Summary: DCP Midstream LLC Sep 10

Standard & Poors, September 2010

Abstract
The rating on DCP Midstream LLC reflects the company's satisfactory business risk profile and intermediate financial risk profile. Its strong competitive position within a diverse set of production basins, financial flexibility in a low commodity price environment, and some resilience to weakening commodity prices as evidenced by the company's low break-even commodity price deck support DCP's business risk profile. The company's significant exposure to changing commodity prices and potential cash flow volatility partially offset these strengths. DCP is a joint venture owned 50% by Spectra Energy Corp. (BBB+/Stable/--) and 50% by ConocoPhillips (A/Stable/A-1). DCP's strong competitive position reflects geographic diversity and the significant size and scale of its operations. DCP has a presence in most of the major natural gas...

Companies mentioned in this report are: DCP Midstream LLC
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

DCP Midstream LLC

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