On October 13, 2023, DCP Midstream, LP (the ?Partnership?) entered into a Services and Employee Secondment Agreement (the ?Services and Employee Secondment Agreement?) with Phillips 66 Company (?Phillips 66 Company?), and, solely for the limited purposes set forth therein, Phillips 66 Pipeline LLC and DCP Services, LLC (?DCP Services?), pursuant to which Phillips 66 Company agreed to provide the Partnership with certain operational and general and administrative services on the terms and subject to the conditions set forth therein and the Partnership and DCP Services agreed to terminate the existing Services and Employee Secondment Agreement, dated January 1, 2017 (the ?Existing Services Agreement?), between the Partnership and DCP Services. On October 16, 2023, as previously disclosed on the Partnership?s Current Report on Form 8-K filed with the Securities and Exchange Commission (the ?SEC?) on September 14, 2023, the Partnership redeemed all of its issued and outstanding 7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the ?Series C Preferred Units? and such redemption, the ?Redemption?).

On October 16, 2023, following the Redemption, each of the independent directors serving on the Board of Directors, consisting of Fred J. Fowler, William F. Kimble and Bill W. Waycaster, were removed from their respective positions as members of the Board of Directors.