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DPM > SEC Filings for DPM > Form 8-K on 6-Aug-2014All Recent SEC Filings

Show all filings for DCP MIDSTREAM PARTNERS, LP

Form 8-K for DCP MIDSTREAM PARTNERS, LP


6-Aug-2014

Results of Operations and Financial Condition


Item 2.02 Results of Operations and Financial Condition.
On August 5, 2014, DCP Midstream Partners, LP (the "Partnership") issued a press release announcing its financial results for the three and six months ended June 30, 2014. A copy of the press release is furnished as Exhibit 99.1 hereto, and is incorporated herein by reference. The press release contains financial measures that are not presented in accordance with accounting principles generally accepted in the United States of America, or GAAP, for the applicable periods presented, including adjusted EBITDA, distributable cash flow and adjusted segment EBITDA for each of the Partnership's three business segments. The most directly comparable GAAP financial measures to adjusted EBITDA and distributable cash flow are, respectively, net income attributable to partners, which is presented in the attached press release and prominently below for the applicable periods presented, and net cash provided by or used in operating activities, which is presented in the attached press release and prominently below for the applicable periods presented. The most directly comparable segment GAAP financial measure to adjusted segment EBITDA for each business segment is the applicable segment net income or loss attributable to partners, which is presented in the attached press release and prominently below for the applicable periods presented:
                           DCP MIDSTREAM PARTNERS, LP
                            GAAP FINANCIAL MEASURES
                                  (Unaudited)


                                    Three Months Ended June 30,                  Six Months Ended June 30,
                                                             As                                            As
                                                          Reported                                      Reported
                                   2014       2013 (1)     in 2013       2014 (1)      2013 (1)(2)     in 2013 (2)
                                            (Millions)                                  (Millions)

Net income attributable to
partners                       $        29   $     107   $     102     $       108   $         164   $         154
Net cash provided by operating
activities                     $       154   $     129   $     123     $       300   $         281   $         270

                           DCP MIDSTREAM PARTNERS, LP
                        SEGMENT GAAP FINANCIAL MEASURES
                                  (Unaudited)


                                       Three Months Ended June 30,                   Six Months Ended June 30,
                                                                 As                                            As
                                                              Reported                                      Reported
                                     2014        2013 (1)      in 2013       2014 (1)      2013 (1)(2)     in 2013 (2)
                                               (Millions)                                   (Millions)

Natural Gas Services segment:
Segment net income attributable
to partners                      $      40     $       116   $     111     $       130   $         160   $         150

NGL Logistics segment:
Segment net income attributable
to partners                      $      30     $        20   $      20     $        46   $          42   $          42

Wholesale Propane Logistics
segment:
Segment net (loss) income
attributable to partners         $      (2 )   $         1   $       1     $         9   $          21   $          21

(1) Includes our Lucerne 1 plant, which we acquired in March 2014, retrospectively adjusted. Transfers of net assets between entities under common control are accounted for as if the transactions had occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. In addition, results are presented as originally reported in 2013 for comparative purposes.

(2) Includes an 80% interest in the Eagle Ford system, of which 46.67% was acquired in March 2013 and is retrospectively adjusted. Transfers of net assets between entities under common control are accounted for as if the transactions had occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method.

In accordance with General Instruction B.2 of Form 8-K, the press release furnished as Exhibit 99.1 to this current report on Form 8-K shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information or exhibit be deemed incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except as shall be expressly set forth by


specific reference in any such filing.
Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1 Press Release dated August 5, 2014.


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