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DCP Midstream Partners Reports Solid First Quarter 2012 Results

DCP Midstream Partners, LP (NYSE: DPM), or the Partnership, today reported financial results for the three months ended March 31, 2012. The table below reflects first quarter 2012 and first quarter 2011 results on a consolidated basis and first quarter 2011 results as originally reported.

FIRST QUARTER 2012 SUMMARY RESULTS
                 
Three Months Ended
March 31, (2)
2012       2011        

As Reported in 2011
(Unaudited)
(Millions, except per unit amounts)
 
Net income (loss) attributable to partners $ 23.3 $ - $ (5.9 )

Net income (loss) per limited partner unit - basic anddiluted
$ 0.26 $ (0.28 ) $ (0.28 )
Adjusted EBITDA (1) $ 83.5 $ 63.9 $ 52.3
Adjusted net income attributable to partners (1) $ 47.1 $ 35.1 $ 28.0

Adjusted net income per limited partner unit (1) - basicand diluted
$ 0.77 $ 0.57 $ 0.54
Distributable cash flow (1) $ 55.0 ** $ 46.4
 
(1)   Denotes a financial measure not presented in accordance with U.S. generally accepted accounting principles, or GAAP. 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 measures under “Reconciliation of Non-GAAP Financial Measures” below.
(2) In March 2012, the Partnership completed the contribution from DCP Midstream, LLC (“DCP Midstream”) of the remaining 66.7 percent interest in DCP Southeast Texas Holdings, GP, in a transaction between entities under common control. This transfer of net assets between entities under common control was accounted for as if the transaction had occurred at the beginning of the period, and prior years were retrospectively adjusted to furnish comparative information similar to the pooling method. In addition, results are presented as originally reported in 2011 for comparative purposes.

** Distributable cash flow has not been calculated under the pooling method.

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