DCP Midstream Partners LP : DCP Midstream Partners Reports Solid First Quarter 2013 Results

DCP Midstream Partners LP : DCP Midstream Partners Reports Solid First Quarter
                                 2013 Results

                                                 News Release
                                          www.dcppartners.com
            MEDIA AND INVESTOR RELATIONS CONTACT: Andrea Attel
May 6, 2013 Phone:                                303/605-1741
            24-Hour:                              720/235-6433

       DCP MIDSTREAM PARTNERS REPORTS SOLID FIRST QUARTER 2013 RESULTS

  *First quarter 2013 Distributable Cash Flow up 40 percent over first
    quarter 2012

  *Quarterly distribution increase in line with 2013 distribution growth
    forecast

  *Completed previously announced dropdown of additional 47 percent interest
    in the Eagle Ford joint venture

  *Successfully raised $1 billion in the equity and debt capital markets

DENVER - DCP Midstream Partners, LP (NYSE: DPM), or the Partnership, today
reported financial results for the three months ended March 31, 2013. The
table below reflects first quarter 2013 and first quarter 2012 results on a
consolidated basis and first quarter 2012 results as originally reported.

FIRST QUARTER 2013 SUMMARY RESULTS

                                                   Three Months Ended
                                                     March 31, ^ (3)
                                             2013     2012^(4)    As Reported
                                                                    in 2012
                                                       (Unaudited)
                                           (Millions, except per unit amounts)
Net income attributable to partners^(1)    $          52 $        34 $      23
Net income per limited partner unit -      $        0.48 $      0.26 $    0.26
basic and diluted^(1)
Adjusted EBITDA^(2)                        $          94 $       102 $      84
Adjusted net income attributable to        $          62 $        58 $      47
partners^(2)
Adjusted net income per limited partner    $        0.63 $      0.77 $    0.77
unit^(2) - basic and diluted
Distributable cash flow^(2)                $          77 $        ** $      55

                                      


1.Includes non-cash commodity derivative mark-to-market losses of $10
    million and $23 million for the three months ended March 31, 2013 and
    2012, respectively.

2.Denotes a financial measure not presented in accordance with U.S.
    generally accepted accounting principles, or GAAP. Each such non-GAAP
    financial measure is defined below under "Non-GAAP Financial Information",
    and each is reconciled to its most directly comparable GAAP financial
    measures under "Reconciliation of Non-GAAP Financial Measures" below.

3.In March 2012 the Partnership completed the contribution from DCP
    Midstream, LLC ("DCP Midstream") of the remaining 67 percent interest in
    DCP Southeast Texas Holdings, GP. In November 2012 and March 2013 the
    Partnership completed the contribution from DCP Midstream of a 33 percent
    interest and an additional 47 percent interest, respectively, in the Eagle
    Ford joint venture in transactions between entities under common control.
    These transfers of net assets between entities under common control were
    accounted for as if the transactions had occurred at the beginning of the
    period, and prior years were retrospectively adjusted to furnish
    comparative information similar to the pooling method. In addition,
    results are presented as originally reported in 2012 for comparative
    purposes.

4.The Partnership recognized $5 million of lower of cost or market
    adjustments during the three months ended March 31, 2012.

** Distributable cash flow has not been calculated under the pooling method.

COMPLETED DROPDOWN OF EAGLE FORD JOINT VENTURE

The Partnership completed the dropdown from DCP Midstream of an additional 47
percent interest in the Eagle Ford joint venture for $626 million. The
transaction was immediately accretive. This brings the Partnership's ownership
interest in the Eagle Ford joint venture to 80 percent. In addition, as part
of the transaction, the Partnership increased its ownership interest in the
Goliad Plant and associated infrastructure to 80 percent.

With the completion of both the dropdown and the wholly-owned Eagle Plant, the
Partnership has an over 80 percent interest in one of the largest gathering
and processing systems in the prolific Eagle Ford shale play.

Eagle Ford highlights include:

  *200 MMcf/day Eagle Plant up and running in March

  *200 MMcf/day Goliad Plant construction on time and on budget

  *Eagle Ford NGLs flowing on Sand Hills

The five existing Eagle Ford joint venture plants, coupled with the Goliad
plant and wholly- owned Eagle plant, will result in 1.2 Bcf/d of processing
capacity in the area and provide significant incremental cash flow to support
the Partnership's distribution growth forecast.

