Attached files
file | filename |
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8-K - FORM 8-K - DCP Midstream, LP | d70187e8vk.htm |
EX-8.1 - EX-8.1 - DCP Midstream, LP | d70187exv8w1.htm |
EX-5.1 - EX-5.1 - DCP Midstream, LP | d70187exv5w1.htm |
EX-1.1 - EX-1.1 - DCP Midstream, LP | d70187exv1w1.htm |
EX-99.2 - EX-99.2 - DCP Midstream, LP | d70187exv99w2.htm |
Exhibit 99.1
Nov. 18, 2009
|
MEDIA AND INVESTOR RELATIONS CONTACT: | Karen L. Quast | ||
Phone: | 303/633-2913 | |||
24-Hour: | 303/809-9160 |
DCP MIDSTREAM PARTNERS TO EXPAND PRESENCE IN MICHIGAN WITH
$45.1 MILLION ACQUISITION OF GAS GATHERING AND TREATING
ASSETS
$45.1 MILLION ACQUISITION OF GAS GATHERING AND TREATING
ASSETS
DENVER DCP Midstream Partners, LP (NYSE: DPM) (the Partnership) today announced that it has
entered into an agreement with MichCon Pipeline Company, a subsidiary of DTE Energy, to acquire
certain natural gas gathering and treating assets for $45.1 million in cash. The assets are
located in northern Michigan adjacent to the Partnerships existing assets. These assets provide
essential services for gas produced from the Antrim Shale formation.
We continue to be pleased with the performance of the Michigan assets we acquired a year ago,
said Mark Borer, president and CEO of the Partnership. This complementary acquisition provides
increased scale, operating synergies and consolidation opportunities. Additionally, these assets
contribute 100 percent fee-based revenues from long-lived reserves.
This accretive acquisition represents a key step in executing our growth strategy, added Borer.
We continue to see signs of improvement in the
business environment, with cost of capital and acquisition multiples also converging to broaden the
opportunity set for growth.
The acquisition is expected to close in the fourth quarter of 2009, subject to satisfaction of
customary closing conditions.
DCP Midstream Partners, LP (NYSE: DPM) is a midstream master limited partnership that gathers,
processes, transports and markets natural gas,
-more-
-2-
transports and markets natural gas liquids, and is a leading wholesale distributor of propane. DCP
Midstream Partners, LP is managed by its general partner, DCP Midstream GP, LLC, which is wholly
owned by DCP Midstream, LLC, a joint venture between Spectra Energy and ConocoPhillips.
This press release contains forward-looking statements as defined under the federal securities laws
regarding DCP Midstream Partners, 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 our control. If one or more of these
risks or uncertainties materialize, or if underlying assumptions prove incorrect, the Partnerships
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 the
Partnerships annual and quarterly reports filed from time to time with the Securities and Exchange
Commission. The Partnership undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise.
Information contained in this press release is unaudited, and is subject to change.
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