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Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP

DCP Midstream LP · Mar 3, 2015 · 19 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 1
    INVESTOR PRESENTATION March 2015 DPM Mobile IR App from the App Store Download: dcp midstream partners ir
  2. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 2
    Investment Considerations Strong MLP with sustainable earnings Proven track record Fully integrated midstream provider Diversified sources of cash flow Growing fee-based margins Fee-based organic projects coming online and ramping…
  3. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 3
    DCP Enterprise Total Assets (Billions) Enterprise Enterprise value of 50% value of (2) 48B(1) 50% 37B(1) NGL Production 21.5% LP/GP Interest (MBbls/d) Public Unitholders 78.5% Common Enterprise LP Interest value of…
  4. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 4
    Industry Leading Position 63 Plants(1) 68,000 miles of Pipeline(1) Antrim DCP Enterprise: DJ Basin Lucerne 2(2) Midstream Leader Marcellus Second Straight Year Wattenberg Conway Front Range Midcontinent 1 NGL Producer…
  5. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 5
    Footprint in Core Areas of Key Basins DJ Basin/North Strategic assets backed by strong producers 63 Plants (1) 68,000 miles of Pipeline(1) Midcontinent Prudent growth Maintain strong position in key basins Placing current…
  6. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 6
    Proven Track Record2015 Outlook 2015e Outlook (MM) 2015 Capital Forecast (MM) DCF target range 545-565 Growth Capex 300+ Adjusted EBITDA target range 655-685 Maintenance Capex 50-60 Distribution growth target 1/quarter (up to…
  7. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 7
    DPM Strategy Evolution 2005 2009: 2010 2014: 2015 2016: Acquire Dropdown Organic Growth Pursue strategic and accretive Fund DCP Enterprise: Prudent organic growth: acquisitions: DPM gains scale and scope Attractive return organic…
  8. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 8
    2015 Capital Growth Outlook 2015 Capital Forecast (MM) Dropdowns Growth Capex 300+ Organic growth Maintenance Capex 50-60 33% Sand Hills 33% Southern Hills 20% Eagle Ford 2015 Organic Project Benefits Lucerne 1 Plant Dropdowns…
  9. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 9
    Capital Efficiency Asset ramp-up highlights capital efficiency & improves return on capital Processing Capacity Additions (MMcf/d) NGL Pipeline Throughput (MBPD, 100% view) 600 250 1Q14 OConnor Exp. 500 200 1Q14 Goliad Plant…
  10. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 10
    DPMs Business Segments Wholesale Propane Natural Gas Services(1) NGL Logistics(1) Logistics(1) 22 Plants, 5 Fractionators 4 Fractionators Owned/Leased Terminals: 11,750 miles of pipelines 4,115 miles of NGL pipelines 6 rail, 2…
  11. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 11
    Managing DPMs Contract Portfolio Sensitivities & Fee-Based Dropdowns/Projects Growing Fee-Based Margin Mont Belvieu Fracs Texas Express 10% 28% 36% 29% 30% Front Range 40% NGL Logistics: 30% Sand Hills Pipeline / Laterals 8% 1%…
  12. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 12
    Liquidity and Financial Position Liquidity and Credit Metrics (12/31/14) Target 1.10x 1.12x Credit Facility Leverage Ratio(1) 1.08x 3.2x 3.0 - 4.0x (max 5.0x/5.5x) Coverage Ratio (Paid) 1.01x 1.1x 1.1 - 1.2x .99x (TTM 12/31/14)…
  13. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 13
    Proven Performance Must run business with strategic discipline through economic cycles Fully integrated midstream provider Growing DPMs size and scale across value chain Strengthened position in key basins Growth trend continues in…
  14. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 14
    SUPPLEMENTAL INFORMATION APPENDIX March 2015
  15. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 15
    Hedge Position Hedge Position 2015 2016 2017 NGL Hedges (Bbls/d) 15,593 2,222 Crude equivalent (Bbls/d) 4,900 701 NGL hedge price(/gal) 0.96 0.94 Gas Hedges (MMBtu/d) 25,915 10,023 17,500 Crude equivalent (Bbls/d) 879 340 593 Gas…
  16. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 16
    Non GAAP Reconciliation Year Ended Decem ber 31, As As As As As Reported Reported Reported Reported Reported in 2014 in 2013 in 2012 in 2011 in 2010 Reconciliation of Non-GAAP Financial Measures: Net income attributable to…
  17. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 17
    Non GAAP Reconciliation Year Ended Decem ber 31, As As As As As Reported Reported Reported Reported Reported in 2014 in 2013 in 2012 in 2011 in 2010 Reconciliation of Non-GAAP Financial Measures: Net cash provided by operating…
  18. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 18
    Non GAAP Reconciliation Twelve months ended December 31, Q114 Q214 Q314 Q414 2014 (Millions, except as indicated) Net income attributable to partners 79 29 116 199 423 Maintenance capital expenditures, net of noncontrolling…
  19. Morgan Stanley and Barclays MLP Corporate Access Day – DCP Midstream LP – slide 19
    Non GAAP Reconciliation Twelve Months Ended December 31, 2015 Low High Forecast Forecast (Millions) Reconciliation of Non-GAAP Measures: Forecasted net income attributable to partners 275 305 Interest expense, net of interest…

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