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GlobeNewswire (Europe)
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DCP Midstream LP: DCP Midstream Reports Third Quarter Results

DENVER, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Today, DCP Midstream, LP (NYSE: DCP) reported its financial results for the three and nine months ended September 30, 2022.

HIGHLIGHTS

  • For the respective three and nine months ended September 30, 2022, DCP had net income attributable to partners of $328 million and $791 million, net cash provided by operating activities of $701 million and $1,275 million, adjusted EBITDA of $439 million and $1,352 million, and distributable cash flow of $324 million and $1,030 million.
  • Generated $52 million and $553 million of excess free cash flow for the three and nine months ended September 30, 2022, respectively, after fully funding distributions and growth capital, inclusive of the James Lake acquisition.
  • Record year to date financial performance resulting in increases in adjusted EBITDA of 41%, distributable cash flow of 58%, and excess free cash flow of 46%, year-over-year.
  • Reduced absolute debt by over $300 million in the third quarter and over $600 million year to date, closing the quarter with 2.5 times bank leverage.
  • Received upgrade from S&P to investment grade, and Moody's updated rating outlook to positive from stable.

THIRD QUARTER 2022 SUMMARY FINANCIAL RESULTS

 

Three Months Ended Nine Months Ended
September 30, September 30,
  2022  2021  2022  2021
 (Unaudited)
 (Millions, except per unit amounts)
        
Net income attributable to partners$328 $54 $791 $76
Net income per limited partner unit - basic and diluted$1.50 $0.18 $3.58 $0.15
Net cash provided by operating activities$701 $187 $1,275 $255
Adjusted EBITDA(1)$439 $353 $1,352 $961
Distributable cash flow(1)$324 $250 $1,030 $650
Excess free cash flow(1)$52 $157 $553 $378

(1)   This press release includes the following financial measures not presented in accordance with U.S. generally accepted accounting principles, or GAAP: adjusted EBITDA, distributable cash flow, excess free cash flow, and adjusted segment EBITDA. 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 measure under "Reconciliation of Non-GAAP Financial Measures" in schedules at the end of this press release.

CEO'S PERSPECTIVE

"The DCP team delivered another solid quarter, highlighting the resilient earnings power of our integrated business model," said Wouter van Kempen, chairman, president, and CEO. "We transformed our business and optimized our assets to unlock the full value of the DCP enterprise. Through three quarters, we have generated record results for adjusted EBITDA, DCF, and excess free cash flow. This performance has allowed us to further strengthen our investment grade balance sheet, closing the quarter at 2.5 times bank leverage, and sets us up to end the year strong."

COMMON UNIT DISTRIBUTIONS

On October 13, 2022, DCP announced a quarterly common unit distribution of $0.43 per limited partner unit. DCP generated distributable cash flow of $324 million and $1,030 million for the three and nine months ended September 30, 2022, respectively. Distributions declared were $90 million and $260 million for the three and nine months ended September 30, 2022, respectively.

TRANSACTION UPDATE

On August 17, 2022, Phillips 66 delivered a non-binding proposal to the Board to acquire all of the Partnership's outstanding Common Units not already owned by DCP Midstream or its subsidiaries at a cash purchase price of $34.75 per Common Unit. The Board has authorized a Special Committee comprised of independent members of the Board to review, evaluate and negotiate the proposed transaction. The proposed transaction is subject to the negotiation and execution of a definitive agreement and approval of such definitive agreement and the transactions contemplated thereunder by a Special Committee of the Board. There can be no assurance that a definitive agreement will be executed or that any transaction will be approved or consummated.

THIRD QUARTER 2022 OPERATING RESULTS BY BUSINESS SEGMENT

Logistics and Marketing

Logistics and Marketing segment net income attributable to partners for the three months ended September 30, 2022 and 2021 was $162 million and $153 million, respectively.

Adjusted segment EBITDA increased to $224 million for the three months ended September 30, 2022, from $184 million for the three months ended September 30, 2021, primarily as a result of favorable gas marketing results, higher volumes, and tariffs on NGL pipelines.

The following table represents volumes for the Logistics and Marketing segment:

      Three Months Ended September 30, 2022 Three Months Ended June 30, 2022 Three Months Ended September 30, 2021
NGL Pipeline % Owned Net Pipeline Capacity (MBbls/d) Average NGL Throughput (MBpd) Average NGL Throughput (MBpd) Average NGL Throughput (MBpd)
Sand Hills 67% 333 313 304 285
Southern Hills 67% 128 117 122 112
Front Range 33% 87 79 78 65
Texas Express 10% 37 23 23 18
Other Various 310 199 193 188
Total   895 731 720 668

Gathering and Processing

Gathering and Processing segment net income attributable to partners for the three months ended September 30, 2022 and 2021 was $331 million and $38 million, respectively.

