DCP Midstream Snapshot DCP NYSE TICKER FORTUNE 500 54MM FCF IN Q2 NUMBER 2.6B MARKET CAP 1.7MM AVG. 52-week TRADING VOLUME 413 1.1B AVAILABLE LIQUIDITY .39 / 1.56 ANNUALIZED Ba2 / BB+ / BB+ DISTRIBUTION PAYMENT CREDIT…
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…
Compelling Investor Value Proposition INTEGRATED MIDSTREAM PROVIDER FREE CASH FLOW POSITIVE Fully integrated midstream business, with strong Logistics portfolio and geographically diverse, premier asset base Free cash flow positive…
Long-Term Financial Priorities Free cash flow positive in 2H and 2021, 2020 FCF Generation enhancing liquidity and delevering (in MM) Generate Free Maintain early and aggressive self-help Cash Flow measures driving sustainable FCF…
Company Ownership Structure Baa2 / BBB+ / BBB+(3) (NYSE:ENB) 50% 50% A3 / BBB+ / NR(3) 118.5 billion (NYSE:PSX) enterprise value(1) 46.5 billion enterprise value(1) General Public Partner Unitholders (2) 57% Common 43%…
Financial Position 8
Solid Financial Position Ample Liquidity 2020 Adjusted Gross Margin 1.75B capacity via bank facility and A/R Liquidity securitization facility; 650MM utilized(1) 1.1B Issued 500 million of senior notes in Q2; proceeds used to pay…
Proactively Managing Liquidity Upsized senior notes issuance in June for 500 million providing ample liquidity with 1.1B available, liquidity expected to increase throughout the year Liquidity Revolving credit facility ( in…
2H Assumptions and Outlook Potential 2H Tailwinds Logistics & Marketing Relatively flat NGL volumes through Q3, with potential Potential upside from continued declines in Q4, due to a forecasted increase in ethane ethane recovery…
Continued Strong Momentum 2H Outlook Q3 to Date(1) Prices(1) NGL (/gallon) - 0.41 NGL (/gallon) - 0.44 Nat Gas (/MMBtu) - 1.95 Nat Gas (/MMBtu) - 2.09 Crude (/Bbl) - 40.00 Crude (/Bbl) - 41.54 L&M Volumes Flat volumes through Q3 On…
Total Capital Expenditures Total Capital Spend (MM) Sustaining capital Capital Definitions Growth capital Sustaining capital is cash 970 expenditures to maintain our cash 955 flows, operating, or earnings capacity Growth capital…
2020 and 2021 Hedges Hedge Position as of August 31, 2020 Commodity Q1 2020 Q2 2020 Q3 2020 Q4 2020 2020 Avg. 2021 Avg. Total Equity Length Hedged(2) NGLs hedged (Bbls/d) 10,352 10,352 13,011 13,011 11,681 4,241 Targeted average…
External Environment Updates 16
Strategic Consistency & Resilience Multi-Year Strategic Health and Safety Operational Execution Priority Excellence Now fully-integrated and Protecting our Safe, reliable, efficient, majority fee-based, while employees, and…
Successfully Navigating 2020 PRIORITY ACTION RESULT Implemented pandemic response plan to Healthy workforce Health & Safety ensure safety of our employees, Business continuity; safe and reliable customers, communities, and operations…
Managing Counterparty Risk Customer Ratings(1)(2) Customer Types(1) Other 6% B- to BB+ Producer 26% Marketer 22% 18% A- to A+ 36% Refiner / Petrochem 20% Midstream 24% BBB-, BBB, BBB+ Utility 38% 10% Top 50 customer…
DCP Strategic Execution 20
DCP Strategic Approach Operational Excellence and Sustainability Our vision is to be the safest, most reliable, low-cost midstream service provider Financial Execution Focused on delivering significant free cash flow that will…
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…
The Midstream Value Chain DCP plays a critical role in supplying the nations electricity, fuel, and products through natural gas gathering and processing, logistics and marketing, transportation, and fractionation 23
DCP Business Evolution 2010* Extended and enhanced Logistics & Marketing (L&M) value chain 2020 Strategically aligned Gathering & Processing (G&P) footprint Opportunistic consolidation, right-sizing the portfolio DCP 2.0…
Integrating & Enhancing the Value Chain Strategic G&P footprint feeding strong Logistics asset base Driving customer volumes to multiple market centers along the Gulf Coast Q3 2019 OConnor 2 plant PROCESSING Q4 2019 OConnor 2…
Strength via Diversification and Transformation Basins Cash Flows Customers Wellhead Volume Q2 2020 Adjusted EBITDA 2010 vs. 2019 Top 50 Customers, 74% IG(2) East Texas Other 7% 6% Marketer 18% Diversity of Eagle Ford DJ…
Disciplined and Strategic Capital Projects Projects in Progress or Recently In-Service Est. 100% Total Est. Expected (MM net to DCPs interest for JVs) Capacity CapEx In-Service Gathering & Processing Latham 2 Processing Offload…
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 and 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…
DCP Technology Ventures Accelerating digital transformation for the midstream industry to improve sustainability and increase efficiencies Since 2018, DCP Tech Ventures is continuously developing opportunities within an eco-system…
Highlights from the Inaugural DCP Midstream Sustainability Report DCP is committed to safety, social responsibility, diversity, environmental leadership, operational excellence, and ethical business practices to ensure the decisions we…
DCP 2.0 Environmental Management Transformation We recognize our critical responsibility to provide safe, affordable, reliable energy, while reducing our contribution to, and mitigating the impacts of climate We are leading the change.…
Segment Overviews 35
Logistics and Marketing (L&M) Overview DCP Logistics Assets The Logistics & Marketing segment is fee-based or fee-like and includes NGL and gas takeaway pipelines, marketing, trading, storage, and fractionators Sand Hills provides…
L&M Ownership & Customers NGL and gas pipelines provide open access to premier demand markets Legend: Cheyenne Connector DCP operated Operated by TGE DCP 50% Owner Third party operated Customer Centric Pipeline Takeaway…
Gathering and Processing (G&P) Overview North Assets Permian Assets South Assets Midcontinent Assets DJ Basin Delaware Basin Eagle Ford SCOOP/STACK 10 active plants 4 active plants 5 active plants 5 active plants 1,160 MMcf/d net…
Diverse Producer Customers in Key Basins DJ Basin (North) Midcontinent Permian South Volume and margin portfolio supported by long-term agreements with diverse high- quality producers in key regions 39
Volumes by Segment NGL Pipeline Volume Trends and Utilization Q2 2020 Southern Q2'19 Q1'20 Q2'20 Q2'20 Average Hills volumes up Gross Average NGL Average NGL Average NGL Approx System Capacity Net Capacity Throughput Throughput…
DJ Basin Fundamentals Strength of the DJ Front Range Producer Acreage Life of Lifelong contracts forge strong producer and community Lease relationships in rural, industry- Contracts friendly Weld County Rural Dedicated acreage…
Non-GAAP Reconciliations 42
Non-GAAP Reconciliations Three Months Ended Year to Date Ended June 30, June 30, ( in millions) 2020 2019 2020 2019 Logistics and Marketing Segment Segment net income attributable to partners 177 185 413 332 Operating and…
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