Today, DCP Midstream, LP (NYSE: DCP), or DCP, reported its
financial results for the three and six months ended June 30, 2019.
HIGHLIGHTS
- Reported net income attributable to partners of $119 million
and $194 million for the three and six months ended June 30,
2019, respectively.
- Generated distributable cash flow (DCF) of $173 million
and $397 million for the three and six months ended June 30,
2019, resulting in a distribution coverage ratio of 1.12 and 1.28
times, respectively.
- Reported adjusted EBITDA of $278 million and $604 million
for three and six months ended June 30, 2019,
respectively.
- Achieved record Southern Hills and continued strong Sand Hills
NGL throughput volumes.
- Achieved record DJ Basin gas wellhead volumes, and continued
strong Eagle Ford and Delaware Basin volumes.
- Executed strategic, capital efficient offload agreement to
provide up to 225 MMcf/d of incremental DJ Basin processing
capacity by mid-2020.
- Announcing expansion of Southern Hills capacity from ~190 to
230 MBbls/d by the fourth quarter of 2020 at a highly attractive
multiple.
- Currently completing final commissioning of the 200 MMcf/d
O’Connor 2 plant.
SECOND QUARTER 2019 SUMMARY FINANCIAL
RESULTS
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
June
30, |
|
June
30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
(Unaudited) |
|
|
(Millions, except per unit amounts) |
|
|
|
|
|
|
|
|
|
Net income attributable to partners |
|
$ |
119 |
|
$ |
61 |
|
$ |
194 |
|
$ |
123 |
Net income per limited partner
unit - basic and diluted |
|
$ |
0.43 |
|
$ |
0.07 |
|
$ |
0.57 |
|
$ |
0.15 |
Adjusted EBITDA(1) |
|
$ |
278 |
|
$ |
270 |
|
$ |
604 |
|
$ |
538 |
Distributable cash
flow(1) |
|
$ |
173 |
|
$ |
166 |
|
$ |
397 |
|
$ |
337 |
(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 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
“Building on the momentum of a solid first half of the year, in
addition to our long-term, capital efficient 225 MMcf/d offload
agreement in the DJ Basin, we are excited to announce that we are
also expanding Southern Hills’ capacity by 20%,” said Wouter van
Kempen, chairman, president, and CEO. “We are reducing our capital
spending, while executing a strategic growth program focused on
strong earnings growth and fee-based investments, mitigating
commodity price sensitivity.”
GROWTH UPDATE
Permian Logistics Growth
- The ~2.0 Bcf/d Gulf Coast Express gas takeaway pipeline is
fully subscribed and is expected to be placed in service at the end
of the third quarter of 2019.
DJ Basin Logistics and G&P Growth
- Executed a strategic, capital efficient offload agreement to
provide up to 225 MMcf/d of incremental DJ Basin processing
capacity by mid-2020.
- Announcing expansion of the Southern Hills pipeline by ~40
MBbls/d, increasing total capacity to 230 MBbls/d, with an expected
in-service date in the fourth quarter of 2020.
- Currently completing final commissioning of the 200 MMcf/d
O’Connor 2 plant, which is expected to be in service August 2019.
The associated bypass of up to 100 MMcf/d is expected to be
in-service by the end of the third quarter of 2019.
- Adding NGL takeaway to the DJ Basin with the Southern Hills
pipeline extension. The initial capacity out of the DJ Basin is
expected to be 90 MBbls/d, expandable to 120 MBbls/d, with an
anticipated fourth quarter 2019 in-service date.
- Expanding Front Range by 100 MBbls/d and Texas Express by 90
MBbls/d, adding NGL takeaway from the DJ Basin. Both expansions are
expected to be placed into service in the fourth quarter of
2019.
- DCP holds an option to acquire a 33% ownership interest in the
Cheyenne Connector, exercisable after FERC approval of the
project.
Fractionation Growth
- DCP holds an option to acquire a 30% ownership interest in two
150 MBbls/d fractionators to be constructed within Phillips 66's
Sweeny Hub, exercisable at the in-service date, which is expected
to be in late 2020.
COMMON UNIT DISTRIBUTIONS
On July 23, 2019, DCP announced a quarterly common unit
distribution of $0.78 per limited partner unit. This
distribution remains unchanged from the previous quarter.
