Q3 2020 Earnings Presentation – DCP Midstream LP

DCP Midstream LP · Nov 5, 2020 · 19 slides

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Slides

Third Quarter 2020 Earnings Call
Successfully Navigating the Cycle Operational Strong Financial Continued Cost & Excellence Results Capital Efficiency Maintaining top safety Generated 331 million Expect to beat YoY 120MM performance while driving of Adjusted EBITDA…
Q3 2020 Financial Results 43 21 81 17 10 232 ( 17) (10) (1) (MM) 190 130 Leverage Leverage 4.0x 3.9x Q3 2019 Price Net G&P Non- Financing/ Sustaining Logistics Costs Q3 2020 Growth Distributions Q3 2020 DCF of Hedge…
Solid Financial Position Increased Lowered Improved Solid Excess FCF Debt Leverage Liquidity 152MM 175MM 3.9x 1.3B Enhanced RA Diversified Stable Efficiencies Progress Earnings Cash Flows 17% YoY Fitch 62% 83% Fee + Cost…
Delivering on Commitments Q3 Results Q4 Outlook 2H Expectations Q3 volumes Expected declines due to L&M Volumes flat to Q2 reduced ethane recovery Q3 volumes slightly Slight increase G&P Volumes down to Q2 in volumes Ethane 50%…
Long-Term Strategy Ensuring Stability Enhance our environmental, social, and governance performance to ensure long-term sustainability and operational excellence Maintain best in class cost and capital discipline through continued…
Appendix Financial and Other Supporting Slides 8
2020 Financial Guidance 2020 Guidance 2020 Commodity Prices ( in Millions) YTD 2H Realized Target Adjusted EBITDA(1) 1,205 - 1,345 NGL (/gallon) 0.38 0.41 Distributable Cash Flow (DCF) (1)(2) 730 - 830 Natural Gas (/MMBtu) 1.88…
Q2 2020 vs. Q3 2020 Financial Results Improved commodity prices more than offsetting increased financing and costs Distributable Cash Flow (MM) 17 2 3 (5) (4) (1) 232 220 Q2 2020 DCF Financing Costs Sustaining Logistics…
Adjusted EBITDA by Segment Logistics & Marketing Adjusted EBITDA* (MM) 42 1 (26) (1) 216 200 Q3 2019 Gas and NGL Other Costs NGL and Gas Q3 2020 Adjusted EBITDA Marketing Pipelines Adjusted EBITDA Gathering & Processing…
Volumes by Segment NGL Pipeline Volume Trends and Utilization Q3'19 Q2'20 Q3'20 Q3'20 Q3 2020 Southern Average Gross Average NGL Average NGL Average NGL Hills volumes up Approx System Throughput Throughput Throughput Pipeline NGL…
Margin by Segment* MARGIN/EQUITY EARNINGS BY SEGMENT ** MM, except per unit measures Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Gathering & Processing (G&P) Segment Natural gas wellhead - Bcf/d 4.36 4.49 4.94 5.00 4.96 (1) Segment…
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 (MM) In-Service Gathering & Processing Latham 2 Offload…
Hedge Position As of October 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 4,570 Targeted average hedge price(1) (/gal)…
Non-GAAP Reconciliations 16
Non-GAAP Reconciliations (a) Non-cash commodity derivative mark-to-market is included in adjusted gross margin and segment adjusted gross margin, along with cash settlements for our commodity derivative contracts. ** We define…
Non-GAAP Reconciliations 18 18
Non-GAAP Reconciliations 19 19
Non-GAAP Reconciliations 20

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