DCP Midstream Partners, LP Q2 2010 Earnings Call Transcript
The increase in our distribution speaks to our solid and sustainable business results as well as our recent execution on growth opportunities. We are pleased to now have delivered on that important 2010 objective.
Improvements in the business environment along with opportunities in the market have enabled us to continue to execute on our growth objective through a series of fee-based acquisitions and capital projects around our existing footprint. Last week, we closed on an acquisition which expanded our existing wholesale propane business into the mid-Atlantic region through the addition of a marine import terminal and storage facility in Chesapeake, Virginia.
We also acquired this past week the remaining 55% interest in our Black Lake fee based NGL pipeline. The junction of our general partner, DCP Midstream, we announced in May, plans to create an NGL joint venture with EQT Corporation in the Appalachian Basin. Under the letter of intent, EQT and the DCP enterprise would pursue gas processing and related NGL infrastructure opportunities in the Marcellus and Huron shale areas.
I will discuss more of the details around each of these exciting growth opportunities as I go through the segments. 2010 is an integration year for the November 2009 Michigan acquisition as well as our January 2010 Wattenberg pipeline acquisition. Both projects are progressing on plan and we will drive incremental cash flows in 2011.The key element of our growth strategy is our financial positioning. On that front, we have continued to execute on our financial objectives, having received our second investment grade rating from Fitch in May. In summary, we are progressing well in terms of delivering on our 2010 business plan commitments. Turning to slide five, I will provide a brief operational update starting first with our natural gas services segment. As is the case again this quarter, we view our diverse geographic footprint as a strong positive as it provides us with access to multiple resource place, contract types and customers. Read the rest of this transcript for free on seekingalpha.com
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