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DCP Midstream Partners, LP Q2 2010 Earnings Call Transcript

In addition, during our discussion, we will use various non-GAAP measures, including distributable cash flow, adjusted EBIDTA and adjusted segment EBIDTA. These measures are reconciled to the nearest GAAP measure and schedules provided on our website. We ask that you review that information as well. And now, I will turn it over to Mark Borer.

Mark Borer

Thanks Mike. Good morning everyone and thanks for joining us today for discussion of our second quarter results. As you saw in our press release last evening, we reported second quarter results which were in line with our 2010 DCF forecast. In addition to meeting our financial goals, we have been diligently executing our growth opportunities and related business objective which we will also discuss today.

On slide three, you will see our agenda for this morning. I will begin with some highlights of the quarter. I will then provide an operational update including execution of growth opportunities across all three of our business segments. Angela will follow with the financial overview of the quarter.

We will close with our outlook and summary. We are pleased with the progress we have made thus far this year. We’re optimistic about the future and believe we are favorably positioned to continue executing our growth strategy as we move through 2010 and beyond.

Turning to slide four, let's discuss some highlights for the quarter. Second quarter financial results are on track to achieve our 2010 DCF forecast. We generated distributable cash flow of $24.9 million for the quarter and $56.6 million year-to-date providing a distribution coverage ratio of 1.14 times year-to-date and 1.2 times over the trailing four quarters.

In our year-end earnings call, we reintroduced the resumption of distribution growth as a 2010 objective. We declared a cash distribution of $0.61 per unit for the second quarter which is a 1.7% increase.

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