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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
(Mark One)
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or 
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                     
Commission File Number: 001-32678 
 
DCP MIDSTREAM, LP
(Exact name of registrant as specified in its charter) 
Delaware 03-0567133
(State or other jurisdiction
of incorporation or organization)
 (I.R.S. Employer
Identification No.)
370 17th Street, Suite 2500
Denver, Colorado
 80202
(Address of principal executive offices) (Zip Code)
(303) 595-3331
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common units representing limited partnership interestsDCPNew York Stock Exchange
7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsDCP PRBNew York Stock Exchange
7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsDCP PRCNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated filer¨Emerging growth company¨
Non-accelerated filer¨Smaller reporting company¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ¨    No  ý

As of October 29, 2021, there were 208,373,672 common units representing limited partnership interests outstanding.
1


DCP MIDSTREAM, LP
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2021
TABLE OF CONTENTS
 
Item Page
PART I. FINANCIAL INFORMATION
1Financial Statements (unaudited):
Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2021 and 2020
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020
Condensed Consolidated Statement of Changes in Equity for the Nine Months Ended September 30, 2021
Condensed Consolidated Statement of Changes in Equity for the Nine Months Ended September 30, 2020
Notes to the Condensed Consolidated Financial Statements
2Management's Discussion and Analysis of Financial Condition and Results of Operations
3Quantitative and Qualitative Disclosures about Market Risk
4Controls and Procedures
PART II. OTHER INFORMATION
1Legal Proceedings
1ARisk Factors
5Other Information
6Exhibits
Signatures
`



 

i


GLOSSARY OF TERMS
The following is a list of terms used in the industry and throughout this report:
 
ASUaccounting standards update
Bblbarrel
Bbls/dbarrels per day
Bcfbillion cubic feet
Bcf/dbillion cubic feet per day
BtuBritish thermal unit, a measurement of energy
Credit AgreementCredit Agreement governing our $1.4 billion unsecured revolving credit facility, maturing December 9, 2024
Fractionationthe process by which natural gas liquids are separated
    into individual components
GAAPgenerally accepted accounting principles in the United States of America
LIBORLondon Interbank Offered Rate
MBblsthousand barrels
MBbls/dthousand barrels per day
MMBtumillion Btus
MMBtu/dmillion Btus per day
MMcfmillion cubic feet
MMcf/dmillion cubic feet per day
NGLsnatural gas liquids
OPECOrganization of the Petroleum Exporting Countries
OPEC+OPEC members plus ten other oil producing countries
OPISOil Price Information Service
Railroad Commissionthe Railroad Commission of Texas
SECU.S. Securities and Exchange Commission
Securitization Facility$350 million Accounts Receivable Securitization
    Facility, maturing August 12, 2024
TBtu/dtrillion Btus per day
Throughputthe volume of product transported or passing through a
    pipeline or other facility
 

ii


CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

Our reports, filings and other public announcements may from time to time contain statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can typically identify forward-looking statements by the use of forward-looking words, such as “may,” “could,” “should,” “intend,” “assume,” “project,” “believe,” “anticipate,” “expect,” “estimate,” “potential,” “plan,” “forecast” and other similar words.

All statements that are not statements of historical facts, including, but not limited to, statements regarding our future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements.

These forward-looking statements reflect our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside our control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Known risks and uncertainties include, but are not limited to, the risks set forth in Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, and in our Annual Report on Form 10-K for the year ended December 31, 2020, including the following risks and uncertainties:

