U.S. markets closed

DCP Midstream, LP (DCP)

NYSE - Nasdaq Real Time Price. Currency in USD
Add to watchlist
25.03+0.91 (+3.77%)
At close: 4:00PM EDT

25.10 +0.07 (0.28%)
After hours: 4:16PM EDT

Full screen
Trade prices are not sourced from all markets
Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies
Chart Events
Bullishpattern detected
Commodity Channel Index

Commodity Channel Index

Previous Close24.12
Open23.71
Bid24.51 x 800
Ask25.14 x 1800
Day's Range23.35 - 25.08
52 Week Range6.90 - 26.97
Volume710,689
Avg. Volume946,834
Market Cap5.215B
Beta (5Y Monthly)3.49
PE Ratio (TTM)N/A
EPS (TTM)-1.75
Earnings DateAug 03, 2021 - Aug 09, 2021
Forward Dividend & Yield1.56 (6.47%)
Ex-Dividend DateApr 29, 2021
1y Target Est24.92
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
Fair Value
XX.XX
Overvalued
-29% Est. Return
Research that delivers an independent perspective, consistent methodology and actionable insight
Related Research
View more
  • DCP Midstream Reports First Quarter Results
    GlobeNewswire

    DCP Midstream Reports First Quarter Results

    DENVER, May 05, 2021 (GLOBE NEWSWIRE) -- Today, DCP Midstream, LP (NYSE: DCP) reported its financial results for the three months ended March 31, 2021. HIGHLIGHTS For the three months ended March 31, 2021, DCP had net income attributable to partners of $53 million, net cash used in operating activities of $4 million, adjusted EBITDA of $275 million, and distributable cash flow of $175 million.Generated $89 million of excess free cash flow for the three months ended March 31, 2021, after fully funding distributions and growth capital, representing a 5% sequential increase.Achieved bank leverage of 4.1 times as of the end of the first quarter.First quarter costs totaled $187 million, representing a 22% reduction compared to fourth quarter 2020, driven by continued cost discipline and timing of expenses.Total capital expenditures of $14 million, including $10 million of sustaining capital, was reduced by 59% compared to fourth quarter 2020.Winter Storm Uri created a one-time adverse financial impact of $60 million to first quarter adjusted EBITDA. As a result of significant producer volume declines and record natural gas pricing, the storm created negative impacts on commercial settlements, which were partially offset by DCP's balanced portfolio and integrated value chain, including gas storage.Despite the one-time first quarter negative impact, DCP delivered a solid first quarter outcome and is maintaining its 2021 financial guidance. FIRST QUARTER 2021 SUMMARY FINANCIAL RESULTS Three Months EndedMarch 31, 2021 2020 (Unaudited) (Millions, except per unit amounts) Net income (loss) attributable to partners$53 $(550)Net income (loss) per limited partner unit - basic and diluted$0.19 $(2.71)Net cash (used in) provided by operating activities$(4) $314 Adjusted EBITDA(1)$275 $321 Distributable cash flow(1)$175 $220 Excess free cash flow(1)$89 $(32) (1) This press release includes the following financial measures not presented in accordance with U.S. generally accepted accounting principles, or GAAP: adjusted EBITDA, distributable cash flow, excess free cash flow, and adjusted segment EBITDA. Each such non-GAAP financial measure is defined below under “Non-GAAP Financial Information”, and each is reconciled to its most directly comparable GAAP financial measure under “Reconciliation of Non-GAAP Financial Measures” in schedules at the end of this press release. CEO'S PERSPECTIVE "Our team safely mitigated the operational and financial impacts of Winter Storm Uri with our first quarter results demonstrating the strength and resiliency of our diversified and integrated business model," said Wouter van Kempen, chairman, president, and CEO. "With a strong base business, demand recovery in sight, and a constructive commodity price environment, we are well-positioned to build on our first quarter performance and meet our 2021 commitments to generate significant excess free cash flow and enhance our balance sheet." COMMON UNIT DISTRIBUTIONS On April 20, 2021, DCP announced a quarterly common unit distribution of $0.39 per limited partner unit. This distribution remains unchanged from the previous quarter. DCP generated distributable cash flow of $175 million for three months ended March 31, 2021. Distributions declared were $81 million for the three months ended March 31, 2021. FIRST QUARTER 2021 OPERATING RESULTS BY BUSINESS SEGMENT Logistics and Marketing Logistics and Marketing