The following discussion analyzes our financial condition and results of
operations. You should read the following discussion of our financial condition
and results of operations in conjunction with our condensed consolidated
financial statements and notes included elsewhere in this Quarterly Report on
Form 10-Q and the consolidated financial statements and notes thereto included
in our Annual Report on Form 10-K for the year ended December 31, 2020.

Overview


We are a Delaware limited partnership formed by DCP Midstream, LLC to own,
operate, acquire and develop a diversified portfolio of complementary midstream
energy assets. Our operations are organized into two reportable segments: (i)
Logistics and Marketing and (ii) Gathering and Processing. Our Logistics and
Marketing segment includes transporting, trading, marketing and storing natural
gas and NGLs, and fractionating NGLs. Our Gathering and Processing segment
consists of gathering, compressing, treating, and processing natural gas,
producing and fractionating NGLs, and recovering condensate.

General Trends and Outlook
The COVID-19 pandemic, continued to disrupt the U.S. economy causing reduced
demand for gas and NGLs that materially and adversely affect our business,
results of operations and liquidity. Additionally, in February 2021, the U.S.
experienced Winter Storm Uri, bringing extreme cold temperatures, ice, and snow
to the central U.S. that adversely impacted producer volumes, substantially
disrupted regional gas market prices and temporarily disrupted the operations of
some the Company's assets in the Permian, South and Midcontinent Regions. The
extent of the impact of Winter Storm Uri and COVID-19 pandemic on our
operational and financial performance is anticipated to be temporary, but there
is uncertainty around the extent and duration of the COVID-19 pandemic and its
related impact on us. Management anticipates that our results of operations will
continue to be negatively affected by the industry and economic impact of the
COVID-19 pandemic in 2021 and possibly beyond, however, the degree to which
these factors will impact our business remains uncertain and the related
financial impact of any such disruption cannot be reasonably estimated at this
time.
Our business is impacted by commodity prices and volumes. We mitigate a
significant portion of commodity price risk on an overall Partnership basis
through our fee based assets and by executing on our hedging program. Various
factors impact both commodity prices and volumes, and as indicated in Item 3.
"Quantitative and Qualitative Disclosures about Market Risk," we have
sensitivities to certain cash and non-cash changes in commodity prices.
Commodity prices have recovered since the start of the pandemic, however demand
and production remain limited and our natural gas throughput and NGL volumes
continue to be impacted.
Our long-term view is that commodity prices will be at levels that we believe
will support sustained or increasing levels of domestic production. In recent
years we have transformed our business to a more fee-based portfolio, more
heavily focused on the business of the Logistics and Marketing segment to reduce
commodity exposure. In addition, we use our strategic hedging program to further
mitigate commodity price exposure. We expect future commodity prices will be
influenced by tariffs and other global economic conditions, the level of North
American production and drilling activity by exploration and production
companies, the balance of trade between imports and exports of liquid natural
gas, NGLs and crude oil, and the severity of winter and summer weather.
Our business is primarily driven by the level of production of natural gas by
producers and of NGLs from processing plants connected to our pipelines and
fractionators. These volumes can be impacted by, among other things, reduced
drilling activity, depressed commodity prices, severe weather disruptions,
operational outages and ethane rejection. Upstream producers have reduced
capital expenditures in response to COVID-19 demand decreases and are
maintaining this reduction as uncertainty continues into 2021. As a result, we
expect volumes to remain below 2019 levels which will to continue to impact
earnings.
We hedge commodity prices associated with a portion of our expected natural gas,
NGL and condensate equity volumes in our Gathering and Processing segment.
Drilling activity levels vary by geographic area; we will continue to target our
strategy in geographic areas where we expect producer drilling activity.
We believe our contract structure with our producers provides us with
significant protection from credit risk since we generally hold the product,
sell it and withhold our fees prior to remittance of payments to the producer.
Currently, our top 20 producers account for a majority of the total natural gas
that we gather and process and of these top 20 producers, 6 have investment
grade credit ratings. During February 2021, Winter Storm Uri resulted in lower
volumes and abnormally high gas prices. Certain counterparty billings during
this time are under dispute and may take longer to collect than normal.
                                       29
--------------------------------------------------------------------------------

The global economic outlook continues to be cause for concern for U.S. financial
markets and businesses and investors alike. This uncertainty may contribute to
volatility in financial and commodity markets.
We believe we are positioned to withstand current and future commodity price
volatility as a result of the following:
•Our fee-based business represents a significant portion of our margins.
•We have focused cost reduction efforts.
•We have a well-defined and targeted multi-year hedging program.
•We manage our disciplined capital growth program with a significant focus on
fee-based agreements and projects with long-term volume outlooks.
•We believe we have a solid capital structure and balance sheet.
•We believe we have access to sufficient capital to fund our growth including
excess distribution coverage and divestitures.
During 2021, our strategic objectives are to generate Excess Free Cash Flows (a
non-GAAP measure defined in "Reconciliation of Non-GAAP Measures - Excess Free
Cash Flows") and reduce leverage. We believe the key elements to generating
Excess Free Cash Flows are the diversity of our asset portfolio, our fee-based
business which represents a significant portion of our estimated margins, plus
our hedged commodity position, the objective of which is to protect against
downside risk in our Excess Free Cash Flows. We will continue to pursue
incremental revenue, cost efficiencies and operating improvements of our assets
through process and technology improvements.
Our expectations are based on assumptions made by us and information currently
available to us. To the extent our underlying assumptions about or
interpretations of available information prove to be incorrect, our actual
results may vary materially from our expected results.
We incur capital expenditures for our consolidated entities and our
unconsolidated affiliates. Our 2021 plan includes sustaining capital
expenditures of between $45 million and $85 million and expansion capital
expenditures of between $25 million and $75 million.
Recent Events
Common and Preferred Distributions
On April 20, 2021, we announced that the board of directors of the General
Partner declared a quarterly distribution on our common units of $0.39 per
common unit. The distribution will be paid on May 14, 2021 to unitholders of
record on April 30, 2021.
On the same date, we announced that the board of directors of the General
Partner declared a semi-annual distribution on our Series A Preferred Units of
$36.875 per unit. The distribution will be paid on June 15, 2021to unitholders
of record on June 1, 2021.
On the same date, the board of directors of the General Partner declared a
quarterly distribution on our Series B and Series C Preferred Units of $0.4922
and $0.4969 per unit, respectively. The Series B distributions will be paid on
June 15, 2021 to unitholders of record on June 1, 2021. The Series C
distribution will be paid on July 15, 2021 to unitholders of record on July 1,
2021.






