DCP Midstream Partners, LP

CIK:0001338065|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating revenues:
Trading and marketing gains (losses), net	$ 20	$ (14)	$ 107	$ (249)
Total operating revenues	1,841	4,269	4,567	7,644
Operating costs and expenses:
Operating and maintenance expense	229	189	426	341
Depreciation and amortization expense	91	90	181	180
General and administrative expense	68	65	148	120
Other income, net	0	(8)	0	(8)
Asset Impairment	0	1	0	1
Loss (gain) on sale of assets, net	3	0	3	(7)
Restructuring costs	16	0	26	0
Total operating costs and expenses	1,819	3,981	4,424	7,346
Operating income	22	288	143	298
Earnings from unconsolidated affiliates	148	168	308	311
Interest expense, net	(75)	(70)	(143)	(141)
Income before income taxes	95	386	308	468
Income tax expense	0	(2)	(1)	(3)
Net income	95	384	307	465
Net income attributable to noncontrolling interests	(1)	(1)	(2)	(2)
Net income attributable to partners	94	383	305	463
Series A preferred limited partners' interest in net income	0	(9)	0	(18)
Series B preferred limited partners' interest in net income	(3)	(3)	(6)	(6)
Series C preferred limited partners' interest in net income	(2)	(3)	(4)	(5)
Net income allocable to limited partners	$ 84	$ 368	$ 290	$ 434
Net income per limited partner unit — basic and diluted	$ 0.40	$ 1.77	$ 1.39	$ 2.08
Weighted Average Limited Partnership Units Outstanding, Basic	208.7	208.4	208.6	208.4
Weighted Average Limited Partnership Units Outstanding, Diluted	208.7	208.5	208.6	208.6
Preferred Stock Redemption Premium	$ (5)	$ 0	$ (5)	$ 0
Series A Preferred Limited Partners [Member]
Operating costs and expenses:
Net income		9
Limited Partners
Operating costs and expenses:
Net income	89	368
Preferred Stock Redemption Premium	(5)
Natural Gas, NGLs and Condensate [Member] \| Third Party
Operating revenues:
Sales of natural gas, NGLs and condensate	762	2,880	2,505	5,208
Operating costs and expenses:
Purchases and related costs	1,112	3,269	2,964	5,988
Transportation, Processing and Other [Member]
Operating revenues:
Sales of natural gas, NGLs and condensate	148	184	311	339
Affiliated Entity \| Natural Gas, NGLs and Condensate [Member]
Operating revenues:
Sales of natural gas, NGLs and condensate	911	1,219	1,644	2,346
Operating costs and expenses:
Purchases and related costs	12	100	109	199
Affiliated Entity \| Transportation Fees
Operating costs and expenses:
Purchases and related costs	$ 288	$ 275	$ 567	$ 532

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES:
Net (loss) income	$ 95	$ 384	$ 307	$ 465
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	91	90	181	180
Earnings from unconsolidated affiliates	(148)	(168)	(308)	(311)
Distributions from unconsolidated affiliates			360	369
Net unrealized (gains) losses on derivative instruments	(7)	(101)	(47)	75
Loss (gain) on sale of assets, net	3	0	3	(7)
Asset Impairment	0	1	0	1
Other, net			39	14
Change in operating assets and liabilities, which (used) provided cash, net of effects of acquisitions:
Accounts receivable			492	(624)
Inventories			20	(31)
Accounts payable			(693)	606
Decrease in Other Operating Assets and Liabilities, Net			15	(163)
Net cash provided by operating activities			369	574
INVESTING ACTIVITIES:
Capital expenditures	(82)	(37)	(163)	(60)
Business Combination, Consideration Transferred			0	(16)
Payments to Acquire Equity Method Investments			(1)	(1)
Proceeds from Equity Method Investment, Distribution, Return of Capital			9	0
Proceeds from sale of assets			4	16
Net cash used in investing activities			(151)	(61)
FINANCING ACTIVITIES:
Proceeds from debt			2,576	2,690
Payments of debt			(2,441)	(2,998)
Distributions to preferred limited partners			(10)	(29)
Distributions to limited partners and general partner			(179)	(163)
Payments to Noncontrolling Interests			(3)	(2)
Payments for Repurchase of Redeemable Preferred Stock	(161)		(161)	0
Payments of Debt Issuance Costs			0	(4)
Net cash provided by (used in) financing activities			(218)	(506)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect			0	7
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance			5	1
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	5	$ 8	5	$ 8
Cash and cash equivalents, end of period	$ 5		$ 5

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 5	$ 1
Accounts receivable:
Trade, net of allowance for credit losses of $3 and $2 million, respectively	438	995
Other	2	3
Inventories	41	83
Unrealized gains on derivative instruments	60	140
Collateral cash deposits	3	93
Other	28	27
Total current assets	1,002	1,702
Property, plant and equipment, net	7,733	7,763
Intangible assets, net	32	34
Investments in unconsolidated affiliates	3,416	3,475
Unrealized gains on derivative instruments	17	26
Operating lease assets	109	112
Other long-term assets	183	222
Total assets	12,492	13,334
Accounts payable:
Trade	517	1,199
Other	30	29
Current debt	7	506
Unrealized losses on derivative instruments	36	148
Accrued interest	71	78
Accrued taxes	51	58
Accrued wages and benefits	32	72
Capital spending accrual	8	22
Other	139	137
Total current liabilities	1,144	2,504
Long-term debt	4,901	4,357
Unrealized losses on derivative instruments	13	35
Deferred income taxes	33	33
Operating lease liabilities	97	95
Other long-term liabilities	221	274
Total liabilities	6,509	7,298
Equity:
Limited partners (208,677,458 and 208,396,558 common units authorized, issued and outstanding, respectively)	5,859	5,755
Accumulated other comprehensive loss	(6)	(6)
Total partners’ equity	5,959	6,011
Noncontrolling interests	24	25
Total equity	5,983	6,036
Total liabilities and equity	12,492	13,334
Allowance for Doubtful Accounts Receivable, Current	$ 3	$ 2
Common unitholders, units issued (in shares)	208,677,458	208,396,558
Common unitholders, units outstanding (in shares)	208,677,458	208,396,558
Related Party
Accounts receivable:
Affiiates	$ 425	$ 360
Accounts payable:
Trade	253	255
Phillips 66 \| Related Party
Accounts receivable:
Affiiates	398	343
Other	7	1
Accounts payable:
Trade	163	167
Accrued wages and benefits	32	0
Other	28	0
Long-term debt	100	0
Series B Preferred Limited Partners [Member]
Equity:
Preferred Units, Preferred Partners' Capital Accounts	0	156
Total equity	$ 0	$ 156
Preferred Units, Issued	0	6,450,000
Preferred Units, Outstanding	0	6,450,000
Series C Preferred Limited Partners [Member]
Equity:
Preferred Units, Preferred Partners' Capital Accounts	$ 106	$ 106
Total equity	$ 106	$ 106
Preferred Units, Issued	4,400,000	4,400,000
Preferred Units, Outstanding	4,400,000	4,400,000