DCP generated distributable cash flow of $173 million and $397
million for the three and six months ended June 30, 2019,
respectively. Distributions declared were $154 million and $309
million for the three and six months ended June 30, 2019,
respectively, resulting in distribution coverage ratios of 1.12
times and 1.28 times for the three and six months ended June 30,
2019, respectively.
SECOND QUARTER 2019 OPERATING RESULTS BY BUSINESS
SEGMENT
Logistics and Marketing
Logistics and Marketing Segment net income attributable to
partners for the three months ended June 30, 2019 and 2018 was $185
million and $130 million, respectively.
Adjusted segment EBITDA increased to $181 million for the three
months ended June 30, 2019, from $134 million for the three months
ended June 30, 2018, reflecting higher equity earnings and
distributions driven by higher gas marketing margins associated
with Guadalupe, strong volumes on Sand Hills and Southern Hills,
partially offset by lower realized cash settlements related to
DCP's commodity derivative program.
Gathering and Processing
Gathering and Processing Segment net income attributable to
partners for the three months ended June 30, 2019 and 2018 was $90
million and $76 million, respectively.
Adjusted segment EBITDA decreased to $173 million for the three
months ended June 30, 2019, from $207 million for the three months
ended June 30, 2018, reflecting lower commodity prices and lower
margins and volumes in the Midcontinent region. These
decreases were partially offset by DJ Basin growth and higher
realized cash settlements related to DCP's commodity derivative
program.
CAPITALIZATION, LIQUIDITY AND FINANCING
Debt and Credit Facilities
DCP has two credit facilities with up to $1.6 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 that matures on December 6, 2022, or the Credit
Agreement. As of June 30, 2019, total available capacity under
the Credit Agreement was $1,385 million net of $15 million of
letters of credit and no outstanding borrowings.
- DCP has an accounts receivable securitization facility that
provides up to $200 million of borrowing capacity at LIBOR market
index rates plus a margin through August 2019. As of June 30,
2019, DCP had $200 million of outstanding borrowings under the
accounts receivable securitization facility included in current
debt. We expect to renew the securitization facility in August
2019, prior to its maturity.
On May 10, 2019, DCP issued $600 million of 5.125% Senior
Notes due May 2029. The proceeds were used for general partnership
purposes including the repayment of outstanding indebtedness under
the Credit Agreement and funding of capital expenditures.
As of June 30, 2019, DCP had $5,575 million of total
consolidated principal debt outstanding, including $800 million of
current maturities. 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 quarter ending June 30, 2019, DCP's
leverage ratio was 3.7 times. The effective interest rate on DCP's
overall debt position, as of June 30, 2019, was 5.43%.
CAPITAL EXPENDITURES AND INVESTMENTS
During the three and six months ended June 30, 2019, DCP
had expansion capital expenditures and equity investments totaling
$246 million and $539 million, and maintenance capital expenditures
totaling $19 million and $39 million, respectively.
EARNINGS CALL
DCP will host a conference call webcast tomorrow, August 7, at
11:00 a.m. ET, to discuss its second quarter 2019 earnings. The
live audio webcast of the conference call and presentation slides
can be accessed through the Investors section on the DCP website at
www.dcpmidstream.com and the conference call can be accessed by
dialing (844) 233-0113 in the United States or (574) 990-1008
outside the United States. The conference confirmation number is
9681847. An audio webcast replay, presentation slides and
transcript will also be available by accessing the Investors
section on the DCP website at www.dcpmidstream.com.
NON-GAAP FINANCIAL INFORMATION
This press release and the accompanying financial schedules
include the following non-GAAP financial measures: adjusted EBITDA,
distributable 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
general partner, and pay maintenance 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 for that segment.
DCP defines distributable cash flow as adjusted EBITDA less
maintenance 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.
Maintenance 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. Maintenance 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. DCP compares the
distributable cash flow it generates to the cash distributions it
expects to pay to its partners. Using this metric, DCP computes its
distribution coverage ratio. 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
and its general partner.
