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DCP Midstream Partners LP (NYSE: DPM) plans to buy a 33.3% interest in DCP SC Texas GP, a newly-formed joint venture, from DCP Midstream LLC (DCPM) for $438 million.
The new joint venture is a fully-integrated midstream business that has about 6,000 miles of gathering lines, 760 million cubic feet (MMcf) per day from gas processing capacity and 36 million barrels per day of fractionation capacity with access to natural gas and NGL pipelines.
DPM, a midstream master limited partnership, was formed by DCPM to own, operate, acquire and develop midstream energy assets. DPM is a leading natural gas liquids (''NGL'') producer and gas gatherer and processor and is also a leading wholesale distributor of propane.
DCPM is one of the largest natural gas gatherers and processors and also operates the largest NGL production and marketing business in the U.S. DCPM is a joint venture between Spectra Energy and ConocoPhillips. DCPM owns and operates the general partner of DPM.
Simmons & Co. International served as financial advisor to the Special Committee of DCP Midstream GP LLC.
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