RECENT HIGHLIGHTS

  *We are on target to deliver on the key elements of our 2013 business plan

  *
       *First quarter 2013 Distributable Cash Flow up 40 percent over first
         quarter 2012

       *Financial results in line with 2013 Distributable Cash Flow forecast

       *Quarterly distribution increase in line with 2013 distribution growth
         forecast

  *With the first quarter Eagle Ford drop down, we have completed $2.5
    billion of growth since the beginning of 2011 and are on track to deliver
    approximately $2.7 billion of growth in 2013/2014.

  *Marysville NGL storage project underway

  *Strong capital markets execution positions us well to continue to achieve
    our growth plans

In summary, our dropdown strategy with DCP Midstream, visible pipeline of
organic growth projects, as well as solid financial results, position us well
to becoming a large scale fully integrated midstream service provider.

PRESIDENT'S PERSPECTIVE

"We are off to a strong start in 2013, with the completion of the dropdown of
an additional 47 percent interest in the Eagle Ford joint venture, the
previously announced Marysville storage project, and our strong execution in
the capital markets," said Bill Waldheim, president of the Partnership, "We
are excited about the continued execution on our organic growth and are well
on our way to deliver $1 billion of dropdowns in 2013."

CONSOLIDATED FINANCIAL RESULTS

Consolidated results are shown using the pooling method of accounting, which
includes the additional 47 percent of the Eagle Ford joint venture for the
three months ended March 31, 2013 and includes 80 percent of the Eagle Ford
joint venture and the remaining 67 percent of Southeast Texas for the three
months ended March 31, 2012. While the Partnership hedges the majority of its
commodity risk, prior period results reflect DCP Midstream's unhedged portion
of its ownership interest in Southeast Texas and the Eagle Ford joint venture
during those periods. As such, Adjusted EBITDA for the three months ended
March 31, 2013 decreased to $94 million from $102 million for the three months
ended March 31, 2012, reflecting higher commodity prices in first quarter of
2012.

On April 25, 2013, the Partnership announced a quarterly distribution of $0.70
per limited partner unit. This represents an increase of 1.4 percent over the
last quarterly distribution and an increase of 6 percent over the distribution
declared in the first quarter of 2012. Our distributable cash flow of $77
million for the three months ended March 31, 2013 provided a 1.4 times
distribution coverage ratio adjusted for the timing of actual distributions
paid during the quarter.

OPERATING RESULTS BY BUSINESS SEGMENT

Natural Gas Services - Adjusted segment EBITDA decreased to $65 million for
the three months ended March 31, 2013 from $92 million for the three months
ended March 31, 2012, reflecting hedge settlement timing on storage, lower
commodity prices and lower volumes across certain of our assets partially
offset by higher unit margins attributable to our natural gas storage and
pipeline assets.

Results are shown using the pooling method of accounting, which includes the
additional 47 percent of the Eagle Ford joint venture for the three months
ended March 31, 2013 and includes 80 percent of the Eagle Ford joint venture
and 67 percent of Southeast Texas for the three months ended March 31, 2012.
These results reflect the unhedged portion of the Southeast Texas and Eagle
Ford joint venture associated with DCP Midstream's ownership interest during
those periods.

NGL Logistics - Adjusted segment EBITDA increased to $23 million for the three
months ended March 31, 2013 from $12 million for the three months ended March
31, 2012, reflecting the July 2012 dropdown of the Mont Belvieu fractionators,
higher margins at the Marysville storage facility and higher throughput on
certain of our pipelines.

Wholesale Propane Logistics - Adjusted segment EBITDA increased to $22 million
for the three months ended March 31, 2013 from $18 million for the three
months ended March 31, 2012, reflecting increased unit margins and the
exporting of propane from the Chesapeake terminal, partially offset by a
non-cash write off of a discontinued construction project.

CORPORATE AND OTHER

Decreased depreciation and amortization expense for the three months ended
March 31, 2013 as compared to the three months ended March 31, 2012, reflects
a change in the estimated useful lives of our assets.

