¨	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 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))

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(d)	Exhibits.

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•	Reported net income attributable to partners of $94 million and $298 million for the quarter and year ended December 31, 2018, or $0.28 and $0.61 per basic and diluted limited partner unit, respectively.

•	Delivered strong 2018 results with distributable cash flow ("DCF") above the high end of guidance.

•	Generated DCF of $138 million and $684 million for the quarter and year ended December 31, 2018, resulting in a distribution coverage ratio of 0.90 and 1.11 times, respectively.

•	Reported adjusted EBITDA of $245 million and $1,092 million for the quarter and year ended December 31, 2018, respectively.

•	Strong NGL pipeline throughput volumes increased approximately 20% from the fourth quarter of 2017, driven by record volumes on Southern Hills and Sand Hills.

•	Sand Hills capacity expanded to 485 MBbls/d in the fourth quarter of 2018.

•	Achieved record wellhead volumes in the DJ Basin in the fourth quarter of 2018, up approximately 20% from the fourth quarter of 2017.

•	Announced sale of wholesale propane business in January 2019, with proceeds to support funding our strategic capital program.

(1)

This press release includes the following financial measures not presented in accordance with U.S. generally accepted accounting principles, or GAAP: adjusted EBITDA, distributable cash flow and adjusted segment EBITDA. Each such non-GAAP financial measure is defined below under “Non-GAAP Financial Information”, and each is reconciled to its most directly comparable GAAP financial measure under “Reconciliation of Non-GAAP Financial Measures” in schedules at the end of this press release.

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(1)

This press release includes the following financial measures not presented in accordance with U.S. generally accepted accounting principles, or GAAP: adjusted EBITDA, distributable cash flow, forecasted adjusted EBITDA and forecasted distributable cash flow. Each such non-GAAP financial measure is defined below under “Non-GAAP Financial Information”, and each is reconciled to its most directly comparable GAAP financial measure under “Reconciliation of Non-GAAP Financial Measures” in schedules at the end of this press release.

•	Expect to self-fund a portion of growth capital expenditures with excess coverage and potential divestitures

•	No planned common equity issuances

•	Lower costs

•	Higher volumes on Sand and Southern Hills associated with expansions placed into service during 2018

•	Higher Guadalupe margins

•	Full year Mewbourn 3 and partial year O’Connor 2 adjusted EBITDA

•	Lower commodity prices

•	Ethane rejection of 60 - 70 MBbls/d

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•	Increased Sand Hills NGL pipeline capacity to 485 MBbls/d in the fourth quarter of 2018.

•	The approximately 2.0 Bcf/d Gulf Coast Express ("GCX") gas takeaway pipeline is fully subscribed and construction is underway. GCX is expected to be placed in service in the fourth quarter of 2019.

•	Adding NGL takeaway to the DJ Basin with Southern Hills pipeline extension via the White Cliffs pipeline. The initial capacity out of the DJ Basin is expected to be 90 MBbls/d, expandable to 120 MBbls/d, with an anticipated fourth quarter 2019 in-service date.

•	Expanding Front Range by 100 MBbls/d and Texas Express by 90 MBbls/d, adding NGL takeaway from the DJ Basin. Both expansions are expected to go into service in the third quarter of 2019.

•	DCP holds an option to acquire a 33% interest in the Cheyenne Connector, exercisable after FERC approval for the project, with an anticipated fourth quarter 2019 in-service date.

•	Construction of the 300 MMcf/d O'Connor 2 facility, comprised of processing capacity of 200 MMcf/d and up to 100 MMcf/d of bypass, is progressing well. The O'Connor 2 plant is expected to be in-service in the second quarter of 2019, and associated bypass is expected to be in-service in the third quarter of 2019.

•	The Bighorn program is under development with focus on adding additional gas processing and bypass infrastructure to the DJ Basin.

•	DCP holds an option to acquire a 30% ownership interest in two 150 MBbls/d fractionators to be constructed within Phillips 66's Sweeny Hub, exercisable at the in-service date, which is expected to be in late 2020.

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•	DCP has a $1.4 billion senior unsecured revolving credit agreement that matures on December 6, 2022, or the Credit Agreement. As of December 31, 2018, total available capacity under the Credit Agreement was $1,036 million net of $351 million of outstanding borrowings and $13 million of letters of credit.

•	DCP has an accounts receivable securitization facility that provides up to $200 million of borrowing capacity at LIBOR market index rates plus a margin through August 2019. As of December 31, 2018, DCP had $200 million of outstanding borrowings under the accounts receivable securitization facility included in current debt.

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•	financial performance of DCP's assets without regard to financing methods, capital structure or historical cost basis;

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•	DCP's operating performance and return on capital as compared to those of other companies in the midstream energy industry, without regard to financing methods or capital structure;

•	viability and performance of acquisitions and capital expenditure projects and the overall rates of return on investment opportunities;

•	performance of DCP's business excluding non-cash commodity derivative gains or losses; and

•	in the case of Adjusted EBITDA, the ability of DCP's assets to generate cash sufficient to pay interest costs, support its indebtedness, make cash distributions to its unitholders and general partner, and pay maintenance capital expenditures.

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