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2014 NAPTP Conference – DCP Midstream Partners Lp

DCP Midstream Partners Lp · May 21, 2014 · 30 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. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 1
    INVESTOR PRESENTATION 2014 NAPTP Conference May 21, 2014
  2. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 2
    Growing the DCP Enterprise Total Assets (Billions) 60% (3) 220% (1) (NYSE:DPM) NGL Production (MBbls/d) 20% (3) 310% (1) DCP enterprise growth delivers sustainable value DPM Distribution Growth (/Unit) Driving…
  3. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 3
    Industry Leading Position 1 Gas Processor(1) Natural Gas Processing(1) (MMcf/d) 1 NGL Producer(1) DCP Midstream enterprise 3 NGL Pipeline Operator(2) Enterprise Products Targa Resources MarkWest Energy Partners 1 Lucerne 1 DPM…
  4. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 4
    DCP Enterprise Executing Growth 2010 2016e DJ Basin Growth Capex 8B 8B Assets 16B+ 58 of plants 70+ Zia 2 Processing 5.9 volume 7.2+ (TBtu/d) 369 NGL production 525+ (MBPD) 1,400 NGL pipeline 3,000+ miles…
  5. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 5
    Growth-for-Growth Strategy 2014-2015 organic projects (1) DCP Midstream 60% 4-6B DCP Midstream: 2014-2016 Natl Helium Plant Expansion (Q314) 2010 to Q1 2014 capital program Zia II Plant (1H15) Total Assets DPM: (Billions)…
  6. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 6
    Project Execution 4B Projects placed in-service(1) Roberts Mewbourne Mewbourne Eagle OConnor Rawhide Goliad OConnor Keathley Canyon Zia II Ranch Plant Expansion Plant Plant Plant Plant Expansion Connector Plant 2011-2012 2013 2014…
  7. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 7
    Industry Leader in the Midcontinent Midcontinent Stats(1) Ladder 1 Creek Wattenberg 13 Gas Processing Plants Pipeline Gatherer & 30,000 miles of pipelines Processor(2) 2 Bcf/d processing capacity 120,000+ bbls/d NGL production…
  8. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 8
    Industry Leader in the Permian Permian Stats(1) Pecos Zia II 1 Daggar Draw/ Diamond 17 Gas Processing Plants, 2 fractionators Artesia Linam Ranch/ Gatherer & Hobbs 18,000 miles of pipelines Processor(2) 1.3+ Bcf/d processing…
  9. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 9
    Industry Leader in the DJ Basin DJ Basin Stats(1) 1 Gatherer & 8 8Gas GasProcessing ProcessingPlants, Plants,2 2Fractionators Fractionators Eaton Lucerne 2 3,400 miles of pipelines 3,400 miles of pipelines Processor(2) 600…
  10. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 10
    DCP Midstream Partners Overview 11
  11. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 11
    DPM Capital & Distribution Outlook 1.4B 3B5B 2014 Distribution Outlook of organic projects 2014-2016 potential 2012-2014e dropdowns from DCP 2014 distribution 2014 DCF target 2.0B growth target (in MMs, except 400-420 million(2)…
  12. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 12
    Natural Gas Services Key Highlights Michigan Experiencing strong growth from dropdowns System Wyoming Eagle Ford and DJ Basin System Eagle Ford volumes up 22% from Q113 Lucerne 1 Plant Lucerne 2 Plant DJ Basin System Project…
  13. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 13
    NGL Logistics NGL Logistics Stats(1) Key Highlights 4 Fractionators 3,900 miles of NGL pipelines Gross throughput capacity: 905 MBbls/d Marysville Storage Closed dropdown of one-third interests in Sand NGL Storage capacity: 7…
  14. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 14
    Wholesale Propane Logistics Wholesale Propane Logistics Stats(1) Key Highlights Owned /Leased Terminals: 6 rail, 1 pipeline, 1 marine Net Storage Capacity: 550 MBbls 2013/2014 winter heating season exceeds base business…
  15. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 15
    Summary of Segment Results 2013 Adjusted Segment EBITDA(1) 74% 24% 6% Natural Gas Services NGL Logistics Wholesale Propane Adjusted EBITDA(1) Adjusted EBITDA(1) Adjusted EBITDA(1)(3) (Millions) * 9MM non- (Millions) (Millions)…
  16. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 16
