DCP Midstream

Natural Gas Society of East TexasPipeline RoundtableChris CoxonMarch 8, 2012

Safe Harbor StatementSome of the statements in this document concerning future company performance will be forward-looking within the meanings of the securities laws. Actual results may materially differ from those discussed in these forward-looking statements, and you should refer to the additional information contained in Spectra Energy’s Form 10-K and other filings made with the SEC concerning factors that could cause those results to be different than contemplated in today's discussion.

Reg G DisclosureIn addition, today’s discussion includes certain non-GAAP financial measures as defined under SEC Regulation G. A reconciliation of those measures to the most directly comparable GAAP measures is available at the end of this packet and on our website.

Midstream and Partners Structure

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Two Companies, One Strategy

NYSE: DPM

50%

Public Unitholders

50%

Strong Sponsor Support + MLP Growth Vehicle

“DCP Partners”

Provides funding option for growth for the DCP

enterprise(Equity and Debt Capital

Markets)

MLP26.4% LP Interest0.8% GP Interest

Integrated Assets with Scale and Scope

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*Includes DCP Midstream Partners, assets on map shown in red

DCP Midstream has an industry leading footprint in the liquids-rich gathering and processing regions with a growing NGL

pipeline position

Gas processing plantPropane terminal

NGL storageShale gas formations

61 Plants, 12 Fractionators~62,000 miles of Pipeline*

Natural Gas Processing (MMcf/d)

Daily NGL Production (Bbl/d)

0 100 200 300 400

Devon

Copano

ONEOK

SUG

MarkWest

Targa

Chevron

Williams

Enterprise

DCP

0 5,000 10,000 15,000

Crosstex

Chevron

Targa

Encana

Enbridge

SUG

DCP

Enterprise

BP

ExxonMobil

Source:  Hart Energy, Top 10 NGL Producers of 2010 Source: Hart Energy, Top 10 Gas Producers of 2010

NGL Logistics Business Unit

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Regional Outlook•Accelerating liquids growth from processing• Constrained takeaway from key basins – reliability challenges

• Value chain extension enhances competitive position

Strategic Execution

2011‐2014Growth CapEx Opportunity$2,250 ‐ $2,750MM

NGL Pipeline

Capacity (MBbl/d) Supply Market

Southern Hills

150 Mid-Continent Gulf Coast

Sand Hills Up to 350 Permian, Eagle Ford

Gulf Coast

Wattenberg 22 DJ Basin Conway

Black Lake 40 N. Louisiana Mont Belvieu

Conway

Mont Belvieu

WattenbergPipeline

Southern HillsPipeline

Sand HillsPipeline

Black LakePipeline

Wolfberry

DCP Sand Hills Pipeline Update

TX

Giddings

Wilcox

Sand Hills will provide downstream solution for Permian and Eagle Ford NGLs

NGL transportation service from Permian and Eagle Ford to Gulf Coast markets720 miles, common carrier pipelineExpected total capacity of 350MBPD into Mont Belvieu1st phase expected completion Q3 2012 to accommodate growing Eagle Ford liquids volumesService to Permian expected to be available mid-2013

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Gas processing plantShale gas formationsSand Hills Pipeline

Southern Hills Pipeline OverviewConway to Belvieu NGL

Pipeline~150 MBPD of NGL capacityOffering NGL transportation service from Conway, Western Oklahoma and Granite Wash areas to Mont Belvieu in 2013Provides enhanced connectivity to premium Gulf Coast NGL markets for growing NGL volumes

Provides customers with Mont Belvieu NGL transportation services

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Well Positioned in Unconventionaland Shale Opportunities

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Niobrara

Haynesville

Woodford Cana

BarnettAvalon

Eagle Ford

Antrim / Utica 

Piceance

Granite WashWolfberry

Marcellus

Gas processing plantPropane terminalNGL storageShale gas formations

Conway

Broad supply base driving growth opportunities across the geographies and business lines