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:
Sarah Sandberg, 303-605-1626
|
|
DCP
MIDSTREAM, LP |
FINANCIAL
RESULTS AND |
SUMMARY
FINANCIAL DATA |
(Unaudited) |
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Millions,
except per unit amounts) |
Sales of natural gas, NGLs and condensate |
|
$ |
1,659 |
|
|
$ |
2,257 |
|
|
$ |
3,770 |
|
|
$ |
4,326 |
|
Transportation, processing and
other |
|
110 |
|
|
127 |
|
|
225 |
|
|
238 |
|
Trading and marketing losses,
net |
|
29 |
|
|
(67 |
) |
|
2 |
|
|
(108 |
) |
Total operating revenues |
|
1,798 |
|
|
2,317 |
|
|
3,997 |
|
|
4,456 |
|
Purchases and related
costs |
|
(1,356 |
) |
|
(1,928 |
) |
|
(3,160 |
) |
|
(3,697 |
) |
Operating and maintenance
expense |
|
(182 |
) |
|
(185 |
) |
|
(360 |
) |
|
(347 |
) |
Depreciation and amortization
expense |
|
(101 |
) |
|
(97 |
) |
|
(204 |
) |
|
(191 |
) |
General and administrative
expense |
|
(68 |
) |
|
(70 |
) |
|
(135 |
) |
|
(129 |
) |
Loss on sale of assets |
|
(5 |
) |
|
— |
|
|
(14 |
) |
|
— |
|
Restructuring costs |
|
(9 |
) |
|
— |
|
|
(9 |
) |
|
— |
|
Other expense, net |
|
(1 |
) |
|
(3 |
) |
|
(6 |
) |
|
(5 |
) |
Total operating costs and expenses |
|
(1,722 |
) |
|
(2,283 |
) |
|
(3,888 |
) |
|
(4,369 |
) |
Operating income |
|
76 |
|
|
34 |
|
|
109 |
|
|
87 |
|
Interest expense, net |
|
(73 |
) |
|
(67 |
) |
|
(142 |
) |
|
(134 |
) |
Earnings from unconsolidated
affiliates |
|
117 |
|
|
96 |
|
|
230 |
|
|
174 |
|
Income tax expense |
|
— |
|
|
(1 |
) |
|
(1 |
) |
|
(2 |
) |
Net income attributable to
noncontrolling interests |
|
(1 |
) |
|
(1 |
) |
|
(2 |
) |
|
(2 |
) |
Net income attributable to partners |
|
119 |
|
|
61 |
|
|
194 |
|
|
123 |
|
Series A preferred partner's
interest in net income |
|
(10 |
) |
|
(9 |
) |
|
(19 |
) |
|
(18 |
) |
Series B preferred partner's
interest in net income |
|
(3 |
) |
|
(2 |
) |
|
(6 |
) |
|
(2 |
) |
Series C preferred partner's
interest in net income |
|
(2 |
) |
|
— |
|
|
(4 |
) |
|
— |
|
General partner's interest in
net income |
|
(42 |
) |
|
(40 |
) |
|
(83 |
) |
|
(81 |
) |
Net income allocable to
limited partners |
|
$ |
62 |
|
|
$ |
10 |
|
|
$ |
82 |
|
|
$ |
22 |
|
|
|
|
|
|
|
|
|
|
Net income per limited partner
unit — basic and diluted |
|
$ |
0.43 |
|
|
$ |
0.07 |
|
|
$ |
0.57 |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
Weighted-average limited
partner units outstanding — basic and diluted |
|
143.3 |
|
|
143.3 |
|
|
143.3 |
|
|
143.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30, |
|
December
31, |
|
|
2019 |
|
2018 |
|
|
(Millions) |
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
1 |
|
$ |
1 |
Other current assets |
|
822 |
|
1,270 |
Property, plant and equipment, net |
|
9,108 |
|
9,135 |
Other long-term assets |
|
4,102 |
|
3,860 |
Total assets |
|
$ |
14,033 |
|
$ |
14,266 |
|
|
|
|
|
Current liabilities |
|
$ |
1,003 |
|
$ |
1,379 |
Current debt |
|
800 |
|
525 |
Long-term debt |
|
4,750 |
|
4,782 |
Other long-term liabilities |
|
327 |
|
283 |
Partners' equity |
|
7,125 |