CAPITALIZATION

At March 31, 2013, the Partnership had $1,739 million of total debt
outstanding comprised of $1,589 million of senior notes and $150 million
outstanding under our revolver. Total unused revolver capacity was
approximately $850 million. Our leverage ratio pursuant to our credit facility
for the quarter ended March 31, 2013, was approximately 3.8 times. Our
effective interest rate on our overall debt position, as of March 31, 2013,
was 3.7 percent.

COMMODITY DERIVATIVE ACTIVITY

The objective of our commodity risk management program is to protect downside
risk in our distributable cash flow. We utilize mark-to-market accounting
treatment for our commodity derivative instruments. Mark-to-market accounting
rules require companies to record currently in earnings the difference between
their contracted future derivative settlement prices and the forward prices of
the underlying commodities at the end of the accounting period. Revaluing our
commodity derivative instruments based on futures pricing at the end of the
period creates assets or liabilities and associated non-cash gains or losses.
Realized gains or losses from cash settlement of the derivative contracts
occur monthly as our physical commodity sales are realized or when we
rebalance our portfolio. Non-cash gains or losses associated with the
mark-to-market accounting treatment of our commodity derivative instruments do
not affect our distributable cash flow.

For the three months ended March 31, 2013, commodity derivative activity and
total revenues included non-cash losses of $10 million. This compares to
non-cash losses of $23 million for the three months ended March 31, 2012. Net
hedge cash settlements for the three months ended March 31, 2013 were receipts
of $10 million. Net hedge cash settlements for the three months ended March
31, 2012 were receipts of $17 million. While our earnings will continue to
fluctuate as a result of the volatility in the commodity markets, our
commodity derivative contracts mitigate a substantial portion of the risk of
weakening commodity prices thereby stabilizing distributable cash flows.

EARNINGS CALL

DCP Midstream Partners will hold a conference call to discuss first quarter
results on Tuesday, May 7, 2013 at 9:30 a.m. ET. The dial-in number for the
call is 1-877-261-8992 in the United States or 1-847-619-6548 outside the
United States. A live webcast of the call can be accessed on the Investor
section of DCP Midstream Partners' website at www.dcppartners.com. The
conference confirmation number for login is 34677130. The call will be
available for replay one hour after the end of the conference until 12:00 a.m.
ET on May 21, 2013, by dialing 1-888-843-7419 in the United States or
1-630-652-3042 outside the United States. The replay conference number is
34677130. A replay, transcript and presentation slides in PDF format will also
be available by accessing the Investor section of the partnership's website.

NON-GAAP FINANCIAL INFORMATION

This press release and the accompanying financial schedules include the
following non-GAAP financial measures: distributable cash flow, adjusted
EBITDA, adjusted segment EBITDA, adjusted net income attributable to partners,
and adjusted net income per limited partner unit. The accompanying schedules
provide reconciliations of these non-GAAP financial measures to their most
directly comparable GAAP financial measures. The Partnership's non-GAAP
financial measures should not be considered in isolation or as an alternative
to its financial measures presented in accordance with GAAP, including
operating revenues, net income or loss attributable to partners, net cash
provided by or used in operating activities or any other measure of liquidity
or financial performance presented in accordance with GAAP as a measure of
operating performance, liquidity or ability to service debt obligations and
make cash distributions to unitholders. The non-GAAP financial measures
presented by us may not be comparable to similarly titled measures of other
companies because they may not calculate their measures in the same manner.

We define distributable cash flow as net cash provided by or used in operating
activities, less maintenance capital expenditures, net of reimbursable
projects, plus or minus adjustments for non-cash mark-to-market of derivative
instruments, proceeds from divestiture of assets, net income attributable to
noncontrolling interests net of depreciation and income tax, net changes in
operating assets and liabilities, and other adjustments to reconcile net cash
provided by or used in operating activities. Historical distributable cash
flow is calculated excluding the impact of retrospective adjustments related
to any acquisitions presented under the pooling method. Maintenance capital
expenditures are capital expenditures made where we add on to or improve
capital assets owned, or acquire or construct new capital assets, if such
expenditures are made to maintain, including over the long-term, the
Partnership's operating or earnings capacity. Non-cash mark-to-market of
derivative instruments is considered to be non-cash for the purpose of
computing distributable cash flow because settlement will not occur until
future periods, and will be impacted by future changes in commodity prices and
interest rates. Distributable cash flow is used as a supplemental liquidity
and performance measure by the Partnership's management and by external users
of its financial statements, such as investors, commercial banks, research
analysts and others, to assess the Partnership's ability to make cash
distributions to its unitholders and its general partner.

