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DCP Midstream, LP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 4, 2023. Its latest SEC filing is a 15-12G from Oct 26, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Provides natural gas gathering and processing services to producers, and transports and markets natural gas and natural gas liquids for energy users.

How Did They Make Money?

Customers usually pay monthly for natural gas, NGLs and condensate bought the prior month. Producers pay fees or a share of sales proceeds for gathering and processing; pipeline and storage customers pay for volumes moved or stored, usually monthly for the prior month’s service.

FY2022 revenue

Who Were Their Customers?

Producer customers contract with DCP for gathering and processing. Sales customers include petrochemical and refining companies and regional propane distributors; industrial companies, gas distributors and electric utilities receive residue gas through pipeline systems.

Did Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2022 and turned 11 cents into free cash flow.

Operating income, FY2022
5% of revenue
▲ +333% vs FY2021 ($165M, 2%)
Net income, FY2022
7% of revenue
▲ +169% vs FY2021 ($391M, 4%)
Free cash flow, FY2022
11% of revenue
▲ +204% vs FY2021 ($538M, 5%)

How Were They Changing?

Since the FY2022 annual report
Latest quarter: Q2 FY2023, the three months to Jun 30, 2023
Revenue
▼ −57%
vs $4.3B in Q2 FY2022
Net income
▼ −75%
vs $383M in Q2 FY2022
  • Jun 15, 2023 Phillips 66 completed its acquisition of DCP Midstream's publicly held common units The merger closed, and DCP Midstream's common units were delisted from the New York Stock Exchange.

Grew. Revenue grew 53% in 4 years, from $9.8B in FY2018 to $15B in FY2022, about 11% a year.

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