORMATION APPENDIX Q2 2015 Earnings Webcast
  11. Q2 2015 Earnings Call – DCP Midstream Partners Lp – slide 11
    Forward Hedge Position as of June 30, 2015 Hedge Position 2015 2016 2017 NGL Hedges (Bbls/d) 15,168 2,222 Crude equivalent (Bbls/d) 4,634 752 NGL hedge price(/Gal) 0.94 0.94 Gas Hedges (MMBtu/d) 25,915 10,023 17,500 Crude equivalent…
  12. Q2 2015 Earnings Call – DCP Midstream Partners Lp – slide 12
    Consolidated Financial Results Three Months Ended Six Months Ended June 30, June 30, ( in millions) 2015 2014 2015 2014 Sales, transportation, processing and other revenues 436 834 985 1,930 (Losses) gains from commodity derivative…
  13. Q2 2015 Earnings Call – DCP Midstream Partners Lp – slide 13
    Commodity Derivative Activity Three Months Ended Six Months Ended June 30, June 30, ( in millions) 2015 2014 2015 2014 Non-cash losses commodity derivative (55) (30) (97) (43) Other net cash hedge settlements received 49 8 110…
  14. Q2 2015 Earnings Call – DCP Midstream Partners Lp – slide 14
    Balance Sheet June 30, Decem ber 31, 2015 2014 (Millions) Cash and cash equivalents 24 25 Other current assets 337 565 Property, plant and equipment, net 3,474 3,347 Other long-term assets 1,748 1,802 Total assets 5,583…

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