We define adjusted EBITDA as net income or loss attributable to partners less
interest income, noncontrolling interest in depreciation and income tax
expense and non-cash commodity derivative gains, plus interest expense, income
tax expense, depreciation and amortization expense and non-cash commodity
derivative losses. The commodity derivative non-cash losses and gains result
from the marking to market of certain financial derivatives used by us for
risk management purposes that we do not account for under the hedge method of
accounting. These non-cash losses or gains may or may not be realized in
future periods when the derivative contracts are settled, due to fluctuating
commodity prices. We define adjusted segment EBITDA for each segment as
segment net income or loss attributable to partners less non-cash commodity
derivative gains for that segment, plus depreciation and amortization expense
and non-cash commodity derivative losses for that segment, adjusted for any
noncontrolling interest on depreciation and amortization expense for that
segment. The Partnership's adjusted EBITDA equals the sum of its adjusted
segment EBITDAs, plus general and administrative expense.

Adjusted EBITDA is used as a supplemental liquidity and performance measure
and adjusted segment EBITDA is used as supplemental performance measure by the
Partnership's management and by external users of its financial statements,
such as investors, commercial banks, research analysts and others to assess:

  *financial performance of the Partnership's assets without regard to
    financing methods, capital structure or historical cost basis;
  *the Partnership's operating performance and return on capital as compared
    to those of other companies in the midstream energy industry, without
    regard to financing methods or capital structure;
  *viability and performance of acquisitions and capital expenditure projects
    and the overall rates of return on investment opportunities;
  *performance of the Partnership's business excluding non-cash commodity
    derivative gains or losses; and
  *in the case of Adjusted EBITDA, the ability of the Partnership's assets to
    generate cash sufficient to pay interest costs, support its indebtedness,
    make cash distributions to its unitholders and general partner, and
    finance maintenance capital expenditures.

We define adjusted net income attributable to partners as net income
attributable to partners, plus non-cash derivative losses, less non-cash
derivative gains. Adjusted net income per limited partner unit is then
calculated from adjusted net income attributable to partners. These non-cash
derivative losses and gains result from the marking to market of certain
financial derivatives used by us for risk management purposes that we do not
account for under the hedge method of accounting. Adjusted net income
attributable to partners and adjusted net income per limited partner unit are
provided to illustrate trends in income excluding these non-cash derivative
losses or gains, which may or may not be realized in future periods when
derivative contracts are settled, due to fluctuating commodity prices.

ABOUT DCP MIDSTREAM PARTNERS

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, LP, which in
turn is managed by its general partner, DCP Midstream GP, LLC, or the General
Partner, 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.

CAUTIONARY STATEMENTS

This press release may contain or incorporate by reference forward-looking
statements as defined under the federal securities laws regarding DCP
Midstream Partners, LP, 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 the Partnership's control. If one or
more of these risks or uncertainties materialize, or if underlying assumptions
prove incorrect, the Partnership's actual results may vary materially from
what management anticipated, estimated, projected or expected.



The key risk factors that may have a direct bearing on the Partnership's
results of operations and financial condition are described in detail in the
Partnership's annual and quarterly reports most recently filed with the
Securities and Exchange Commission and other such matters discussed in the
"Risk Factors" section of the Partnership's 2012 Annual Report on Form 10-K
filed with the Securities and Exchange Commission on February 27, 2013.
Investors are encouraged to closely consider the disclosures and risk factors
contained in the Partnership's annual and quarterly reports filed from time to
time with the Securities and Exchange Commission. The forward looking
statements contained herein speak as of the date of this announcement. The
Partnership undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. Information contained in this press release is unaudited,
and is subject to change.

