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Q2 2016 Earnings Call – DCP Midstream Partners Lp

DCP Midstream Partners Lp · Aug 4, 2016 · 16 slides

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Slides

  1. Q2 2016 Earnings Call – DCP Midstream Partners Lp – slide 1
    Second Quarter 2016 Earnings Call August 4, 2016
  2. Q2 2016 Earnings Call – DCP Midstream Partners Lp – slide 2
    Q2 2016 Highlights Adjusted EBITDA (MM) Distributable Cash Flow (MM) (9) Growth and cost (9) Growth and cost savings offset savings offset (6) hedge roll-off hedge roll-off 6 (6) (6) 6 141 6 9 9 128 151 (32) 19 138 (32) 19…
  3. Q2 2016 Earnings Call – DCP Midstream Partners Lp – slide 3
    Natural Gas Services Volume Update Volumes decreased 1% from Q2 2015 primarily due to declines in Eagle Ford (1) Natural Gas Services and East Texas systems, partially offset by growth in the DJ Basin system 23 Plants, 5…
  4. Q2 2016 Earnings Call – DCP Midstream Partners Lp – slide 4
    NGL Logistics Volume Update NGL pipeline throughput increased 16% from Q2 2015 primarily due to growth in NGL production from plants placed into service NGL Logistics(1) DPM: Lucerne 2 benefits Front Range & Texas Express DCP…
  5. Q2 2016 Earnings Call – DCP Midstream Partners Lp – slide 5
    Q2 2016 Financial Results NGL Logistics & Natural Gas Services Wholesale Propane Growth and cost 125 (9) savings offset (5) hedge roll-off (32) 19 4 102 9 2 58 47 Q2'15 Price Gas Hedges Natural Costs Q2'16 Q2'15 NGL Costs…
  6. Q2 2016 Earnings Call – DCP Midstream Partners Lp – slide 6
    Capital Projects Update Growth projects in service and Maintenance Capital contributing to earnings Expenditures 2016 Growth CapEx primarily relates to: (MM) Completion of Grand Parkway (Q1 2016) Sand Hills expansion (Q2 2016)…
  7. Q2 2016 Earnings Call – DCP Midstream Partners Lp – slide 7
    Margin Portfolio & Hedge Position Fee based margins increasing Q2 2015 vs Q2 2016 Natural NGL Gas Logistics Services Equity Hedges Growth Earnings Costs 6 9 (32) 19 2015 Margin 2016e Margin 2017e Margin 8% 10% 18%…
  8. Q2 2016 Earnings Call – DCP Midstream Partners Lp – slide 8
    Credit Metrics and Liquidity Strong Credit Metrics 6/30/16 Capitalization & Liquidity Credit Facility Leverage Ratio(1) 1.25 billion credit facility 3.4x (max 5.0x) 933 million available at 6/30/16 Distribution Coverage Ratio (Paid)…
  9. Q2 2016 Earnings Call – DCP Midstream Partners Lp – slide 9
    Summary Growth in fee Adding Fee based margin Cost savings based offsetting initiatives earnings & hedge roll-off reducing costs DCP Sold non- enterprise Prioritizing strategic assets exceeding capital for 160MM 35/gal NGL…
  10. Q2 2016 Earnings Call – DCP Midstream Partners Lp – slide 10
    Supplemental information appendix
  11. Q2 2016 Earnings Call – DCP Midstream Partners Lp – slide 11
    Sale of North Louisiana Overview DPM closed on the sale of its North Louisiana system July 1, 2016 for 160 million Deal Summary Deal Benefits Non-strategic assets to DPMs Transaction is DCF neutral footprint Interest expense and…
  12. Q2 2016 Earnings 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. Q2 2016 Earnings Call – DCP Midstream Partners Lp – slide 13
    Quality Customers and Producers Exposure by Customers Credit profile Credit Rating 15% 60% AAA / AA / A 85% 40% BBB+ / BBB / BBB- I/G, I/G equivalent or secured by collateral Non-I/G unsecured Top Producers Limited…
  14. Q2 2016 Earnings Call – DCP Midstream Partners Lp – slide 14
    Consolidated Financial Results Three Months Ended Six Months Ended June 30, June 30, ( in millions) 2016 2015 2016 2015 Sales, transportation, processing and other revenues 368 436 738 985 (Losses) gains from commodity derivative…
  15. Q2 2016 Earnings Call – DCP Midstream Partners Lp – slide 15
    Commodity Derivative Activity Three Months Ended Six Months Ended June 30, June 30, ( in millions) 2016 2015 2016 2015 Non-cash losses commodity derivative (37) (55) (82) (97) Other net cash hedge settlements received 17 49 71…
  16. Q2 2016 Earnings Call – DCP Midstream Partners Lp – slide 16
    Balance Sheet 17

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