                                       30

--------------------------------------------------------------------------------

Results of Operations



Consolidated Overview
The following table and discussion provides a summary of our consolidated
results of operations for the three months ended March 31, 2021 and 2020. The
results of operations by segment are discussed in further detail following this
consolidated overview discussion.
                                                                       Three Months Ended                               Variance
                                                                            March 31,                                 2021 vs. 2020
                                                                                                                                                        Increase
                                                                                     2021             2020                                             (Decrease)           Percent
                                                                                       (millions, except operating data)
Operating revenues (a):
Logistics and Marketing                                                           $ 2,098          $ 1,358                                           $       740                54  %
Gathering and Processing                                                            1,314              913                                                   401                44  %
Inter-segment eliminations                                                         (1,094)            (614)                                                  480                78  %
Total operating revenues                                                            2,318            1,657                                                   661                40  %
Purchases and related costs
Logistics and Marketing                                                            (2,062)          (1,247)                                                  815                65  %
Gathering and Processing                                                           (1,069)            (513)                                                  556                     *
Inter-segment eliminations                                                          1,094              614                                                   480                78  %
Total purchases                                                                    (2,037)          (1,146)                                                  891                78  %
Operating and maintenance expense                                                    (149)            (153)                                                   (4)               (3  %)
Depreciation and amortization expense                                                 (91)             (99)                                                   (8)               (8  %)
General and administrative expense                                                    (38)             (56)                                                  (18)              (32  %)
Asset impairments                                                                       -             (746)                                                 (746)                    *
Other expense, net                                                                      -               (3)                                                   (3)                    *

Earnings from unconsolidated affiliates                                               128               76                                                    52                68  %
Interest expense                                                                      (77)             (78)                                                   (1)               (1  %)
Income tax expense                                                                      -               (1)                                                   (1)                    *
Net income attributable to noncontrolling interests                                    (1)              (1)                                                    -                 -  %
Net income (loss) attributable to partners                                        $    53          $  (550)                                          $       603                     *
Other data:
Adjusted gross margin (b):
Logistics and Marketing                                                           $    36          $   111                                           $       (75)              (68  %)
Gathering and Processing                                                              245              400                                                  (155)              (39  %)
Total adjusted gross margin                                                       $   281          $   511                                           $      (230)              (45  %)

Non-cash commodity derivative mark-to-market                                      $   (53)         $   134                                           $      (187)                    *
NGL pipelines throughput (MBbls/d) (c)                                                578              677                                                   (99)              (15  %)
Gas pipelines throughput (TBtu/d) (c)                                                 1.0             0.80                                                  0.20                25  %
Natural gas wellhead (MMcf/d) (c)                                                   4,077            4,940                                                  (863)              (17  %)
NGL gross production (MBbls/d) (c)                                                    361              404                                                   (43)              (11  %)


* Percentage change is not meaningful.
(a) Operating revenues include the impact of trading and marketing gains
(losses), net.
(b) Adjusted gross margin consists of total operating revenues less purchases
and related costs. Segment adjusted gross margin for each segment consists of
total operating revenues for that segment, less purchases and related costs for
that segment. Please read "Reconciliation of Non-GAAP Measures".
(c) For entities not wholly-owned by us, includes our share, based on our
ownership percentage, of the wellhead and throughput volumes and NGL production.





                                       31

--------------------------------------------------------------------------------

Three Months Ended March 31, 2021 vs. Three Months Ended March 31, 2020
Total Operating Revenues - Total operating revenues increased $661 million in
2021 compared to 2020, primarily as a result of the following:
•$740 million increase for our Logistics and Marketing segment, primarily due to
higher commodity prices and an increase in transportation, processing and other,
partially offset by lower NGL and gas sales volumes and unfavorable commodity
derivative activity; and
•$401 million increase for our Gathering and Processing segment, primarily due
to higher commodity prices and an increase in transportation, processing and
other, partially offset by unfavorable commodity derivative activity and
decreased volumes in all regions.
These increases were partially offset by:
•$480 million change in inter-segment eliminations, which relate to sales of gas
and NGL volumes from our Gathering and Processing segment to our Logistics and
Marketing segment, primarily due to higher commodity prices, partially offset by
lower NGL and gas sales volumes.
Total Purchases - Total purchases increased $891 million in 2021 compared to
2020, primarily as a result of the following:
•$815 million increase for our Logistics and Marketing segment for the commodity
price and volume changes discussed above; and
•$556 million increase for our Gathering and Processing segment for the
commodity price and volume changes discussed above.
These increases were partially offset by:
•$480 million change in inter-segment eliminations, for the reasons discussed
above.
General and Administrative Expense - General and administrative expense
decreased in 2021 compared to 2020, primarily as a result of reduced headcount
and employee benefits.
Asset Impairments - Asset impairments in 2020 relate to long-lived assets in the
Permian and South regions and goodwill related to our North region.
Earnings from Unconsolidated Affiliates - Earnings from unconsolidated
affiliates increased in 2021 compared to 2020, primarily as a result of an
impairment in our equity investment in Discovery in 2020, partially offset by
decline of volumes from third party production on the Sand Hills pipeline in
2021.
Net Income (Loss) Attributable to Partners - Net income (loss) attributable to
partners increased in 2021 compared to 2020 for the reasons discussed above.
Adjusted Gross Margin - Adjusted gross margin decreased $230 million in 2021
compared to 2020, primarily as a result of the following:
•$155 million decrease for our Gathering and Processing segment, primarily as a
result of unfavorable commodity derivative activity attributable to our
corporate equity hedge program, lower base volumes and margins in the South,
Permian, and Midcontinent, lower margins in the DJ Basin due to offload
processing fees and the negative impact of Winter Storm Uri resulting in
producer shut-ins, unfavorable commodity derivative activity associated with
swaps and reduced producer payments and marketing activity, partially offset by
higher commodity pricing; and
•$75 million decrease for our Logistics and Marketing segment, primarily related
to lower gas pipeline marketing margins due to less favorable commodity spreads,
less favorable NGL marketing and storage activity, and negative impact on our
gas marketing pipeline assets due to Winter Storm Uri, partially offset by
favorable gas storage margins.

