DCP Midstream LP : Truist 4th Annual Utilities, Midstream & Alternative Energy Summit Presentation

Investor Presentation

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, the resulting 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 capital expenditures in relation to estimated or budgeted amounts. 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 December 31, 2020, unless otherwise noted.

DCP Midstream Snapshot

$.39 / $1.56

ANNUALIZED

DISTRIBUTION PAYMENT

$23.53

UNIT PRICE

$17.1B

TOTAL ASSET BASE(1)

2020 GPA Midstream Association Awards for Environmental

Excellence and Energy Conservation

$237MM

Excess FCF in 2020

$1.2B

AVAILABLE LIQUIDITY (3)

Ba2 / BB+ / BB+

CREDIT RATINGS

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-leading innovation and digital transformation via DCP 2.0

Note: Market statistics as of March 19, 2021

• (1) Total Asset Base for Q4 2020 = Gross PPE + Intangibles + Investments in Unconsolidated Affiliates

• (2) Excess Free Cash Flow = DCF less distributions to limited partners and the general partner, and less expansion capital expenditures and contributions to equity method investments

• (3) As of March 19, 2021

Strong Portfolio of Assets

Leading Midstream Provider

Integrated Logistics & Marketing and

Gathering & Processing business with competitive footprint and geographic diversityUnparalleled interconnectivity and access to fractionators on the Gulf Coast, including Mt. Belvieu and Sweeny, with Conway for optionality

Leading industry positions in premier basins, including the DJ Basin, Permian, Eagle Ford, and SCOOP

57K Miles of

Pipeline

39 PlantsBcf/d 6.0 processing capacity (1)MMBpd NGL

1.7 Pipeline capacity

2.8 Bcf/d Natural Gas Pipeline capacity

(1) Includes only DCP processing plant capacity