the impact resulting from the COVID-19 pandemic and disruption to economies around the world including the oil, gas and NGL industry in which we operate and the resulting adverse impact on our business, liquidity, commodity prices, workforce, third-party and counterparty effects and resulting federal, state and local actions;
the extent of changes in commodity prices and the demand for our products and services, our ability to effectively limit a portion of the adverse impact of potential changes in commodity prices through derivative financial instruments, and the potential impact of price, and of producers’ access to capital on natural gas drilling, demand for our services, and the volume of NGLs and condensate extracted;
the demand for crude oil, residue gas and NGL products;
the level and success of drilling and quality of production volumes around our assets and our ability to connect supplies to our gathering and processing systems, as well as our residue gas and NGL infrastructure;
new, additions to, and changes in, laws and regulations, particularly with regard to taxes, safety, regulatory and protection of the environment, including, but not limited to, climate change legislation, regulation of over-the-counter derivatives markets and entities, and hydraulic fracturing regulations, or the increased regulation of our industry, including additional local control over such activities, and their impact on producers and customers served by our systems;
volatility in the price of our common units and preferred units;
general economic, market and business conditions;
the amount of natural gas we gather, compress, treat, process, transport, store and sell, or the NGLs we produce, fractionate, transport, store and sell, may be reduced if the pipelines, storage and fractionation facilities to which we deliver the natural gas or NGLs are capacity constrained and cannot, or will not, accept the natural gas or NGLs or we may be required to find alternative markets and arrangements for our natural gas and NGLs;
our ability to continue the safe and reliable operation of our assets;
our ability to grow through organic growth projects, or acquisitions, and the successful integration and future performance of such assets;
our ability to access the debt and equity markets and the resulting cost of capital, which will depend on general market conditions, our financial and operating results, inflation rates, interest rates, our ability to comply with the covenants in our Credit Agreement or other credit facilities, and the indentures governing our notes, as well as our ability to maintain our credit ratings;
the creditworthiness of our customers and the counterparties to our transactions, including the impact of bankruptcies;
the amount of collateral we may be required to post from time to time in our transactions;
industry changes, including consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition;
our ability to construct and start up facilities on budget and in a timely fashion, which is partially dependent on obtaining required construction, environmental and other permits issued by federal, state and municipal governments, or agencies thereof, the availability of specialized contractors and laborers, and the price of and demand for materials;
our ability to hire, train, and retain qualified personnel and key management to execute our business strategy;
weather, weather-related conditions and other natural phenomena, including, but not limited to, their potential impact on demand for the commodities we sell and the operation of company-owned and third party-owned infrastructure;
security threats such as terrorist attacks, and cybersecurity attacks and breaches, against, or otherwise impacting, our facilities and systems; and
our ability to obtain insurance on commercially reasonable terms, if at all, as well as the adequacy of insurance to cover our losses.

In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. The forward-looking statements in this report speak as of the filing date of this report. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
iii


PART I
Item 1. Financial Statements
1


DCP MIDSTREAM, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
September 30, 2021December 31, 2020
ASSETS(millions)
Current assets:
Cash and cash equivalents$3 $52 
Accounts receivable:
Trade, net of allowance for credit losses of $2 and $2 million, respectively
1,045 572 
Affiliates484 238 
Other17 10 
Inventories58 38 
Unrealized gains on derivative instruments141 63 
Collateral cash deposits231 14 
Other22 21 
Total current assets2,001 1,008 
Property, plant and equipment, net7,775 7,993 
Intangible assets, net41 44 
Investments in unconsolidated affiliates3,577 3,641 
Unrealized gains on derivative instruments13 16 
Operating lease assets93 85 
Other long-term assets196 170 
Total assets$13,696 $12,957 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable:
Trade$1,037 $536 
Affiliates246 161 
Other
13 23 
Current debt355 505 
Unrealized losses on derivative instruments321 56 
Accrued interest72 85 
Accrued taxes71 59 
Accrued wages and benefits50 70 
Capital spending accrual3 4 
Other118 122 
Total current liabilities2,286 1,621 
Long-term debt5,325 5,119 
Unrealized losses on derivative instruments48 7 
Deferred income taxes30 30 
Operating lease liabilities81 76 
Other long-term liabilities260 243 
Total liabilities8,030 7,096 
Commitments and contingent liabilities (see note 14)
Equity:
Series A preferred limited partners (500,000 preferred units authorized, issued and outstanding, respectively)
499 489 
Series B preferred limited partners (6,450,000 preferred units authorized, issued and outstanding, respectively)
156 156 
Series C preferred limited partners (4,400,000 preferred units authorized, issued and outstanding, respectively)
106 106 
Limited partners (208,373,672 and 208,351,528 common units authorized, issued and outstanding, respectively)
4,885 5,090 
Accumulated other comprehensive loss(6)(7)
Total partners’ equity5,640 5,834 
Noncontrolling interests26 27 
Total equity5,666 5,861 
Total liabilities and equity$13,696 $12,957 

