PEOPLE PROCESS TECHNOLOGY 2018 Update and 2019 Outlook February 12, 2019 Earnings Call
Forward-Looking Statements Under the Private Securities Litigation Reform Act of 1995 This document may contain or incorporate by reference forward-looking statements regarding DCP Midstream, LP (the Partnership or DCP) and its…
PEOPLE PROCESS TECHNOLOGY 2018 Highlights and Execution 3
Delivered on 2018 Commitments STRONG EXECUTION ON 2018 COMMITMENTS Delivered strong DCF above high end 2018 results of guidance DCP 2020 Distribution Distribution coverage coverage and exceeded 1.0x leverage better Leverage…
2018 Execution Record Volumes Record Sand Hills and Southern Hills volumes Record DJ volumes, boosted with Mewbourn 3 in-service Growth Adding Cash Flows Sand Hills in-service earlier than expected resulting in 485 MBpd capacity…
2018 DCF Drivers and Q1 2019 Expectations Distributable Cash Flow ( in Millions) 684 Costs G&P Volumes NGL Pipelines 635 Prices Guadalupe Feb 2018 DCF 2018 DCF Guidance Midpoint Q3 to Q4 2018 Drivers Q1 2019 Expectations…
PEOPLE PROCESS TECHNOLOGY 2019 Guidance and Outlook 8
2019 Guidance 2019 Guidance ( in Millions) Adjusted EBITDA DCF ( in Millions) ( in Millions) 1,215 Adjusted EBITDA(1) 1,145 - 1,285 1,092 750 1,017 684 Distributable Cash Flow (DCF) (1)(2) 700 - 800 643 19% Total GP/ Common LP…
2019 Hedging, Earnings and Volume Outlook Near 2019 target of 80% fee + hedged 2019 Segment Adjusted EBITDA reduced commodity sensitivity 50% L&M and 50% G&P 2019 Adjusted Gross Margin continued growth in fee-based earnings FY2019…
Long-Term Strategy Meeting the needs of customers through diverse and fully integrated value chain DJ Basin Addressing G&P, NGL and gas takeaway via Mewbourn 3, OConnor 2, Bighorn, Front Range/Texas Express, Southern Hills extension…
Disciplined Growth Self-funding portion of growth via excess coverage Cheyenne Connector and divestiture opportunities Fractionator OConnor 2 Plant & Frac proceeds from recently announced GSR sale will be Bighorn redeployed into…
Strong 2019 Outlook Fully integrated midstream Logistics and provider with 50% Logistics & Marketing Marketing and 50% Gathering comprise 50% & Processing of Adjusted EBITDA Full year earnings from 2018 Reducing risk Mewbourn 3…
PEOPLE PROCESS TECHNOLOGY DCP Midstream Appendix: Financial and Other Supporting Slides 14
2019 Gross Margin, Sensitivities and Hedges Investments in fee-based growth coupled with hedging program provides downside protection on commodity exposed margin 2019 Adjusted Gross Margin 2019 Annual Commodity Sensitivities Before…
Margin by Segment* MM, except per unit measures Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Gathering & Processing (G&P) Segment Natural gas wellhead - Bcf/d 4.93 4.88 4.80 4.47 4.60 (1) Segment gross margin including equity earnings…
Consolidated Q4 2018 Financial Results Higher costs, in part driven by accelerated investment in reliability and transformation, partially offset by strong Logistics margin and volume growth Distributable Cash Flow (MM) Q4 2018…
Adjusted Segment EBITDA* Logistics & Marketing Adjusted EBITDA* (MM) Gathering & Processing Adjusted EBITDA* (MM) * Adjusted Segment EBITDA is viewed as a non-Generally Accepted Accounting Principles (GAAP) measure under the…
Volumes Logistics NGL Pipeline Volume Trends and Utilization Q4'17 Q3'18 Q4'18 Q4'18 Approx Average Sand Hills Q4 2018 System Gross Average NGL Average NGL Average NGL Length Capacity Net Capacity Throughput Throughput Throughput…
Disciplined and Strategic Growth Executing strategic, lower risk growth projects at 2-7x multiples with line of sight to fast volume ramp growing fee-based earnings Projects in Progress Est. Expected (MM net to DCPs interest) Est. 100%…
DCP 2.0 Driving the Operations of the Future Financial data SCADA Contracts and DCS ICC Real-time Engineering prices data KPIs INTEGRATED COLLABORATION CENTER (ICC) LINKING NUMEROUS DATA SOURCES Integrated…
PEOPLE PROCESS TECHNOLOGY Non GAAP Reconciliations 22
Non GAAP Reconciliation Three Months Ended Year Ended December 31, December 31, ( in millions) 2018 2017 2018 2017 Logistics and Marketing Segment Segment net income attributable to partners 152 88 509 366 Operating and…
Commodity Derivative Activity Three Months Year Ended Ended December 31, December 31, ( in millions) 2018 2017 2018 2017 Gathering & Processing Segment: Non-cash unrealized gains (losses) 161 (20) 112 (24) Logistics & Marketing…
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