DCP Midstream Announces Sale of Rock Creek Asset, Bringing Total 2019 Dispositions to Nearly $185 Million
Source: Nasdaq GlobeNewswire / 20 Nov 2019 19:24:47 America/New_York
DENVER, Nov. 20, 2019 (GLOBE NEWSWIRE) -- Today, DCP Midstream, LP (NYSE: DCP) announced the execution and closing of a purchase and sale agreement under which DCP will convey 100% ownership in its Rock Creek Asset, located in the panhandle region of Oklahoma and Texas, and generally consisting of Rock Creek Plant, Sneed, Dumas, Borger and Pampa Gathering Systems, 43 field compressor stations, and approximately 3,000 miles of gathering lines. This transaction brings proceeds from total year-to-date non-core asset sales to approximately $185 million.
“In addition to our excess coverage, we will use the proceeds from these transactions to help fund over 35% of DCP’s 2019 strategic capital program focused on integrating and enhancing our core value chain,” said Wouter van Kempen, chairman, president, and CEO of DCP Midstream. “Throughout the year, we have driven operational excellence and innovation, while optimizing our footprint, to produce great results and fund a significant portion of our growth. This sale is another excellent example of our ability to deliver on our strategic goals as we work toward achieving a fully self-funded model.”
About DCP Midstream, LP
DCP Midstream, LP (NYSE: DCP) is a Fortune 500 midstream master limited partnership headquartered in Denver, Colorado, with a diversified portfolio of gathering, processing, logistics and marketing assets. DCP is one of the largest natural gas liquids producers and marketers and one of the largest natural gas processors in the U.S. The owner of DCP’s general partner is a joint venture between Enbridge and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com.
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. Generally the words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although DCP Midstream believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in DCP Midstream’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year-ended December 31, 2018 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website under the Investors tab at www.dcpmidstream.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, DCP Midstream undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.
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