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Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp

DCP Midstream Partners Lp · Feb 25, 2016 · 15 slides

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Slides

  1. Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp – slide 1
    Fourth Quarter and Year End 2015 Earnings Call February 25, 2016
  2. Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp – slide 2
    Q4 and YTD 2015 Highlights Adjusted EBITDA 2015 Highlights (MM) Best safety performance ever for the DCP enterprise 656 Record 4th quarter and YTD 2015 adjusted EBITDA (1) 536 Q415 adjusted EBITDA of 176 million, up 27% from Q414…
  3. Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp – slide 3
    Q4 and YTD 2015 Financial Results Q4 Q4 YTD YTD ( Millions) 2014 2015 2014 2015 Natural Gas Services 117 135 15% 464 515 11% Natural gas throughput (MMcf/d) 2,700 2,705 2,604 2,714 NGL Logistics 39 52 33% 126 182 44% NGL pipelines…
  4. Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp – slide 4
    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 (/unit) 3.12 2016e DPM…
  5. Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp – slide 5
    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 NGL 32% Hedged Hedged…
  6. Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp – slide 6
    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 maturity Distribution…
  7. Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp – slide 7
    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 collateral Non-I/G…
  8. Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp – slide 8
    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 rig counts…
  9. Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp – slide 9
    2016 DCP Enterprise Objectives Execute 2016 DCP 2020 strategy Prioritize capital deployment Operational excellence, efficiency & Completed major capital program strong utilization reliability Assets in service generating significant…
  10. Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp – slide 10
    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 hedged in 2016…
  11. Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp – slide 11
    Supplemental information appendix
  12. Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp – slide 12
    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 Natural Gas (/Mmbtu) 2.50…
  13. Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp – slide 13
    Consolidated Financial Results Three Months Ended Year Ended December 31, December 31, ( in millions) 2015 2014 2015 2014 Sales, transportation, processing and other revenues 407 731 1,813 3,488 Gains from commodity derivative…
  14. Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp – slide 14
    Commodity Derivative Activity Three Months Ended Year Ended December 31, December 31, ( in millions) 2015 2014 2015 2014 Non-cash (losses) gains commodity derivative (25) 112 (130) 86 Other net cash hedge settlements received…
  15. Fourth Quarter and Year End 2015 Earnings Call – DCP Midstream Partners Lp – slide 15
    Balance Sheet 16

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