DCP Midstream A Consistent Success Story

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1 DCP Midstream A Consistent Success Story Tom O Connor CEO, DCP Midstream Rose Robeson CFO, DCP Midstream September 22, 2008

2 Safe Harbor Statement Some of the statements in this document concerning future company performance will be forward-looking within the meanings of the securities laws. Actual results may materially differ from those discussed in these forward-looking statements, and you should refer to the additional information contained in Spectra Energy s Form 10-K and other filings made with the SEC concerning factors that could cause those results to be different than contemplated in today's discussion. Reg G Disclosure In addition, today s discussion includes certain non-gaap financial measures as defined under SEC Regulation G. A reconciliation of those measures to the most directly comparable GAAP measures is available at the end of this packet and on our website. 2

3 Contents Midstream Fundamentals and Market Environment DCP Midstream A Consistent Success Story Strategic Advantages and Differentiators DCP Midstream Partners The MLP Growth Vehicle Financial Update and Disclosures 3

4 The Midstream Energy Value Chain E&P NGLs Fractionation Transportation Storage Gathering/Processing Residue Gas Transportation Storage Marketing Marketing Chemicals, Fuels & Blend Stocks Utilities, Industrial & Residential 4

5 Midstream Assets and Product Flow Operates Across Much of the Midstream Value Chain The midstream collection of assets and services are the link between the wellhead and gas and NGL end use Residue Gas Inter/Intrastate Transportation Lines / Storage Gas End Users NGL s Wellhead Raw gas gathering and Compression Gas Processing Plants Mixed Product Pipelines Fractionation/ Facilities NGL Refined Prod Pipelines Terminal/ Storage Facilities Transportation Lines / Rail Truck/Marine Barges/Tankers Retailers / End Users/ Retail Stations Raw Gas NGL s 5

6 Gathering and Processing - a Must Run Industry Raw Gas Produced at the Wellhead is Not Pipeline Quality Wellhead Pipeline Quality 7% 6% 6% 4% 2% 1% 3% 3% 75% 93% Methane Ethane Propane Heavier NGLs Carbon Dioxide & Nitrogen Hydrogen Sulfide Midstream service providers remove impurities, maximize value through NGL extraction and sell gas and NGLs in marketable condition Source: Merrill Lynch Estimate 6

7 A Typical NGL Barrel 28% 7% 10% 40% 15% Ethane Propane Normal Butane IsoButane Natural Gasoline NGLs Feedstocks/End Products Primary Uses C2 C3 NC4 IC4 C5 Ethane Propane Normal Butane IsoButane Nat Gasoline Ethylene Propylene Crude C4 s Fuel Oil Petrochemical products and plastics Refinery feeds and blend stocks Commercial and Residential Fuels 7

8 How We Make Money - Processing Contracts Processing contracts take many forms Contract Marketing & E&P Supply Customer Description Midstream Processor NGL Market Fee Based Percent of Proceeds Keep Whole Fixed fee for gathering and processing Retain a percentage of both residue gas and NGLs produced and return remainder to producer Gas Market Pay producer in residue gas for Btu s received and keep all NGLs produced Commodity Exposure No exposure to NGLs or natural gas Long NGLs and Long natural gas Long NGLs and Short natural gas 2008B DCP Midstream Gross Margin 8% 70% 10% Contribution (1) (1) The remaining 12% is other which includes condensate sales, NGL trading and marketing, gas marketing and other activity 8

9 Our Customers and What They Value Supply Customers ~2500 Who Are They Top 10 Producers Anadarko ConocoPhillips Devon Chesapeake Noble Energy ExxonMobil COG Samson Chevron Oxy USA Top 5 Gas Customers Constellation Tenaska BP Energy Oneok ConocoPhillips Market Customers ~100 Top 5 NGL Customers Chevron Phillips Chemical ConocoPhillips Formosa Equistar Chemicals Enterprise Products What They Value Competitive Contracts and Prices Flow and Supply Reliability Timely Fixes of Operational Problems Timely Well Connects Product Purity 9

10 Midstream Market Environment Opportunities Continued strength in natural gas prices Sustained high oil prices Shale technology improvements Impact Robust drilling around footprint Elevated NGL prices and frac spreads Infrastructure required to gather, process and transport Challenges Focused competition Shifting contract mix Cost pressures and resource challenges Impact MLP model intensifies localized competition Margin pressures Rising costs for projects and competition for talent Price strength expands opportunity while increasing competitive pressure 10