Supply DCP AssetPresence

Niobrara/Codell DJ Basin

Wolfberry Triad

Avalon SE New Mexico

Eagle Ford South Texas

Woodford Cana Central OK

Granite Wash Panhandle

Haynesville East Texas

Barnett Tolar

Antrim/Utica Michigan

Piceance /Mesaverde Collbran

Marcellus AppalachianBaken N. Dakota

Northern G&P Business Unit

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Regional Outlook• Crude oil/liquids focused drilling

Strategic Execution•Mewbourn Plant in service May 2011• LaSalle Plant 110 MMcf/d under construction• 110‐200 MMcf/d of additional capacity in development

• Incremental NGL infrastructure under consideration

Key Developments•Niobrara Codell•Niobrara shale

Mewbourn PlantLaSalle Plant

2011‐2014Growth CapEx Opportunity

$500 ‐ $750MM

Mont Belvieu

Conway

Mid-Continent G&P Business Unit

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Regional Outlook• Producer focus on liquids rich formations

Strategic Execution•National Helium expansion underway• 400‐600 MMcf/d of additional capacity and gathering systems in development

• Southern Hills will provide NGL takeaway for the    Mid‐Continent region

Key Developments•Granite Wash•Woodford Cana•Mississippi Lime

ConwayNational

Helium

2011‐2014Growth CapEx Opportunity

$750 ‐ $1,100MM

Mont Belvieu

Southern Hills

Pipeline

Permian G&P Business Unit

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Regional Outlook•Horizontal crude oil focused drilling•High liquids content, oil‐associated gas

Strategic Execution• Roberts Ranch Re‐Start 75 MMcf/d in service•Additional ~50 MMcf/d de‐bottleneck • 300‐500 MMcf/d of additional capacity in development

• Sand Hills Pipeline to provide NGL takeaway for the Permian basin

Key Developments•Avalon•Wolfberry•Wolffork

Conway

Roberts Ranch

Mont Belvieu

2011‐2014Growth CapEx Opportunity

$300 ‐ $800MM

Sand Hills Pipeline

Conway

Mont Belvieu

Southern G&P Business Unit

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Regional Outlook• Liquids‐rich Eagle Ford focused drilling

Strategic Execution•New 200 MMcf/d Eagle Plant under construction• 200‐400 MMcf/d of additional capacity in development

• Sand Hills Pipeline to provide NGL takeaway for the Eagle Ford shale

Key Development• Eagle Ford

Eagle Plant

2011‐2014Growth CapEx Opportunity

$500 ‐ $900MM

Sand Hills Pipeline

East Texas System Map

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East Texas Statistics

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• Own and operate 780MM/day Processing

• Consisting of 5 Plants

• East Texas Complex (4 Plants) and George Grey Plant

• 900 miles of gathering pipelines

• Operate in 6 counties and parishes

• Operate 125,000 HP

• Own and operate the “Carthage Hub”

• Residue takeaway capacity of 1.5 BCF/day

DCP Residue System

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Customer Options

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• Gas Services

• FWS or SOH• Pressure Options

• Low, Intermediate, High Pressure Services 

• Marketing Benefits

• Purchase and Take‐in kind options to utilize “Carthage Hub”

East Texas Contacts

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• Commercial:

• Brian Frederick – VP Southern BU – 713‐735‐3667

• Mike Curley – Managing Director – 713‐735‐3649

• Mike Cobb – Commercial Manager – 713‐735‐3642

• Hank Delony – Commercial Manager – 713‐735‐3680

• Chris Coxon – Commercial Rep ‐ 713‐735‐3647• Operations:

• Ronnie Trammell – Asset Director – 903‐694‐4119• Waverly Duggar – Area Manager – 903‐694‐4113• Buddy Holt – Plant Supervisor – 903‐694‐4148• Larry Pittman – Measurement Supervisor – 903‐694‐4115• Randy Shierry – Gathering Supervisor – 903‐694‐4179  

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eading the Midstream Industry with Reliable Operations and Financial Streng

DCP Midstream • 370 17th Street • Suite 2500 • Denver, CO • 80202303.595.3331 • www.dcpmidstream.com