We employ a multifaceted strategy of co-investing,
acquiring, and building assets to deliver sustainable
distribution growth to our unitholders.
We have a talented team of operations
and commercial managers, diligently
maximizing the proftability of our existing
assets. Since our initial public offering,
we have invested over $1.6 billion in
growth capital, with the majority deployed
on third party acquisitions and dropdowns.
Our access to capital markets supports
DCP Midstream’s execution on escalating
growth opportunities while balancing distributions
to sponsors.
Our Strategy
Partnering with DCP Midstream to Grow the DCP Enterprise.
1Q/06
$0.35 $0.38
2Q/06
$0.41
3Q/06
Condensate
6%
Fee-based
59%
2012 Margin by Contract Type
Percentage of
Proceeds/Liquids
27%
Keep Whole
8%
2012 Margin:
Fee and Hedge Position
Growth Since IPO
Fee-based
59%
Commodity
Hedged
28%
Commodity
Unhedged
13%
4Q/06
$0.43
1Q/07
$0.47 $
2
15
clicks
Third Party
Acquisitions
48%
Dropdowns
42%
Organic
Projects
10%
Business Strategies
Co-Invest:
Maximize opportunities
with DCP Midstream
• Pursue direct investments or third party
acquisitions
• Pursue organic build projects
• Pursue accretive dropdown opportunities
Acquire:
Pursue strategic and accretive
third party acquisitions
• Consolidate and expand existing infrastructure
• Pursue new lines of business and expand
geographic areas
• Acquire assets from third parties
Build:
Capitalize on economically
attractive organic expansion
opportunities
• Expand existing infrastructure
• Develop projects in new areas
4
DCP Midstream Partners
We are a must-run sector that gathers, compresses,
treats, processes, transports, stores, and sells natural
gas, as well as transporting, fractionating, storing and
selling natural gas liquids.
Approximately 75 percent of the country’s natural gas
must be processed after it is produced and before it can
enter the marketplace and serve end-users.
Our three business segments are Natural Gas
Services, Natural Gas Liquids Logistics, and Wholesale
Propane Logistics.
Our Business
The midstream natural gas industry is the link between the exploration and production of natural gas,
and the delivery of its components to end-use markets.
As gas is produced at the wellhead, it is frst gathered and delivered to a centralized
point for processing. The gas processing plant collectively separates the natural
gas liquids (NGLs) — ethane, propane, butane, and other NGLs — from the gas
stream. The processed gas now meets long-haul gas pipeline specifcations and is
transported to end-users. The separated NGLs are transported by NGL pipelines
or trucks to a fractionation facility where the NGLs are further separated into their
constituent parts before transport to end-use markets.
Natural Gas
Transportation Lines/Storage/LNG Facilities
Gas
End-Users
Retailers/End-
Users/Retail
Stations
Terminal/
Storage
Facilities
Transportation
Lines/Rail/Trucks/
Marine Barges/Tankers
NGL/Crude/
Refned Product
Pipelines/Facilities
Fractionation/
Refnery/ Upgrading
Facilities
Mixed Product
and Crude
Pipelines
Gas Processing
Plants
Gas and Crude
Gathering
Wellhead
(Onshore and
Offshore)