11 Midstream Fundamentals and Market Environment DCP Midstream A Consistent Success Story Strategic Advantages and Differentiators DCP Midstream Partners The MLP Growth Vehicle Financial Update and Disclosures 11

12 Corporate Structure Spectra Energy 50% ConocoPhillips 50% Key Competitor Rank Company 2007 Net Income DCP Midstream $1,074MM Energy Transfer (ETP) $676MM Enterprise Products (EPD) $534MM Oneok (OKE) $305MM Enbridge Energy (EEP) $249MM MLP 28.8% LP Interest 1.3% GP Interest Public Unitholders 69.9% Common LP Interest 69.9% DCP Midstream has Strong Sponsor Support and a MLP Growth Vehicle 12

13 DCP Historical Timeline Growing to Size and Scale Major acquisitions ahead of price increase yield strong earnings growth Key Acquisitions Timeline LEC Winnie/Pt Arthur Oneok - SOK Dynegy - RR TEPPCO GP Conoco-COK GPM Phillips JV ($MM) $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Texaco- Discovery COP - SENM EBIT (1) ( Crude Oil Price Associated Natural Gas $80 $70 $60 $50 $40 $30 $20 $10 $0 Mobil Transok N La UP Fuels Canrock Alberta Koch S. Texas MCN-Mobile Bay GSRI (1) Excludes one-time gain on sale of TEPPCO of $1.1B DCPP IPO TEPPCO Sale 50/50 Momentum Anadarko-Lindsay Crude Oil Natural Gas $10 $8 $6 $4 $2 $0 Natural Gas Price 13

14 Strategic Assets with Scale and Scope Competitive Advantages DCP Midstream Assets Largest G&P asset base Located in most major gas basins DCP Midstream Plant DCP Midstream Partners Plant DCP Midstream Pipelines DCP Midstream Partners Pipelines Scope & Business Model Broad G&P services model supported by highly integrated downstream (gas and NGL) operations DENVER Gas Storage Major Offices Capital Structure Strong balance sheet and internal cash generation MLP access to capital markets TULSA Oil & Gas Basins Customer Relationships Diverse Contract Portfolio Extensive / diversified customer base MIDLAND DCP Midstream Stats (1) June 2008 YTD Volumes Total Throughput 7.3 TBtu/d Gathered & Processed 6.0 TBtu/d (1) Natural Gas Liquids 378 MBbl/d 52 Includes Plants, DCP 10 Fractionators Midstream Partners 59,000 Miles of Pipeline (1) Includes DCP Midstream Partners HOUSTON DCP has the scale to be efficient and geographic diversity to compete for growth 14

15 Gulf Coast Region Assets are well positioned with emerging supply areas, including the Barnett Shale, Haynesville Shale Barnett Shale Area Haynesville Shale Area South Texas Stats (1) June 2008 YTD Volumes Total Throughput Gathered & Processed Natural Gas Liquids 17 Plants, 8 Fractionators 11,500 Miles of Pipeline 3.7 TBtu/d 2.5 TBtu/d 119 MBbl/d (1) Includes DCP Midstream Partners 15

16 Mid-Continent Region Volume growth in the Mid-Continent region is primarily due to activity in the Panhandle with emerging Woodford Shale upside Stats (1) June 2008 YTD Volumes Total Throughput Gathered & Processed Natural Gas Liquids 11 Plants 27,500 Miles of Pipeline 1.9 TBtu/d 1.9 TBtu/d 120 MBbl/d (1) Includes DCP Midstream Partners Woodford Shale Area 16

17 Permian Basin Region Wolfberry drilling activity in the Permian Basin has resulted in strong year on year volume growth SE New Mexico Goldsmith/Fullerton Stats June 2008 YTD Volumes Total Throughput Gathered & Processed Natural Gas Liquids 16 Plants, 2 Fractionators 17,000 Miles of Pipeline 1.3 TBtu/d 1.2 TBtu/d 119 MBpd Woodford/Barnett Shale Area (Delaware Basin) Triad Wolfberry Development Ozona/Sonora 17

18 Rocky Mountain Region Strong drilling activity drives expansions to serve customers growing needs in Weld County and the Collbran Valley Stats (1) June 2008 YTD Volumes Total Throughput Gathered & Processed Natural Gas Liquids 8 Plants 3,000 Miles of Pipeline 0.4 TBtu/d 0.4 TBtu/d 20 MBbl/d (1) Includes DCP Midstream Partners Niobrara Shale Area 18