                          DCP MIDSTREAM PARTNERS, LP
                            FINANCIAL RESULTS AND
                          SUMMARY BALANCE SHEET DATA
                                 (Unaudited)

                                                   Three Months Ended
                                                        March 31,
                                              2013       2012     As Reported
                                                                    in 2012
                                           (Millions, except per unit amounts)
Sales of natural gas, propane, NGLs and    $      668 $      790 $         487
condensate
Transportation, processing and other              63         52            44
Losses from commodity derivative activity,          -        (5)           (5)
net
 Total operating revenues                     731        837           526
Purchases of natural gas, propane and           (586)      (696)         (431)
NGLs
Operating and maintenance expense               (45)       (42)          (26)
Depreciation and amortization expense           (20)       (34)          (25)
General and administrative expense              (16)       (19)          (12)
Other expense                                     (4)          -             -
Total operating costs and expenses             (671)      (791)         (494)
Operating income                                  60         46            32
Interest expense                                (12)       (13)          (13)
Earnings from unconsolidated affiliates            8          6             6
Income tax expense                                (1)        (1)           (1)
Net income attributable to noncontrolling         (3)        (4)           (1)
interests
Net income attributable to partners               52         34            23
Net income attributable to predecessor            (6)       (14)           (3)
operations
General partner's interest in net income        (15)        (8)           (8)
Net income allocable to limited partners $       31 $       12 $          12
Net income per limited partner unit-basic  $     0.48 $     0.26 $        0.26
and diluted
Weighted-average limited partner units           65.1       46.9          46.9
outstanding-basic
Weighted-average limited partner units           65.1       47.0          47.0
outstanding-diluted



                                      

                                   March 31, December 31, As Reported
                                                          December 31,
                                     2013        2012         2012
                                               (Millions)
Cash and cash equivalents        $      37 $          2 $          1
Other current assets                     436          366          308
Property, plant and equipment, net     2,606        2,550        1,727
Other long-term assets                   767          685          936
Total assets                       $   3,846 $      3,603 $      2,972
                                                       
Current liabilities                $     424 $        345 $        233
Long-termdebt                          1,739        1,620        1,620
Other long-term liabilities               42           44           35
Partners'equity                        1,439        1,405        1,048
Noncontrolling interests                 202          189           36
Total liabilities and equity       $   3,846 $      3,603 $      2,972

                                      
                                      

                                      


                          DCP MIDSTREAM PARTNERS, LP
                RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
                                 (Unaudited)



                                                   Three Months Ended
                                                        March 31,
                                             2013    2012  As Reported in 2012
                                           (Millions, except per unit amounts)
Reconciliation of Non-GAAP Financial
Measures:
Net income attributable to partners        $     52 $   34 $                23
Interest expense                                 12     13                  13
Depreciation, amortization and income tax        20     32                  25
expense, net of noncontrolling interests
Non-cash commodity derivative                    10     23                  23
mark-to-market
Adjusted EBITDA                                  94    102                  84
Interest expense                               (12)   (13)                (13)
Depreciation, amortization and income tax      (20)   (32)                (25)
expense, net of noncontrolling interests
Other                                             -      1                   1
Adjusted net income attributable to              62 $   58                  47
partners
Maintenance capital expenditures, net of        (7)                       (4)
reimbursable projects
Distributions from unconsolidated                 3                         -
affiliates, net of earnings
Depreciation and amortization, net of            19                        25
noncontrolling interests
Impact of minimum volume receipt for              2                         2
throughput commitment
Discontinued construction projects                4                         -
Adjustment to remove impact of pooling          (6)                      (17)
Other                                             -                         2
Distributable cash flow^(1)                $     77       $                55
                                                         
Adjusted net income attributable to        $     62 $   58 $                47
partners
Adjusted net income attributable to            (6)   (14)                 (3)
predecessor operations
Adjusted general partner's interest in net    (15)    (8)                 (8)
income
Adjusted net income allocable to limited   $     41 $   36 $             36
partners
                                                         
Adjusted net income per limited partner    $   0.63 $ 0.77 $              0.77
unit - basic and diluted
                                                         
Net cash provided by operating activities  $    147 $   44 $                61
Interest expense                                 12     13                  13
Distributions from unconsolidated               (3)      -                   -
affiliates, net of earnings
Net changes in operating assets and            (65)     28                (12)
liabilities
Net income attributable to noncontrolling       (4)    (6)                 (1)
interests, net of depreciation and income
tax
Discontinued construction projects              (4)       
Non-cash commodity derivative                    10     23                  23
mark-to-market
Other, net                                        1      -                   -
Adjusted EBITDA                            $     94 $  102                  84
Interest expense, net of derivative            (12)                       (9)
mark-to-market and other
Maintenance capital expenditures, net of        (7)                       (4)
reimbursable projects
Distributions from unconsolidated                 3                         -
affiliates, net of earnings
Adjustment to remove impact of pooling          (6)                      (17)
Discontinued construction projects                4       
Other                                             1                         1
Distributable cash flow^(1)                $     77       $                55


                                      
                                      


1.Distributable cash flow has not been calculated under the pooling method.