                                       32
--------------------------------------------------------------------------------


Supplemental Information on Unconsolidated Affiliates
The following tables present financial information related to unconsolidated
affiliates during the three months ended March 31, 2021 and 2020, respectively:
Earnings from investments in unconsolidated affiliates were as follows:
                                                           Three Months Ended March 31,
                                                                                      2021       2020
                                                                                      (millions)
 DCP Sand Hills Pipeline, LLC

$ 62 $ 78


 DCP Southern Hills Pipeline, LLC                                                       24        20
 Gulf Coast Express LLC                                                                 15        16
 Front Range Pipeline LLC                                                                9        11
 Texas Express Pipeline LLC                                                              4         4
 Discovery Producer Services LLC (a)                                                     8       (61)
 Mont Belvieu 1 Fractionator                                                             2         3
 Mont Belvieu Enterprise Fractionator                                                    1         3
 Cheyenne Connector, LLC                                                                 3         -
 Other                                                                                   -         2
 Total earnings from unconsolidated affiliates                              

$ 128 $ 76

(a) Includes an other than temporary impairment of $61 million taken on the investment in the first quarter of 2020. Distributions received from unconsolidated affiliates were as follows:


                                                                                Three Months Ended
                                                                                    March 31,
                                                                                            2021             2020
                                                                                              (millions)
DCP Sand Hills Pipeline, LLC                                                             $    52          $    79
DCP Southern Hills Pipeline, LLC                                                              25               22
Gulf Coast Express LLC                                                                        19               21
Front Range Pipeline LLC                                                                      12               12
Texas Express Pipeline LLC                                                                     5                5
Discovery Producer Services LLC                                                                8                6
Mont Belvieu 1 Fractionator                                                                    2                4
Mont Belvieu Enterprise Fractionator                                                           1                3
Cheyenne Connector, LLC                                                                        4                -
Other                                                                                          1                1
Total distributions from unconsolidated affiliates                                       $   129          $   153



                                       33

--------------------------------------------------------------------------------

Results of Operations - Logistics and Marketing Segment


                                                                                  Operating Data
                                                                                                                                                                                                               Three months ended March 31, 2021
                                                                                                                    Approximate                 Approximate Gas
                                                            Approximate                                         Throughput Capacity           Throughput Capacity                                               Pipeline Throughput                Pipeline Throughput          Fractionator Throughput
System                                                 System Length (Miles)          Fractionators                (MBbls/d) (a)                  (Bcf/d) (a)                                                      (MBbls/d) (a)                      (TBtus/d) (a)                  (MBbls/d) (a)
Sand Hills pipeline                                              1,410                         -                          333                               -                                                             228                                  -                                -
Southern Hills pipeline                                            950                         -                          128                               -                                                             105                                  -                                -

Front Range pipeline                                               450                         -                           87                               -                                                              56                                  -                                -
Texas Express pipeline                                             600                         -                           37                               -                                                              19                                  -                                -
Other NGL pipelines (a)                                          1,110                         -                          310                               -                                                             170                                  -                                -
Gulf Coast Express pipeline                                        500                         -                            -                             500                                                               -                               0.47                                -
Guadalupe pipeline                                                 600                         -                            -                             245                                                               -                               0.25                                -
Cheyenne Connector                                                  70                         -                            -                             300                                                               -                               0.30                                -
Mont Belvieu fractionators                                           -                         2                            -                               -                                                               -                                  -                               43
Pipelines total                                                  5,690                         2                          895                           1,045                                                             578                               1.02                               43

(a) Represents total capacity or total volumes allocated to our proportionate ownership share.



The results of operations for our Logistics and Marketing segment are as
follows:
                                                                   Three Months Ended                             Variance
                                                                        March 31,                               2021 vs. 2020
                                                                                                                                                  Increase
                                                                               2021             2020                                             (Decrease)           Percent

Operating revenues:
Sales of natural gas, NGLs and condensate                                   $ 2,325          $ 1,294                                           $     1,031                80  %
Transportation, processing and other                                             14               13                                                     1                 8  %
Trading and marketing (losses) gains, net                                      (241)              51                                                  (292)                    *
Total operating revenues                                                      2,098            1,358                                                   740                54  %
Purchases and related costs                                                  (2,062)          (1,247)                                                  815                65  %
Operating and maintenance expense                                                (6)              (7)                                                   (1)              (14  %)
Depreciation and amortization expense                                            (3)              (3)                                                    -                 -  %
General and administrative expense                                               (1)              (2)                                                   (1)              (50  %)

Earnings from unconsolidated affiliates (a)                                     120              137                                                   (17)              (12  %)

Segment net income attributable to partners                                 $   146          $   236                                           $       (90)              (38  %)
Other data:
Segment adjusted gross margin (b)                                           $    36          $   111                                           $       (75)              (68  %)
Non-cash commodity derivative mark-to-market                                $    (5)         $    42                                           $       (47)                    *
NGL pipelines throughput (MBbls/d) (c)                                          578              677                                                   (99)              (15  %)
Gas pipelines throughput (TBtu/d) (c)                                           1.0             0.80                                                   0.2                25  %


* Percentage change is not meaningful.
(a) Earnings for certain unconsolidated affiliates include the amortization of
the net difference between the carrying amount of the investments and the
underlying equity of the entities.
(b) Adjusted gross margin consists of total operating revenues less purchases
and related costs. Segment adjusted gross margin for each segment consists of
total operating revenues for that segment less purchases and related costs for
that segment. Please read "Reconciliation of Non-GAAP Measures".
(c) For entities not wholly-owned by us, includes our share, based on our
ownership percentage, of the throughput volumes.

                                       34
--------------------------------------------------------------------------------

Three Months Ended March 31, 2021 vs. Three Months Ended March 31, 2020
Total Operating Revenues - Total operating revenues increased $740 million in
2021 compared to 2020, primarily as a result of the following:
•$1,382 million increase as a result of higher commodity prices before the
impact of derivative activity; and
•$1 million increase in transportation, processing and other.
These increases were partially offset by:
•$351 million decrease attributable to lower NGL and gas sales volumes; and
•$292 million decrease as a result of commodity derivative activity attributable
to an increase in realized cash settlement losses of $245 million and an
increase in unrealized commodity derivative losses of $47 million due to
movements in forward prices of commodities.
Purchases and Related Costs - Purchases and related costs increased $815 million
in 2021 compared to 2020, primarily as a result of the commodity price and
volume changes discussed above.
Earnings from Unconsolidated Affiliates - Earnings from unconsolidated
affiliates decreased in 2021 compared to 2020, primarily due to decline of
volumes from third party production on the Sand Hills pipeline.
Segment Adjusted Gross Margin - Segment adjusted gross margin decreased $75
million in 2021 compared to 2020, primarily as a result of the following:
•$57 million decrease as a result of gas pipeline marketing margins due to less
favorable commodity spreads in 2021, which includes unrealized derivatives
losses of $47 million due to forward price movements of commodities in 2021;
•$13 million decrease as a result of less favorable NGL marketing and storage
activity in 2021; and
•$5 million decrease as a result of Winter Storm Uri, which adversely impacted
our gas marketing pipeline assets, with a large favorable offset at gas storage
margins.
NGL Pipelines Throughput - NGL pipelines throughput decreased in 2021 compared
to 2020 primarily due to decline of volumes from third party production on the
Sand Hills pipeline.
Gas Pipelines Throughput - Gas throughput increased in 2021 compared to 2020,
primarily as a result of the Cheyenne Connector pipeline coming online in the
second quarter 2020.











