Breaking News

Tweet TWEET

DCP Midstream and DCP Midstream Partners to Build 200 MMcf/d Gas Processing Plant Serving Eagle Ford

  DCP Midstream and DCP Midstream Partners to Build 200 MMcf/d Gas Processing
  Plant Serving Eagle Ford

Business Wire

DENVER -- December 06, 2012

DCP Midstream LLC and DCP Midstream Partners LP (NYSE: DPM) today announced
the construction of a new cryogenic plant that will serve growing demand from
producers in the liquids rich and prolific Eagle Ford shale.

The new Goliad plant will be constructed and funded by the previously
announced DCP Eagle Ford Joint Venture formed Nov. 1, which is owned
two-thirds by DCP Midstream and one-third by DCP Midstream Partners.

The Goliad plant will have gas processing capacity of 200 million cubic feet
per day. It will become part of the DCP Eagle Ford system providing Eagle Ford
producers one-stop service from the plant tailgate to the Gulf Coast market
centers. The Goliad plant is expected to be completed by the first quarter of
2014.

“The DCP Midstream enterprise continues to execute on its impressive slate of
growth projects underpinned by solid contracts in liquids rich areas,” said
Wouter van Kempen, president and chief operating officer of DCP Midstream.
“Through co-investment with DCP Midstream Partners and the recent transaction
on the pipelines with Phillips 66 and Spectra Energy, we can continue to fund
our projects and create value to all our stakeholders.”

“The Goliad plant is another great example of co-investment with our general
partner,” said Bill Waldheim, president of DCP Midstream Partners. “Including
this transaction, this brings our 2012 co-investment to over $1 billion.”

Goliad is the seventh plant in South Texas owned by the DCP enterprise. It
will be part of DCP’s vast, reliable system with:

  *More than 900,000 acres supported by long-term agreements,
  *About 6,000 miles of gathering systems,
  *More than 1 billion cubic feet per day of processing capacity,
  *Three fractionators with about 36,000 barrels per day capacity,
  *Favorable access to interstate and intrastate gas markets,
  *And, access to the Sand Hills pipeline delivering natural gas liquids to
    Mont Belvieu, Texas, and Gulf Coast petrochemical markets.

DCP Midstream LLC leads the midstream segment as the second-largest natural
gas gatherer and processor, the largest natural gas liquids producer and one
of the largest marketers in North America. DCP Midstream operates in 18 states
across major producing regions. The company is a 50:50 joint venture between
Spectra Energy and Phillips 66. It owns the general partner of DCP Midstream
Partners LP, a master limited partnership, and provides operational and
administrative support to the partnership. DCP Midstream is the largest oil
and gas company and the largest private company in Denver, the city of its
headquarters, and is the Top Company Winner for Energy/Natural Resources in
Colorado as recognized by ColoradoBiz. For more information, visit the DCP
Midstream website at www.dcpmidstream.com.

DCP Midstream Partners LP (NYSE: DPM) is a midstream master limited
partnership engaged in the business of gathering, compressing, treating,
processing, transporting, storing and selling natural gas; producing,
fractionating, transporting, storing and selling NGLs and condensate; and
transporting, storing and selling propane in wholesale markets. DCP Midstream
Partners LP is managed by its general partner, DCP Midstream GP LLC, which is
wholly owned by DCP Midstream LLC, a joint venture between Spectra Energy and
Phillips 66. For more information, visit the DCP Midstream Partners LP website
at www.dcppartners.com.

This press release may contain forward-looking statements as defined under the
federal securities laws, including projections, estimates, forecasts, plans,
and objectives. Although management believes that expectations reflected in
such forward-looking statements are reasonable, no assurance can be given that
such expectations will prove to be correct. In addition, these statements are
subject to certain risks, uncertainties, and other assumptions that are
difficult to predict and may be beyond our control. If one or more of these
risks or uncertainties materialize, or if underlying assumptions prove
incorrect, DCP Midstream Partners’ actual results may vary materially from
what management anticipated, estimated, projected, or expected. Other key risk
factors that may have a direct bearing on DCP Midstream Partners’ results of
operations and financial condition are described in detail in DCP Midstream
Partners’ periodic reports filed with the Securities and Exchange Commission.
Investors are encouraged to closely consider the disclosures and risk factors
contained in DCP Midstream Partners’ reports filed from time to time with the
Securities and Exchange Commission. DCP Midstream Partners undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise.

Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20121206006571/en/

Multimedia
Available:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50500783&lang=en

Contact:

DCP Midstream
Lisa Newkirk, 303-605-1837
24-Hour: 303-829-1953
or
DCP Midstream Partners
Jonni Anwar, 303-605-1868
24-Hour: 303-887-5419
 
Press spacebar to pause and continue. Press esc to stop.