segment net income attributable to partners for the three months ended March 31, 2021 and 2020 was $146 million and $236 million, respectively. Adjusted segment EBITDA decreased to $155 million for the three months ended March 31, 2021, from $208 million for the three months ended March 31, 2020, reflecting lower earnings on gas and NGL marketing and Sand Hills, partially offset by favorable gas storage. The following table represents volumes for the Logistics and Marketing segment: Three Months Ended March 31, 2021 Three Months Ended December 31, 2020 Three Months Ended March 31, 2020NGL Pipeline % Owned Net Pipeline Capacity (MBbls/d) Average NGL Throughput (MBpd) Average NGL Throughput (MBpd) Average NGL Throughput (MBpd)Sand Hills 67% 333 228 257 322 Southern Hills 67% 128 105 108 93 Front Range 33% 87 56 57 60 Texas Express 10% 37 19 21 20 Other Various 310 170 167 182 Total 895 578 610 677 Gathering and Processing Gathering and Processing segment net income (loss) attributable to partners for the three months ended March 31, 2021 and 2020 was $27 million and $(645) million, respectively. Adjusted segment EBITDA decreased to $156 million for the three months ended March 31, 2021, from $168 million for the three months ended March 31, 2020, reflecting lower wellhead volumes, partially offset by improved commodity pricing. The following table represents volumes for the Gathering and Processing segment: Three Months Ended March 31, 2021 Three Months Ended March 31, 2021 Three Months Ended December 31, 2020 Three Months Ended March 31, 2020System Net Plant/Treater Capacity (MMcf/d) Average Wellhead Volumes (MMcf/d) Average Wellhead Volumes (MMcf/d) Average Wellhead Volumes (MMcf/d)North 1,580 1,520 1,510 1,603 Midcontinent 1,110 799 804 960 Permian 1,200 858 1,014 1,038 South 1,730 900 1,114 1,339 Total 5,620 4,077 4,442 4,940 CREDIT FACILITIES AND DEBT DCP has two credit facilities with up to $1.75 billion of total capacity. Proceeds from these facilities can be used for working capital requirements and other general partnership purposes including growth and acquisitions. DCP has a $1.4 billion senior unsecured revolving credit agreement, or the Credit Agreement, that matures on December 9, 2024. As of March 31, 2021, total unused borrowing capacity under the Credit Agreement was $1,332 million net of $58 million of outstanding borrowings and $10 million of letters of credit.DCP has an accounts receivable securitization facility that provides up to $350 million of borrowing capacity that matures August 12, 2022. As of March 31, 2021, DCP had $350 million of outstanding borrowings under the accounts receivable securitization facility. As of March 31, 2021, DCP had $5,683 million of total consolidated principal debt outstanding, with the next maturity in September 2021. The total debt outstanding includes $550 million of junior subordinated notes which are excluded from debt pursuant to DCP's Credit Agreement leverage ratio calculation. For the twelve months ended March 31, 2021, DCP's leverage ratio was 4.1 times. The effective interest rate on DCP's overall debt position, as of March 31, 2021, was 5.22%. CAPITAL EXPENDITURES AND INVESTMENTS During the three months ended March 31, 2021, DCP had expansion capital expenditures and equity investments totaling $4 million, and sustaining capital expenditures totaling $10 million. FIRST QUARTER 2021 EARNINGS CALL DCP will host a conference call webcast tomorrow, May 6, 2021, at 10:00 a.m. ET, to discuss its first quarter earnings. The live audio webcast of the conference call and presentation slides can be accessed through the Investors section on the DCP website at www.dcpmidstream.com and the conference call can be accessed by dialing (844) 233-0113 in the United States or (574) 990-1008 outside the United States. The conference confirmation number is 9896188. An audio webcast replay, presentation slides and transcript will also be available by accessing the Investors section on the DCP website. NON-GAAP FINANCIAL INFORMATION This press release and the accompanying financial schedules include the following non-GAAP financial measures: adjusted EBITDA, distributable cash flow, excess free cash flow and adjusted segment EBITDA. The accompanying schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures. DCP's non-GAAP financial measures should not be considered in isolation or as an alternative to its financial measures presented in accordance with GAAP, including operating revenues, net