                                       35

--------------------------------------------------------------------------------

Results of Operations - Gathering and Processing Segment


                                                     Operating Data
                                                                                                                                          Three months ended March 31, 2021
                                                        Approximate                      Approximate
                                                         Gathering                   Net Nameplate Plant                            Natural Gas                            NGL
                                                     and Transmission                     Capacity                               Wellhead Volume                       Production
Regions                          Plants               Systems (Miles)                   (MMcf/d) (a)                               (MMcf/d) (a)                       (MBbls/d) (a)
North                               13                         3,500                          1,580                                    1,520                                 136
Midcontinent                         6                        24,500                          1,110                                      799                                  65
Permian                             10                        15,400                          1,200                                      858                                  93
South                                8                         7,000                          1,730                                      900                                  67
Total                               37                        50,400                          5,620                                    4,077                                 361


(a) Represents total capacity or total volumes allocated to our proportionate
ownership share.
The results of operations for our Gathering and Processing segment are as
follows:
                                                                      Three Months Ended March                           Variance
                                                                                31,                                    2021 vs. 2020
                                                                                                                                                         Increase
                                                                                       2021            2020                                             (Decrease)           Percent
                                                                                        (millions, except operating data)
Operating revenues:
Sales of natural gas, NGLs and condensate                                           $ 1,338          $  713                                           $       625                88  %
Transportation, processing and other                                                    104              99                                                     5                 5  %
Trading and marketing (losses) gains, net                                              (128)            101                                                  (229)                    *
Total operating revenues                                                              1,314             913                                                   401                44  %
Purchases and related costs                                                          (1,069)           (513)                                                  556                     *
Operating and maintenance expense                                                      (140)           (142)                                                   (2)               (1  %)
Depreciation and amortization expense                                                   (81)            (89)                                                   (8)               (9  %)
General and administrative expense                                                       (4)             (3)                                                    1                33  %
Asset impairments                                                                         -            (746)                                                 (746)                    *
Other expense, net                                                                        -              (3)                                                   (3)                    *

Earnings (loss) from unconsolidated affiliates (a)                                        8             (61)                                                   69                     *
Segment net income (loss)                                                                28            (644)                                                  672                     *
Segment net income attributable to noncontrolling interests                              (1)             (1)                                                    -                 -  %
Segment net income (loss) attributable to partners                                  $    27          $ (645)                                          $       672                     *
Other data:
Segment adjusted gross margin (b)                                                   $   245          $  400                                           $      (155)              (39  %)
Non-cash commodity derivative mark-to-market                                        $   (48)         $   92                                           $      (140)                    *
Natural gas wellhead (MMcf/d) (c)                                                     4,077           4,940                                                  (863)              (17  %)
NGL gross production (MBbls/d) (c)                                                      361             404                                                   (43)              (11  %)


* Percentage change is not meaningful.
(a) Earnings for certain unconsolidated affiliates include the amortization of
the net difference between the carrying amount of the investments and the
underlying equity of the entities and impairment of $61 million of our equity
investment in Discovery Producer Services LLC.
(b) Segment adjusted gross margin for each segment consists of total operating
revenues for that segment less purchases and related costs for that segment.
Please read "Reconciliation of Non-GAAP Measures".
(c) For entities not wholly-owned by us, includes our share, based on our
ownership percentage, of the wellhead and NGL production

Three Months Ended March 31, 2021 vs. Three Months Ended March 31, 2020 Total Operating Revenues - Total operating revenues increased $401 million in 2021 compared to 2020, primarily as a


                                       36
--------------------------------------------------------------------------------

result of the following:
•$792 million increase attributable to higher commodity prices, before the
impact of derivative activity; and
•$5 million increase in transportation, processing and other.
These increases were partially offset by:
•$229 million decrease as a result of commodity derivative activity attributable
to a increase in unrealized commodity derivative losses of $140 million due to
movements in forward prices of commodities in 2021 and an increase in realized
cash settlement losses of $89 million; and
•$167 million decrease primarily as a result of decreased volumes in all
regions.
Purchases and Related Costs - Purchases and related costs increased $556 million
in 2021 compared to 2020, primarily as a result of the commodity price and
volume changes discussed above.
Asset Impairments - Asset impairments in 2020 relate to long-lived assets in the
Permian and South regions and goodwill in the North region.
Earnings (Loss) from Unconsolidated Affiliates - Earnings (loss) from
unconsolidated affiliates increased in 2021 compared to 2020, primarily as a
result of an impairment in our equity investment in Discovery in 2020.
Segment Adjusted Gross Margin - Segment adjusted gross margin decreased $155
million in 2021 compared to 2020, primarily as a result of the following:
•$162 million decrease as a result of unfavorable commodity derivative activity
attributable to our corporate equity hedge program;
•$62 million decrease due primarily to lower base volumes and margins in the
South, Permian, and Midcontinent regions, and lower margins in the DJ Basin due
to offload processing fees; and
•$35 million decrease as a result of Winter Storm Uri, reflecting reduced
volumes due to producer shut-ins, commodity derivative activity associated with
swaps, and the net impact of producer payments and marketing activity.
This decrease was partially offset by:
•$104 million increase as a result of higher commodity prices.
Total Wellhead - Natural gas wellhead decreased in 2021 compared to 2020
primarily as a result of base declines and contract expirations in the South,
base declines in Midcontinent and Permian regions, and lower volumes due to
impact of Winter Storm Uri.
NGL Gross Production - NGL gross production decreased in 2021 compared to 2020,
primarily as a result of base declines and contract expirations in the South,
base declines in Midcontinent and Permian regions, and lower volumes due to
impact of Winter Storm Uri, partially offset by lower ethane rejection across
all regions.
                                       37
--------------------------------------------------------------------------------

