DCP Midstream Partners, LP (NYSE: DPM) is a midstream master limited partnership engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; producing, fractionating, transporting, storing and selling NGLs and condensate; and transporting, storing and selling propane in wholesale markets. DCP Midstream Partners, LP is managed by its general partner, DCP Midstream GP, LLC, which is wholly owned by DCP Midstream, LLC, a joint venture between Spectra Energy and ConocoPhillips. For more information, visit the DCP Midstream Partners, LP website at www.dcppartners.comEnterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. The partnership’s assets include approximately: 50,600 miles of onshore and offshore pipelines; 190 million barrels of storage capacity for NGLs, petrochemicals, refined products and crude oil; and 14 billion cubic feet of natural gas storage capacity. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage, and import and export terminaling; offshore production platform services; crude oil and refined products transportation, storage and terminaling; petrochemical transportation and storage; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico. More information is available at www.enterpriseproducts.com. Enbridge Energy Partners, L.P. owns and operates a diversified portfolio of crude oil and natural gas transportation systems in the United States. Its principal crude oil system is the largest transporter of growing oil production from western Canada. The system's deliveries to refining centers and connected carriers in the United States account for approximately 13 percent of total U.S. oil imports; while deliveries to Ontario, Canada satisfy approximately 70 percent of refinery demand in that region. EEP's natural gas gathering, treating, processing and transmission assets, which are principally located onshore in the active U.S. Mid-Continent and Gulf Coast area, deliver approximately 2.5 billion cubic feet of natural gas daily. Enbridge Energy Management, L.L.C. (NYSE: EEQ) manages the business and affairs of EEP and its sole asset is an approximate 13 percent interest in the EEP. Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. of Calgary, Alberta, (NYSE: ENB) (TSX: ENB) is the general partner and holds an approximate 23 percent interest in EEP. Additional information is available at www.enbridgeus.com. Anadarko Petroleum Corporation is one of the world’s largest independent oil and natural gas exploration and natural gas exploration and production companies with 2.54 billion barrels-equivalent of proved reserves as of year-end 2011. Anadarko is among the largest producers in Colorado’s Wattenberg field and greater DJ Basin. In addition, the company, combined with its master limited partnership, Western Gas Partners, LP (NYSE: WES), has extensive midstream infrastructure throughout the Rocky Mountain region and other U.S. onshore operating areas. Anadarko’s mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world’s health and welfare. For more information about Anadarko, please visit www.anadarko.com. This press release contains forward-looking statements as defined under the federal securities law regarding DCP Midstream Partners, LP, including expectations of plans, objectives, strategies, the expected terms of the joint venture, the expected timing of the joint venture and expected capital expenditures involving the joint venture. Although management believes that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond our control. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, DCP Midstream Partners, LP's actual results may vary materially from what management anticipated, estimated, projected or expected. Investors are encouraged to closely consider the disclosures and risk factors contained in the DCP Midstream Partners, LP's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. DCP Midstream Partners, LP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Information contained in this press release is unaudited, and is subject to change.
DCP Midstream Partners, LP (NYSE: DPM) or the “Partnership” today announced that it has acquired a 10 percent ownership interest in the Texas Express Pipeline (“TEP”) from Enterprise Products Partners L.P. (NYSE: EPD), representing an approximate investment of $85 million in the joint venture. Going forward, Enterprise and Enbridge Energy Partners, L.P. (NYSE: EEP) will each own a 35 percent interest in the joint venture, while Anadarko Petroleum Corporation (NYSE: APC) will have a 20 percent stake. Additionally, DCP Midstream Partners affiliate, DCP NGL Services, LLC, has committed 20,000 barrels per day (“BPD”) to TEP, increasing total long term shipper commitments on TEP from 232,000 BPD to 252,000 BPD. Originating near Skellytown in Carson County, Texas, the 20-inch diameter TEP mainline will extend approximately 580 miles to Enterprise’s natural gas liquids (“NGL”) fractionation and storage complex at Mont Belvieu, Texas, and will provide access to other third-party facilities in the area. The pipeline will provide much-needed takeaway capacity for producers in West Texas, the Rocky Mountains, southern Oklahoma and the Mid-continent area, giving them access to the largest NGL market along the Gulf Coast and the opportunity to maximize the value of their NGLs. Production from the Rockies, Permian Basin and Mid-continent will be delivered into TEP through Enterprise’s existing Mid-America Pipeline System (“MAPL”), which extends north through Oklahoma into Conway, Kansas and south into the Permian Basin. The pipeline is expected to be completed by the second quarter of 2013. “Underpinned by long-term ship-or-pay transportation agreements, which include unaffiliated shippers, this project will support our continued distribution growth, provide fee-based margins, and further diversify our asset portfolio,” said Mark Borer, president and chief executive officer of DCP Midstream Partners. “Our partnership with Enterprise, Enbridge and Anadarko provides an infrastructure solution for much-needed takeaway capacity and market choices for producers and our general partner, DCP Midstream, LLC.”