DCP Midstream Announces Common and Preferred Unit Distributions and Planned Redemption
April 19 2023 - 4:15PM
DCP Midstream, LP (NYSE: DCP) announced today that the board of
directors of its general partner declared a first quarter 2023
Common Unit cash distribution of $0.43 per unit. This quarterly
Common Unit distribution will be paid May 15, 2023 to common
unitholders of record at the close of business on May 1, 2023.
In addition, the board of directors declared
distributions for preferred units.
A quarterly Series B Preferred Unit cash
distribution of $0.4922 per unit will be paid June 15, 2023 to
preferred unitholders of record at the close of business on June 1,
2023.
A quarterly Series C Preferred Unit cash
distribution of $0.4969 per unit will be paid July 17, 2023 to
preferred unitholders of record at the close of business on July 3,
2023.
DCP further announced that it intends to redeem
all of its outstanding 5.85% Fixed-to-Floating Rate Junior
Subordinated Notes due 2043 on or about May 21, 2023. DCP
intends to issue redemption notices in accordance with the related
governing documents.
This statement is intended to be a qualified
notice under United States Treasury Regulation Section 1.1446-4(b).
Brokers and nominees should treat one hundred percent (100.00%) DCP
Midstream, LP (“DCP”) distributions to non-U.S. investors as being
attributable to income that is effectively connected with a United
States trade or business. Accordingly, DCP’s distributions to
non-U.S. investors are subject to federal income tax withholding at
the highest applicable effective tax rate.
Pursuant to United States Treasury Regulation
Section 1.1446(f)-4(c)(2)(iii) on amounts realized, one hundred
percent (100.00%) of the DCP distribution is in excess of
cumulative net income. Nominees, and not DCP, are treated as the
withholding agents responsible for withholding on the distributions
received by them on behalf of non-U.S. investors.
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
Phillips 66 and Enbridge. For more information, visit the DCP
Midstream, LP website at www.dcpmidstream.com.
Investor Relations Mike Fullman
720-527-6505 MFullman@dcpmidstream.com
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