Liquidity and Capital Resources
We expect our sources of liquidity to include:
•cash generated from operations;
•cash distributions from our unconsolidated affiliates;
•borrowings under our Credit Agreement;
•proceeds from asset rationalization;
•debt offerings;
•borrowings under term loans, securitization agreements or other credit
facilities;
•issuances of additional common units, preferred units or other securities; and
•letters of credit.
We anticipate our more significant uses of resources to include:
•quarterly distributions to our common unitholders and distributions to our
preferred unitholders;
•payments to service our debt;
•capital expenditures;
•contributions to our unconsolidated affiliates to finance our share of their
capital expenditures;
•business and asset acquisitions; and
•collateral with counterparties to our swap contracts to secure potential
exposure under these contracts, which may, at times, be significant depending on
commodity price movements.
We believe that commodity prices will remain volatile and volumes may decline in
the near term due to the COVID-19 pandemic and its impact on the global economy.
We anticipate this will have an indirect impact on our leverage. While we have
taken significant actions to mitigate the impact of the effects resulting of the
COVID-19 pandemic and reduce our debt, our leverage may increase as a result of
the current economic environment.
We believe that cash generated from these sources and other proactive cost
reduction actions will be sufficient to meet our short-term working capital
requirements, long-term capital expenditures and quarterly cash distributions
for at least the next twelve months.
We routinely evaluate opportunities for strategic investments or acquisitions.
Future material investments or acquisitions may require that we obtain
additional capital, assume third party debt or incur other long-term
obligations. We have the option to utilize both equity and debt instruments as
vehicles for the long-term financing of our investment activities or
acquisitions.
Based on current and anticipated levels of operations, we believe we have
adequate committed financial resources to conduct our ongoing business, although
deterioration in our operating environment could limit our borrowing capacity,
impact our credit ratings, raise our financing costs, as well as impact our
compliance with the financial covenants contained in the Credit Agreement and
other debt instruments.

Credit Agreement - As of March 31, 2021, we had unused borrowing capacity of
$1,332 million, net of $58 million of outstanding borrowings and $10 million of
letters of credit, under the Credit Agreement, of which at least $1,123 million
would have been available to borrow for working capital and other general
partnership purposes based on financial covenants set forth in the Credit
Agreement. As of April 30, 2021, we had unused borrowing capacity of $1,276
million, net of $115 million of outstanding borrowings and $9 million of letters
of credit under the Credit Agreement. Our cost of borrowing under the Credit
Agreement is determined by a ratings-based pricing grid.

Accounts Receivable Securitization Facility - As of March 31, 2021, we had $350
million of outstanding borrowings under our Securitization Facility at LIBOR
market index rates plus a margin.
                                       38
--------------------------------------------------------------------------------

Issuance of Securities - In October 2020, we filed a shelf registration
statement with the SEC that became effective upon filing and allows us to issue
an indeterminate amount of common units, preferred units, debt securities, and
guarantees of debt securities.
In October 2020, we also filed a shelf registration statement with the SEC,
which allows us to issue up to $750 million in common units pursuant to our
at-the-market program. During the three months ended March 31, 2021, we did not
issue any common units pursuant to this registration statement, and $750 million
remained available for future sales.
Guarantee of Registered Debt Securities - The condensed consolidated financial
statements of DCP Midstream, LP, or "parent guarantor", include the accounts of
DCP Midstream Operating LP, or "subsidiary issuer", which is a 100% owned
subsidiary, and all other subsidiaries which are all non-guarantor subsidiaries.
The parent guarantor has agreed to fully and unconditionally guarantee the
senior notes. The entirety of the Company's operating assets and liabilities,
operating revenues, expenses and other comprehensive income exist at its
non-guarantor subsidiaries, and the parent guarantor and subsidiary issuer have
no assets, liabilities or operations independent of their respective financing
activities and investments in non-guarantor subsidiaries. All covenants in the
indentures governing the notes limit the activities of subsidiary issuer,
including limitations on the ability to pay dividends, incur additional
indebtedness, make restricted payments, create liens, sell assets or make loans
to parent guarantor.

The Company qualifies for alternative disclosure under Rule 13-01 of Regulation
S-X, because the combined financial information of the subsidiary issuer and
parent guarantor, excluding investments in subsidiaries that are not issuers or
guarantors, reflect no material assets, liabilities or results of operations
apart from their respective financing activities and investments in
non-guarantor subsidiaries. Summarized financial information is presented as
follows. The only assets, liabilities and results of operations of the
subsidiary issuer and parent guarantor on a combined basis, independent of their
respective investments in non-guarantor subsidiaries are:

•Accounts payable and other current liabilities of $74 million and $87 million
as of March 31, 2021 and December 31, 2020, respectively;
•Balances related to debt of $5.332 billion and $5.273 billion as of March 31,
2021 and December 31, 2020, respectively; and
•Interest expense, net of $76 million and $75 million for the three months ended
March 31, 2021 and 2020, respectively.

Commodity Swaps and Collateral - Changes in natural gas, NGL and condensate
prices and the terms of our processing arrangements have a direct impact on our
generation and use of cash from operations due to their impact on net income,
along with the resulting changes in working capital. For additional information
regarding our derivative activities, please read Item 3. "Quantitative and
Qualitative Disclosures about Market Risk" contained herein.
When we enter into commodity swap contracts, we may be required to provide
collateral to the counterparties in the event that our potential payment
exposure exceeds a predetermined collateral threshold. Collateral thresholds are
set by us and each counterparty, as applicable, in the master contract that
governs our financial transactions based on our and the counterparty's
assessment of creditworthiness. The assessment of our position with respect to
the collateral thresholds are determined on a counterparty by counterparty
basis, and are impacted by the representative forward price curves and notional
quantities under our swap contracts. Due to the interrelation between the
representative crude oil and natural gas forward price curves, it is not
practical to determine a pricing point at which our swap contracts will meet the
collateral thresholds as we may transact multiple commodities with the same
counterparty. Depending on daily commodity prices, the amount of collateral
posted can go up or down on a daily basis.
Working Capital - Working capital is the amount by which current assets exceed
current liabilities. Current assets are reduced in part by our quarterly
distributions, which are required under the terms of our Partnership Agreement
based on Available Cash, as defined in the Partnership Agreement. In general,
our working capital is impacted by changes in the prices of commodities that we
buy and sell, inventory levels, and other business factors that affect our net
income and cash flows. Our working capital is also impacted by the timing of
operating cash receipts and disbursements, cash collateral we may be required to
post with counterparties to our commodity derivative instruments, borrowings of
and payments on debt and the Securitization Facility, capital expenditures, and
increases or decreases in other long-term assets. We expect that our future
working capital requirements will be impacted by these same recurring factors.
During February 2021, Winter Storm Uri resulted in lower volumes and abnormally
high gas prices for a period of days. A majority of our receivables associated
with Winter Storm Uri have been collected. Certain counterparty billings during
this time are under dispute and will take longer to collect than normal,
                                       39
--------------------------------------------------------------------------------

