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  • Data analysis DCP Midstream LLC Merges with DCP Midstream Partners

    DCP Midstream LLC, a 50/50 joint venture between Phillips 66 and Spectra Energy (Owners), and DCP Midstream Partners LP (DPM) have signed and closed a transaction combining all of the assets and debt of DCP Midstream with DPM. The combined company, with a pro-forma enterprise value of approximately $11...

    DCP Midstream LLC Merges with DCP Midstream PartnersData analysis
    Headlines, Global Deals

    DCP Midstream LLC, a 50/50 joint venture between Phillips 66 and Spectra Energy (Owners), and DCP Midstream Partners LP (DPM) have signed and closed a transaction combining all of the assets and debt of DCP Midstream with DPM. The combined company, with a pro-forma enterprise value of approximately $11 billion, will be renamed DCP Midstream LP.

    Under terms of the transaction, DCP Midstream has contributed subsidiaries owning all of its assets to DPM, plus $424 million of cash, in exchange for approximately 31.1 million DPM units ($1.125 billion) and DPM assuming $3.15 billion of DCP Midstream debt. The Owners have retained their 50/50 joint ownership of DCP Midstream LLC, which owns 38% of the outstanding DPM general and limited partner units. The transaction will increase Phillips 66 and Spectra Energy’s ownership in DPM to 38%.

    The combination brings together DPM’s existing assets with DCP Midstream’s premier assets in the Delaware and Permian basins, the DJ Basin and the Midcontinent, as well as an additional one-third interest in both Sand Hills and Southern Hills NGL pipelines.

    View DCP Midstream Partners press release

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