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): October 15,
2008
DCP
MIDSTREAM PARTNERS, LP
(Exact
name of registrant as specified in its charter)
|
DELAWARE
|
001-32678
|
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
October 15, 2008, an updated assessment of the impact of hurricanes Gustav
and
Ike on its Discovery system as well as an update on the previously announced
pipeline integrity project ongoing at its Douglas pipeline in Wyoming, 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.
|
Exhibit
Number
|
Description
|
|
|
Exhibit
99.1
|
Press
Release dated October 15, 2008
|
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
its General Partner
|
|
| By: | /s/ Michael S. Richards | |
|
Name: Michael S. Richards |
||
| Title: Vice President, General Counsel and Secretary | ||
October
16, 2008
EXHIBIT
INDEX
|
Exhibit
Number
|
Description
|
|
|
Exhibit
99.1
|
Press
Release dated October 15, 2008
|
|
October
15, 2008
|
MEDIA
AND INVESTOR RELATIONS CONTACT:
|
Karen
L. Taylor
|
|
Phone:
|
303/633-2913
|
|
|
24-Hour:
|
303/809-9160
|
DCP
MIDSTREAM PARTNERS PROVIDES HURRICANES
AND
WYOMING OPERATIONS UPDATE
DENVER
-
DCP Midstream Partners, LP (NYSE: DPM) (the Partnership) today announced
an
update
assessment of the impact of hurricanes Gustav and Ike on its Discovery system
as
well as an update on the previously announced pipeline integrity project
ongoing
at its Douglas pipeline in Wyoming.
As
previously announced, Discovery’s offshore gathering system sustained storm
damage and is not accepting gas from offshore producers while repairs are
being
made. The Partnership owns a 40% interest in 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. Inspections of the system revealed that an 18-inch lateral was
severed
from its connection to the 30-inch mainline in 250 feet of water. Williams
expects the 30-inch line to be repaired and returned to service by the end
of
November and the 18-inch lateral to be repaired and returned to service by
the
end of December 2008.
Neither
of the on-shore facilities, located south of New Orleans, sustained significant
damage; they are fully operational and processing volumes from onshore sources.
The
Partnership’s estimate of the net income impact of hurricane-related damages and
lost margins on its 40% interest in the Discovery system due to curtailed
operations for the third quarter of 2008 has not changed from its initial
estimate of approximately $4 million to $7 million, and the impact for the
fourth quarter of 2008 is estimated to be approximately $7 million to $12
million. Such amounts include the Partnership’s portion of the property
insurance deductible. Any repair costs in excess of the insurance deductible
are
expected to be reimbursed by Discovery’s insurance carriers.
-
2
-
As
previously announced, the Partnership completed pipeline integrity testing
on
its Douglas Pipeline in Wyoming and commenced work on the pipeline to bring
it
back to normal operations. As part of this work, the Partnership has decided
to
further upgrade the asset to assure future integrity, improve system reliability
and reduce operating costs. The Partnership anticipates that this work will
be
completed in the first quarter of 2009 at a total cost of approximately $13
million, the majority of which is maintenance capital. The Partnership intends
to recover the costs of this work over time. The work on the pipeline will
be
completed in phases so that volumes will return to the system throughout
the
fourth quarter of 2008 and into the first quarter of 2009.
The
Partnership does not expect any impact to the Partnership's regular cash
distribution to unitholders for the third and fourth quarters of 2008 due
to the
hurricanes or pipeline integrity work.
The
Partnership has maintained sufficient capacity under its financing facilities
to
fund the anticipated cash requirements for the Discovery repairs and the
pipeline integrity work on the Douglas pipeline.
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.
-
3
-
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.
###