DCP Midstream Partners Announces Return to Service of Discovery Mainline
DENVER, Jan. 21 /PRNewswire-FirstCall/ -- DCP Midstream Partners, LP (NYSE: DPM) (the Partnership) today announced the 30-inch mainline of the Discovery offshore gathering system has been repaired and is back in service following damage sustained from Hurricane Ike. Discovery's offshore gathering system sustained the damage in September 2008 when an 18-inch lateral was severed from its connection to the 30-inch mainline in 250 feet of water. The offshore gathering system had not been accepting gas from producers since being shut in prior to Hurricane Ike. The 30-inch mainline is now delivering 150 million cubic feet per day (MMcfd) of production, which was its approximate volume prior to the hurricane. The damaged 18-inch lateral remains offline while repairs are being made, shutting in approximately 30 MMcfd of production. The lateral is expected to be repaired and placed back into service by mid-February.
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The Partnership owns 40 percent of the Discovery system, which includes an offshore natural gas gathering system, as well as the Larose natural gas processing plant and Paradis fractionation facility. Neither onshore facility was seriously damaged. Both have been processing gas from third party sources since September. Williams (NYSE: WMB) operates the Discovery system.
The Partnership's previous fourth-quarter 2008 guidance for the expected financial effect of hurricane-related damages and downtime, as stated in its press release on Oct. 15, 2008, is unchanged.
DCP Midstream Partners, LP (NYSE: DPM) is a midstream master limited partnership that gathers, treats, processes, transports and markets natural gas and 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. For more information, visit the DCP Midstream Partners, LP web site at http://www.dcppartners.com.
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions for such statements as defined under the federal securities laws. 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. Investors are encouraged to consider carefully the disclosures and risk factors that may impact these statements, which are contained in the Partnership's most recent annual and quarterly reports filed from time to time with the Securities and Exchange Commission which can be viewed at the Commission's website at www.sec.gov. All statements made herein are expressly qualified by such factors.
SOURCE DCP Midstream Partners, LP
Contact: Karen Taylor of DCP Midstream Partners, LP, +1-303-633-2913, or cell, +1-303-809-9160