19 Midstream Fundamentals and Market Environment DCP Midstream A Consistent Success Story Strategic Advantages and Differentiators DCP Midstream Partners The MLP Growth Vehicle Financial Update and Disclosures 19

20 Strategy From our current foundation of reliable, efficient and safe operations, we will accelerate shareholder value by: Preserving and growing the business within our footprint Partnering with our customers to enter new basins Optimizing strategic levers to maximize dividends and position for industry growth and consolidation Our aspiration is to lead the midstream industry with a reputation for customer service, superior returns and cash generation for our owners, and sustainable growth 20

21 Go-Forward Strategic Initiatives Operating Efficiency Customer Responsive Growth I. Customer Focused Operations Mechanical Integrity Btu Efficiency Safety / Environmental Leadership III. Growth within the Footprint Accelerate Bolt-On Projects Accelerated Well Connects and Volume Growth II. Cost Control Targeted Cost Improvement Invest in Service Quality IV. Growing the Enterprise and Accelerating Value Enhance Competitive Profile Position the Enterprise for Expansion Preserve Margins Accelerate Value and Growth 21

22 Customer Focused Operations Reliable and Efficient Operations are the Foundation of Value Creation and Customer Relations Run time % 99.00% 98.00% 2008 Mechanical Reliability target 2007 ($ in m illions ) $80 $60 $40 $20 Btu Efficiency Improvement $62 $51 $33 $30 $23 $25 $76 $ % January February March April May June July August September October November December $ B Btu Efficiency Margin Cumulative Annual Pipeline Integrity Spending 2008 target run time of 98.5%, target of lost 98.5% profit <2.5% EBIT Initiatives: Predictive-based maintenance Critical spare parts inventory Expand supersystem footprint 2008 Btu efficiency target of 95.5% Initiatives: Value driven leak repair Horsepower optimization Btu recovery and recycle Operating strategies support safety and emissions objectives 22

23 Expansion Within the Footprint Bolt-on Projects CV Expansion Cimarron Plant Cimarron River E. Avalon Build Weld System Expansion Bluff Springs/Black Diamond E. Texas Optimization Panola County, Texas Spindletop Storage Drilling activity throughout footprint supports expansion Strategy to preserve/ expand volumes Typically bolt-on EBIT ROCE 15%+ typical Zapata County Expansion Transco Spindown Accelerating growth opportunities support $1B for new projects ( ) 23

24 Non-Conventional Opportunities - Shale Plays Infrastructure is needed to support new developing resource areas Niobrara Gammon Bakken Excello/Mulky Antrim New Albany DCP Asset Tolar Asset Shale Opportunity Barnett Shale Green River Cane Creek Lewis and Mancos Palo Duro Marcellus/Devonian Appalachia (NY, PA, WV) Fayetteville Floyd and Conasauga Southern Oklahoma Permian Basin East Texas & North Louisiana Weld County Woodford Shale Barnett & Woodford Shale (Delaware Basin) Haynesville Shale Niobrara Shale Barnett and Woodford Caney and Woodford Barnett Woodford Haynesville DCP Midstream is advantaged in several shale plays 24

25 Organic Expansion Barnett Shale Expansion of the Tolar Barnett Shale asset acquired from Momentum in 2007 proceeds as planned ($80MM, In Service ) Black Diamond Plant Barnett shale development continues to expand to non-core areas Black Diamond first of three planned process trains in service 8/2008 (40MMcf/d) Second train (40MMcf/d) expected in service 1Q 2009 Fee based services 25

26 Organic Expansion Weld County, CO Planned expansions to add system capacity in support of continued DJ Basin volume growth ($250 - $300MM, In Service 2009) Plants to be expanded Current Asset Profile Volumes up 18% since 2005 Well connects up 100% since 2006 Favorable life of lease contracts All seven plants at capacity All compression running 26

27 Step-Out Expansion: Panola County, Texas Project Construct 30 miles of 20 pipeline ($56MM, In Service 2009) Step-Out Expansion: Haynesville Connector Project to be owned 75% by DCP Midstream and 25% by DCP Midstream Partners Designed capacity of 175mmcf/d for processing at the JV s E. Texas complex Extend the reach of the JV gathering footprint in southern Panola County Access volumes in the rapidly growing Minden Field 27

