UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of
1934
Date
of Report (Date of earliest event reported): September 24,
2008
DCP
MIDSTREAM PARTNERS, LP
(Exact
name of registrant as specified in its charter)
|
DELAWARE
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001-32678
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03-0567133
|
|
(State
or other jurisdiction of
|
(Commission
File Number)
|
(IRS
Employer
|
|
incorporation)
|
Identification
No.)
|
370
17th Street, Suite 2775
Denver,
Colorado 80202
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code (303)
633-2900
(Former
name or former address, if changed since last report.)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
£ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
£ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
£ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
£ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
7.01 Regulation FD Disclosure.
In
accordance with General Instruction B.2. of Form 8-K, the following information
shall not be deemed “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, nor shall it be deemed incorporated by
reference in any filing under the Securities Act of 1933, as
amended.
DCP
Midstream Partners, LP (the “Partnership”) announced in a press release dated
September 24, 2008, an assessment of the impact of hurricanes Gustav and Ike
on
its operations, which is incorporated by reference into this item 7.01 from
Exhibit 99.1 attached hereto.
Item
9.01 Financial Statements and Exhibits.
(a) Exhibits.
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Exhibit
Number
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Description
|
|
Exhibit
99.1
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Press
Release dated September 24,
2008
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| DCP MIDSTREAM PARTNERS, LP | ||
| By: | DCP MIDSTREAM GP, LP | |
| its General Partner | ||
| By: |
DCP
MIDSTREAM GP, LLC
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|
|
its
General Partner
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||
| By: | /s/ Michael S. Richards | |
|
Name: Michael S. Richards |
||
| Title: Vice President, General Counsel and Secretary | ||
September
25, 2008
EXHIBIT
INDEX
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Exhibit
Number
|
Description
|
|
Exhibit
99.1
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Press
Release dated September 24, 2008
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September
24, 2008
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MEDIA
AND INVESTOR RELATIONS CONTACT:
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Karen
L. Taylor
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Phone:
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303/633-2913
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24-Hour:
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303/809-9160
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DCP
MIDSTREAM PARTNERS REPORTS INITIAL ASSESSMENT FOLLOWING
HURRICANES
DENVER
-
DCP Midstream Partners, LP (NYSE: DPM) (the Partnership) today announced
an
assessment of the impact of hurricanes Gustav and Ike on its operations. Both
hurricanes made landfall along the Texas and Louisiana Gulf Coast in September.
None
of
the Partnership’s assets operated by DCP Midstream, LLC, the owner of the
Partnership’s general partner, sustained significant damage. Certain of the
Partnership’s facilities were fully or partially curtailed pending resumption of
operations at downstream third party NGL facilities in some cases and
restoration of electric power service. All assets operated by DCP Midstream,
LLC
for the Partnership have been returned to service.
The
Partnership
owns 40
percent of the Discovery system, operated by Williams (NYSE: WMB), which
includes an offshore natural gas gathering system, as well as the Larose natural
gas processing plant and Paradis fractionation facility. Neither of the
processing facilities, located onshore south of New Orleans, sustained
significant damage; they are fully operational and currently processing volumes
from onshore sources. Discovery's offshore gathering system sustained storm
damage and is not accepting gas from producers while damage assessments and
repairs are being made. Williams expects the offshore gathering system to be
shut in for a minimum of 30 days.
The
Partnership’s initial estimate of the net income impact of hurricane-related
damages and lost margins due to curtailed operations for the third quarter
of
2008 is approximately $7 million to $10 million. Of this amount, approximately
$4 million to $7 million is attributable to the Partnership's 40 percent
interest in Discovery and includes the Partnership’s share of Discovery’s
property insurance deductible when incurred.
The
Partnership does not expect any impact to the Partnership's regular cash
distribution to unitholders for the third quarter of 2008 due to the
hurricanes.
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.
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
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, asset contributions from our
parents, or organic growth projects, and the successful integration
and
future performance of such assets;
|
| · |
our
ability to access the debt and equity
markets;
|
| · |
fluctuations
in oil, natural gas, propane and other NGL prices; our ability to purchase
propane from our principal suppliers for our wholesale propane logistics
business; and
|
| · |
the
credit worthiness of counterparties to 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.
###