“The DCP enterprise is blessed with tremendous talent within the ranks of its senior management team,” said Tom O’Connor, the chairman of the board of the General Partner. “The Board believes that Bill Waldheim has the demonstrated leadership skills and capabilities to ensure the long term growth and stability of DCP Midstream Partners, LP, or the 'Partnership' as we continue to execute on our multi-faceted growth strategy with increased emphasis on co-investment with DCP Midstream, LLC. Through Bill’s leadership DCP has been able to advance numerous high value projects including Sand Hills and Southern Hills pipelines. I would like to thank Mark for his leadership and value creation as CEO of the Partnership over the past six years. During his tenure as CEO, the Partnership successfully executed and financed over $2 billion of transactions and is well positioned for continued growth with an investment grade balance sheet and low cost of capital. Mark’s commitment to the enterprise is further demonstrated by his desire to transition the leadership of the Partnership through the remainder of 2012 to ensure its continued success.”Commenting on today’s announcement, Mark Borer said, “I have been with the DCP enterprise since 1999 and am honored to have been a key executive during its growth into the largest NGL producer in the United States. With a strong portfolio of DCP enterprise growth projects, the Partnership is well positioned for its ongoing transformation to a large scale and diversified MLP. With an effectively planned succession and transition, now is the time for me to retire from the Partnership and experience other avenues of personal and professional growth. It gives me great pleasure to see the appointment of Bill Waldheim as president of the Partnership’s general partner as I have worked with Bill for nearly 25 years and have a great deal of respect for his broad industry knowledge and track record of performance.”
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 Phillips 66. For more information, visit the DCP Midstream Partners, LP website at www.dcppartners.com .