BARCLAYS CEO ENERGY-POWER CONFERENCE September 9, 2015
DCP ENTERPRISE OVERVIEW 3
DCP Enterprise Total Assets (Billions) (3) (2) NGL Production (MBbls/d) (3) (2) Natural Gas Gathered & Processed/Transported (TBtu/d) Note: All ownership percentages and asset statistics are as of June 30,…
Strong Owner Support Phillips 66 to contribute cash of 1.5 billion, to be used by DCP Midstream to de-lever Spectra Energy to contribute their 1/3rd ownership interest in fee- based Sand Hills and Southern Hills NGL pipelines…
Benefits to the DCP Enterprise 1.5 billion in debt reduction and addition of growing fee-based cash flows DCP Midstream, LLC DCP Midstream Partners Strengthens balance sheet and LLC structuring solution reinforces improves liquidity…
Industry Leading Position 3rd 63 Plants (1) straight 67,000 miles of Pipeline (1) year Antrim DJ Basin DCP Enterprise: Lucerne 2 Midstream Leader Marcellus 1 Wattenberg (2) Conway NGL Producer Front Range…
DCP Enterprise Strategy and Execution DCP 2020 Strategy Position DCP Enterprise for long-term sustainability Guiding Principles Execution Right-sizing organization Reduction in force implemented Q115 System and asset optimization…
DCP MIDSTREAM PARTNERS OVERVIEW
Compelling Investment Opportunity Premier Premier geographic footprint and diversified footprint business model supports growth strategy Demonstrated Long track record of strategy execution and execution delivering sustainable…
Premier Footprint DCPs leadership position in premier basins provides DPM with organic growth opportunities and continued asset footprint expansions DCP Midstream Partners 23 plants, 9 fractionators 15,000 miles of pipelines…
Demonstrated Execution 2015 Execution Sustainable Growth On track to execute on 300MM of growth 30% Adjusted EBITDA and DCF CAGR since 2010 Keathley Canyon near capacity Track record of increasing or maintaining Lucerne 2 ramping up…
Strong Credit Metrics and Liquidity Strong Credit Metrics 6/30/15 Strong Liquidity Credit Facility Leverage Ratio(1) 1.15 billion of available revolver capacity(2) 3.1x (max 5.0x) Substantial liquidity available on revolver…
Strong fee-based and hedged margins 2015 fee/hedged margin 2016 fee/hedged margin Fee 5% from 2014 Fee 5% from 2015 Hedge position 5% from Q115 Hedge position 20% from Q115 Fee/Hedged 2% from Q115 Fee/Hedged 5% from Q115 80% Hedged…
Strong Sponsorship 48 Billion 39 Billion Enterprise Enterprise Value Value 1 Gas Processor 1 NGL Producer 3rd largest NGL pipeline operator Sponsors committed to the success of the DCP enterprise 15
SUPPLEMENTAL INFORMATION APPENDIX September 2015
Proven Track Record of Sustainable Growth Adjusted EBITDA (MM)(1) DCF (MM)(1) Distribution Per LP Unit 2.3% 655-685 545-565 growth 3.05 536 471 2.86 2.70 365 296 2.55 252 2.44 180 179 150 143 109 2010 2011 2012 2013 2014…
Forward Hedge Position as of June 30, 2015 Hedge Position 2015 2016 2017 NGL Hedges (Bbls/d) 15,168 2,222 Crude equivalent (Bbls/d) 4,634 752 NGL hedge price(/Gal) 0.94 0.94 Gas Hedges (MMBtu/d) 25,915 10,023 17,500 Crude equivalent…
DPMs Business Segments Wholesale Propane Natural Gas Services(1) NGL Logistics(1) Logistics(1) 23 Plants, 5 Fractionators 4 Fractionators Owned Terminals: 11,000 miles of pipelines 4,100 miles of NGL pipelines 6 rail, 1 marine,1…
Footprint in Core Areas of Key Basins DJ Basin/North Strategic assets backed by strong producers Midcontinent DCP Enterprise: Strong capital efficiency Q215 Avg Plant Utilization(1) Net Processing Utilization Region Capacity…
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…
Non GAAP Reconciliation Year Ended December 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…
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…
Non GAAP Reconciliation Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Millions, except per unit am ounts) Reconciliation of Non-GAAP Financial Measures: Net (loss) income attributable to partners (2) 29…
Non GAAP Reconciliation Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Millions, except per unit amounts) Reconciliation of Non-GAAP Financial Measures: Net cash provided by operating activities 162 154…
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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