Adjusted segment EBITDA increased to $306 million for the three months ended September 30, 2022, from $227 million for the three months ended September 30, 2021, as a result of higher commodity prices, higher wellhead volumes across all regions, and higher gathering and processing margins in the Midcontinent and Permian, partially offset by higher operating and maintenance expenses.

The following table represents volumes for the Gathering and Processing segment:

  Three Months Ended September 30, 2022 Three Months Ended September 30, 2022 Three Months Ended June 30, 2022 Three Months Ended September 30, 2021
System Net Plant/Treater Capacity (MMcf/d) Average Wellhead Volumes (MMcf/d) Average Wellhead Volumes (MMcf/d) Average Wellhead Volumes (MMcf/d)
North 1,580 1,600 1,578 1,567
Midcontinent 1,110 840 838 826
Permian 1,220 1,047 982 958
South 1,630 1,005 985 870
Total 5,540 4,492 4,383 4,221

CREDIT FACILITIES AND DEBT

DCP has two credit facilities with up to $1.75 billion of total capacity. Proceeds from these facilities can be used for working capital requirements and other general partnership purposes including growth and acquisitions.

  • DCP has a $1.4 billion senior unsecured revolving credit agreement, or the Credit Agreement, that matures on March 18, 2027. As of September 30, 2022, total unused borrowing capacity under the Credit Agreement was $1,390 million, net of $10 million of letters of credit.
  • DCP has an accounts receivable securitization facility that provides up to $350 million of borrowing capacity that matures August 12, 2024. As of September 30, 2022, total unused borrowing capacity under the accounts receivable securitization facility was $350 million.

As of September 30, 2022, DCP had $4.8 billion of total consolidated principal debt outstanding. The total debt outstanding includes $550 million of junior subordinated notes which are excluded from debt pursuant to DCP's Credit Agreement leverage ratio calculation. For the twelve months ended September 30, 2022, DCP's bank leverage ratio was 2.5 times. The effective interest rate on DCP's overall debt position, as of September 30, 2022, was 5.48%.

CAPITAL EXPENDITURES AND INVESTMENTS

During the three months ended September 30, 2022, DCP had growth capital expenditures, acquisition, and equity investments totaling $184 million, including our acquisition of the James Lake system for $145 million, and sustaining capital expenditures totaling $30 million.

NON-GAAP FINANCIAL INFORMATION

This press release and the accompanying financial schedules include the following non-GAAP financial measures: adjusted EBITDA, distributable cash flow, excess free cash flow, and adjusted segment EBITDA. The accompanying schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures. DCP'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 DCP may not be comparable to similarly titled measures of other companies because they may not calculate their measures in the same manner.

DCP defines adjusted EBITDA as net income or loss attributable to partners adjusted for (i) distributions from unconsolidated affiliates, net of earnings, (ii) depreciation and amortization expense, (iii) net interest expense, (iv) noncontrolling interest in depreciation and income tax expense, (v) unrealized gains and losses from commodity derivatives, (vi) income tax expense or benefit, (vii) impairment expense and (viii) certain other non-cash items. Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Management believes these measures provide investors meaningful insight into results from ongoing operations.

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.

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

  • financial performance of DCP's assets without regard to financing methods, capital structure or historical cost basis;
  • DCP'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 DCP's business excluding non-cash commodity derivative gains or losses; and
  • in the case of adjusted EBITDA, the ability of DCP's assets to generate cash sufficient to pay interest costs, support its indebtedness, make cash distributions to its unitholders and pay capital expenditures.

DCP defines adjusted segment EBITDA for each segment as segment net income or loss attributable to partners adjusted for (i) distributions from unconsolidated affiliates, net of earnings, (ii) depreciation and amortization expense, (iii) net interest expense, (iv) noncontrolling interest in depreciation and income tax expense, (v) unrealized gains and losses from commodity derivatives, (vi) income tax expense or benefit, (vii) impairment expense and (viii) certain other non-cash items. Adjusted segment EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations for that segment.

DCP defines distributable cash flow as adjusted EBITDA less sustaining capital expenditures, net of reimbursable projects, interest expense, cumulative cash distributions earned by the Series A, Series B and Series C Preferred Units (collectively the "Preferred Limited Partnership Units") and certain other items.