|
7,268 |
Noncontrolling interests |
|
28 |
|
29 |
Total liabilities and equity |
|
$ |
14,033 |
|
$ |
14,266 |
|
|
|
|
|
|
|
DCP
MIDSTREAM, LP |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
(Unaudited) |
|
|
Three Months
Ended |
|
Six Months
Ended |
|
June
30, |
|
June
30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
(Millions) |
Reconciliation of
Non-GAAP Financial Measures: |
|
|
|
|
|
|
|
Net income attributable to partners |
119 |
|
|
61 |
|
|
194 |
|
|
123 |
|
Interest expense, net |
73 |
|
|
67 |
|
|
142 |
|
|
134 |
|
Depreciation, amortization and income tax expense, net of
noncontrolling interests |
101 |
|
|
98 |
|
|
204 |
|
|
193 |
|
Distributions from unconsolidated affiliates, net of earnings |
18 |
|
|
6 |
|
|
29 |
|
|
19 |
|
Other non-cash charges |
1 |
|
|
1 |
|
|
6 |
|
|
3 |
|
Loss on sale of assets |
5 |
|
|
— |
|
|
14 |
|
|
— |
|
Non-cash commodity derivative mark-to-market |
(39 |
) |
|
37 |
|
|
15 |
|
|
66 |
|
Adjusted EBITDA |
278 |
|
|
270 |
|
|
604 |
|
|
538 |
|
Interest expense, net |
(73 |
) |
|
(67 |
) |
|
(142 |
) |
|
(134 |
) |
Maintenance capital expenditures, net of noncontrolling interest
portion and reimbursable projects |
(19 |
) |
|
(26 |
) |
|
(39 |
) |
|
(49 |
) |
Preferred unit distributions *** |
(15 |
) |
|
(11 |
) |
|
(29 |
) |
|
(20 |
) |
Other, net |
2 |
|
|
— |
|
|
3 |
|
|
2 |
|
Distributable cash flow |
173 |
|
|
166 |
|
|
397 |
|
|
337 |
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities |
229 |
|
|
209 |
|
|
546 |
|
|
331 |
|
Interest expense, net |
73 |
|
|
67 |
|
|
142 |
|
|
134 |
|
Net changes in operating assets and liabilities |
15 |
|
|
(41 |
) |
|
(97 |
) |
|
13 |
|
Non-cash commodity derivative mark-to-market |
(39 |
) |
|
37 |
|
|
15 |
|
|
66 |
|
Other, net |
— |
|
|
(2 |
) |
|
(2 |
) |
|
(6 |
) |
Adjusted EBITDA |
278 |
|
|
270 |
|
|
604 |
|
|
538 |
|
Interest expense, net |
(73 |
) |
|
(67 |
) |
|
(142 |
) |
|
(134 |
) |
Maintenance capital expenditures, net of noncontrolling interest
portion and reimbursable projects |
(19 |
) |
|
(26 |
) |
|
(39 |
) |
|
(49 |
) |
Preferred unit distributions *** |
(15 |
) |
|
(11 |
) |
|
(29 |
) |
|
(20 |
) |
Other, net |
2 |
|
|
— |
|
|
3 |
|
|
2 |
|
Distributable cash flow |
173 |
|
|
166 |
|
|
397 |
|
|
337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
*** 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 |
|
Six Months
Ended |
|
June
30, |
|
June
30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
(Millions, except as indicated) |
Logistics and
Marketing Segment: |
|
|
|
|
|
|
|
Financial results: |
|
|
|
|
|
|
|
Segment net income attributable to partners |
$ |
185 |
|
|
$ |
130 |
|
|
$ |
332 |
|
|
$ |
209 |
Non-cash commodity derivative mark-to-market |
(24 |
) |
|
(5 |
) |
|
(6 |
) |
|
38 |
Depreciation and amortization expense |
3 |
|
|
3 |
|
|
6 |
|
|
6 |
Distributions from unconsolidated affiliates, net of earnings |
15 |
|
|
5 |
|
|
21 |
|
|
10 |
Loss on sale of assets |
1 |
|
|
— |
|
|
10 |
|
|
— |
Other charges |
1 |
|
|
1 |
|
|
