Industry Leading Position 61 64,300 plants(1) miles of pipeline(1) Antrim Leading integrated G&P company DJ Basin Marcellus Wattenberg Conway Midcontinent Front Range Front Range Southern Hills Texas Express…
2017 Financial Overview 5
DCP 2017e Guidance ( in Millions, except per unit amounts) 2017e DCP 2017e Margin: Key Metrics Guidance 72% fee-based & hedged (1) 2017 Adjusted EBITDA 940-1,110 Retaining upside Distributable Cash Flow (DCF) 545-670 in a rising…
2017e Adjusted EBITDA Breakdown 2017e Adjusted EBITDA by Region (Standalone and Combined) Contributed to DCPs 1,025MM(1) portfolio One third interest in Sand Hills & 40% Southern Hills Midcontinent, including 575MM(1)…
Current Hedge Position and Margin Profile Hedge Position as of 1/31/17 Volume Price Hedged % Targeting 80%+ fee based & hedged 16,713 0.55 NGL Hedges(1) 40% margin to protect downside while Bbls/d /gal Gas Hedges 64,375 3.42…
Pathway to Distribution Growth 10
Commitments Delivered Contract Lowered Realignment Cost Base Increased and stabilizing cash flow Contract realignment 235 million since inception System Growth in fee based assets to 60% Rationalization Multi-year hedging…
Financial Strategy 2018+ Financial Targets Distribution Fee and coverage hedged 1.2x+ margin 80%+ Accretive Bank growth leverage projects 3.0-4.0x 5-7x EBITDA Capital Distribution structure growth target debt/equity…
Growth Opportunities and Operating Leverage Visibility to 1.5-2.0B capital efficient growth opportunities DJ Basin NGL Logistics 395 million plant and gathering system Sand Hills expanding due to Permian expansion (Q418) growth…
Strengthening the Balance Sheet Pro Forma Combined Leverage Trending Down (Billions) 5.9x…
Path Forward 2018+ Targets Distribution Bank leverage DCP is well positioned coverage 1.2x+ 3.0-4.0x to benefit from industry recovery via volume growth, operating leverage Distribution Fee based and growth target hedged…
DCP Midstream Appendix 17
Strong Producers in Key Basins DJ Basin (North) Midcontinent Permian South DCPs volume and margin portfolio is supported by long term agreements with a diverse number of high quality producers in key producing regions 18
Logistics and Marketing Overview DCP Logistics Assets Key Attributes 100% fee based margin NGL pipeline margin represents majority of the total margin Increased pipeline throughput driving strong fee based margin growth Approx. YTD…
NGL Pipeline Customers Customer centric NGL pipeline takeaway providing open access to premier demand markets along the Gulf Coast and at Mont Belvieu Legend: Southern Hills DCP operated Connects to 2.6 Bcf/d Third party operated…
Ethane Recovery Opportunity DCP is well positioned for upside from ethane DCP plants rejecting 60,000 65,000 bpd recovery NGL pipelines poised for 75-100 million Bakken 50MBPD NE / Other volume/margin uplift(1) 275MBPD About half…
North Region Overview DCP DJ Basin Assets North Operating Data YTD December 31, 2016 Gas & NGL Active Available Total Gathering Plant / Plant Wellhead NGL Systems Treater Capacity Volumes Production Plant (Miles) Count (Bcf/d)(1)…
Permian Region Overview DCP Permian Assets Permian Operating Data YTD December 31, 2016 Gas & NGL Available Total Gathering Active Plant Wellhead NGL Systems Plant Capacity Volumes Production Plant (Miles) Count (Bcf/d)(1) (Bcf/d)…
Midcontinent Region Overview DCP Midcontinent Assets Midcontinent Operating Data YTD December 31, 2016 Gas & NGL Available Total Gathering Active Plant Wellhead NGL Systems Plant Capacity Volumes Production Plant (Miles) Count…
South Overview DCP South Assets South Operating Data YTD December 31, 2016 Gas & NGL Available Total Gathering Active Plant Wellhead NGL Systems Plant Capacity Volumes Production Plant (Miles) Count (Bcf/d)(1) (Bcf/d) (MBbls/d)…
Growth Projects in Execution or Development New plants in the DJ Basin and Sand Hills capacity expansion G&P: DJ Basin Expansion Logistics & Marketing: Sand Hills Expansion Cooperative development plan with key Visible growth expected…
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