News Release

DENVER, Jan 24, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- DCP Midstream Partners, LP (NYSE: DPM) today announced that the board of directors of its general partner declared a quarterly cash distribution of $0.43 per unit for the quarter ended Dec. 31, 2006. This represents an increase of 6.2 percent over the last quarterly distribution of $0.405 per unit paid on Nov. 14, 2006, and a 22.9 percent increase over the minimum quarterly distribution of $0.35 per unit set forth in the prospectus in connection with the Partnership's initial public offering in December 2005. The quarterly cash distribution will be paid on Feb. 14, 2007 to unitholders of record at the close of business on Feb. 7, 2007. This quarterly distribution equates to $1.72 per unit on an annual basis.

DCP Midstream Partners will announce its earnings for the fourth quarter and the year ended Dec. 31, 2006 after the New York Stock Exchange closes for trading on Wednesday, Feb. 21, 2007. An earnings conference call for investors and analysts is scheduled for 11 a.m. ET on Thursday, Feb. 22, 2007. The conference call can be accessed via Webcast through the Investor section of DCP Midstream Partners' Web site at http://www.dcppartners.com or by dialing 800-659-2056 in the United States or 617-614-2714 outside the United States. The pass code is 35283304. Please call in 5 to 10 minutes prior to the scheduled start time. A replay of the conference call will be available until midnight ET, March 1, 2007, by dialing 888-286-8010 in the United States or 617-801-6888 outside the United States. The pass code is 31947456. A replay, transcript and presentation slides in PDF format will also be available by accessing the event calendar of the Investor section of the partnership's Web site.

DCP Midstream Partners, LP (NYSE: DPM) is a midstream master limited partnership that gathers, 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.

MEDIA AND INVESTOR RELATIONS CONTACT:
Karen Taylor
Phone: 303/633-2913
24-Hour: 303/809-9160

SOURCE DCP Midstream Partners, LP