DCP Midstream, LP (NYSE:DCP) announced today that its wholly owned subsidiary, DCP Midstream Operating, LP, plans to redeem all of its 9.75% senior notes due March 15, 2019 (CUSIP Nos.: 23311R AC0 and U24019 AC2) of which an aggregate principal amount of $450 million is outstanding, subject to the receipt by the Trustee of the 2019 Notes of funds sufficient to pay the amounts due in the redemption. The Operating Partnership intends to pay for the redemption of the 2019 Notes using the proceeds from a concurrent offering of $500 million of the Operating Partnership’s senior notes due 2025.

The aggregate redemption price for the 2019 Notes will equal the sum of the present values of the principal amount of the 2019 Notes to be redeemed and the remaining scheduled payments of interest thereon (exclusive of interest accrued to the redemption date) from the redemption date to the respective scheduled payment dates discounted from their respective scheduled payment dates to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the 2019 Notes) plus 75 basis points, plus accrued and unpaid interest on the principal amount of the 2019 Notes being redeemed to, but excluding, the redemption date.

About DCP Midstream, LP

DCP Midstream, LP (NYSE:DCP) is a midstream master limited partnership headquartered in Denver, Colorado, with a diversified portfolio of gathering and processing assets in addition to 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:

Irene Lofland

(303) 605-1822

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