DCP Midstream and DCP Midstream Partners Announce Full Return of East Texas Operations Following Previously Announced Third Party Caused Pipeline Rupture
DENVER, March 12 /PRNewswire-FirstCall/ -- DCP Midstream, LLC and its master limited partnership DCP Midstream Partners, LP (NYSE: DPM), announced they have fully restored operations at their jointly owned natural gas processing complex and residue gas delivery system, known as the Carthage Hub, in East Texas. Production was temporarily shut in following the February 11 fire resulting from a third-party underground pipeline rupture occurring just outside DCP Midstream's property.
The complex consists of five natural gas processing plants with a processing capacity of approximately 780 million cubic feet per day (MMcf/d). The Carthage Hub has approximately 1.5 billion cubic feet per day of delivery capacity.
"We began restoring operations at the processing complex on Feb. 25, and have successfully restored full operating capacity to all five processing plants over the past two weeks. Our throughput volumes have been restored to pre-incident levels. We worked collaboratively with other companies whose facilities were affected by the third party pipeline rupture so that the Carthage Hub could return to full operation safely and expeditiously," said Richard Cargile, group vice president, operations.
The East Texas joint venture facilities are operated by DCP Midstream and owned 75 percent by DCP Midstream and 25 percent by DCP Midstream Partners. As previously announced, DCP Midstream Partners has entered into a Contribution Agreement to acquire an additional 25.1 percent interest in the East Texas joint venture from DCP Midstream in a transaction expected to close in April.
DCP Midstream, LLC, headquartered in Denver, Colorado, leads the midstream segment as one of the nation's largest natural gas gatherers and processors, and the largest natural gas liquids (NGLs) producer. DCP Midstream operates in 16 states across the five largest natural gas producing regions in the United States. DCP Midstream is a 50-50 joint venture between Spectra Energy and ConocoPhillips. DCP Midstream owns the General Partner of DCP Midstream Partners, LP, a master limited partnership, and provides operational and administrative support to the partnership. For more information, visit the DCP Midstream, LLC Web site at http://www.dcpmidstream.com.
DCP Midstream Partners, LP (NYSE: DPM) is a midstream master limited partnership that gathers, treats, processes, transports and markets natural gas, 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. For more information, visit the DCP Midstream Partners, LP Web site at http://www.dcppartners.com.
This press release may contain or incorporate by reference 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 Partnership's actual results may vary materially from what management anticipated, estimated, projected or expected. Among the key risk factors that may have a direct bearing on the Partnership's results of operations and financial condition are:
-- the extent of changes in commodity prices, our ability to effectively limit a portion of the adverse impact of potential changes in prices through derivative financial instruments, and the potential impact of price on natural gas drilling, demand for our services, and the volume of NGLs and condensate extracted; -- general economic, market and business conditions; -- the level and success of natural gas drilling around our assets, and our ability to connect supplies to our gathering and processing systems in light of competition; -- our ability to grow through acquisitions, contributions from affiliates or organic growth projects, and the successful integration and future performance of such assets; -- our ability to access the debt and equity markets; -- our ability to purchase propane from our principal suppliers for our wholesale propane logistics business; -- the credit worthiness of counterparties to our transactions; and -- the amount of collateral we may be required to post from time to time in our transactions.
Investors are encouraged to closely consider the disclosures and risk factors contained in the Partnership's 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.
SOURCE DCP Midstream Partners, LP; DCP Midstream, LLC
Contact: Karen L. Taylor, +1-303-633-2913, or 24-hour, +1-303-809-9160, for DCP Midstream Partners, LP and DCP Midstream, LLC