which have negatively impacted working capital at March 31, 2021. We believe the
amounts due to us are owed and intend to vigorously pursue legal avenues to
collect these receivables.
We had working capital deficits of $513 million and $613 million as of March 31,
2021 and December 31, 2020, respectively, driven by current maturities of long
term debt of $504 million and $505 million, respectively. We had a net
derivative working capital deficit of $19 million as of March 31, 2021 and
surplus of $7 million as of December 31, 2020.
As of March 31, 2021, we had $5 million in cash and cash equivalents, of which
$1 million was held by consolidated subsidiaries we do not wholly own.

Cash Flow - Operating, investing and financing activities were as follows:



                                                                       Three Months Ended March 31,
                                                                         2021                  2020
                                                                                (millions)
Net cash (used in) provided by operating activities                $           (4)         $      314
Net cash used in investing activities                              $          (14)         $     (103)
Net cash used in financing activities                              $        

(30) $ (171)




Three Months Ended March 31, 2021 vs. Three Months Ended March 31, 2020
Operating Activities - Net cash provided by operating activities decreased
$318 million in 2021 compared to the same period in 2020. The changes in net
cash provided by operating activities are attributable to our net income (loss)
adjusted for non-cash charges and changes in working capital as presented in the
condensed consolidated statements of cash flows. For additional information
regarding fluctuations in our earnings and distributions from unconsolidated
affiliates, please read "Supplemental Information on Unconsolidated Affiliates"
under "Results of Operations".
Investing Activities - Net cash used in investing activities decreased
$89 million in 2021 compared to the same period in 2020, primarily as a result
of lower capital expenditures due to completed capital projects and lower
investments in unconsolidated affiliates.
Financing Activities - Net cash used in financing activities decreased
$141 million in 2021 compared to the same period in 2020, primarily as a result
of lower distributions and higher net proceeds of debt in the first quarter of
2021.
Capital Requirements - The midstream energy business can be capital intensive,
requiring significant investment to maintain and upgrade existing operations.
Our capital requirements have consisted primarily of, and we anticipate will
continue to consist of the following:
•Sustaining capital expenditures, which are cash expenditures to maintain our
cash flows, operating or earnings capacity. These expenditures add on to or
improve capital assets owned, including certain system integrity, compliance and
safety improvements. Sustaining capital expenditures also include certain well
connects, and may include the acquisition or construction of new capital assets;
and
•Expansion capital expenditures, which are cash expenditures to increase our
cash flows, or operating or earnings capacity. Expansion capital expenditures
include acquisitions or capital improvements (where we add on to or improve the
capital assets owned, or acquire or construct new gathering lines and well
connects, treating facilities, processing plants, fractionation facilities,
pipelines, terminals, docks, truck racks, tankage and other storage,
distribution or transportation facilities and related or similar midstream
assets).
We incur capital expenditures for our consolidated entities and our
unconsolidated affiliates. Our 2021 plan includes sustaining capital
expenditures of between $45 million and $85 million and expansion capital
expenditures of between $25 million and $75 million.
We expect to fund future acquisitions and capital expenditures with funds
generated from our operations, borrowings under our Credit Agreement,
Securitization Facility and the issuance of additional debt and equity
securities. Future material investments or acquisitions may require that we
obtain additional capital, assume third party debt or incur other long-term
obligations. We have the option to utilize both equity and debt instruments as
vehicles for the long-term financing of our investment activities and
acquisitions.
                                       40
--------------------------------------------------------------------------------


Cash Distributions to Unitholders - Our Partnership Agreement requires that,
within 45 days after the end of each quarter, we distribute all Available Cash,
as defined in the Partnership Agreement. We made cash distributions to our
common unitholders and general partner of $81 million and $162 million during
the three months ended March 31, 2021 and 2020, respectively.
On April 20, 2021, we announced that the board of directors of the General
Partner declared a quarterly distribution on our common units of $0.39 per
common unit. The distribution will be paid on May 14, 2021 to unitholders of
record on April 30, 2021.
On the same date, we announced that the board of directors of the General
Partner declared a semi-annual distribution on our Series A Preferred Units of
$36.875 per unit. The distribution will be paid on June 15, 2021to unitholders
of record on June 1, 2021.
On the same date, the board of directors of the General Partner declared a
quarterly distribution on our Series B and Series C Preferred Units of $0.4922
and $0.4969 per unit, respectively. The Series B distributions will be paid on
June 15, 2021 to unitholders of record on June 1, 2021. The Series C
distribution will be paid on July 15, 2021 to unitholders of record on July 1,
2021.
We expect to continue to use cash provided by operating activities for the
payment of distributions to our unitholders. See Note 12. "Partnership Equity
and Distributions" in the Notes to the Condensed Consolidated Financial
Statements in Item 1. "Financial Statements."

                                       41
--------------------------------------------------------------------------------

Total Contractual Cash Obligations
A summary of our total contractual cash obligations as of March 31, 2021, was as
follows:
                                                                            Payments Due by Period
                                                             Less than
                                            Total             1 year             1-3 years           3-5 years           Thereafter
                                                                                  (millions)
Debt (a)                                 $  8,089          $      780          $    1,337          $    1,247          $     4,725
Finance lease obligations                      31                   4                  10                   8                    9
Operating lease obligations                   106                  20                  43                  20                   23
Purchase obligations (b)                    9,786               1,591               3,026               2,273                2,896
Other long-term liabilities (c)               160                   -                  27                  16                  117
Total                                    $ 18,172          $    2,395          $    4,443          $    3,564          $     7,770



