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 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): April 9, 2020

DCP MIDSTREAM, LP

(Exact name of registrant as specified in its charter)

Delaware			001-32678			03-0567133
(State or other jurisdiction of incorporation)			(Commission File No.)			(IRS Employer Identification No.)

370 17th Street, Suite 2500

Denver, Colorado 80202

(Address of principal executive offices) (Zip Code)

(303) 595-3331

(Registrant’s telephone number, including area code)

Not Applicable

(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 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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

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Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common units representing limited partner interests

DCP

New York Stock Exchange

7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

DCP PRB

New York Stock Exchange

7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

DCP PRC

New York Stock Exchange

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Item 5.02			Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 9, 2020, the senior executive officers of DCP Midstream GP, LLC (the “Company”), the general partner of the general partner of DCP Midstream, LP, voluntarily requested a temporary reduction in their annual base salaries (the “Salary Reduction”). The Salary Reduction will result in a 15% reduction in the annual base salary and short-term cash incentive payment, or STI, of Wouter van Kempen, the Chairman of the Board, President and Chief Executive Officer of the Company, and a 10% reduction in the annual base salary and STI of the senior executive officers of the Company who are members of the Company’s executive committee, which includes all of the Company’s named executive officers. On April 9, 2020, the Compensation Committee of the Board of Directors of DCP Midstream, LLC, the owner of the Company, approved the Salary Reduction.

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SIGNATURE

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.

Date: April 13, 2020			DCP MIDSTREAM, LP
			By: DCP MIDSTREAM GP, LP
			its general partner
			By: DCP MIDSTREAM GP, LLC
			its general partner
			By: /s/ Sean P. O’Brien
			Sean P. O’Brien
			Group Vice President and Chief Financial Officer