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March 2016 Investor Presentation – DCP Midstream Partners Lp

DCP Midstream Partners Lp · Mar 3, 2016 · 19 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 1
    Investor Presentation March 2016
  2. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 2
    DCP Enterprise Overview 3
  3. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 3
    The DCP Enterprise Enterprise Enterprise value of 50% value of 46B(1) 50% 35B(1) 21.4% LP/GP Interest Public Unitholders 78.6% Common Enterprise LP Interest value of (NYSE:DPM) 5B(1) DCP Midstream, LLC DCP Midstream…
  4. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 4
    DCP Enterprise: Macro Overview Industry is Resetting Macro Environment DCP Opportunity Optimize systems and reduce costs Supply & demand will find equilibrium Become low cost service provider Significant producer budget cuts reducing…
  5. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 5
    DCP Enterprise: Well Positioned in the Midstream Space Strategic assets backed by strong producers DJ Basin/North 66,600 miles of pipeline(1) 64 plants(1) Midcontinent Strong capital efficiency 2015 Avg Plant Utilization(2)…
  6. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 6
    DCP Enterprise: 2015 Execution Proactive response to industry challenges Pre-2015 2015 2016 DCP 2020 Strategy 0.60/gal 0.40/gal 0.35/gal Controlling what we can control Breakeven Breakeven Breakeven Operational excellence NGL price…
  7. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 7
    DCP Enterprise: 2016 Objectives Execute 2016 DCP 2020 strategy Prioritize capital deployment Operational excellence, efficiency & reliability Completed major capital program strong utilization Increase asset utilization Assets in…
  8. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 8
    DCP Enterprise: Operational and Commercial Objectives Operational Objectives Commercial Objectives Grew assets 65+%, reset costs to pre-growth levels Contract realignment Assets Costs Annualized Margin Improvements 15 1,200 150 12…
  9. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 9
    DCP Enterprise: Industry-Leading Position 7.1 Natural Gas gathered/ 410 NGL Production transported (Tbtu/d)(1) (MBbl/d)(1) Antrim DJ Basin Lucerne 2 Marcellus Wattenberg Conway Front Range Front Range Midcontinent…
  10. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 10
    DCP Midstream Partners Overview 11
  11. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 11
    DCP Midstream Partners: Compelling Investment Opportunity Premier Premier geographic footprint and diversified footprint business model Demonstrated Long track record of strategy execution and execution delivering on…
  12. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 12
    DCP Midstream Partners: 2016 Outlook DCP Midstream Partners 2016 Target Capital Outlook (MM) 2016 Target DPM Adjusted EBITDA (MM) 565-595 DPM Growth CapEx 75-150 DPM DCF (MM) 465-495 DPM Maintenance CapEx 30-45 Annual Distribution…
  13. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 13
    DCP Midstream Partners: Margin Portfolio & Hedge Position 2016e Margin Fee-Based Investments 90% Fee-Based / Hedged Sand Hills Pipeline / Laterals 2015 2016e Southern Hills Pipeline Decreasing 15% Front Range Pipeline commodity…
  14. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 14
    DCP Midstream Partners: Credit Metrics and Liquidity Strong Credit Metrics 12/31/15 Capitalization & Liquidity Credit Facility Leverage Ratio(1) 1.25 billion credit facility 3.3x (max 5.0x) Utilized to take out Oct15 250 million bond…
  15. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 15
    DCP Midstream Partners: Quality Customers and Producers Credit profile of end use Exposure by customers (1) Credit Rating Non-Investment Grade BBB+ / BBB / BBB- 90% AAA / AA / A 10% I/G, I/G equivalent or secured by…
  16. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 16
    DCP Midstream Partners: Key Focus Areas 2016 and Beyond Must-run business with competitive footprint and geographic diversity Strong assets in core areas where producers are focused Growing fee-based margins 90 percent fee based or…
  17. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 17
    Supplemental information appendix
  18. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 18
    DCP Midstream Partners: Hedge Position and Commodity Sensitivities 2016e DPM Hedged Commodity Sensitivities Commodity Q1 Q2-Q4 Full Year Price Price 2016 2016 2016 Assumption Change (MM) (MM) (MM) NGLs (/Gal) 0.42 +/- 0.01 1 1 1…
  19. March 2016 Investor Presentation – DCP Midstream Partners Lp – slide 19
    DCP Midstream Partners: Business Segments Wholesale Propane Natural Gas Services(1) NGL Logistics(1) Logistics(1) 23 Plants, 5 Fractionators 4 Fractionators Owned Terminals: 11,220 miles of pipelines 4,320 miles of NGL pipelines…

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