DCP Midstream Partners, LP (DCP or 'the company') is engaged in the business of gathering, compressing, treating, processing, transporting, storing, and selling natural gas; and producing, fractionating, transporting, storing, and selling natural gas liquids (NGLs) and condensate. The company is also involved in the transportation, storage, and sale of propane in the wholesale markets. The company primarily operates in the US.
DCP's operations are managed by its general partner, DCP Midstream GP, LP, which in turn is managed by its general partner, DCP Midstream GP, LLC. DCP Midstream GP, LLC is 100% owned by DCP Midstream, LLC (DCP Midstream), a joint venture between its owners Phillips 66 and Spectra Energy Corp (Spectra Energy).
DCP operates through three business segments: natural gas services; wholesale propane logistics; and NGL logistics.
The natural gas services segment is engaged in gathering, compressing, treating, processing, transporting, storing and selling natural gas. It also engages in producing, fractionating, transporting, storing and selling NGLs. The business operates in seven states in the continental US including Arkansas, Colorado, Louisiana, Michigan, Oklahoma, Texas, and Wyoming. The assets in these states include DCP's Eagle Ford system, East Texas system, Southeast Texas system, Michigan system, Northern Louisiana system, Southern Oklahoma system, Wyoming system, Piceance system, Discovery system, onshore Southern Louisiana system and DJ Basin system.
The Eagle Ford system is an integrated midstream business in Fayette, Goliad, Jackson, Jim Wells, Lavaca, Live Oak and Nueces counties in Texas which includes gathering systems, production from 900,000 acres supported by acreage dedications or throughput commitments, cryogenic natural gas processing plants and fractionation facilities. The company's East Texas system includes one gas processing complex containing four natural gas processing plants, as well as the George Gray and the Crossroads processing plants. It gathers, transports, compresses, treats and processes natural gas and NGLs. The Southeast Texas system is also a fully integrated midstream business which includes natural gas pipelines, three natural gas processing plants and natural gas storage assets in Beaumont, Texas.
Moreover, the Michigan system consists of three natural gas treating plants, a gas gathering system and various residue pipeline interests primarily located in northern Michigan. The Northern Louisiana system consists of two natural gas processing plants, which gather natural gas from producers and deliver it for processing to the processing plants. It also includes the company's Pelico system, which stores natural gas and transports it to markets. In addition, the Wyoming system consists of natural gas gathering pipelines. The system gathers primarily rich casing-head gas from oil wells at low pressure and delivers the gas to a third party for processing under a fee-based agreement. Also, the company’s 75% operating interest in the Piceance system.
The company also consists of a 40% interest in Discovery Producer Services or Discovery, with the remaining 60% owned by Williams Partners. The DJ Basin system also consists of three gas processing plants in the Denver-Julesburg Basin, or DJ Basin, in Weld County, Colorado.
At the end of FY2015, the company operated 23 plants and five fractionators with an approximate net nameplate plant capacity of 3,718 million cubic feet per day (MMcf/d) and 13 billion cubic feet (Bcf) of natural gas storage capacity. The NGL production totaled 161,007 barrels per day (Bbls/d) in FY2015. Also, the company operated 11,220 miles of gas gathering and transmission systems.
The wholesale propane logistics segment owns and operates a wholesale propane logistics business in the states of Maine, Massachusetts, New York, Pennsylvania, Vermont and Virginia. The segment's operations serve the large propane and other liquefied petroleum gas (LPG) markets in the northeastern, mid-Atlantic, and upper mid-western states. The company also provide storage services to its customers for propane and other LPGs.
The segment's operations include one owned marine terminal, one owned propane pipeline terminal and six owned propane rail terminals, with a combined capacity of approximately 550 million barrels (MMBbls), and access to several open access pipeline terminals. The company's owned marine terminal also has storage capabilities for other LPGs.
Moreover, DCP also owns its rail terminals and lease the land on which the terminals are situated under long-term leases. Each of the rail terminals consist of two to three propane tanks that provide additional capacity for storage, and two high volume racks for loading propane into trucks. The wholesale propane logistics segment sell propane to propane distributors under annual sales agreements. The company also purchases propane supply from natural gas fractionation plants and crude oil refineries located in the Texas and Louisiana Gulf Coast.
