Condensed Consolidating Financial Information | Condensed Consolidating Financial Information The following condensed consolidating financial information presents the results of operations, financial position and cash flows of DCP Midstream, LP, or parent guarantor, DCP Midstream Operating LP, or subsidiary issuer, which is a 100% owned subsidiary, and non-guarantor subsidiaries, as well as the consolidating adjustments necessary to present DCP Midstream, LP’s results on a consolidated basis. The parent guarantor has agreed to fully and unconditionally guarantee debt securities of the subsidiary issuer. For the purpose of the following financial information, investments in subsidiaries are reflected in accordance with the equity method of accounting. The financial information may not necessarily be indicative of results of operations, cash flows, or financial position had the subsidiaries operated as independent entities. Condensed Consolidating Balance Sheets March 31, 2019 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated (millions) ASSETS Current assets: Cash and cash equivalents $ — $ — $ 1 $ — $ 1 Accounts receivable, net — — 914 — 914 Inventories — — 52 — 52 Other — — 115 — 115 Total current assets — — 1,082 — 1,082 Property, plant and equipment, net — — 9,110 — 9,110 Goodwill and intangible assets, net — — 271 — 271 Advances receivable — consolidated subsidiaries 2,293 1,870 — (4,163 ) — Investments in consolidated subsidiaries 4,893 8,255 — (13,148 ) — Investments in unconsolidated affiliates — — 3,460 — 3,460 Other long-term assets — — 264 — 264 Total assets $ 7,186 $ 10,125 $ 14,187 $ (17,311 ) $ 14,187 LIABILITIES AND EQUITY Accounts payable and other current liabilities $ 2 $ 71 $ 1,206 $ — $ 1,279 Current maturities of long-term debt — 925 200 — 1,125 Advances payable — consolidated subsidiaries — — 4,163 (4,163 ) — Long-term debt — 4,236 — — 4,236 Other long-term liabilities — — 334 — 334 Total liabilities 2 5,232 5,903 (4,163 ) 6,974 Commitments and contingent liabilities Equity: Partners’ equity: Net equity 7,184 4,896 8,260 (13,148 ) 7,192 Accumulated other comprehensive loss — (3 ) (5 ) — (8 ) Total partners’ equity 7,184 4,893 8,255 (13,148 ) 7,184 Noncontrolling interests — — 29 — 29 Total equity 7,184 4,893 8,284 (13,148 ) 7,213 Total liabilities and equity $ 7,186 $ 10,125 $ 14,187 $ (17,311 ) $ 14,187 Condensed Consolidating Balance Sheets December 31, 2018 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated (millions) ASSETS Current assets: Cash and cash equivalents $ — $ — $ 1 $ — $ 1 Accounts receivable, net — — 1,033 — 1,033 Inventories — — 79 — 79 Other — — 158 — 158 Total current assets — — 1,271 — 1,271 Property, plant and equipment, net — — 9,135 — 9,135 Goodwill and intangible assets, net — — 328 — 328 Advances receivable — consolidated subsidiaries 2,452 1,883 — (4,335 ) — Investments in consolidated subsidiaries 4,818 8,113 — (12,931 ) — Investments in unconsolidated affiliates — — 3,340 — 3,340 Other long-term assets — — 192 — 192 Total assets $ 7,270 $ 9,996 $ 14,266 $ (17,266 ) $ 14,266 LIABILITIES AND EQUITY Accounts payable and other current liabilities $ 2 $ 71 $ 1,306 $ — $ 1,379 Current maturities of long-term debt — 325 200 — 525 Advances payable — consolidated subsidiaries — — 4,335 (4,335 ) — Long-term debt — 4,782 — — 4,782 Other long-term liabilities — — 283 — 283 Total liabilities 2 5,178 6,124 (4,335 ) 6,969 Commitments and contingent liabilities Equity: Partners’ equity: Net equity 7,268 4,821 8,118 (12,931 ) 7,276 Accumulated other comprehensive loss — (3 ) (5 ) — (8 ) Total partners’ equity 7,268 4,818 8,113 (12,931 ) 7,268 Noncontrolling interests — — 29 — 29 Total equity 7,268 4,818 8,142 (12,931 ) 7,297 Total liabilities and equity $ 7,270 $ 9,996 $ 14,266 $ (17,266 ) $ 14,266 Condensed Consolidating Statement of Operations Three Months Ended March 31, 2019 Parent Guarantor Subsidiary Issuer Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 2,111 $ — $ 2,111 Transportation, processing and other — — 115 — 115 Trading and marketing losses, net — — (27 ) — (27 ) Total operating revenues — — 2,199 — 2,199 Operating costs and expenses: Purchases and related costs — — 1,804 — 1,804 Operating and maintenance expense — — 178 — 178 Depreciation and amortization expense — — 103 — 103 General and administrative expense — — 67 — 67 Loss on sale of assets, net — — 9 — 9 Other expense, net — — 5 — 5 Total operating costs and expenses — — 2,166 — 2,166 Operating income — — 33 — 33 Interest expense, net — (67 ) (2 ) — (69 ) Income from consolidated subsidiaries 75 142 — (217 ) — Earnings from unconsolidated affiliates — — 113 — 113 Income before income taxes 75 75 144 (217 ) 77 Income tax expense — — (1 ) — (1 ) Net income 75 75 143 (217 ) 76 Net income attributable to noncontrolling interests — — (1 ) — (1 ) Net income attributable to partners $ 75 $ 75 $ 142 $ (217 ) $ 75 Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2019 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated (millions) Net income $ 75 $ 75 $ 143 $ (217 ) $ 76 Other comprehensive income: Total other comprehensive income — — — — — Total comprehensive income 75 75 143 (217 ) 76 Total comprehensive income attributable to noncontrolling interests — — (1 ) — (1 ) Total comprehensive income attributable to partners $ 75 $ 75 $ 142 $ (217 ) $ 75 Condensed Consolidating Statement of Operations Three Months Ended March 31, 2018 Parent Guarantor Subsidiary Issuer Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated (millions) Operating revenues: Sales of natural gas, NGLs and condensate $ — $ — $ 2,069 $ — $ 2,069 Transportation, processing and other — — 111 — 111 Trading and marketing losses, net — — (41 ) — (41 ) Total operating revenues — — 2,139 — 2,139 Operating costs and expenses: Purchases and related costs — — 1,769 — 1,769 Operating and maintenance expense — — 162 — 162 Depreciation and amortization expense — — 94 — 94 General and administrative expense — — 59 — 59 Other expense, net — — 2 — 2 Total operating costs and expenses — — 2,086 — 2,086 Operating income — — 53 — 53 Interest expense, net — (67 ) — — (67 ) Income from consolidated subsidiaries 62 129 — (191 ) — Earnings from unconsolidated affiliates — — 78 — 78 Income before income taxes 62 62 131 (191 ) 64 Income tax expense — — (1 ) — (1 ) Net income 62 62 130 (191 ) 63 Net income attributable to noncontrolling interests — — (1 ) — (1 ) Net income attributable to partners $ 62 $ 62 $ 129 $ (191 ) $ 62 Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2018 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated (millions) Net income $ 62 $ 62 $ 130 $ (191 ) $ 63 Other comprehensive income: Total other comprehensive income — — — — — Total comprehensive income 62 62 130 (191 ) 63 Total comprehensive income attributable to noncontrolling interests — — (1 ) — (1 ) Total comprehensive income attributable to partners $ 62 $ 62 $ 129 $ (191 ) $ 62 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2019 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated (millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ — $ (66 ) $ 383 $ — $ 317 INVESTING ACTIVITIES: Intercompany transfers 159 13 — (172 ) — Capital expenditures — — (182 ) — (182 ) Investments in unconsolidated affiliates, net — — (131 ) — (131 ) Proceeds from sale of assets — — 103 — 103 Net cash provided by (used in) investing activities 159 13 (210 ) (172 ) (210 ) FINANCING ACTIVITIES: Intercompany transfers — — (172 ) 172 — Proceeds from debt — 1,402 — — 1,402 Payments of debt — (1,348 ) — — (1,348 ) Distributions to preferred limited partners (5 ) — — — (5 ) Distributions to limited partners and general partner (154 ) — — — (154 ) Distributions to noncontrolling interests — — (1 ) — (1 ) Other — (1 ) — — (1 ) Net cash (used in) provided by financing activities (159 ) 53 (173 ) 172 (107 ) Net change in cash and cash equivalents — — — — — Cash and cash equivalents, beginning of period — — 1 — 1 Cash and cash equivalents, end of period $ — $ — $ 1 $ — $ 1 Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2018 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated (millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ — $ (84 ) $ 206 $ — $ 122 INVESTING ACTIVITIES: Intercompany transfers 194 (171 ) — (23 ) — Capital expenditures — — (124 ) — (124 ) Investments in unconsolidated affiliates, net — — (60 ) — (60 ) Proceeds from sale of assets — — 3 — 3 Net cash provided by (used in) investing activities 194 (171 ) (181 ) (23 ) (181 ) FINANCING ACTIVITIES: Intercompany transfers — — (23 ) 23 — Proceeds from long-term debt — 635 — — 635 Payments of debt — (535 ) — — (535 ) Distributions to limited partners and general partner (194 ) — — — (194 ) Distributions to noncontrolling interests — — (1 ) — (1 ) Net cash (used in) provided by financing activities (194 ) 100 (24 ) 23 (95 ) Net change in cash and cash equivalents — (155 ) 1 — (154 ) Cash and cash equivalents, beginning of period — 155 1 — 156 Cash and cash equivalents, end of period $ — $ — $ 2 $ — $ 2 |