DCP Benefits from Strong NGL Volumes at Sand Hills and Southern Hills in First Quarter
DCP reported a good first quarter, and we don't expect a material change to our $35 fair value estimate or no-moat rating. The partnership benefited from strong natural gas liquids volumes, which increased 30% from last year's levels as both the Sand Hills and Southern Hills pipelines ramped up. The Sand Hills pipeline capacity now stands at 500,000 bpd, as it moves barrels to Mont Belvieu, Texas, from the Permian Basin. We expect further optimization efforts to eventually take Sand Hills capaci...DCP Midstream is a limited partnership that owns, operates, acquires and develops a portfolio of midstream energy assets. The company's operations are organized into two reportable segments: Logistics and Marketing and Gathering and Processing. The company's Logistics and Marketing segment includes transporting, trading, marketing and storing natural gas and natural gas liquids (NGLs), fractionating NGLs and wholesale propane logistics. The company's Gathering and Processing segment consists of gathering, compressing, treating, and processing natural gas, producing and fractionating NGLs, and recovering condensate.
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