DCP Midstream Announces Public Offering of Series A Preferred Units

DENVER, Nov. 13, 2017 -- DCP Midstream, LP (NYSE: DCP) (“DCP”) announced today that it has commenced, subject to market conditions, an underwritten public offering of Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests in DCP (the “Preferred Units”). 

DCP intends to use the net proceeds from this offering, including proceeds from any exercise of an option to purchase additional Preferred Units that may be granted to the underwriters, for general partnership purposes, including the repayment of its 2.500% Senior Notes Due December 1, 2017.

J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, LLC, and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering.  When available, a copy of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained free of charge on the Securities and Exchange Commission's website at www.sec.gov or from any of the underwriters by contacting:

J.P. Morgan Securities LLC
383 Madison Avenue
New York, New York 10179
Attention: Investment Grade Syndicate Desk, 3rd Floor
Telephone: 212-834-4533

Merrill Lynch, Pierce, Fenner & Smith
          Incorporated
200 North College Street
NC1-004-03-43
Charlotte NC 28255-0001
Attention: Prospectus Department
Telephone: 1-800-294-1322
Email: [email protected]

RBC Capital Markets, LLC
Attn: DCM Transaction Management
200 Vesey Street
New York, New York 10281
Telephone: (866) 375-6829    

Wells Fargo Securities, LLC608 2nd Avenue South, Suite 1000
Minneapolis, Minnesota 55402
Attention: WFS Customer Service
Telephone: 800-645-3751

The Preferred Units are being offered and will be sold pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission.  This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.  This offering of Preferred Units is being made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

DCP Midstream, LP (NYSE:DCP) is a midstream master limited partnership, with a diversified portfolio of assets, engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; producing, fractionating, transporting, storing and selling NGLS and recovering and selling condensate.  Denver, Colorado based DCP is managed by its general partner, DCP Midstream GP, LP, which is managed by its general partner, DCP Midstream GP, LLC, which is 100% owned by DCP Midstream, LLC. DCP Midstream, LLC is a joint venture between Enbridge Inc. and Phillips 66.

This press release may include forward-looking statements as defined under the federal securities laws regarding DCP Midstream, LP, including statements regarding the intended use of offering proceeds and other aspects of the Preferred Unit offering. 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, including market conditions, customary offering closing conditions and other factors described in the prospectus and accompanying prospectus supplement for the offering. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, DCP's actual results may vary materially from what management anticipated, estimated, projected or expected.

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 and in the prospectus and related prospectus supplement for the Preferred Units. The statements herein speak only as of the date of this press release.  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.