DCP Midstream Announces Increase to Common Unit Distribution

Rhea-AI Summary

DCP Midstream (NYSE: DCP) announced a 10% increase in its second quarter 2022 Common Unit cash distribution to $0.43 per unit, amounting to $1.72 annually. This distribution will be paid on August 12, 2022 to unitholders of record by July 29, 2022. Additionally, distributions for Series B ($0.4922 per unit) and Series C ($0.4969 per unit) preferred units were declared, payable on September 15 and October 17, 2022, respectively. The press release highlights DCP's strong position in the midstream sector and its substantial portfolio.

Positive

• 10% increase in Common Unit cash distribution to $0.43 per unit.
• Annualized distribution now stands at $1.72 per unit.
• Timely payments scheduled for Common and Preferred Units.

Negative

• None.

DENVER, July 19, 2022 (GLOBE NEWSWIRE) -- DCP Midstream, LP (NYSE: DCP) announced today that the board of directors of its general partner declared a second quarter 2022 Common Unit cash distribution of $0.43 per unit, or $1.72 per unit on an annualized basis. This quarterly Common Unit distribution represents a 10% increase over the prior quarter’s distribution and will be paid August 12, 2022 to common unitholders of record at the close of business on July 29, 2022.

In addition, the board of directors declared distributions for Series B and Series C preferred units.

A quarterly Series B Preferred Unit cash distribution of $0.4922 per unit will be paid September 15, 2022 to preferred unitholders of record at the close of business on September 1, 2022.

A quarterly Series C Preferred Unit cash distribution of $0.4969 per unit will be paid October 17, 2022 to preferred unitholders of record at the close of business on October 3, 2022.

This serves as qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of DCP’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, DCP’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

About DCP Midstream, LP
DCP Midstream, LP (NYSE: DCP) is a Fortune 500 midstream master limited partnership headquartered in Denver, Colorado, with a diversified portfolio of gathering, processing, logistics and marketing assets. DCP is one of the largest natural gas liquids producers and marketers and one of the largest natural gas processors in the U.S. The owner of DCP’s general partner is a joint venture between Enbridge and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com.

Investor Relations
Mike Fullman
720-527-6505
MFullman@dcpmidstream.com

FAQ

What is the new cash distribution amount for DCP Midstream in Q2 2022?

The new cash distribution for DCP Midstream in Q2 2022 is $0.43 per unit.

When will DCP Midstream's Q2 2022 distribution be paid?

DCP Midstream's Q2 2022 distribution will be paid on August 12, 2022.

What is the annualized distribution for DCP Midstream's Common Units?

The annualized distribution for DCP Midstream's Common Units is $1.72 per unit.

What are the Series B and Series C distribution amounts for DCP Midstream?

The Series B distribution is $0.4922 per unit, and the Series C distribution is $0.4969 per unit.

When will the preferred unit distributions for DCP Midstream be paid?

The Series B distribution will be paid on September 15, 2022, and the Series C distribution will be paid on October 17, 2022.