income or loss attributable to partners, net cash provided by or used in operating activities or any other measure of liquidity or financial performance presented in accordance with GAAP as a measure of operating performance, liquidity or ability to service debt obligations and make cash distributions to unitholders. The non-GAAP financial measures presented by DCP may not be comparable to similarly titled measures of other companies because they may not calculate their measures in the same manner. DCP defines adjusted EBITDA as net income or loss attributable to partners adjusted for (i) distributions from unconsolidated affiliates, net of earnings, (ii) depreciation and amortization expense, (iii) net interest expense, (iv) noncontrolling interest in depreciation and income tax expense, (v) unrealized gains and losses from commodity derivatives, (vi) income tax expense or benefit, (vii) impairment expense and (viii) certain other non-cash items. Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Management believes these measures provide investors meaningful insight into results from ongoing operations. The commodity derivative non-cash losses and gains result from the marking to market of certain financial derivatives used by us for risk management purposes that we do not account for under the hedge method of accounting. These non-cash losses or gains may or may not be realized in future periods when the derivative contracts are settled, due to fluctuating commodity prices. Adjusted EBITDA is used as a supplemental liquidity and performance measure and adjusted segment EBITDA is used as a supplemental performance measure by DCP's management and by external users of its financial statements, such as investors, commercial banks, research analysts and others to assess: financial performance of DCP's assets without regard to financing methods, capital structure or historical cost basis;DCP's operating performance and return on capital as compared to those of other companies in the midstream energy industry, without regard to financing methods or capital structure;viability and performance of acquisitions and capital expenditure projects and the overall rates of return on investment opportunities;performance of DCP's business excluding non-cash commodity derivative gains or losses; andin the case of adjusted EBITDA, the ability of DCP's assets to generate cash sufficient to pay interest costs, support its indebtedness, make cash distributions to its unitholders and pay capital expenditures. DCP defines adjusted segment EBITDA for each segment as segment net income or loss attributable to partners adjusted for (i) distributions from unconsolidated affiliates, net of earnings, (ii) depreciation and amortization expense, (iii) net interest expense, (iv) noncontrolling interest in depreciation and income tax expense, (v) unrealized gains and losses from commodity derivatives, (vi) income tax expense or benefit, (vii) impairment expense and (viii) certain other non-cash items. Adjusted segment EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations for that segment. DCP defines distributable cash flow as adjusted EBITDA less sustaining capital expenditures, net of reimbursable projects, interest expense, cumulative cash distributions earned by the Series A, Series B and Series C Preferred Units (collectively the "Preferred Limited Partnership Units") and certain other items. DCP defines excess free cash flow as distributable cash flow, as defined above, less distributions to limited partners, less expansion capital expenditures, net of reimbursable projects, and contributions to equity method investments, and less certain other items. Expansion capital expenditures are cash expenditures to increase DCP's cash flows, operating or earnings capacity. Expansion capital expenditures add on to or improve the capital assets owned, or acquire or construct new gathering lines and well connects, treating facilities, processing plants, fractionation facilities, pipelines, terminals, docks, truck racks, tankage and other storage, distribution or transportation facilities and related or similar midstream assets. Sustaining capital expenditures are cash expenditures made to maintain DCP's cash flows, operating capacity or earnings capacity. These expenditures add on to or improve capital assets owned, including certain system integrity, compliance and safety improvements. Sustaining capital expenditures also include certain well connects, and may