28 DCP Partners Organic Expansion Collbran Valley Construct 20 Miles of 24 pipeline, compression and liquids handling facilities ($150MM, In Service 2009) DCP Partners is the operator and 70% owner Plains Exploration 25% Delta Petroleum 5% System through-put grows to 600mmcf/d over multi-year period Acreage dedications include Delta Petroleum and Plains Exploration and Production 28

29 New Basin Expansion: Antrim Shale Michigan DCP Partners Strategic Acquisition of Gas Assets in Michigan Step-Out Expansion: ($145MM, Haynesville 10/2008 Connector closing) Antrim Shale Modern Facilities with franchise position 5 Treating facilities and associated gathering system Ownership in 3 residue pipelines Future step out growth opportunities Fee based and steady production Predictable wells with long life reserves 29

30 DCP Partners Step-Out Expansion: Haynesville Connector Construct ~150 Miles of pipeline to serve the developing Haynesville Shale (In Service ) 30

31 New Basin Expansion - Appalachia Evaluating opportunities to participate in developing resource areas Marcellus Shale Devonian Shale Chattanooga, Huron, New Albany Shale Coal Bed Methane Appalachia s Devonian Shale (Marcellus and Huron) hold vast natural gas reserves estimated at >225 Tcf These resources are in close proximity to NE markets Extensive midstream infrastructure is needed to handle pressures and volumes from new horizontal wells 31

32 Midstream Fundamentals and Market Environment DCP Midstream A Consistent Success Story Strategic Advantages and Differentiators DCP Midstream Partners The MLP Growth Vehicle Financial Update and Disclosures 32

33 DCP Partners Strategic to DCP Midstream A Growth and Ownership Vehicle with Access to Equity Markets Background Sponsored MLP Completed IPO in December 2005 Midstream owns 30.1% of Partners, including 1.3% GP interest Objective is to facilitate DCP Midstream growth Value Creation Significant value creation through increased distributions to unit holders and achievement of 50% incentive distribution rights Distributions have increased every quarter since inception 2-Yr CAGR of 26% Quarterly LP Distributions $0.47 $0.43 $0.41 $0.38 $0.35 Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 $ Yr CAGR of 26% $0.55 $0.59 $0.60 $

34 DCP Partners Discipline Leads to Successful Execution Strategic Transactions/Projects Provide Pivotal Growth Since IPO 3 rd Party Acquisitions New geographic areas Expand existing footprint Dropdown Transactions New lines of business New assets in new geographic areas Lindsay (Anadarko Gathering) (5/07) Ivan (Laser Extension) (4/07) (2) Collbran & Douglas (Momentum) (8/07) Michigan Pipeline and Processing (10/08) Gas Supply Resources (11/06) (2) (2) East Texas & Discovery (7/07) Transaction Value ($MM) $ (1) Build New Assets Wilbreeze NGL Pipeline (2006) Midland Propane Terminal (2007) Collbran gathering expansion (2009) East Texas gathering expansion (2009) (2) (2) (3) (3) Total Closed or Pending Transactions $1,002 (1) Excludes $11 million incurred on the Midland propane terminal prior to our acquisition. (2) We own a 70% interest in Collbran, a 40% equity interest in Discovery and a 25% equity interest in East Texas. (3) Estimated, net to Partners interest 34

35 Midstream Fundamentals and Market Environment DCP Midstream A Consistent Success Story Strategic Advantages and Differentiators DCP Midstream Partners The MLP Growth Vehicle Financial Update and Disclosures 35

36 DCP Midstream Strong Financial Performance DCP Midstream s Exceptional Asset Position and Contract Portfolio Continue to Deliver Strong Financial Results $2,000 $1,500 $1,000 $500 $ (1) (4) EBITDA $1,064 $1,454 $1,561 $1,555 $1,900 Debt (2) / EBITDA EBITDA / Interest % $100 30% 25% 1 $90 $80 $70 ROCE 20% 15% 10% 5% $60 $50 $40 $30 $20 $10 WTI - Crude (1) 2005 EBITDA and credit ratios exclude the gain from the TEPPCO GP sale of $1.1B (2) Total debt includes DCP Midstream s ownership % of Partners debt but excludes Lakehead debt (3) Based on $83 crude oil and 60% NGL to crude relationship (4) EBITDA is based on the 2008 Budget. The Debt/EBITDA ratio is from 6/30/08 debt and last trailing 12 months ending 6/30/08 EBITDA. The EBITDA/Interest ratio is from the last trailing 12 months ending 6/30/08 EBITDA and Interest Expense. 0% B (3) $0 ROCE WTI - Crude 36