The NGL logistics segment owns and operates assets for its NGL logistics business in the states of Colorado, Kansas, Louisiana, Michigan, Oklahoma and Texas. The NGL pipelines transport NGLs from natural gas processing plants to fractionation facilities, a petrochemical plant and a third party underground NGL storage facility.
Under the segment, the company consists of various NGL pipelines: DCP Southern Hills Pipeline, DCP Sand Hills Pipeline, Texas Express Pipeline, Wattenberg interstate NGL pipeline, Front Range Pipeline, Black Lake interstate NGL pipeline, Panola Pipeline Company, Seabreeze intrastate NGL pipeline and Wilbreeze intrastate NGL pipeline.
Moreover, the company also holds 12.5% interest in the Enterprise fractionator operated by Enterprise and a 20% interest in the Mont Belvieu 1 fractionator operated by ONEOK Partners, both located in Mont Belvieu, Texas. Also, NGL storage facility is located in Marysville, Michigan and includes 11 underground salt caverns with approximately eight MMBbls of storage capacity. It also operates rail, truck and pipeline connections providing an important supply point for refiners, petrochemical plants and wholesale propane distributors in the Sarnia, mid-western and northeastern markets.
During FY2015, the segment operated four fractionators with a throughput capacity of 466,000 Bbls/d and operated 4,320 miles of pipeline.
Scope of the Report
-- About the Company - Historical Details, Current Ownership Structure and basic overview of DCP Midstream Partners, LP in terms of revenue, net income, and operating income.
-- Financials - Details about DCP Midstream Partners, LP listing status, annual financial reports (for the past 5 years), key financial highlights and region wise and category wise breakdown of their net revenue.
-- Products / Services - Listing of the company’s entire portfolio along with description of individual products / services providing a clear picture of their target audience.
-- Company SWOT Analysis - Outlines DCP Midstream Partners, LP’s strengths, weaknesses, and opportunities and threats facing the company.
-- Recent Developments - Showcases DCP Midstream Partners, LP’s recent developments including mergers, acquisitions, partnerships, collaborations, new product launches, investment and divestment plans.
-- Strategic Evaluation - Provides an overview of DCP Midstream Partners, LP’s corporate goals and strategic initiatives and evaluates their outcomes along with outlining any persisting legal issues and outlook of our in-house analyst panel on the particular company.
-- Technology Landscape - Details how the company allocates its IT budget across the core areas of its business, CIO/CTO Profile, Key IT Initiatives and Deals undertaken buy the company at present along with outlook.
Key Questions Answered
-- What domain does DCP Midstream Partners, LP operate and what are key points about it?
-- What is the product / service portfolio of DCP Midstream Partners, LP?
-- How has DCP Midstream Partners, LP performed financially from the 2013?
-- How does DCP Midstream Partners, LP rank among its peers in terms of revenue and market share?
-- What are DCP Midstream Partners, LP strengths and weaknesses and what opportunities and threats does it face?
-- What are DCP Midstream Partners, LP’s main growth strategies and how successful has the company been at implementing them?
-- What is the in-house technical capability of DCP Midstream Partners, LP? Where does it procure / outsource it?
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1. About the Company
1.1 History and Basic Facts
1.2 Ownership Structure and Key Executives
1.3 Head Office
1.4 Other Locations & Subsidiaries
1.5 List of Competitors
1.6 Employee Count & Distribution
2.1 Company Type (Listed / Unlisted)
2.2 Annual Statements
2.3 Key Financial Highlights
2.4 Region-wise Breakdown
3. Product / Services
4. SWOT Analysis
4.1 SWOT Overview
5. Recent Developments
5.1 Mergers & Acquisitions
5.2 Partnerships, Collaborations & Joint Ventures
5.3 New Product Launches
5.4 Business Expansion / Divestment
6. Strategic Evaluation
6.1 Corporate Strategy
6.2 Legal Issues
6.3 Analyst Outlook
7. Technology Landscape
-- 7.1.1 Industry Snapshot
-- 7.1.2 IT Spend
-- 7.1.3 Key Information Technology Trends
-- 7.2.1 IT Overview
-- 7.2.2 Key IT Technologies
-- 7.2.3 Recent IT Initiatives
-- 7.2.4 IT Outsourcing Engagements
-- 7.2.5 Key IT Management
-- 7.2.6 CIO/CTO Profile
-- About Us
-- Contact Us