See accompanying notes to condensed consolidated financial statements.
2


DCP MIDSTREAM, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
 (millions, except per unit amounts)
Operating revenues:
Sales of natural gas, NGLs and condensate$1,935 $1,204 $5,395 $3,378 
Sales of natural gas, NGLs and condensate to affiliates921 262 2,143 653 
Transportation, processing and other144 109 387 330 
Trading and marketing (losses) gains, net(173)11 (695)156 
Total operating revenues2,827 1,586 7,230 4,517 
Operating costs and expenses:
Purchases and related costs2,181 944 5,484 2,539 
Purchases and related costs from affiliates81 32 183 89 
Transportation and related costs from affiliates249 242 720 710 
Operating and maintenance expense168 146 482 447 
Depreciation and amortization expense89 92 273 284 
General and administrative expense63 66 158 173 
Asset impairments  20 746 
Other expense (income), net2 4 (4)12 
Loss on sale of assets, net  1  
Restructuring costs   9 
Total operating costs and expenses2,833 1,526 7,317 5,009 
Operating (loss) income(6)60 (87)(492)
Earnings from unconsolidated affiliates134 130 393 331 
Interest expense, net(73)(77)(227)(226)
Income (loss) before income taxes55 113 79 (387)
Income tax expense (1) (2)
Net income (loss)55 112 79 (389)
Net income attributable to noncontrolling interests(1)(1)(3)(3)
Net income (loss) attributable to partners54 111 76 (392)
Series A preferred limited partners' interest in net income
(9)(9)(28)(28)
Series B preferred limited partners' interest in net income(4)(3)(10)(9)
Series C preferred limited partners' interest in net income(3)(3)(7)(7)
Net income (loss) allocable to limited partners$38 $96 $31 $(436)
Net income (loss) per limited partner unit — basic and diluted$0.18 $0.46 $0.15 $(2.09)
Weighted-average limited partner units outstanding — basic208.4 208.3 208.4 208.3 
Weighted-average limited partner units outstanding — diluted208.7 208.7 208.6 208.3 
See accompanying notes to condensed consolidated financial statements.

3


DCP MIDSTREAM, LP
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
 (millions)
Net income (loss)$55 $112 $79 $(389)
Other comprehensive income:
Total other comprehensive income1  1  
Total comprehensive income (loss)56 112 80 (389)
Total comprehensive income attributable to noncontrolling interests(1)(1)(3)(3)
Total comprehensive income (loss) attributable to partners$55 $111 $77 $(392)
See accompanying notes to condensed consolidated financial statements.

4


DCP MIDSTREAM, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 Nine Months Ended September 30,
 20212020
 (millions)
OPERATING ACTIVITIES:
Net income (loss)$79 $(389)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense273 284 
Earnings from unconsolidated affiliates(393)(331)
Distributions from unconsolidated affiliates462 489 
Net unrealized losses (gains) on derivative instruments296 (66)
Asset impairments20 746 
Other, net13 27 
Change in operating assets and liabilities, which (used) provided cash:
Accounts receivable(726)185 
Inventories(20)13 
Accounts payable576 (230)
Other assets and liabilities(325)63 
Net cash provided by operating activities255 791 
INVESTING ACTIVITIES:
Capital expenditures(69)(125)
Investments in unconsolidated affiliates(4)(107)
Distributions from unconsolidated affiliates 5 
Proceeds from sale of assets 2 
Net cash used in investing activities(73)(225)
FINANCING ACTIVITIES:
Proceeds from debt3,380 3,958 
Payments of debt(3,332)(4,137)
Distributions to preferred limited partners(35)(34)
Distributions to limited partners and general partner(244)(325)
Distributions to noncontrolling interests(4)(3)
Debt issuance costs (8)
Other (1)
Net cash used in financing activities(235)(550)
Net change in cash, cash equivalents and restricted cash(53)16 
Cash, cash equivalents and restricted cash, beginning of period56 1 
Cash, cash equivalents and restricted cash, end of period$3 $17 
Reconciliation of cash, cash equivalents, and restricted cash:September 30, 2021September 30, 2020
Cash and cash equivalents$3 $14 
Restricted cash included in other current assets 3 
Total cash, cash equivalents, and restricted cash$3 $17 

See accompanying notes to condensed consolidated financial statements.
5


DCP MIDSTREAM, LP
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited)

