EX-99.1
4
v127772_ex99-1.htm
Unassociated Document
Oct.
1, 2008
MEDIA
AND INVESTOR RELATIONS CONTACT:
Karen
L. Taylor
Phone:
303/633-2913
24-Hour:
303/809-9160
DCP
MIDSTREAM PARTNERS COMPLETES ACQUISITION OF GAS
GATHERING,
TREATING AND TRANSPORTATION ASSETS IN MICHIGAN
FOR
$145 MILLION
DENVER
-
DCP Midstream Partners, LP (NYSE: DPM) (the Partnership) today announced it
has
completed its previously announced acquisition of Michigan Pipeline &
Processing, LLC (MPP), a privately held company engaged in natural gas gathering
and treating services for natural gas produced from the Antrim Shale of northern
Michigan and natural gas transportation within Michigan. The sellers are two
privately held companies.
The
Partnership paid $145 million, subject to certain customary post-closing
purchase price adjustments, and may pay up to an additional $15 million to
the
sellers depending on the earnings of the assets after a three-year period.
The
Partnership funded the acquisition with debt under its existing credit
facility.
"We're
pleased to add these 100 percent fee-based assets to our portfolio in an
acquisition that is accretive for our unitholders", said Mark Borer, president
and CEO of the Partnership. "The Antrim Shale has sustained steady drilling
activity for over a decade. With its shallow, low cost, low risk wells and
long
lived reserves, the volume profile supports stable cash flows for the
Partnership. We also see opportunities to grow our business, especially by
increasing the utilization of our treating facilities and providing additional
services to our customers".
The
Partnership purchased MPP which owns interests in certain gathering and treating
assets in the heart of the Antrim Shale as well as interests in three intrastate
gas transportation lines in Michigan.
-more-
-
2
-
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
- 3
-
·
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.
###

EX - 99 . 1 4 v127772 _ ex99 - 1 . htm Un associated Document Oct . 1 , 2008 MEDIA AND INVESTOR RELATIONS CONTACT : Karen L . Taylor Phone : 303 / 633 - 2913 24 - Hour : 303 / 809 - 9160 DCP MIDSTREAM PARTNERS COMPLETES ACQUISITION OF GAS GATHERING , TREATING AND TRANSPORTATION ASSETS IN MICHIGAN FOR $ 145 MILLION DENVER - DCP Midstream Partners , LP ( NYSE : DPM ) ( the Partnership ) today announced it has completed its previously announced acquisition of Michigan Pipeline & Processing , LLC ( MPP ) , a privately held company engaged in natural gas gathering and treating services for natural gas produced from the Antrim Shale of northern Michigan and natural gas transportation within Michigan . The sellers are two privately held companies . The Partnership paid $ 145 million , subject to certain customary post - closing purchase price adjustments , and may pay up to an additional $ 15 million to the sellers depending on the earnings of the assets after a three - year period . The Partnership funded the acquisition with debt under its existing credit facility . " We ' re pleased to add these 100 percent fee - based assets to our portfolio in an acquisition that is accretive for our unitholders " , said Mark Borer , president and CEO of the Partnership . " The Antrim Shale has sustained steady drilling activity for over a decade . With its shallow , low cost , low risk wells and long lived reserves , the volume profile supports stable cash flows for the Partnership . We also see opportunities to grow our business , especially by increasing the utilization of our treating facilities and providing additional services to our customers " . The Partnership purchased MPP which owns interests in certain gathering and treating assets in the heart of the Antrim Shale as well as interests in three intrastate gas transportation lines in Michigan . - more - - 2 - 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 - 3 - · 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 . # # #