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3Q 2019 Earnings Presentation – DCP Midstream LP

DCP Midstream LP · Nov 7, 2019 · 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. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 1
    Third Quarter 2019 Earnings Call
  2. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 2
    Enhancing Stakeholder Value STRONG QUARTER Generated 300 million of Adjusted EBITDA and 190 million of DCF resulting in a Q3 distribution coverage of 1.23x FEE-BASED GROWTH Exercised an increased ownership option for 50% of the…
  3. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 3
    IDR Elimination Transaction Details Baa2 / BBB+ / BBB+(5) A3 / BBB+ / NR(5) (NYSE:ENB) (NYSE:PSX) 1.53B transaction(1) 129 billion 58 billion enterprise value(3) enterprise value(3) Transaction multiple of 9x(2) 50% 50%…
  4. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 4
    Transaction Highlights Complete Simplified Right timing with economic structure at an Solidifies DCPs great slate of new alignment attractive track record of fee-based growth between DCP premium, maintaining or projects and…
  5. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 5
    Q3 2019 Highlights and Execution 6
  6. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 6
    Q3 Results and Highlights Q3 2019 Results 300 million of Adjusted EBITDA in Q3; 904 million YTD Strong Financial 190 million of DCF in Q3; 587 million YTD Results 1.23x distribution coverage in Q3; 1.27x YTD Bank facility leverage of…
  7. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 7
    Financial Results and Outlook Strong segment margins more than offsetting the impact of lower prices Distributable Cash Flow 17 190 (MM) 173 11 7 (11) (5) (2) Q3 2019 Distribution Coverage 1.23x Q2 2019 Price Net…
  8. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 8
    Solid Financial Position Investments in fee-based growth coupled with hedging program provides downside protection on commodity exposed margin 2019 Adjusted Gross Margin Strong Coverage 22% Unhedged 13% 1.27x Hedged 78%(3)…
  9. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 9
    2020 Trends and Outlook Focused on strategic execution and operational excellence to successfully navigate a dynamic industry environment Latham Offload in- service mid-2020 2020 Trends Cheyenne Connector Disciplined capital…
  10. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 10
    Key Takeaways Multi-Year Track Record of Delivering on Commitments Positioned for Long-Term Success 2019/2020 growth projects are 90% fee-based, Maintain or Grow Distribution adding 270MM of annualized Adjusted EBITDA with strong…
  11. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 11
    Appendix Financial and Other Supporting Slides 12
  12. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 12
    2019 Guidance Adjusted EBITDA DCF ( in Millions) ( in Millions) 1,215 1,092 750 2019 Assumptions 1,017 684 ( in Millions) 643 19% Adjusted EBITDA(1) 1,145 - 1,285 17% Distributable Cash Flow (DCF) (1)(2) 700 - 800 2017 2018…
  13. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 13
    2019 Earnings and Volume Outlook 2019 Segment Adjusted EBITDA 50% L&M and 50% G&P continued growth in fee-based earnings 2019 Segment Adjusted EBITDA Logistics Volume Outlook Sand Hills: increasing with recent FY2019 expansion to…
  14. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 14
    Q3 2018 vs. Q3 2019 Financial Results Strong Logistics and Marketing margins and cost efficiencies more than offsetting price impact Distributable Cash Flow (MM) 209 28 190 14 5 (53) (13) Q3 2019 Distribution Coverage…
  15. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 15
    Adjusted EBITDA* by Segment Logistics & Marketing Adjusted EBITDA* (MM) 200 27 166 6 5 (4) Q3 2018 Other Margin NGL and Gas Costs Gas and NGL Q3 2019 Adjusted EBITDA Pipelines Marketing Adjusted EBITDA Gathering &…
  16. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 16
    Volumes by Segment Logistics NGL Pipeline Volume Trends and Utilization Q3'18 Q2'19 Q3'19 Q3'19 Approx. Average Average Average Average System Gross Net NGL NGL NGL Length Capacity Capacity Throughput Throughput Throughput Pipeline…
  17. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 17
    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…
  18. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 18
    Margin by Segment* MM, except per unit measures Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Gathering & Processing (G&P) Segment Natural gas wellhead - Bcf/d 4.96 4.87 4.94 4.93 4.88 (1) Segment gross margin including equity earnings…
  19. 3Q 2019 Earnings Presentation – DCP Midstream LP – slide 19
    Disciplined and Strategic Growth Now In Service (MM net to DCPs interest) Capacity CapEx In-Service Gathering & Processing DJ OConnor 2 plant 200 MMcf/d 375 Q3 2019 DJ OConnor 2 bypass 100 MMcf/d 35 Q4 2019 Logistics Permian Gulf…

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