include the acquisition or construction of new capital assets. Income attributable to preferred units represent cash distributions earned by the Preferred Limited Partnership Units. Cash distributions to be paid to the holders of the Preferred Limited Partnership Units, assuming a distribution is declared by DCP's board of directors, are not available to common unit holders. Non-cash mark-to-market of derivative instruments is considered to be non-cash for the purpose of computing distributable cash flow because settlement will not occur until future periods, and will be impacted by future changes in commodity prices and interest rates. DCP compares the distributable cash flow it generates to the cash distributions it expects to pay to its partners. Distributable cash flow is used as a supplemental liquidity and performance measure by DCP's management and by external users of its financial statements, such as investors, commercial banks, research analysts and others, to assess DCP's ability to make cash distributions to its unitholders. Excess free cash flow is used as a supplemental liquidity and performance measure by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others, and is useful to investors and management as a measure of our ability to generate cash particularly in light of an ongoing transition in the midstream industry that has shifted investor focus from distribution growth to capital discipline, cost efficiency, and balance-sheet strength. Once business needs and obligations are met, including cash reserves to provide funds for distribution payments on our units and the proper conduct of our business, which includes cash reserves for future capital expenditures and anticipated credit needs, this cash can be used to reduce debt, reinvest in the company for future growth, or return to unitholders. 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 Enbridge and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com. CAUTIONARY STATEMENTS This press release may contain or incorporate by reference forward-looking statements as defined under the federal securities laws regarding DCP Midstream, 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 DCP's control. If any of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, DCP's actual results may vary materially from what management forecasted, anticipated, estimated, projected or expected. The key risk factors that may have a direct bearing on DCP's results of operations and financial condition are described in detail in the "Risk Factors" section of DCP's most recently filed annual report and subsequently filed quarterly reports with the Securities and Exchange Commission. 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. The forward looking statements contained herein speak as of the date of this announcement. 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. Information contained in this press release is unaudited and subject to change. Investors or Analysts:Mike Fullmanmfullman@dcpmidstream.com303-605-1628 DCP MIDSTREAM, LPFINANCIAL RESULTS ANDSUMMARY FINANCIAL DATA(Unaudited) Three Months Ended March 31, 2021 2020 (Millions, except per unit amounts)Sales of natural gas, NGLs and condensate $2,569 $1,393 Transportation, processing and other 118 112 Trading and marketing (losses) gains, net (369) 152 Total operating revenues 2,318 1,657 Purchases and related costs (2,037) (1,146)Operating and maintenance expense (149) (153)Depreciation and amortization expense (91) (99)General and administrative expense (38) (56)Asset impairments — (746)Other expense, net — (3)Total operating costs and expenses (2,315) (2,203)Operating income (loss) 3 (546)Interest expense, net (77) (78)Earnings from unconsolidated affiliates 128 76 Income tax expense — (1)Net income attributable to noncontrolling interests (1) (1)Net income (loss) attributable to partners 53 (550)Series A preferred partner's interest in net income (9) (9)Series B preferred partner's interest in net income (3) (3)Series C preferred partner's interest in net income (2) (2)Net income (loss) allocable to limited partners $39 $(564)Net income (loss) per limited partner unit — basic and diluted $0.19 $(2.71)Weighted-average limited partner units outstanding — basic 208.4 208.3 Weighted-average limited partner units outstanding — diluted 208.5 208.3 March 31, December 31, 2021 2020 (Millions)Cash and cash equivalents $5 $52 Other current assets 1,226 956 Property, plant and equipment, net 7,913 7,993 Other