Diversified Portfolio of Assets in Premier Basins One of the largest U.S. NGL producers and gas processors Leading Integrated Midstream Provider 61 (1) 7.8 Must-run business with high plants Bcf/d processing capacity(1) Antrim…
Commitments Delivered through DCP 2020 Execution Contract Lowered Realignment 2015 Forward Cost Base Increased and stabilizing cash flow Contract realignment 235 million since inception System Growth in fee based assets to…
Growth Focus Clear line of sight to 1.5-2B of Est Target Current and Potential Growth Capex in strategic growth projects Projects Status MM net to DCPs interest Service around our footprint Logistics & Marketing Growth Sand Hills…
Permian Strategy Deliberate focus on higher margin Logistics growth given risk of G&P overbuild and tighter margins 1 G&P: Permian Basin Integrated Permian Footprint Permian G&P assets provide connectivity to downstream Logistics…
Sand Hills NGL Pipeline Expansions Executing large scale demand driven expansions of Sand Hills, increasing fee-based earnings and leveraging significant integrated Permian footprint 2018 and future 2017 Sand Hills expansion 85 MBpd…
DJ Basin Strategy Premier integrated midstream position in the DJ Basin life-of-lease contracts with minimum volume commitments and margin requirements underpinning investments Continued strong partnership with producers to execute…
Value Proposition Proven track record of delivering on commitments sets foundation for continued disciplined growth and strong strategy execution One of the largest Executing Integrated asset One of the largest natural gas high…
2H 2017 Outlook Reaffirming 2017 guidance tightening ranges to reflect commodity outlook 2017 DCP 2H 2017 Guidance Outlook Key Metrics Guidance Updates Higher G&P volumes across key regions 2017 Adjusted EBITDA(1) 940-1,110 Between…
2H 2017 Volume Outlook G&P 2H 2017 Volume Outlook in Key Basins G&P volumes have stabilized 1,100 (MMcf/d) increased rig count resulting in strong 1,000 Permian Basin July volumes in key areas 900 Permian drilling translating to…
2018+ Financial Targets Key financial metric priorities and targets 1 2 3 Bank Distribution Distribution leverage coverage growth target 3.0-4.0x 1.2x+ 4-5% Key targets supporting financial metrics Accretive Capital Fee…
IDR Giveback Incentive Distribution Right (IDR) giveback provides three year hedge against lower commodity prices and dampened industry environment Forward thinking IDR structure GP provides up to 100 million IDR drives strong…
Margin by Segment MM, except per unit measures Q2 2017 Q1 2017 Q2 2016 Q1 2016 Gathering & Processing (G&P) Segment 2017e Hedged Commodity Sensitivities Natural gas wellhead - Bcf/d 4.48 4.58 5.25 5.43 Segment gross margin including…
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)…
Liquidity, Financing and Hedging Ample Liquidity & Flexibility Targeting 80%+ fee & hedged margin 4.5x Leverage ratio(1) as of June 30, 2017 to protect downside Maximum 2017 bank leverage covenant is 5.75x 2H 2017e Gross Margin Ample…
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…
Appendix: Gathering & Processing Segment 22
G&P: North Region Overview Gas & DJ Basin Assets North Plant Listing Net NGL Processing Gathering Location Ownership Capacity Systems Sub-Region (County) Plant Name % (MMcf/d) (Miles) DJ Basin Weld, CO Lucerne 1 100% 35 DJ Basin…
G&P: Permian Region Overview Net Permian Assets Permian Plant Listing Processing Gas & NGL Gathering Ownership Capacity Systems Sub-Region County Name % (MMcf/d) (Miles) Central Andrews Fullerton 100% 70 Central Ector Goldsmith…
G&P: Midcontinent Region Overview Net Gas & NGL Midcontinent Assets Midcontinent Plant Listing Processing Gathering Ownership Capacity Systems Sub-Region County Name % (MMcf/d) (Miles) Southern OK Grady Chitwood 100% 90 Southern OK…
G&P: South Overview South Assets South Plant Listing Net Gas & NGL Processing Gathering Ownership Capacity Systems Sub-Region County Name % (MMcf/d) (Miles) Eagle Ford Jackson Eagle 100% 200 Eagle Ford Fayette Giddings 100% 85…
Strong Producer Customers 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…
Non GAAP Reconciliation: 2017 Adjusted EBITDA & DCF Guidance Ranges Twelve Months Ended December 31, 2017 Low High ( in millions) Forecast Forecast Reconciliation of Non-GAAP Measures: Forecasted net income attributable to partners…
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