DCP Midstream LLC and DCP Midstream Partners LP Announce Management and Board Changes

  DCP Midstream LLC and DCP Midstream Partners LP Announce Management and
  Board Changes

Business Wire

DENVER -- January 2, 2013

DCP Midstream LLC and DCP Midstream Partners LP (NYSE:DPM) (“Partners”) today
announced the following management and board changes effective Jan. 1, 2013:

  *Tom O’Connor will retire as CEO of DCP Midstream LLC, but will remain as
    chairman of the board for both DCP Midstream LLC and DCP Midstream GP LLC,
    the general partner of Partners (“the General Partner”), until an
    appointed time in 2013.
  *Wouter van Kempen, formerly chief operating officer and president of DCP
    Midstream LLC, will become CEO and president of DCP Midstream LLC and CEO
    of the General Partner.
  *William Waldheim, president of the General Partner will join the General
    Partner’s board of directors and will continue to have the primary
    responsibility for the day to day operations of Partners.
  *As previously announced, Mark Borer, CEO of the General Partner, retired
    on Dec. 31, 2012.

“In 2012, DCP Midstream’s board of directors extended Wouter’s
responsibilities in acknowledgement of his tremendous track record of growing
businesses and building value for customers and investors. The time is now
right for Wouter to seize the baton to deliver on the next era of growth for
the DCP enterprise as a whole. Once again, Wouter’s appointment underscores
the overall management strength at DCP and the dedicated focus we have placed
on succession planning. I’m proud of our discipline in preparing Wouter for
this eventuality,” O’Connor said.

“It is a tremendous privilege to lead the DCP enterprise following Tom’s
terrific stewardship. I am pleased Tom will be part of the transition over the
next year through his board leadership in addition to his previous dedicated
mentorship in preparing me for this succession. The DCP enterprise has been
delivering on an ambitious slate of projects and has over $5 billion to $7
billion in growth projects identified to grow our footprint as a vertically
integrated midstream company. Working with our talented senior leadership, we
have been creative in introducing both midstream and downstream solutions for
our customers and will continue to build much needed gas processing capacity
and NGL infrastructure to meet the country’s energy needs. We will continue to
balance growth with our unwavering emphasis on operational excellence and
safety in all we do,” van Kempen said.

Prior to serving as chief operating officer and president, van Kempen was
president of gathering and processing, and president of the midcontinent
business unit and chief development officer for the combined enterprise. Prior
to joining DCP Midstream LLC in 2010, he was president of Duke Energy
Generation Services. Van Kempen joined Duke Energy in 2003 as managing
director of mergers and acquisitions before rising to vice president of
mergers and acquisitions. Prior to Duke Energy, he was employed by General
Electric, where he served in increasing roles of responsibility becoming the
staff executive for corporate mergers and acquisitions in 1999. Van Kempen
graduated from Erasmus University Rotterdam with a master’s degree in business
economics. He has extensive business and financial training from General
Electric, Harvard Business School, Kellogg Graduate School and IMD
International Switzerland.

Waldheim is currently president of the General Partner and has held that
position since August 2012. Prior to that time he was president of the natural
gas liquids, gas, and crude oil logistics business unit for DCP Midstream LLC,
a position he held since 2011. Prior to that time, he held several executive
positions within DCP Midstream LLC. Waldheim graduated from the University of
Arizona with a bachelor’s degree in business and public administration, with a
major in accounting. In addition,Waldheim is a graduate from Harvard’s
Advanced Management Program.

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.

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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
 
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