                                                     Three Months Ended
                                                          March 31,
                                                 2013     As Reported in 2012
                                               (Millions, except as indicated)
Reconciliation of Non-GAAP Financial Measures:
Distributable cash flow                       $      77 $                  55
Distributions declared                        $      69 $                  43
Distribution coverage ratio - declared           1.12x                 1.28x
                                                        
Distributable cash flow                       $      77 $                  55
Distributions paid                            $      54 $                  37
Distribution coverage ratio - paid                1.43x                 1.49x

                                          Three Months Ended
                                               March 31,
                          2013            2012               As Reported
                                                               in 2012
                                  (Millions, except per unit amounts)
Natural Gas Services
Segment:
Financial results:
Segment net income      $    39 $                   40 $                   22
attributable to partners
Non-cash commodity            9                     23                     23
derivative
mark-to-market
Depreciation and             18                     31                     22
amortization expense
Noncontrolling interests    (1)                    (2)                    (1)
on depreciation and
income tax
Adjusted segment EBITDA $    65 $                   92 $                   66
                                                      
Operating and financial                               
data:
Natural gas throughput     2,307                  2,282                  1,678
(MMcf/d)
NGL gross production     114,106                106,137                 63,186
(Bbls/d)
Operating and            $    38 $                   35 $  18
maintenance expense
                                                      
NGL Logistics Segment:                                
Financial results:                                    
Segment net income      $    22 $                   10 $                   10
attributable to partners
Depreciation and              1                      2                      2
amortization expense
Adjusted segment EBITDA $    23 $                   12 $                   12
                                                      
Operating and financial                               
data:
NGL pipelines throughput  84,294                 82,695                 82,695
(Bbls/d)
Operating and            $     4 $ 4 $                    4
maintenance expense
                                                      
Wholesale Propane                                     
Logistics Segment:
Financial results:                                    
Segment net income      $    20 $                   17 $                   17
attributable to partners
Non-cash commodity            1                      -                      -
derivative
mark-to-market
Depreciation and              1                     1                     1
amortization expense
Adjusted segment EBITDA $    22 $                   18  $ 18
                                                      
Operating and financial                               
data:
Propane sales volume      33,759                 34,379                 34,379
(Bbls/d)
Operating and            $     3 $                    3 $                    3
maintenance expense

                           As         As          As      Q113      Twelve
                        Reported  Reported in  Reported           months ended
                           in        Q312         in               March 31,
                          Q212                   Q412                 2013
                                                                      (As
                                                                   Originally
                                                                   Reported)
                             (Millions, except as indicated)
Net income attributable  $79     $1   $64 $52    $196
to partners
Maintenance capital          (4)        (4)       (6)     (7)        (21)
expenditures, net of
reimbursable projects
Depreciation and                9          15         14       19           57
amortization expense,
net of noncontrolling
interests
Non-cash commodity          (65)          23       (2)       10        (34)
derivative
mark-to-market
Distributions from              1        (1)          1        3            4
unconsolidated
affiliates, net of
earnings
Impact of minimum               2           2       (6)        2          -
volume receipt for
throughput commitment
Discontinued                  -         -        -        4            4
construction projects
Adjustment to remove          -         -        -     (6)         (6)
impact of pooling
Other                         -            3      -            2
                                          (1)
Distributable cash       $22    $35   $68 $77    $202
flow
Distributions declared  $49    $  53  $ 54 $69    $225
Distribution coverage       0.44x       0.67x      1.25x    1.12x        0.90x
ratio - declared
Distributable cash       $22    $35   $68 $77    $202
flow
Distributions paid      $43   $ 49  $ 53 $54    $199
Distribution coverage       0.51x       0.72x      1.29x    1.43x        1.02x
ratio - paid

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Source: DCP Midstream Partners LP via Thomson Reuters ONE
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