long-term assets 3,967 3,956 Total assets $13,111 $12,957 Current liabilities $1,240 $1,116 Current debt 504 505 Long-term debt 5,178 5,119 Other long-term liabilities 357 356 Partners' equity 5,805 5,834 Noncontrolling interests 27 27 Total liabilities and equity $13,111 $12,957 DCP MIDSTREAM, LPRECONCILIATION OF NON-GAAP FINANCIAL MEASURES(Unaudited) Three Months Ended March 31, 2021 2020 (Millions)Reconciliation of Non-GAAP Financial Measures: Net income (loss) attributable to partners$53 $(550)Interest expense, net77 78 Depreciation, amortization and income tax expense, net of noncontrolling interests91 100 Distributions from unconsolidated affiliates, net of earnings1 77 Asset impairments— 746 Other non-cash charges— 4 Non-cash commodity derivative mark-to-market53 (134)Adjusted EBITDA275 321 Interest expense, net(77) (78)Sustaining capital expenditures, net of noncontrolling interest portion and reimbursable projects (a)(10) (10)Distributions to preferred limited partners (b)(14) (14)Other, net1 1 Distributable cash flow175 220 Distributions to limited partners(81) (162)Expansion capital expenditures and equity investments, net of reimbursable projects(4) (89)Other, net(1) (1)Excess free cash flow$89 $(32) Net cash (used in) provided by operating activities$(4) $314 Interest expense, net77 78 Net changes in operating assets and liabilities152 76 Non-cash commodity derivative mark-to-market53 (134)Other, net(3) (13)Adjusted EBITDA275 321 Interest expense, net(77) (78)Sustaining capital expenditures, net of noncontrolling interest portion and reimbursable projects (a)(10) (10)Distributions to preferred limited partners (b)(14) (14)Other, net1 1 Distributable cash flow175 220 Distributions to limited partners(81) (162)Expansion capital expenditures and equity investments, net of reimbursable projects(4) (89)Other, net(1) (1)Excess free cash flow$89 $(32) (a) Excludes reimbursements for leasehold improvements(b) Represents cumulative cash distributions earned by the Series A, B and C Preferred Units, assuming distributions are declared by DCP's board of directors. DCP MIDSTREAM, LPRECONCILIATION OF NON-GAAP FINANCIAL MEASURESSEGMENT FINANCIAL RESULTS AND OPERATING DATA (Unaudited) Three Months Ended March 31, 2021 2020 (Millions, except as indicated)Logistics and Marketing Segment: Financial results: Segment net income attributable to partners$146 $236 Non-cash commodity derivative mark-to-market5 (42)Depreciation and amortization expense3 3 Distributions from unconsolidated affiliates, net of earnings1 10 Other charges— 1 Adjusted segment EBITDA$155 $208 Operating and financial data: NGL pipelines throughput (MBbls/d)578 677 NGL fractionator throughput (MBbls/d)43 58 Operating and maintenance expense$6 $7 Gathering and Processing Segment: Financial results: Segment net income (loss) attributable to partners$27 $(645)Non-cash commodity derivative mark-to-market48 (92)Depreciation and amortization expense, net of noncontrolling interest81 89 Asset impairments— 746 Distributions from unconsolidated affiliates, net of losses— 67 Other charges— 3 Adjusted segment EBITDA$156 $168 Operating and financial data: Natural gas wellhead (MMcf/d)4,077 4,940 NGL gross production (MBbls/d)361 404 Operating and maintenance expense$140 $142

  • DCP Midstream to Participate in 2021 EIC Investor Conference
    GlobeNewswire

    DCP Midstream to Participate in 2021 EIC Investor Conference

    DENVER, April 29, 2021 (GLOBE NEWSWIRE) -- DCP Midstream, LP (NYSE: DCP) announced that Wouter van Kempen, chairman, president, and chief executive officer and Sean O’Brien, group vice president and chief financial officer will conduct a series of virtual one-on-one and small group meetings with investment community representatives at the 2021 EIC Investor Conference on May 20, 2021. The materials used at this conference will be posted to the Investors section of DCP Midstream’s website at www.dcpmidstream.com on May 19, 2021. 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 Enbridge and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com. DCP Investor Relations Mike Fullman (303) 605-1628

  • The Zacks Analyst Blog Highlights: Western Midstream Partners, DCP Midstream, Diamondback Energy and EOG Resources
    Zacks

    The Zacks Analyst Blog Highlights: Western Midstream Partners, DCP Midstream, Diamondback Energy and EOG Resources

    The Zacks Analyst Blog Highlights: Western Midstream Partners, DCP Midstream, Diamondback Energy and EOG Resources