DCP defines excess free cash flow as distributable cash flow, as defined above, less distributions to limited partners, less expansion capital expenditures, net of reimbursable projects, and contributions to equity method investments, and less certain other items. Expansion capital expenditures are cash expenditures to increase DCP's cash flows, operating or earnings capacity. Expansion capital expenditures add on to or improve the capital assets owned, or acquire or construct new gathering lines and well connects, treating facilities, processing plants, fractionation facilities, pipelines, terminals, docks, truck racks, tankage and other storage, distribution or transportation facilities and related or similar midstream assets.

Sustaining capital expenditures are cash expenditures made to maintain DCP's cash flows, operating capacity or earnings capacity. These expenditures add on to or improve capital assets owned, including certain system integrity, compliance and safety improvements. Sustaining capital expenditures also include certain well connects, and may include the acquisition or construction of new capital assets. Income attributable to preferred units represent cash distributions earned by the Preferred Limited Partnership Units. Cash distributions to be paid to the holders of the Preferred Limited Partnership Units, assuming a distribution is declared by DCP's board of directors, are not available to common unit holders. 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 DCP's management and by external users of its financial statements, such as investors, commercial banks, research analysts and others, to assess DCP's ability to make cash distributions to its unitholders. Excess free cash flow is used as a supplemental liquidity and performance measure by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others, and is useful to investors and management as a measure of our ability to generate cash. Once business needs and obligations are met, including cash reserves to provide funds for distribution payments on our units and the proper conduct of our business, which includes cash reserves for future capital expenditures and anticipated credit needs, this cash can be used to reduce debt, reinvest in the company for future growth, or return to unitholders.

ABOUT DCP MIDSTREAM, LP

DCP Midstream, LP (NYSE: DCP) is a Fortune 500 midstream master limited partnership headquartered in Denver, Colorado, with a diversified portfolio of gathering, processing, logistics and marketing assets. DCP is one of the largest natural gas liquids producers and marketers, and one of the largest natural gas processors in the U.S. The owner of DCP's general partner is a joint venture between Enbridge and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.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, 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 DCP's control. If any of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, DCP's actual results may vary materially from what management forecasted, anticipated, estimated, projected or expected.

The key risk factors that may have a direct bearing on DCP's results of operations and financial condition are described in detail in the "Risk Factors" section of DCP's most recently filed annual report and subsequently filed quarterly reports with the Securities and Exchange Commission. Investors are encouraged to closely consider the disclosures and risk factors contained in DCP'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. DCP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Information contained in this press release is unaudited and subject to change.

Investors or Analysts:

Mike Fullman

mfullman@dcpmidstream.com

303-605-1628

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

  Three Months Ended September 30, Nine Months Ended September 30,
   2022   2021   2022   2021 
  (Millions, except per unit amounts)
Sales of natural gas, NGLs and condensate $4,135  $2,856  $11,689  $7,538 
Transportation, processing and other  184   144   523   387 
Trading and marketing losses, net     (173)  (249)  (695)
Total operating revenues  4,319   2,827   11,963   7,230 
Purchases and related costs  (3,697)  (2,511)  (10,416)  (6,387)
Operating and maintenance expense  (193)  (168)  (534)  (482)
Depreciation and amortization expense  (90)  (89)  (270)  (273)
General and administrative expense  (90)  (63)  (210)  (158)
Asset impairments        (1)  (20)
Gain (loss) on sale of assets, net  1      8   (1)
Other (expense) income, net  (3)  (2)  5   4 
Total operating costs and expenses  (4,072)  (2,833)  (11,418)  (7,317)
Operating income (loss)  247   (6)  545   (87)
Interest expense, net  (69)  (73)  (210)  (227)
Earnings from unconsolidated affiliates  153   134   464   393 
Income tax expense  (1)     (4)   
Net income attributable to noncontrolling interests  (2)  (1)  (4)  (3)
Net income attributable to partners  328   54   791   76 
Series A preferred partner's interest in net income  (10)  (9)  (28)  (28)
Series B preferred partner's interest in net income  (4)  (4)  (10)  (10)
Series C preferred partner's interest in net income  (2)  (3)  (7)  (7)
Net income allocable to limited partners $312  $38  $746  $31 
Net income per limited partner unit — basic and diluted $1.50  $0.18  $3.58  $0.15 
Weighted-average limited partner units outstanding — basic  208.4   208.4   208.4   208.4 
Weighted-average limited partner units outstanding — diluted  208.5   208.7   208.5   208.6 


 