1 |
|
|
— |
Adjusted segment EBITDA |
$ |
181 |
|
|
$ |
134 |
|
|
$ |
364 |
|
|
$ |
263 |
|
|
|
|
|
|
|
|
Operating and financial
data: |
|
|
|
|
|
|
|
NGL pipelines throughput (MBbls/d) |
637 |
|
|
592 |
|
|
652 |
|
|
555 |
NGL fractionator throughput (MBbls/d) |
61 |
|
|
54 |
|
|
62 |
|
|
58 |
Operating and maintenance expense |
$ |
11 |
|
|
$ |
11 |
|
|
$ |
20 |
|
|
$ |
22 |
|
|
|
|
|
|
|
|
Gathering and
Processing Segment: |
|
|
|
|
|
|
|
Financial results: |
|
|
|
|
|
|
|
Segment net income
attributable to partners |
$ |
90 |
|
|
$ |
76 |
|
|
$ |
157 |
|
|
$ |
189 |
Non-cash commodity derivative mark-to-market |
(15 |
) |
|
42 |
|
|
21 |
|
|
28 |
Depreciation and amortization expense, net of noncontrolling
interest |
91 |
|
|
88 |
|
|
183 |
|
|
172 |
Loss on sale of assets |
4 |
|
|
— |
|
|
4 |
|
|
— |
Distributions from unconsolidated affiliates, net of earnings |
3 |
|
|
1 |
|
|
8 |
|
|
9 |
Other charges |
— |
|
|
— |
|
|
5 |
|
|
3 |
Adjusted segment EBITDA |
$ |
173 |
|
|
$ |
207 |
|
|
$ |
378 |
|
|
$ |
401 |
|
|
|
|
|
|
|
|
Operating and financial
data: |
|
|
|
|
|
|
|
Natural gas wellhead (MMcf/d) |
4,866 |
|
|
4,797 |
|
|
4,902 |
|
|
4,632 |
NGL gross production (MBbls/d) |
422 |
|
|
426 |
|
|
429 |
|
|
405 |
Operating and maintenance expense |
$ |
165 |
|
|
$ |
169 |
|
|
$ |
330 |
|
|
$ |
317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DCP
MIDSTREAM, LP |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
(Unaudited) |
|
|
Three Months
Ended |
|
Six Months
Ended |
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
|
|
2019 |
|
2019 |
|
(Millions, except as indicated) |
Reconciliation of Non-GAAP Financial
Measures: |
|
|
|
|
|
Distributable cash flow |
$ |
173 |
|
|
$ |
397 |
|
Distributions declared ** |
$ |
154 |
|
|
$ |
309 |
|
Distribution coverage ratio -
declared |
1.12 |
x |
|
1.28 |
x |
|
|
|
|
|
|
Distributable cash flow |
$ |
173 |
|
|
$ |
397 |
|
Distributions paid |
$ |
155 |
|
|
$ |
309 |
|
Distribution coverage ratio -
paid |
1.12 |
x |
|
1.28 |
x |
|
|
|
|
|
|
|
|
Quarter
Ended September 30,
2018 |
|
Quarter
Ended December 31,
2018 |
|
Quarter
Ended March 31,
2019 |
|
Quarter
Ended June 30,
2019 |
|
Twelve
Months Ended June 30,
2019 |
|
|
(Millions, except as indicated) |
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow |
|
$ |
209 |
|
$ |
138 |
|
$ |
224 |
|
$ |
173 |
|
$ |
744 |
Distributions declared ** |
|
$ |
155 |
|
$ |
154 |
|
$ |
155 |
|
$ |
154 |
|
$ |
618 |
Distribution coverage ratio -
declared |
|
1.35x |
|
0.90x |
|
1.45x |
|
1.12x |
|
1.20x |
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow |
|
$ |
209 |
|
$ |
138 |
|
$ |
224 |
|
$ |
173 |
|
$ |
744 |
Distributions paid |
|
$ |
154 |
|
$ |
155 |
|
$ |
154 |
|
$ |
155 |
|
$ |
618 |
Distribution coverage ratio -
paid |
|
1.36x |
|
0.89x |
|
1.45x |
|
1.12x |
|
1.20x |
** There were no IDR givebacks reflected in distributions
declared for the three and six months ended June 30, 2019 and 2018,
respectively.
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