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1Q 2017 Update – DCP Midstream LP

DCP Midstream LP · May 11, 2017 · 30 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. 1Q 2017 Update – DCP Midstream LP – slide 1
    First Quarter 2017 Update May 11, 2017 Earnings Call
  2. 1Q 2017 Update – DCP Midstream LP – slide 2
    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) quality…
  3. 1Q 2017 Update – DCP Midstream LP – slide 3
    Q1 2017 Highlights Delivering on our Commitments Q1 2017 Growth and Path Activity and Results Execution Forward Solid quarter on the heels of Current growth projects are on Evaluating further expansion the DCP simplification time,…
  4. 1Q 2017 Update – DCP Midstream LP – slide 4
    Growth Focus Clear line of sight to 1.5-2B of Target Current and Potential Est Capex in strategic growth projects Growth Projects Status MM net to DCPs interest Service around our footprint Logistics & Marketing Growth Sand Hills…
  5. 1Q 2017 Update – DCP Midstream LP – slide 5
    Q1 2017 Financial and Operational Update 6
  6. 1Q 2017 Update – DCP Midstream LP – slide 6
    Q1 2017 Consolidated Results Consolidated Results (MM) Q1 2016(1) Q1 2017 Gathering & Processing Adjusted EBITDA 253(2) 211 Logistics & Marketing Adjusted EBITDA 117 92 Other (63) (58) Adjusted EBITDA 307(2) 245 Distributable Cash…
  7. 1Q 2017 Update – DCP Midstream LP – slide 7
    Adjusted EBITDA by Segment G&P Adjusted EBITDA Logistics and Marketing Adjusted EBITDA Q1'16 vs. Q1'17 Q1'16 vs. Q1'17 253 (MM) (MM) 117 Non-recurring producer settlement 211 87 16 6 48 13 92 6 3 1 7 4 Q1 2016 G&P…
  8. 1Q 2017 Update – DCP Midstream LP – slide 8
    Volume Update G&P Volumes Q117 Net Q116 Q416 Q117 Q117 Plant/ Average Average Average Average Mar 16 Mar 17 Treater Wellhead Wellhead Wellhead NGL Rig Count Rig Count Capacity Volumes Volumes Volumes Production Plant in DCPs in DCPs…
  9. 1Q 2017 Update – DCP Midstream LP – slide 9
    Hedging, Financing and Liquidity Opportunistically Adding Hedges Ample Liquidity & Flexibility Targeting 80%+ fee and hedged margin by 2018 March 31, 2017 Leverage ratio(1) is 4.6x on Percent hedged by commodity as of 4/30/17 target…
  10. 1Q 2017 Update – DCP Midstream LP – slide 10
    DCP Midstream Appendix 12
  11. 1Q 2017 Update – DCP Midstream LP – slide 11
    Ownership Structure Enbridge/Spectra Merger closed Feb. 27, 2017 (NYSE:PSX) (NYSE:ENB) 54 billion 126 billion Private HoldCo enterprise enterprise value(1) DCP Midstream, LLC value(1) 50% (owner of GP) 50% 36.1% Common LP…
  12. 1Q 2017 Update – DCP Midstream LP – slide 12
    DCP 2017e Guidance ( in Millions, except per unit amounts) 2017e DCP Key Metrics Guidance 2017 Year of Transition (1) 2017 Adjusted EBITDA 940-1,110 Strong line of sight to growth opportunities Distributable Cash Flow (DCF) 545-670…
  13. 1Q 2017 Update – DCP Midstream LP – slide 13
    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…
  14. 1Q 2017 Update – DCP Midstream LP – slide 14
    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)…
  15. 1Q 2017 Update – DCP Midstream LP – slide 15
    Margin by Segment MARGIN/EQUITY EARNINGS BY SEGMENT ** 2017e Hedged Commodity Sensitivities MM, except per unit measures Q1 2017 Q1 2016 Per 2017 Gathering & Processing (G&P) Segment Commodity Price range unit (MM) Natural gas…
  16. 1Q 2017 Update – DCP Midstream LP – slide 16
    Reducing Commodity Exposure: Recently added 2017 and 2018 hedges Targeting 80%+ fee & hedged margin by 2018 to protect downside while retaining upside in a rising commodity price environment Q2-Q4 Q1 2017e Gross Margin Hedge…
  17. 1Q 2017 Update – DCP Midstream LP – slide 17
    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 (Q4 2018) growth…
  18. 1Q 2017 Update – DCP Midstream LP – slide 18
    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…
  19. 1Q 2017 Update – DCP Midstream LP – slide 19
    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…
  20. 1Q 2017 Update – DCP Midstream LP – slide 20
    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…
  21. 1Q 2017 Update – DCP Midstream LP – slide 21
    Logistics and Marketing Overview DCP Logistics Assets Approx. System Approx. Gross Throughput YTD 2016 Net Pipeline Length Capacity Capacity Pipeline % Owned (Miles) (MBbls/d) (MBbls/d)(1) Sand Hills 66.7% 1,350 280(2) 186…
  22. 1Q 2017 Update – DCP Midstream LP – slide 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…
  23. 1Q 2017 Update – DCP Midstream LP – slide 23
    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…
  24. 1Q 2017 Update – DCP Midstream LP – slide 24
    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…
  25. 1Q 2017 Update – DCP Midstream LP – slide 25
    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…
  26. 1Q 2017 Update – DCP Midstream LP – slide 26
    Growth Projects in Execution New plants in the DJ Basin and Sand Hills capacity expansion Logistics & Marketing: Sand Hills G&P: DJ Basin Expansion Expansion Cooperative development plan with key Visible growth expected from…
  27. 1Q 2017 Update – DCP Midstream LP – slide 27
    Consolidated Financial Results Three Months Ended March 31, ( in millions, except per unit amounts) 2017 2016(1) Sales, transportation, processing and other revenues 2,090 1,446 Trading and marketing gains, net 31 18 Total…
  28. 1Q 2017 Update – DCP Midstream LP – slide 28
    Commodity Derivative Activity Three Months Ended March 31, ( in millions) 2017 2016(1) Gathering & Processing Segment: Non-cash unrealized gains (losses) 31 (39) Logistics & Marketing Segment: Non-cash unrealized gains (losses) 5…
  29. 1Q 2017 Update – DCP Midstream LP – slide 29
    Balance Sheet March 31, December 31, 2017 2016 (1) (Millions) Cash and cash equivalents 176 1 Other current assets 804 993 Property, plant and equipment, net 9,047 9,069 Other long-term assets 3,552 3,548 Total assets 13,579…
  30. 1Q 2017 Update – DCP Midstream LP – slide 30
    2017e DCP Guidance Non GAAP Reconciliation 37

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