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Wells Fargo Investor Presentation – DCP Midstream LP

DCP Midstream LP · Dec 22, 2016 · 17 slides

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Slides

  1. Wells Fargo Investor Presentation – DCP Midstream LP – slide 1
    Investor Presentation December 2016
  2. Wells Fargo Investor Presentation – DCP Midstream LP – slide 2
    The DCP Enterprise Enterprise Enterprise value of value of 50B(1) 50% 50% 49B(1) (NYSE:PSX) (NYSE:SE) 21.4% LP/GP Interest Public Unitholders 78.6% Common Enterprise LP Interest value of (NYSE:DPM) 6B(1) DCP…
  3. Wells Fargo Investor Presentation – DCP Midstream LP – slide 3
    DCP Enterprise: Industry-Leading Position Leading integrated 6.7 Natural Gas gathered/ 400 NGL Production G&P company transported (Tbtu/d)(1) (MBbl/d)(1) Antrim DJ Basin Marcellus Wattenberg Conway Front Range Range…
  4. Wells Fargo Investor Presentation – DCP Midstream LP – slide 4
    DCP Midstream Partners: DCP 2020 Strategy Execution Growth sustained Ready to pivot to Strategy Aligned DPM through growth downturn DCP 2020 Dropdowns 3.4B 1,150 Organic growth 1.8B 1,040 317 512 1,043 495 362 111…
  5. Wells Fargo Investor Presentation – DCP Midstream LP – slide 5
    DCP Enterprise: Liquidity and Financial Position DCP Midstream, LLC DCP Midstream Partners (DPM) Ample liquidity Ample liquidity 700 million credit facility matures May 2019 1.25 Billion credit facility matures May 2019 Next bond…
  6. Wells Fargo Investor Presentation – DCP Midstream LP – slide 6
    DCP Enterprise: Well Positioned to Capture Growth Opportunities DJ Basin/North DJ Basin Life of Lease contacts SCOOP/STACK Capacity expansion opportunities opportunities Midcontinent Top producers: Top producers: Newfield Noble…
  7. Wells Fargo Investor Presentation – DCP Midstream LP – slide 7
    DCP Enterprise: Premier Footprint of MLP Friendly Assets DCP Midstream, LLC DCP Midstream Partners (DPM) 8.4 billion of assets as of 9/30/16 5.1 billion of assets as of 9/30/16 1/3rd interest in Sand Hills & Southern Hills Strong…
  8. Wells Fargo Investor Presentation – DCP Midstream LP – slide 8
    DCP Enterprise: 2017-2018 Ethane Recovery Opportunity Over 650,000 barrels per day (bpd) of ethane DCP enterprise rejecting 60,000 65,000 bpd being rejected in the lower 48 - 350,000 bpd rejected around DCPs footprint Bakken 50MBPD…
  9. Wells Fargo Investor Presentation – DCP Midstream LP – slide 9
    DCP Midstream Enterprise provides a Compelling Investment Opportunity in DPM A strong DCP Midstream equals a strong DPM Premier footprint Track record of Strong delivering sponsorship sustainable value Growing fee- Strong…
  10. Wells Fargo Investor Presentation – DCP Midstream LP – slide 10
    Supplemental information appendix
  11. Wells Fargo Investor Presentation – DCP Midstream LP – slide 11
    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…
  12. Wells Fargo Investor Presentation – DCP Midstream LP – slide 12
    DCP Midstream Partners: 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…
  13. Wells Fargo Investor Presentation – DCP Midstream LP – slide 13
    DCP Midstream Partners: 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…
  14. Wells Fargo Investor Presentation – DCP Midstream LP – slide 14
    DCP Midstream Partners: Business Segments Wholesale Propane Natural Gas Services(1) NGL Logistics(1) Logistics(1) 21 Plants, 5 Fractionators 4 Fractionators Owned Terminals: 9,705 miles of pipelines 4,340 miles of NGL pipelines 6…
  15. Wells Fargo Investor Presentation – DCP Midstream LP – slide 15
    DCP Enterprise: Gathering & Processing Assets DCP & DPM in the DJ Basin DCP in the Permian DCP in the Midcontinent 9 Gas Processing Plants, 2 Fractionators 16 Gas Processing Plants, 2 fractionators 12 Gas Processing Plants 3,500…
  16. Wells Fargo Investor Presentation – DCP Midstream LP – slide 16
    DCP Midstream Partners: 2016 Forecast ( in Millions) Full Year 2016 Guidance Key Metrics Revised Forecast Adjusted EBITDA 575-585 Distributable Cash Flow 515-525 Maintenance Capital 10-15 Distributions from NGL pipelines…
  17. Wells Fargo Investor Presentation – DCP Midstream LP – slide 17
    DCP Midstream Partners: 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…

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