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4Q 2019 Earnings Presentation – DCP Midstream LP

DCP Midstream LP · Feb 12, 2020 · 26 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. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 1
    Fourth Quarter 2019 Earnings and 2020 Outlook
  2. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 2
    2019 Highlights and Execution 3
  3. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 3
    Delivered on 2019 Commitments 2019 Commitments 2019 Execution DCF above guidance mid-point Risk Reduction and Financial Eliminated Incentive Distribution Rights (IDRs) Discipline Self-funded 40% of growth capital Reduced costs YoY…
  4. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 4
    Solid 2019 Financial Execution (MM) 2019 Actual 2019 Guidance Adjusted EBITDA(1) 1,200 1,145-1,285 10% increase YoY Distributable Cash Flow(1)(2) 762 700-800 11% increase YoY Distribution Coverage (Paid) 1.23x 1.2x Bank…
  5. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 5
    2019 Financial Results and Highlights Record Logistics and strong G&P earnings more than offsetting the impact of lower commodity prices Distributable Cash Flow (MM) 156 38 16 22 (108) (46) 762 684 2018 Paid Distribution 2019…
  6. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 6
    2020 Guidance and Outlook 7
  7. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 7
    2020 Guidance 2020 Assumptions 2020 Guidance ( in Millions) Range Self-funding a portion of growth via excess coverage and divestitures Adjusted EBITDA(1) 1,205 - 1,345 Equity self-funded Distributable Cash Flow (DCF) (1)(2) 730 -…
  8. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 8
    Improved Financial Stability 2020 fee-based margins 2019 Adjusted Gross Margin 2020e Adjusted Gross Margin increasing 22% 21% Unhedged Unhedged 78%(1) 79% Fee-based Goal 80+% Fee 13% Fee-based & hedged 9% and Hedged Hedged &…
  9. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 9
    Transforming Our Portfolio (2) 2015 2020e (1) 40% 40% Portfolio Mix 60% 60% Logistics G&P Logistics G&P (2) 2015 2017 2020e Fee % 40% 35% 60% 70% 60% 70% 0% 25% 50% 75% 100% 0% 25% 50% 75% 100% 0% 25% 50% 75% 100% Fee…
  10. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 10
    Path to Self-Funding Model Capital Outlook Growth Capital Financing (MM) (MM) 887 Actively working 100 - 40% 300MM of potential 2020 -32% Self-funded non-core divestitures 600 856 887 55% 600(1) Self-funded 427 100%…
  11. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 11
    DCP Strategic Approach Operational Excellence and Sustainability Our vision is to be the safest, most reliable, low-cost midstream service provider Financial Execution Returning a secure and competitive distribution via…
  12. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 12
    Appendix Financial and Other Supporting Slides 13
  13. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 13
    2020 Gross Margin, Sensitivities and Hedges Investments in fee-based growth coupled with hedging program provides downside protection on commodity exposed margin 2020 Annual Commodity Sensitivities 2020e Adjusted Gross Margin Before…
  14. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 14
    Margin by Segment* MM, except per unit measures Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Gathering & Processing (G&P) Segment Natural gas wellhead - Bcf/d 5.00 4.96 4.87 4.94 4.93 (1) Segment gross margin including equity earnings…
  15. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 15
    Q4 2018 vs. Q4 2019 Financial Results Strong segment margins and cost efficiencies more than offsetting price impact Distributable Cash Flow (MM) 38 32 16 3 (36) 175 (16) 138 Px before hedge (71) Hedge 35 Px net of…
  16. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 16
    Q3 2019 vs. Q4 2019 Financial Results Price recovery partially offsets lower segment margins quarter over quarter Distributable Cash Flow (MM) 20 (16) 0 (10) (6) (3) 190 175 Px before hedge 22 Hedge (2) Px net of hedge 20…
  17. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 17
    Adjusted EBITDA* by Segment Logistics & Marketing Adjusted EBITDA* (MM) 29 178 9 148 (7) (1) Q4 2018 Other Margin Costs Gas and NGL NGL and Gas Q4 2019 Adjusted EBITDA Marketing Pipelines Adjusted EBITDA Gathering &…
  18. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 18
    Volumes by Segment Logistics Pipeline Volume Trends and Utilization Q4'18 Q3'19 Q4'19 Q4'19 Q4 2019 Sand Hills Average Gross Average NGL Average NGL Average NGL Approx System Capacity Net Capacity Throughput Throughput Throughput…
  19. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 19
    Disciplined and Strategic Growth Now in Service (MM net to DCPs interest) Region Est. 100% Capacity CapEx In-Service Gathering & Processing OConnor 2 plant DJ Basin 200 MMcf/d 375 Q3 2019 OConnor 2 bypass DJ Basin 100 MMcf/d 35 Q4…
  20. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 20
    Non-GAAP Reconciliations 21
  21. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 21
    Non-GAAP Reconciliations Three Months Ended Year to Date Ended December 31, December 31, ( in millions) 2019 2018 2019 2018 Logistics and Marketing Segment Segment net income attributable to partners 149 152 605 509 Operating and…
  22. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 22
    Commodity Derivative Activity Three Months Year to Date Ended Ended December 31, December 31, ( in millions) 2019 2018 2019 2018 Gathering & Processing Segment: Non-cash unrealized (losses) gains (23) 161 (49) 112 Logistics &…
  23. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 23
    Non-GAAP Reconciliations 24 24
  24. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 24
    Non-GAAP Reconciliations 25 25
  25. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 25
    Non-GAAP Reconciliations 26 26
  26. 4Q 2019 Earnings Presentation – DCP Midstream LP – slide 26
    Non-GAAP Reconciliations 27 27

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