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Q3 2016 Earnings Call – DCP Midstream Partners Lp

DCP Midstream Partners Lp · Nov 3, 2016 · 15 slides

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Slides

  1. Q3 2016 Earnings Call – DCP Midstream Partners Lp – slide 1
    Third Quarter 2016 Earnings Call - November 3, 2016
  2. Q3 2016 Earnings Call – DCP Midstream Partners Lp – slide 2
    Q3 2016 Highlights Adjusted EBITDA (MM) Distributable Cash Flow (MM) (38) (38) 14 146 (22) 3 10 167 10 124 14 4 (22) (3) 132 (3) 4 10 Q3'15 Hedges Gas Wholesale NGL Operating Natural Q3'16 Q3'15 Hedges Gas Wholesale NGL…
  3. Q3 2016 Earnings Call – DCP Midstream Partners Lp – slide 3
    Natural Gas Services Volume Update Excluding North Louisiana system volumes, total volumes decreased 12% from Q3 2015 primarily due to declines in Eagle Ford and East Texas systems Natural Gas Services(1) 21 Plants, 5 Fractionators…
  4. Q3 2016 Earnings Call – DCP Midstream Partners Lp – slide 4
    NGL Logistics Volume Update NGL pipeline throughput increased 9% from Q3 2015 primarily due to NGL Logistics (1) growth in NGL production from plants placed into service DPM: Lucerne 2 benefits Front Range & Texas Express 4…
  5. Q3 2016 Earnings Call – DCP Midstream Partners Lp – slide 5
    2016 Forecast Update ( in Millions) Full Year 2016 Guidance Previous Revised Change to Key Metrics Forecast Forecast Midpoint Adjusted EBITDA 565-595 575-585 Distributable Cash Flow 465-495 515-525 40 higher Maintenance Capital…
  6. Q3 2016 Earnings Call – DCP Midstream Partners Lp – slide 6
    Q3 2016 Financial Results NGL Logistics & Natural Gas Services (MM) Wholesale Propane (MM) Growth and cost (37) savings offsetting 134 14 volume declines 12 (23) 4 100 (4) (2) 54 52 Q3'15 Hedges Gas Costs Natural Q3'16…
  7. Q3 2016 Earnings Call – DCP Midstream Partners Lp – slide 7
    Hedge Position and Commodity Sensitivities 2016e DPM Hedged Commodity Sensitivities Q4 Full Year Commodity Price Price 2016 2016 Margin Portfolio Assumption Change (MM) (MM) NGLs (/Gal) 0.42 +/- 0.01 1 1 2016e Margin 2017e Margin…
  8. Q3 2016 Earnings Call – DCP Midstream Partners Lp – slide 8
    Credit Metrics and Liquidity Strong Credit Metrics 9/30/16 Capitalization & Liquidity Credit Facility Leverage Ratio(1) 1.25 billion credit facility 3.3x (max 5.0x) 1,070 million available at 9/30/16 Distribution Coverage Ratio…
  9. Q3 2016 Earnings Call – DCP Midstream Partners Lp – slide 9
    Summary Growth in fee Adding Fee based margin Cost savings based initiatives offsetting materializing earnings & volume declines reducing costs DPM sold non- DCP enterprise Prioritizing strategic assets nearing stretch…
  10. Q3 2016 Earnings Call – DCP Midstream Partners Lp – slide 10
    Supplemental information appendix
  11. Q3 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. Q3 2016 Earnings Call – DCP Midstream Partners Lp – slide 12
    Consolidated Financial Results Three Months Ended Nine Months Ended September 30, September 30, ( in millions) 2016 2015 2016 2015 Sales, transportation, processing and other revenues 366 421 1,104 1,406 Gains (losses) from commodity…
  13. Q3 2016 Earnings Call – DCP Midstream Partners Lp – slide 13
    Commodity Derivative Activity Three Months Ended Nine Months Ended September 30, September 30, ( in millions) 2016 2015 2016 2015 Non-cash losses commodity derivative (1) (8) (83) (105) Other net cash hedge settlements received…
  14. Q3 2016 Earnings Call – DCP Midstream Partners Lp – slide 14
    Balance Sheet 15
  15. Q3 2016 Earnings Call – DCP Midstream Partners Lp – slide 15
    Non-GAAP Reconciliation Twelve Months Ended December 31, 2016 Low High Forecast Forecast (Millions) Reconciliation of Non-GAAP Measures: Forecasted net income attributable to partners 305 315 Interest expense, net of interest…

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