    Financial Position & 2014 Sensitivities Financial positioning is key to growth strategy Liquidity and Credit Metrics (3/31/14) Strong capital structure and investment grade credit Effective Interest Rate 4.0% ratings Successful…
  17. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 17
    A Compelling Investment (3) Update on 2014 Outlook 3.06 400-420MM DCF 138MM Q114 EBITDA up 38% 7% 122MM Q114 DCF up 58% 280% On-track to meet forecast (1) 1.5B of dropdowns (2) Capacity (Mcf/d) Closed on 1.15B dropdown in…
  18. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 18
    Supplemental Information Appendix 19
  19. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 19
    2014 Sensitivities 2014 Margin 95% Fee-Based/Hedged(1) Fee-based margin percentage is Fee-Based/Hedged up 5% from 95% 2013 Estimated 2014 Commodity Sensitivities Amount Impact to of Adjusted Commodity Change EBITDA…
  20. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 20
    Commodity Hedge Position Overall 95% fee-based/hedged in 2014 55% fee-based 45% commodity is 90% hedged Virtually all 2014 hedges are direct commodity price hedges Current Commodity Hedge Position Hedge Price 2014 2015 2016 NGL…
  21. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 21
    Growth in Execution- G&P OConnor Goliad Plant Plant 160 MMcf/d gas processing plant in the DJ Basin 200 MMcf/d gas processing plant o 110 MMcf/d in service Oct13 in the Eagle Ford o Expansion to 160 MMcf/d in service Q114…
  22. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 22
    Growth in Execution- G&P Lucerne 2 Keathley Canyon Plant Connector 200 MMcf/d gas processing plant in the DJ Basin o Anchored by long-term, Expansion of DPMs 40% minimum throughput fee-based ownership of Discovery System…
  23. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 23
    Growth in Execution- Logistics Texas Front Range Additional Express Pipeline Growth Projects Joint Venture in a 583 mile Joint Venture in a 435 Marysville Ethane NGL pipeline providing miles NGL pipeline; which Expansion (started…
  24. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 24
    Largest Dropdown in DPMs History 1.15 Billion Dropdown(1) Lucerne 1 20% of consideration paid to DCP Midstream in DPM CO Plant (1) common units Sand Hills Pipeline (1/3 ownership interest) Denver 720-mile NGL pipeline Initial…
  25. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 25
    Eagle Ford System Eagle Ford Integrated System Eagle Ford System Highlights: Capacity Plant Name (MMcf/d) 1.2 Bcf/d LaGloria 220 total Seven cryogenic plants with 1,160 MMcf/d Wilcox 220 processing processing capacity, including:…
  26. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 26
    Non-GAAP Reconciliations Natural Gas Services Segment Year Ended December 31, As reported in 1 As reported in 1 As reported in 1 (MM) 2013 2012 2011 2010 Segment net income (loss) attributable to partners 193 180 110 77 Non-cash…
  27. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 27
    Non-GAAP Reconciliations Wholesale Propane Logistics Segment Twelve Months Ended (MM) (1) Q2 2013 Q3 2013 Q4 2013 Q1 2014 March 31, 2014 Segment net income(loss) attributable to partners 1 (1) 11 11 22 Non-cash commodity derivative…
  28. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 28
    Non-GAAP Reconciliation Three Months Year Ended ended Decem ber 31, As As March 31, Reported Reported 2014 in 2013 in 2010 (Millions, except per unit am ounts) Reconciliation of Non-GAAP Financial Measures: Net income…
  29. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 29
    Non-GAAP Reconciliation Three Months Year Ended ended Decem ber 31, As As March 31, Reported Reported 2014 in 2013 in 2010 (Millions, except per unit am ounts) Reconciliation of Non-GAAP Financial Measures: Adjusted net income…
  30. 2014 NAPTP Conference – DCP Midstream Partners Lp – slide 30
    Non-GAAP Reconciliation Twelve Months Ended December 31, 2014 Low High Forecast Forecast (Millions) Reconciliation of Non-GAAP Measures: Forecasted net income attributable to partners* 298 308 Interest expense, net of interest…

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