DENVER, May 6 /PRNewswire-FirstCall/ -- On May 1, DCP Midstream Partners, LP (the Partnership) and DCP Midstream, LLC, began service of a new gas gathering pipeline in southern Panola County, Texas that is owned by their East Texas joint venture. The $56 million pipeline, announced in August 2008, extends the joint venture's gathering footprint to access dedicated volumes from the Minden Field in Rusk County and surrounding areas.
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The 30-mile, 20-inch pipeline with a designed capacity of 175 million cubic feet per day (MMcf/d) will gather gas for processing at the joint venture's East Texas complex.
"East Texas continues to be a dynamic area with promising potential for increased production from the Haynesville Shale and other resource plays," said Mark Borer, president and chief executive officer of the Partnership. "This project is another example of how we work with DCP Midstream to strategically position our assets to keep pace with development and anticipate customer needs. Our new pipeline accesses volumes currently flowing to a third party, so it will provide immediate cash flows to the joint venture."
In the beginning of April, the Partnership purchased an additional 25.1 percent of the joint venture in an all equity transaction from DCP Midstream, LLC. The joint venture is now 50.1 percent owned by the Partnership and 49.9 percent owned by DCP Midstream, LLC. It includes over 500 miles of gathering pipeline and over 25,000 horsepower of compression and has a processing capacity of nearly 800 MMcf/d across five plants. The East Texas complex is strategically linked to the Carthage Hub with access to 10 different residue lines with 1.5 Bcf/d of delivery capacity.
DCP Midstream Partners, LP is a midstream master limited partnership that gathers, treats, processes, transports and markets natural gas and natural gas liquids and is a leading wholesale distributor of propane. 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 ConocoPhillips. For more information, visit the DCP Midstream Partners, LP web site at http://www.dcppartners.com/.
DCP Midstream, LLC, headquartered in Denver, Colorado, leads the midstream segment as one of the nation's top three largest natural gas gatherers and processors, and the largest natural gas liquids producer and one of the largest marketers in the U.S. DCP Midstream operates in 17 states across producing regions. DCP Midstream is a 50:50 joint venture between Spectra Energy and ConocoPhillips. The Company owns the General Partner of DCP Midstream Partners, LP, a master limited partnership, and provides operational and administrative support to the partnership. For more information, visit the DCP Midstream, LLC Web site at http://www.dcpmidstream.com/.
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