(a) Includes interest payments on debt securities that have been issued. These
interest payments are $280 million, $487 million, $422 million, and $1,625
million for less than one year, one to three years, three to five years, and
thereafter, respectively.
(b) Our purchase obligations are contractual obligations and include purchase
orders and non-cancelable construction agreements for capital expenditures,
various non-cancelable commitments to purchase physical quantities of
commodities in future periods and other items, including gas supply, long-term
fractionation and transportation agreements. For contracts where the price paid
is based on an index or other market-based rates, the amount is based on the
forward market prices or current market rates as of March 31, 2021. Purchase
obligations exclude accounts payable, accrued taxes and other current
liabilities recognized in the condensed consolidated balance sheets. Purchase
obligations also exclude current and long-term unrealized losses on derivative
instruments included in the condensed consolidated balance sheets, which
represent the current fair value of various derivative contracts and do not
represent future cash purchase obligations. These contracts may be settled
financially at the difference between the future market price and the
contractual price and may result in cash payments or cash receipts in the
future, but generally do not require delivery of physical quantities of the
underlying commodity. In addition, many of our gas purchase contracts include
short and long-term commitments to purchase produced gas at market prices. These
contracts, which have no minimum quantities, are excluded from the table.
(c) Other long-term liabilities include asset retirement obligations, long-term
environmental remediation liabilities, gas purchase liabilities and other
miscellaneous liabilities recognized in the March 31, 2021 condensed
consolidated balance sheet. The table above excludes non-cash obligations as
well as $36 million of Executive Deferred Compensation Plan contributions and
$8 million of long-term incentive plans as the amount and timing of any payments
are not subject to reasonable estimation.
Off-Balance Sheet Obligations
As of March 31, 2021, we had no items that were classified as off-balance sheet
obligations.

                                       42
--------------------------------------------------------------------------------

Reconciliation of Non-GAAP Measures
Adjusted Gross Margin and Segment Adjusted Gross Margin - In addition to net
income, we view our adjusted gross margin as an important performance measure of
the core profitability of our operations. We review our adjusted gross margin
monthly for consistency and trend analysis.
We define adjusted gross margin as total operating revenues, less purchases and
related costs, and we define segment adjusted gross margin for each segment as
total operating revenues for that segment less purchases and related costs for
that segment. Our adjusted gross margin equals the sum of our segment adjusted
gross margins. Adjusted gross margin and segment adjusted gross margin are
primary performance measures used by management, as these measures represent the
results of product sales and purchases, a key component of our operations. As an
indicator of our operating performance, adjusted gross margin and segment
adjusted gross margin should not be considered an alternative to, or more
meaningful than, operating revenues, gross margin, segment gross margin, net
income or loss, net income or loss attributable to partners, operating income,
net cash provided by operating activities or any other measure of financial
performance presented in accordance with GAAP.
We believe adjusted gross margin provides useful information to our investors
because our management views our adjusted gross margin and segment adjusted
gross margin as important performance measures that represent the results of
product sales and purchases, a key component of our operations. We review our
adjusted gross margin and segment adjusted gross margin monthly for consistency
and trend analysis. We believe that investors benefit from having access to the
same financial measures that management uses in evaluating our operating
results.
Adjusted EBITDA - We define adjusted EBITDA as net income or loss attributable
to partners adjusted for (i) distributions from unconsolidated affiliates, net
of earnings, (ii) depreciation and amortization expense, (iii) net interest
expense, (iv) noncontrolling interest in depreciation and income tax expense,
(v) unrealized gains and losses from commodity derivatives, (vi) income tax
expense or benefit, (vii) impairment expense and (viii) certain other non-cash
items. Adjusted EBITDA further excludes items of income or loss that we
characterize as unrepresentative of our ongoing operations. Management believes
these measures provide investors meaningful insight into results from ongoing
operations.
Adjusted EBITDA should not be considered an alternative to, or more meaningful
than, net income or loss, net income or loss attributable to partners, operating
income, net cash provided by operating activities or any other measure of
financial performance presented in accordance with GAAP as measures of operating
performance, liquidity or ability to service debt obligations.
Adjusted EBITDA is used as a supplemental liquidity and performance measure and
adjusted segment EBITDA is used as a supplemental performance measure by our
management and by external users of our financial statements, such as investors,
commercial banks, research analysts and others to assess:
•financial performance of our assets without regard to financing methods,
capital structure or historical cost basis;
•our operating performance and return on capital as compared to those of other
companies in the midstream energy industry, without regard to financing methods
or capital structure;
•viability and performance of acquisitions and capital expenditure projects and
the overall rates of return on investment opportunities; and
•in the case of Adjusted EBITDA, the ability of our assets to generate cash
sufficient to pay interest costs, support our indebtedness, make cash
distributions to our unitholders and pay capital expenditures.
Adjusted Segment EBITDA - We define adjusted segment EBITDA for each segment as
segment net income or loss attributable to partners adjusted for (i)
distributions from unconsolidated affiliates, net of earnings, (ii) depreciation
and amortization expense, (iii) net interest expense, (iv) noncontrolling
interest in depreciation and income tax expense, (v) unrealized gains and losses
from commodity derivatives, (vi) income tax expense or benefit, (vii) impairment
expense and (viii) certain other non-cash items. Adjusted segment EBITDA further
excludes items of income or loss that we characterize as unrepresentative of our
ongoing operations for that segment. Our adjusted segment EBITDA may not be
comparable to similarly titled measures of other companies because they may not
calculate adjusted segment EBITDA in the same manner.
Adjusted segment EBITDA should not be considered in isolation or as an
alternative to our financial measures presented in accordance with GAAP,
including operating revenues, net income or loss attributable to partners, or
any other measure of performance presented in accordance with GAAP.
Our adjusted gross margin, segment adjusted gross margin, adjusted EBITDA and
adjusted segment EBITDA may not be comparable to a similarly titled measure of
another company because other entities may not calculate these measures in the
                                       43
--------------------------------------------------------------------------------

same manner. The accompanying schedules provide reconciliations of adjusted gross margin, segment adjusted gross margin and adjusted segment EBITDA to their most directly comparable GAAP financial measures.



Distributable Cash Flow - We define Distributable Cash Flow as adjusted EBITDA,
as defined above, less sustaining capital expenditures, net of reimbursable
projects, less interest expense, less income attributable to preferred units,
and certain other items. Sustaining capital expenditures are cash expenditures
made to maintain our cash flows, operating or earnings capacity. These
expenditures add on to or improve capital assets owned, including certain system
integrity, compliance and safety improvements. Sustaining capital expenditures
also include certain well connects, and may include the acquisition or
construction of new capital assets. Income attributable to preferred units
represent cash distributions earned by the preferred units. Cash distributions
to be paid to the holders of the preferred units assuming a distribution is
declared by our board of directors, are not available to common unit holders.
Non-cash mark-to-market of derivative instruments is considered to be non-cash
for the purpose of computing Distributable Cash Flow because settlement will not
occur until future periods, and will be impacted by future changes in commodity
prices and interest rates. We compare the Distributable Cash Flow we generate to
the cash distributions we expect to pay our partners. Distributable Cash Flow is
used as a supplemental liquidity and performance measure by our management and
by external users of our financial statements, such as investors, commercial
banks, research analysts and others, to assess our ability to make cash
distributions to our unitholders and our general partner.

