DCP Midstream Announces Sale of Rock Creek Asset, Bringing Total 2019 Dispositions to Nearly $185 Million
November 20 2019 - 7:24PM
Today, DCP Midstream, LP (NYSE: DCP) announced the execution and
closing of a purchase and sale agreement under which DCP will
convey 100% ownership in its Rock Creek Asset, located in the
panhandle region of Oklahoma and Texas, and generally consisting of
Rock Creek Plant, Sneed, Dumas, Borger and Pampa Gathering Systems,
43 field compressor stations, and approximately 3,000 miles of
gathering lines. This transaction brings proceeds from total
year-to-date non-core asset sales to approximately $185 million.
“In addition to our excess coverage, we will use the proceeds
from these transactions to help fund over 35% of DCP’s 2019
strategic capital program focused on integrating and enhancing our
core value chain,” said Wouter van Kempen, chairman, president, and
CEO of DCP Midstream. “Throughout the year, we have driven
operational excellence and innovation, while optimizing our
footprint, to produce great results and fund a significant portion
of our growth. This sale is another excellent example of our
ability to deliver on our strategic goals as we work toward
achieving a fully self-funded model.”
About DCP Midstream, LPDCP 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.
This news release includes forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995 and Section 21E of the Securities and Exchange Act of 1934.
Generally the words “expects,” “believes,” anticipates,” “plans,”
“will,” “shall,” “estimates,” and similar expressions identify
forward-looking statements, which are generally not historical in
nature. Forward-looking statements are subject to risks and
uncertainties and are based on the beliefs and assumptions of
management, based on information currently available to them.
Although DCP Midstream believes that these forward-looking
statements are based on reasonable assumptions, it can give no
assurance that any such forward-looking statements will
materialize. Important factors that could cause actual results to
differ materially from those expressed in or implied from these
forward-looking statements include the risks and uncertainties
described in DCP Midstream’s reports filed with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for
the year-ended December 31, 2018 (under the headings “Risk Factors”
and “Information Regarding Forward-Looking Statements” and
elsewhere) and its subsequent reports, which are available through
the SEC’s EDGAR system at www.sec.gov and on our website under
the Investors tab at www.dcpmidstream.com. Forward-looking
statements speak only as of the date they were made, and except to
the extent required by law, DCP Midstream undertakes no obligation
to update any forward-looking statement because of new information,
future events or other factors. Because of these risks and
uncertainties, readers should not place undue reliance on these
forward-looking statements.
DCP Midstream Investor and Media
Relations:Sarah
Sandberg303-605-1626scsandberg@dcpmidstream.com
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