DCP Midstream LP : 2021 EIC Investor Conference Presentation

2021 EIC Investor Conference

Forward-Looking Statements

This presentation may contain or incorporate by reference forward-looking statements regarding DCP Midstream, LP (the "Partnership" or "DCP") and its affiliates, including outlook, guidance, projections, estimates, forecasts, plans, and objectives. All statements in this presentation, other than statements of historical fact, are forward-looking statements and are typically identified by words such as "target," "outlook," "guidance," "may," "could," "will," "should," "intend," "assume," "project," "believe," "predict," "anticipate," "expect," "scheduled," "estimate," "budget," "optionality," "potential," "plan," "forecast," and other similar words and expressions. Although management believes that expectations reflected in such forward-looking statements are based on reasonable assumptions, no assurance can be given that such expectations will prove to be correct due to risks, uncertainties, and assumptions that are difficult to predict and that may be beyond our control. If any of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, the Partnership's actual results may vary materially from what management anticipated, expected, projected, estimated, forecasted, planned, or intended. You are cautioned not to place undue reliance on any forward-looking statements.

Investors are encouraged to consider closely the risks and uncertainties disclosed in the Partnership's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, which risks and uncertainties include, but are not limited to, the ongoing global economic impacts of the COVID-19 pandemic, pricing and supply actions by oil exporting countries, supply disruptions caused by weather and weather-related conditions, including impacts on supply and demand for oil, natural gas, NGLs, and related products and services, and the operations of industry and related infrastructure, demand for, and price of oil, natural gas, NGLs, and related products and services, the duration of the foregoing impacts, and the time period for any recovery in commodity prices and demand. These risks and uncertainties could cause our actual results to differ materially from the forward-looking statements in this presentation, which may include, but are not limited to, our expectations on outlook, guidance, and sensitivities, our sources and uses of liquidity and sufficiency of financial resources, our projected costs and our projected capital expenditures. Furthermore, in addition to causing our actual results to differ, such risks and uncertainties may cause our assumptions and intentions to change at any time and without notice, and any such changes may also cause our actual results to differ materially from the forward-looking statements in this presentation.

The Partnership undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Information contained in this presentation speaks only as of the date hereof unless otherwise expressed, is unaudited, and is subject to change.

Regulation G: This document includes non-GAAP financial measures as defined under the rules and regulations of the Securities and Exchange Commission, such as adjusted EBITDA, distributable cash flow, excess free cash flow, segment adjusted EBITDA, segment adjusted gross margin, forecasted adjusted EBITDA, forecasted distributable cash flow, and forecasted excess free cash flow. A reconciliation of these measures to the most directly comparable GAAP measures is included in the Appendix to this presentation.

Note: All presentation statistics are as of the close of March 31, 2021, unless otherwise noted.

2

DCP Midstream Snapshot

	NYSE	500		YTD
	DCP TICKER		$89MM FCF (2)
	FORTUNE		Excess
	$5.5B CAPMARKET		NUMBER
	413	$1.3B
	1.1MM TRADING VOLUME	AVAILABLE
	LIQUIDITY
	AVG. 52-week
$.39 / $1.56 ANNUALIZED		Ba2 / BB+ / BB+
	DISTRIBUTION PAYMENT		CREDIT RATINGS

$26.22

UNIT PRICE

	2020 GPA Midstream
17B	Association Awards
for Environmental
$
TOTAL ASSET BASE(1)	Excellence and
Energy Conservation

COMPETITIVE POSITION

• Fully integrated value chain with 88% fee- based and hedged earnings generating increased excess free cash flow(2) YoY
• Large footprint in advantaged basins across nine states
• Industry-leadinginnovation and digital transformation via DCP 2.0

Note: Market statistics as of May 17, 2021	3
(1)	Total Asset Base for Q1 2021 = Gross PPE + Intangibles + Investments in Unconsolidated Affiliates
(2)	Excess Free Cash Flow = DCF less distributions to limited partners, and less expansion capital expenditures and contributions to equity method investments

Strong Portfolio of Assets and Execution

Leading Midstream Provider

Diversified and Balanced Earnings Mix

• Exposure to multiple premier basins
• Fully integrated wellhead to frac / storage value chain
• 60% Logistics & Marketing / 40% Gathering & Processing(1)
• High quality / diversified customer base

Multi-year Strategic Execution

• Extended and enhanced the L&M value chain
• Opportunistic consolidation, right-sizing the portfolio
• Benefiting from DCP 2.0 digital transformation
• Demonstrated capital discipline and executing supply long, capacity short strategy
• Generating excess FCF
• Prioritizing debt reduction

		Miles of			5.6	Bcf/d	MMBpd NGL	Bcf/d Natural		Bcf
			Plants	processing	Pipeline	Gas Pipeline		Natural Gas
	57KPipeline	37	12
		capacity(2)	1.7 capacity	2.8 capacity	storage

Fully-integrated and resilient business model

(1)	Reflects 2020 actual adjusted EBITDA	4
(2)	Includes only DCP processing plant capacity

Compelling Investor Value Proposition

INCREASED		FINANCIAL		SUSTAINABILITY &
EXCESS FREE		FLEXIBILITY &		TECHNOLOGY
CASH FLOW		STABILITY		LEADERSHIP

• Expected to increase excess free cash flow by ~50% YoY
• Dedicated to maintaining 2020 cost reductions
• Supply long, capacity short strategy focused on using existing infrastructure, offloads, and strategic asset dispositions to efficiently integrate and harness the earnings power of broad, high- quality footprint
• DCP 2.0 focusing on margin optimization, in addition to improved efficiencies

• 4.1x bank leverage ratio(1) exiting
  Q1 2021
• Primary capital allocation priority is debt reduction and balance sheet improvement
• 88% fee and hedged for 2021
• $1.75B capacity via bank and A/R securitization facilities; ~$1.3 billion unutilized
• No common equity offerings since March 2015
• Providing attractive yield for unitholders through the cycle

• 2020 GPA Midstream Association Awards for Environmental Excellence and Energy Conservation
• DCP 2.0 digital transformation increasing cash flow while minimizing risk via real-time optimization & decision making
• DCP Technology Ventures evaluating emerging technologies to improve sustainability and drive efficiencies
• Recognized by the World Economic Forum as a member of the Global Lighthouse Network, distinguishing the world's top advanced manufacturing companies

Strong financial and technological position underpinned by fully-integrated asset base

(1) Bank leverage ratio calculation = Total debt (excludes $550 million Jr. Subordinated notes which are treated as equity) less cash divided by adjusted EBITDA, plus certain	5
project EBITDA credits from projects under construction