 
 Partners' Equity  
 Series A Preferred Limited PartnersSeries B Preferred Limited PartnersSeries C Preferred Limited PartnersLimited 
Partners
Accumulated 
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Equity
 (millions)
Balance, January 1, 2021$489 $156 $106 $5,090 $(7)$27 $5,861 
Net income9 3 2 39  1 54 
Distributions to unitholders (3)(2)(81)  (86)
Distributions to noncontrolling interests     (1)(1)
Equity based compensation   4   4 
Balance, March 31, 2021$498 $156 $106 $5,052 $(7)$27 $5,832 
Net income (loss)10 3 2 (46) 1 (30)
Distributions to unitholders(18)(3)(2)(82)  (105)
Distributions to noncontrolling interests     (1)(1)
Equity based compensation   1   1 
Balance, June 30, 2021$490 $156 $106 $4,925 $(7)$27 $5,697 
Net income9 4 3 38  1 55 
Other comprehensive income    1  1 
Distributions to unitholders (4)(3)(81)  (88)
Distributions to noncontrolling interests     (2)(2)
Equity based compensation   3   3 
Balance, September 30, 2021$499 $156 $106 $4,885 $(6)$26 $5,666 
See accompanying notes to condensed consolidated financial statements.

6


DCP MIDSTREAM, LP
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited)
 Partner's Equity  
 Series A Preferred Limited PartnersSeries B Preferred Limited PartnersSeries C Preferred Limited PartnersLimited 
Partners
Accumulated 
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Equity
 (millions)
Balance, January 1, 2020$489 $156 $106 $5,861 $(7)$28 $6,633 
Net income (loss)9 3 2 (564) 1 (549)
Distributions to unitholders (3)(2)(162)  (167)
Distributions to noncontrolling interests     (1)(1)
Balance, March 31, 2020$498 $156 $106 $5,135 $(7)$28 $5,916 
Net income10 3 2 32  1 48 
Distributions to unitholders(18)(3)(2)(81)  (104)
Distributions to noncontrolling interests     (1)(1)
Balance, June 30, 2020$490 $156 $106 $5,086 $(7)$28 $5,859 
Net income9 3 3 96  1 112 
Distributions to unitholders (3)(3)(82)  (88)
Distributions to noncontrolling interests     (1)(1)
Balance, September 30, 2020$499 $156 $106 $5,100 $(7)$28 $5,882 
See accompanying notes to condensed consolidated financial statements.

7

DCP MIDSTREAM, LP
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Three and Nine Months Ended September 30, 2021 and 2020
(unaudited)









1. Description of Business and Basis of Presentation

DCP Midstream, LP, with its consolidated subsidiaries, or us, we, our or the Partnership is a Delaware limited partnership formed in 2005 by DCP Midstream, LLC to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets.
Our Partnership includes our Logistics and Marketing and Gathering and Processing segments. For additional information regarding these segments, see Note 15 - Business Segments.
Our operations and activities are managed by our general partner, DCP Midstream GP, LP, which in turn is managed by its general partner, DCP Midstream GP, LLC, which we refer to as the General Partner, and which is 100% owned by DCP Midstream, LLC. DCP Midstream, LLC and its subsidiaries and affiliates, collectively referred to as DCP Midstream, LLC, is owned 50% by Phillips 66 and 50% by Enbridge Inc. and its affiliates, or Enbridge. DCP Midstream, LLC directs our business operations through its ownership and control of the General Partner. As of September 30, 2021, DCP Midstream, LLC, together with our general partner, owned approximately 57% of us through limited partner interests.
The condensed consolidated financial statements include the accounts of the Partnership and all majority-owned subsidiaries where we have the ability to exercise control. Investments in greater than 20% owned affiliates that are not variable interest entities and where we do not have the ability to exercise control, and investments in less than 20% owned affiliates where we have the ability to exercise significant influence, are accounted for using the equity method.
The condensed consolidated financial statements have been prepared in accordance with GAAP. Conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and notes. Although these estimates are based on management's best available knowledge of current and expected future events, actual results could differ from these estimates, which may be significantly impacted by various factors, including those outside of our control, such as the impact of a sustained deterioration in commodity prices and volumes, which would negatively impact our results of operations, financial condition and cash flows. All intercompany balances and transactions have been eliminated in consolidation.
These unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the SEC. Accordingly, these condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods. Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted from these interim financial statements pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. Results of operations for the nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These unaudited condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the 2020 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020.

2. Revenue Recognition
We disaggregate our revenue from contracts with customers by type of contract for each of our reportable segments, as we believe it best depicts the nature, timing and uncertainty of our revenue and cash flows. The following tables set forth our revenue by those categories:
Three Months Ended September 30, 2021
Logistics and MarketingGathering and ProcessingEliminationsTotal
(millions)
Sales of natural gas$895 $715 $(695)$915 
Sales of NGLs and condensate (a)1,768 1,139 (966)