Our Distributable Cash Flow may not be comparable to a similarly titled measure
of another company because other entities may not calculate Distributable Cash
Flow in the same manner.
Excess Free Cash Flow - We define Excess Free Cash Flow as Distributable Cash
Flow, as defined above, less distributions to limited partners, less expansion
capital expenditures, net of reimbursable projects, and contributions to equity
method investments and certain other items. Expansion capital expenditures are
cash expenditures to increase our cash flows, or operating or earnings capacity.
Expansion capital expenditures include acquisitions or capital improvements
(where we add on to or improve the capital assets owned, or acquire or construct
new gathering lines and well connects, treating facilities, processing plants,
fractionation facilities, pipelines, terminals, docks, truck racks, tankage and
other storage, distribution or transportation facilities and related or similar
midstream assets).
Excess Free Cash Flow is used as a supplemental liquidity and performance
measure by our management and by external users of our financial statements,
such as investors, commercial banks, research analysts and others, and is useful
to investors and management as a measure of our ability to generate cash
particularly in light of an ongoing transition in the midstream industry that
has shifted investor focus from distribution growth to capital discipline, cost
efficiency, and balance-sheet strength. Once business needs and obligations are
met, including cash reserves to provide funds for distribution payments on our
units and the proper conduct of our business, which includes cash reserves for
future capital expenditures and anticipated credit needs, this cash can be used
to reduce debt, reinvest in the company for future growth, or return to
unitholders.

Our definition of Excess Free Cash Flow is limited in that it does not represent
residual cash flows available for discretionary expenditures. Therefore, we
believe the use of Excess Free Cash Flow for the limited purposes described
above and in this report is not a substitute for net cash flows provided by
operating activities, which is the most comparable GAAP measure. Excess Free
Cash Flow may not be comparable to a similarly titled measure of another company
because other entities may not calculate Excess Free Cash Flow in the same
manner.
















                                       44

--------------------------------------------------------------------------------

The following table sets forth our reconciliation of certain non-GAAP measures:
                                                                                  Three Months Ended
                                                                                      March 31,
                                                                                             2021              2020
Reconciliation of Non-GAAP Measures                                                             (millions)

Reconciliation of gross margin to adjusted gross margin:



Operating revenues                                                                        $  2,318          $  1,657
Cost of revenues
Purchases and related costs                                                                  1,763               872
Purchases and related costs from affiliates                                                     55                36
Transportation and related costs from affiliates                                               219               238
Depreciation and amortization expense                                                           91                99
Gross margin                                                                                   190               412
Depreciation and amortization expense                                                           91                99
Adjusted gross margin                                                                     $    281          $    511

Reconciliation of segment gross margin to segment adjusted gross margin:



Logistics and Marketing segment:
Operating revenues                                                                        $  2,098          $  1,358
Cost of revenues
Purchases and related costs                                                                  2,062             1,247
Depreciation and amortization expense                                                            3                 3
Segment gross margin                                                                            33               108
Depreciation and amortization expense                                                            3                 3
Segment adjusted gross margin                                                             $     36          $    111

Gathering and Processing segment:
Operating revenues                                                                        $  1,314          $    913
Cost of revenues
Purchases and related costs                                                                  1,069               513
Depreciation and amortization expense                                                           81                89
Segment gross margin                                                                           164               311
Depreciation and amortization expense                                                           81                89
Segment adjusted gross margin                                                             $    245          $    400



                                       45

--------------------------------------------------------------------------------


                                                                                 Three Months Ended
                                                                                      March 31,
                                                                                             2021              2020
                                                                                                (millions)

Reconciliation of net income attributable to partners to adjusted segment EBITDA:



Logistics and Marketing segment:
Segment net income attributable to partners (a)                                           $    146          $    236
Non-cash commodity derivative mark-to-market                                                     5               (42)

Depreciation and amortization expense, net of noncontrolling interest

                      3                 3
Distributions from unconsolidated affiliates, net of earnings                                    1                10

Other expense                                                                                    -                 1
Adjusted segment EBITDA                                                                   $    155          $    208

Gathering and Processing segment:
Segment net income (loss) attributable to partners                                        $     27          $   (645)
Non-cash commodity derivative mark-to-market                                                    48               (92)

Depreciation and amortization expense, net of noncontrolling interest

                     81                89
Asset impairments                                                                                -               746

Distributions from unconsolidated affiliates, net of earnings                                    -                67
Other expense                                                                                    -                 3
Adjusted segment EBITDA                                                                   $    156          $    168



(a) We recognized no lower of cost or net realizable value adjustment for the
three months ended March 31, 2021. We recognized $4 million of lower of cost or
net realizable value adjustments for the three months ended March 31, 2020.
                                       46
--------------------------------------------------------------------------------

Critical Accounting Policies and Estimates



Our critical accounting policies and estimates are described in "Critical
Accounting Policies and Estimates" within Item 7 "Management's Discussion and
Analysis of Financial Condition and Results of Operations" included in our
Annual Report on Form 10-K for the year ended December 31, 2020 and Note 2 of
the Notes to Consolidated Financial Statements in "Financial Statements and
Supplementary Data" included as Item 8 in our Annual Report on Form 10-K for the
year ended December 31, 2020. The accounting policies and estimates used in
preparing our interim condensed consolidated financial statements for the three
months ended March 31, 2021 are the same as those described in our Annual Report
on Form 10-K for the year ended December 31, 2020. Certain information and note
disclosures normally included in our annual financial statements prepared in
accordance with GAAP have been condensed or omitted from the interim financial
statements included in this Quarterly Report on Form 10-Q pursuant to the rules
and regulations of the SEC, although we believe that the disclosures made are
adequate to make the information not misleading. The unaudited condensed
consolidated financial statements and other information included in this
Quarterly Report on Form 10-Q should be read in conjunction with the audited
consolidated financial statements and notes thereto in our Annual Report on Form
10-K for the year ended December 31, 2020.

© Edgar Online, source Glimpses