DCP Midstream Snapshot 5.4B MARKET FORTUNE CAP 11.2B ENTERPRISE VALUE 500 NUMBER 5-7X TARGET MULTIPLE FOR 783K AVG. 52-week TRADING VOLUME 320 GROWTH PROJECTS .78 / 3.12 ANNUALIZED Ba2 / BB+ / BB+ DISTRIBUTION PAYMENT…
Compelling Investor Value Proposition INTEGRATED MIDSTREAM PROVIDER DISCIPLINED CAPITAL ALLOCATION Fully integrated midstream business, with growing Logistics Long-term capital allocation strategy built to strengthen the portfolio…
Strong Portfolio of Assets Leading Midstream Provider Integrated Logistics & Marketing and Gathering & Processing business with competitive footprint and geographic diversity Unparalleled interconnectivity and access to…
ESG Environmental, Social, and Governance Environmental Commitment - Focused on reducing methane, CO2 1ST PLACE 2018 COMPANY and VOC emissions at DCP facilities through innovation, investment in SAFETY AWARD FOR DIVISION I…
DCP Strategic Execution 7
DCP Business Evolution 2010* 2019+ Extending and enhancing Logistics & Marketing value chain Strategically growing Gathering & Processing footprint Opportunistic consolidation, right-sizing the portfolio DCP 2.0 transformation…
Integrating & Enhancing the Value Chain Strategic G&P footprint feeding growing Logistics asset base Driving customer volumes to multiple market centers along the Gulf Coast Q3 2019 OConnor 2 plant PROCESSING Q4 2019 OConnor 2…
Long-Term Global Demand for Natural Gas World Primary Energy Demand by Fuel (BTOE) Share by Fuel Renewables 14% Coal 20 27% Nuclear 18 5% 16 2018 Natural gas 14 23% Oil 12 31% 10 8 Renewables Coal 6 21% 21% 4…
Enhancing Premier DJ Basin Footprint OConnor 2 200 MMcf/d plant in-service August 2019; up to 100 MMcf/d bypass expected in- G&P service by Q4 2019 Expansion - Effectively solving for current takeaway constraints via marketing…
Expanded Permian Logistics Footprint Extended Logistics value chain with fee-based projects Sand Hills leverages the entire Permian with lower risk and higher returns Increased capacity to 500 MBpd in Q1 2019, increasing volumes and…
Extending Logistics Value Chain via Sweeny Option to expand DCPs fractionation network into Sweeny Hub in partnership with Phillips 66 Strategically extending value chain into Gulf Coast linking customers to growing PetChem market…
Disciplined and Strategic Growth Executing strategic, low risk G&P investment L&M investments leverage and high return projects in concentrated in the DJ Basin G&P growth and aggregate key regions at 5-7x target where favorable life…
Disciplined and Strategic Growth Logistics Recently in Service (MM net to DCPs interest) Capacity CapEx In-Service Gulf Coast Express (25%) 500 mile intrastate natural gas pipeline connecting Permian to the Gulf Coast 2.0 Bcf/d 440 Q3…
DCP 2.0 Driving the Operations of the Future DCP 2.0 Strategic Objectives Achieve Real-Time Digitally Enable the Increase Cash Flow While Optimization & Decision Business and Workforce Diminishing Risk Making Utilize real-time…
ICC and Remote Operations Integrated Collaboration Center (ICC) Linking Numerous Data Sources SCADA Financial Real-Time Engineering KPIs Contracts and DCS Data Prices Data Integrated Collaboration Center Remote Operations…
Segment Overviews 18
Logistics and Marketing (L&M) Overview The Logistics & Marketing segment is fee based and includes NGL and gas DCP Logistics Assets takeaway pipelines, marketing, storage and fractionators. The NGL pipelines and Guadalupe comprise a…
L&M Ownership & Customers NGL and Residue pipelines provide open access to premier demand markets Legend: DCP owned & operated Third party operated Customer Centric NGL Pipeline Takeaway Southern Hills Front Range…
Gathering and Processing (G&P) Overview North Assets Permian Assets South Assets Midcontinent Assets DJ Basin Delaware Basin Eagle Ford SCOOP/STACK 11 active plants 4 active plants 5 active plants 6 active plants 1,170 MMcf/d net…
Strong Producer Customers in Key Basins DJ Basin (North) Midcontinent Permian South Sweeny Volume and margin portfolio supported by long-term agreements with diverse high- quality producers in key regions 22
Financial Information 23
Financial Position and Risk Management Ample Liquidity Strong Coverage Solid Leverage 1.2 1.27x 4.0x(2) Billion Ample liquidity with 1.2 billion Funding portion of growth with excess S&P rating upgraded to BB+, Stable…
Capital Allocation Priorities Strengthen the Increase Balance Sheet Unitholder Value 1.2 Distribution Coverage Ratio Maintain or grow 3.12…
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…
2019 Guidance Adjusted EBITDA ( in Millions) 1,092 1,215 DCF ( in Millions) 750 Self-funding a portion of growth 1,017 684 643 no planned common equity issuances 19% 17% for fifth consecutive year ( in Millions) 2017 2018…
Non-GAAP Reconciliation Three Months Ended Year to Date Ended September 30, September 30, ( in millions) 2019 2018 2019 2018 Logistics and Marketing Segment Segment net income attributable to partners 124 148 456 357 Operating…
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