37 DCP Midstream Debt and Credit Facility Update DCP Midstream Long-Term Debt BBB+/BBB+/Baa2 MM % Notes Due $ $ $ $ $ $ DCP Midstream Credit Facility $450MM credit facility April 2012 maturity Financial covenant 5x leverage ratio (Debt/EBITDA) with a step up to 5.5x for 3 quarters after an acquisition Leverage Ratio 1.4x as of 6/30/ Day Bank Loan $300MM term loan used to partially fund April 2008 special dividend April 2009 maturity Plan to take-out via the debt capital markets 37

38 DCP Midstream 2008 Financial Plan Summary Midstream Earnings ($MM) (1) EBIT $1,500 EBITDA $1,900 Net Income $1,300 Dividends / Tax Distributions $1,200 (2) DCP Midstream CapEx $ 620 (3) (1) Based on late October 2007 forward market curve for crude oil of $83 and 60% NGL to crude relationship (2) Spectra Energy receives 50% of dividends and tax distributions (3) Excludes DCP Partners CapEx and includes $160MM increase from 2008B for recently approved projects 2008 Commodity Forecast and Sensitivity 12 Month Forecast Sensitivity EBIT Impact Crude (1) $83 +/-$1.00 bbl =+/-$24MM SE Impact Natural Gas SE Impact = +/- $12MM $8 +/-$1.00MMBtu =+/-$40MM = +/- $20MM Long Gas Position Arises Due to Change in Contract Mix vs 2007 Crude Oil Sensitivity Reduced 38

39 Hypothetical Example: Commodity Price Change Effect on EBIT (100%) Hypothetical average commodity prices for calendar year 2008: $100/bbl Crude Oil 55% NGL/Crude Price Correlation $9/MMBTU Natural Gas Crude Price Change Impact Crude Oil Price/bbl Sensitivity to Hypothetical Budgeted Hypothetical +/- $1.00/bbl Crude 12-mo. EBIT Price Price Change Price Change IMPACT $83 $100 $17 x $24 = $408 Correlation Assumption Decrease Impact Crude Price Crude Oil to NGL Price Correlation % Sensitivity to Hypothetical Budgeted Hypothetical 1% Change in 12-mo. EBIT Correlation Correlation Change Correlation IMPACT 60% 55% (5) x $30 = ($150) Natural Gas Price Increase Impact Crude Oil Price/bbl Hypothetical Budgeted Hypothetical Sensitivity to 12-mo. EBIT Price Price Change +/- $1.00 MMBTtu IMPACT $8 $9 $1 x $40 = $40 Total Hypothetical 12 mo. EBIT Impact to Change in Price and Correlation $298 39

40 Historical Cash Flow to Parents $2,500 $2,000 $1,500 $1,000 $500 $0 $2,314 (1) $1,345 $1,451 $1,364 $1,112 $801 $867 $621 $500 $580 $527 $320 $650 $389 $497 $94 $ Thru June 2008 (1) Includes distribution of $1.1B for sale of TEPPCO GP and $245MM cash for 50/50 JV Split Tax Distribution Dividend Distribution Special Distribtution Total distributions to Spectra/Duke Energy since 2004, are in excess of $4B 40

41 DCP Partners Hedging Policy Details and Objectives The purpose of the DCP Partners commodity hedging program is to protect distributable cash flow and maintain minimum cash flow to service debt, production replacement and capital projects DCP Partners has placed $75 million of Letters of Credit and has DCP Midstream parental guarantees issued to selected counterparties to significantly reduce or eliminate margining requirements DCP Partners has hedged approximately 75% of its 2008 commodity exposure and has additional hedges thru 2013 at diminishing percentages The DCP Partners Risk Management Policy allows hedging for up to seven years and up to 90% of Partners commodity exposure Hedging Objective is to Protect Distributable Cash Flow 41

42 Exceptional Performance and Financial Strength Competitive Position Leading industry position Geographic diversity with regional focus Extensive expertise and service offering in a must run industry Reliable operations Financial Strength Robust earnings, cash generation and financial standing 10.6x EBITDA/Interest Expense Ratio as of June 30, x Debt/EBITDA as of June 30, 2008 Positioned to withstand industry cycles and cover fixed costs during industry downturns Strong Sponsorship Experienced and successful management Proven track record of capitalizing on industry trends Spectra Energy and ConocoPhillips are strong, supportive parent companies Management Committed to Maintaining DCP Midstream s Strong Financial Position and Investment Grade Rating 42

43 43

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