 September 30, December 31,
  2022  2021
  (Millions)
Cash and cash equivalents $93 $1
Other current assets  2,167  1,748
Property, plant and equipment, net  7,736  7,701
Other long-term assets  3,886  3,930
Total assets $13,882 $13,380
     
Current liabilities $2,235 $1,655
Current debt  506  355
Long-term debt  4,317  5,078
Other long-term liabilities  438  416
Partners' equity  6,361  5,851
Noncontrolling interests  25  25
Total liabilities and equity $13,882 $13,380

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

 Three Months Ended September 30, Nine Months Ended September 30,
  2022   2021   2022   2021 
 (Millions)
Reconciliation of Non-GAAP Financial Measures:       
Net income attributable to partners$328  $54  $791  $76 
Interest expense, net 69   73   210   227 
Depreciation, amortization and income tax expense, net of noncontrolling interests 91   89   273   271 
Distributions from unconsolidated affiliates, net of earnings 25   29   83   69 
Asset impairments       1   20 
Other non-cash charges 4   1   4   1 
(Gain) loss on sale of assets (1)     (8)  1 
Non-cash commodity derivative mark-to-market (77)  107   (2)  296 
Adjusted EBITDA 439   353   1,352   961 
Interest expense, net (69)  (73)  (210)  (227)
Sustaining capital expenditures, net of noncontrolling interest portion and reimbursable projects (a) (30)  (17)  (66)  (44)
Distributions to preferred limited partners (b) (16)  (16)  (45)  (45)
Other, net    3   (1)  5 
Distributable cash flow 324   250   1,030   650 
Distributions to limited partners (89)  (81)  (252)  (244)
Acquisition (145)     (161)   
Expansion capital expenditures and equity investments, net of reimbursable projects (39)  (12)  (64)  (27)
Other, net 1         (1)
Excess free cash flow$52  $157  $553  $378 
        
Net cash provided by operating activities$701  $187  $1,275  $255 
Interest expense, net 69   73   210   227 
Net changes in operating assets and liabilities (248)  (6)  (111)  199 
Non-cash commodity derivative mark-to-market (77)  107   (2)  296 
Other, net (6)  (8)  (20)  (16)
Adjusted EBITDA 439   353   1,352   961 
Interest expense, net (69)  (73)  (210)  (227)
Sustaining capital expenditures, net of noncontrolling interest portion and reimbursable projects (a) (30)  (17)  (66)  (44)
Distributions to preferred limited partners (b) (16)  (16)  (45)  (45)
Other, net    3   (1)  5 
Distributable cash flow 324   250   1,030   650 
Distributions to limited partners (89)  (81)  (252)  (244)
Acquisition (145)     (161)   
Expansion capital expenditures and equity investments, net of reimbursable projects (39)  (12)  (64)  (27)
Other, net 1         (1)
Excess free cash flow$52  $157  $553  $378 

(a) Excludes reimbursements for leasehold improvements
(b) Represents cumulative cash distributions earned by the Series A, B and C Preferred Units, assuming distributions are declared by DCP's board of directors.

DCP MIDSTREAM, LP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
SEGMENT FINANCIAL RESULTS AND OPERATING DATA
(Unaudited)

 Three Months Ended September 30, Nine Months Ended September 30,
  2022   2021  2022   2021
 (Millions, except as indicated)
Logistics and Marketing Segment:       
Financial results:       
Segment net income attributable to partners$162  $153 $504  $408
Non-cash commodity derivative mark-to-market 34   7  53   47
Depreciation and amortization expense 4   3  10   9
Distributions from unconsolidated affiliates, net of earnings 22   21  74   56
Asset impairments         13
Other charges 2        
Adjusted segment EBITDA$224  $184 $641  $533
        
Operating and financial data:       
NGL pipelines throughput (MBbls/d) 731   668  711   639
NGL fractionator throughput (MBbls/d) 62   58  55   51
Operating and maintenance expense$12  $11 $29  $29
        
Gathering and Processing Segment:       
Financial results:       
Segment net income attributable to partners$331  $38 $724  $68
Non-cash commodity derivative mark-to-market (111)  100  (55)  249
Depreciation and amortization expense, net of noncontrolling interest 82   80  244   241
Distributions from unconsolidated affiliates, net of earnings 3   8  9   13
Asset impairments      1   7
Other charges 2   1  4   2
Gain on sale of assets (1)    (8)  
Adjusted segment EBITDA$306  $227 $919  $580
        
Operating and financial data:       
Natural gas wellhead (MMcf/d) 4,492   4,221  4,328   4,212
NGL gross production (MBbls/d) 436   406  422   392
Operating and maintenance expense$174  $157 $489  $443

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