DENVER--(BUSINESS WIRE)--Dec. 6, 2012--
DCP Midstream LLC and DCP Midstream Partners LP (NYSE: DPM) today
announced the construction of a new cryogenic plant that will serve
growing demand from producers in the liquids rich and prolific Eagle
Ford shale.
The new Goliad plant will be constructed and funded by the previously
announced DCP Eagle Ford Joint Venture formed Nov. 1, which is owned
two-thirds by DCP Midstream and one-third by DCP Midstream Partners.
The Goliad plant will have gas processing capacity of 200 million cubic
feet per day. It will become part of the DCP Eagle Ford system providing
Eagle Ford producers one-stop service from the plant tailgate to the
Gulf Coast market centers. The Goliad plant is expected to be completed
by the first quarter of 2014.
“The DCP Midstream enterprise continues to execute on its impressive
slate of growth projects underpinned by solid contracts in liquids rich
areas,” said Wouter van Kempen, president and chief operating officer of
DCP Midstream. “Through co-investment with DCP Midstream Partners and
the recent transaction on the pipelines with Phillips 66 and Spectra
Energy, we can continue to fund our projects and create value to all our
stakeholders.”
“The Goliad plant is another great example of co-investment with our
general partner,” said Bill Waldheim, president of DCP Midstream
Partners. “Including this transaction, this brings our 2012
co-investment to over $1 billion.”
Goliad is the seventh plant in South Texas owned by the DCP enterprise.
It will be part of DCP’s vast, reliable system with:
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More than 900,000 acres supported by long-term agreements,
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About 6,000 miles of gathering systems,
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More than 1 billion cubic feet per day of processing capacity,
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Three fractionators with about 36,000 barrels per day capacity,
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Favorable access to interstate and intrastate gas markets,
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And, access to the Sand Hills pipeline delivering natural gas liquids
to Mont Belvieu, Texas, and Gulf Coast petrochemical markets.
DCP Midstream LLC leads the midstream segment as the second-largest
natural gas gatherer and processor, the largest natural gas liquids
producer and one of the largest marketers in North America. DCP
Midstream operates in 18 states across major producing regions. The
company is a 50:50 joint venture between Spectra Energy and Phillips 66.
It owns the general partner of DCP Midstream Partners LP, a master
limited partnership, and provides operational and administrative support
to the partnership. DCP Midstream is the largest oil and gas company and
the largest private company in Denver, the city of its headquarters, and
is the Top Company Winner for Energy/Natural Resources in Colorado as
recognized by ColoradoBiz. For more information, visit the DCP Midstream
website at www.dcpmidstream.com.
DCP Midstream Partners LP (NYSE: DPM) is a midstream master limited
partnership engaged in the business of gathering, compressing, treating,
processing, transporting, storing and selling natural gas; producing,
fractionating, transporting, storing and selling NGLs and condensate;
and transporting, storing and selling propane in wholesale markets. 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 Phillips 66. For more information, visit the
DCP Midstream Partners LP website at www.dcppartners.com.
This press release may contain forward-looking statements as defined
under the federal securities laws, 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,
DCP Midstream Partners’ actual results may vary materially from what
management anticipated, estimated, projected, or expected. Other key
risk factors that may have a direct bearing on DCP Midstream Partners’
results of operations and financial condition are described in detail in
DCP Midstream Partners’ periodic reports filed with the Securities and
Exchange Commission. Investors are encouraged to closely consider the
disclosures and risk factors contained in DCP Midstream Partners’
reports filed from time to time with the Securities and Exchange
Commission. DCP Midstream Partners undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events, or otherwise.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20121206006571/en/
Source: DCP Midstream LLC
DCP Midstream
Lisa Newkirk, 303-605-1837
24-Hour: 303-829-1953
or
DCP
Midstream Partners
Jonni Anwar, 303-605-1868
24-Hour:
303-887-5419