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Q1 2016 Earning Call – DCP Midstream Partners Lp

DCP Midstream Partners Lp · May 5, 2016 · 15 slides

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Slides

  1. Q1 2016 Earning Call – DCP Midstream Partners Lp – slide 1
    First Quarter 2016 Earnings Call May 5, 2016
  2. Q1 2016 Earning Call – DCP Midstream Partners Lp – slide 2
    DCP Midstream Partners: Q116 Highlights Adjusted EBITDA Distributable Cash Flow (MM) (MM) 173 162 165 140 Q1'15 Q1'16 Q1'15 Q1'16 Q116 Highlights Q116 adjusted EBITDA of 173 million, up 7% from Q115 Q116 distributable cash…
  3. Q1 2016 Earning Call – DCP Midstream Partners Lp – slide 3
    DCP Midstream Partners: Natural Gas Services Operational Update Volumes increased 4% from Q115 due to growth in Discovery and DJ, (1) Natural Gas Services partially offset by declines in Eagle Ford and East Texas 23 Plants, 5…
  4. Q1 2016 Earning Call – DCP Midstream Partners Lp – slide 4
    DCP Midstream Partners: NGL Logistics Operational Update NGL pipeline throughput increased 12% from Q115 primarily due to growth from plants placed into service NGL Logistics(1) DPM: Lucerne 2 benefits Front Range & Texas Express…
  5. Q1 2016 Earning Call – DCP Midstream Partners Lp – slide 5
    DCP Midstream Partners: Capital Projects Update Proactively managing capital program: Completed 18 million of capital expenditures in Q116 Capital Expenditures (MM) Capital Outlook (MM) 2016 Target 150 DPM Growth CapEx 75 150 8 DPM…
  6. Q1 2016 Earning Call – DCP Midstream Partners Lp – slide 6
    DCP Midstream Partners: Q116 Financial Results ( Millions) Q115 Q116 Segment Adjusted EBITDA: Natural Gas Services 121 131 8% NGL Logistics 39 50 28% Wholesale Propane 23 13 43% Other (21) (21) Adjusted EBITDA 162 173 7%…
  7. Q1 2016 Earning Call – DCP Midstream Partners Lp – slide 7
    DCP Midstream Partners: Margin Portfolio & Hedge Position 2017e Margin 18% 2016e Margin Unhedged 10% Unhedged 2% Hedged 2015 Margin 8% 15% 80% Unhedged Hedged Fee 75% 32% Fee Hedged 60% Fee 80+% Fee-based 75%…
  8. Q1 2016 Earning Call – DCP Midstream Partners Lp – slide 8
    DCP Midstream Partners: Credit Metrics and Liquidity Strong Credit Metrics 3/31/16 Capitalization & Liquidity Credit Facility Leverage Ratio(1) 1.25 billion credit facility 3.2x (max 5.0x) 922 million available at 3/31/16 Distribution…
  9. Q1 2016 Earning Call – DCP Midstream Partners Lp – slide 9
    DCP Midstream Partners: Quality Customers and Producers Exposure by Customers Credit profile (1) Credit Rating 13% 60% AAA / AA / A 87% 40% BBB+ / BBB / BBB- I/G, I/G equivalent or secured by collateral Non-I/G unsecured…
  10. Q1 2016 Earning Call – DCP Midstream Partners Lp – slide 10
    DCP Enterprise: DCP 2020 Strategy Execution DCP 2020 Strategy benefits both DCP Midstream and the Partnership Continued cost efficiencies: Targeting additional 90 Targeting additional 10% cost million margin uplift reduction…
  11. Q1 2016 Earning Call – DCP Midstream Partners Lp – slide 11
    DCP Enterprise: 2017-2018 Ethane Recovery Opportunity 650,000+ bpd of U.S. ethane currently being rejected/ DCP enterprise rejecting 65,000 70,000 bpd Over 650,000 barrels per day (bpd) of ethane being rejected in the lower 48…
  12. Q1 2016 Earning Call – DCP Midstream Partners Lp – slide 12
    Hedge Position and Commodity Sensitivities 2016e DPM Hedged Commodity Sensitivities Commodity Q2-Q4 Full Year Price Price 2016 2016 Assumption Change (MM) (MM) NGLs (/Gal) 0.42 +/- 0.01 1 1 Natural Gas (/Mmbtu) 2.50 +/- 0.10 2 1…
  13. Q1 2016 Earning Call – DCP Midstream Partners Lp – slide 13
    Consolidated Financial Results Three Months Ended March 31, ( in millions) 2016 2015 Sales, transportation, processing and other revenues 370 549 Gains from commodity derivative activity, net 9 19 Total operating revenues 379 568…
  14. Q1 2016 Earning Call – DCP Midstream Partners Lp – slide 14
    Commodity Derivative Activity Three Months Ended March 31, ( in millions) 2016 2015 Non-cash losses commodity derivative (45) (42) Other net cash hedge settlements received 54 61 Gains from commodity derivative activity, net…
  15. Q1 2016 Earning Call – DCP Midstream Partners Lp – slide 15
    Balance Sheet March 31, December 31, 2016 2015 (Millions) Cash and cash equivalents 1 2 Other current assets 222 304 Property, plant and equipment, net 3,446 3,476 Other long-term assets 1,685 1,695 Total assets 5,354 5,477…

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