|
|
|
Delaware
|
001-32678
|
03-0567133
|
(State or other jurisdiction
of incorporation)
|
(Commission
File No.)
|
(IRS Employer
Identification No.)
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
|
|
|
|
|
||||||||
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
2015
|
|
2016
|
2015
|
||||||||
|
(Millions)
|
|
(Millions)
|
||||||||||
Net income attributable to partners
|
$
|
75
|
|
$
|
90
|
|
|
$
|
312
|
|
$
|
228
|
|
Net cash provided by operating activities
|
$
|
120
|
|
$
|
157
|
|
|
$
|
575
|
|
$
|
650
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
2015
|
|
2016
|
2015
|
||||||||
|
(Millions)
|
|
(Millions)
|
||||||||||
Natural Gas Services segment:
|
|
|
|
|
|
||||||||
Segment net income attributable to partners
|
$
|
66
|
|
$
|
72
|
|
|
$
|
275
|
|
$
|
182
|
|
NGL Logistics segment:
|
|
|
|
|
|
||||||||
Segment net income attributable to partners
|
$
|
48
|
|
$
|
50
|
|
|
$
|
195
|
|
$
|
174
|
|
Wholesale Propane Logistics segment:
|
|
|
|
|
|
||||||||
Segment net income attributable to partners
|
$
|
7
|
|
$
|
10
|
|
|
$
|
24
|
|
$
|
44
|
|
(d)
|
Exhibits.
|
Exhibit No.
|
|
Description
|
|
|
|
99.1
|
|
Press Release dated February 14, 2017.
|
DCP MIDSTREAM, LP
|
|||
|
|
||
By:
|
DCP MIDSTREAM GP, LP,
|
||
|
its General Partner
|
||
|
|
|
|
|
By:
|
DCP MIDSTREAM GP, LLC,
|
|
|
|
its General Partner
|
|
|
|
|
|
|
|
By:
|
/s/ Sean P. O'Brien
|
|
|
Name:
|
Sean P. O'Brien
|
|
|
Title:
|
Group Vice President and Chief Financial Officer
|
Exhibit No.
|
|
Description
|
|
|
|
99.1
|
|
Press Release dated February 14, 2017.
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||
|
December 31,
|
|
December 31,
|
|||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
(Unaudited)
|
|||||||||||
|
|
(Millions, except per unit amounts)
|
||||||||||
|
|
|
|
|
|
|
|
|
||||
Net income attributable to partners
|
$
|
75
|
|
$
|
90
|
|
$
|
312
|
|
$
|
228
|
|
Net income per limited partner unit - basic and diluted
|
$
|
0.38
|
|
$
|
0.51
|
|
$
|
1.64
|
|
$
|
0.91
|
|
Adjusted EBITDA
(1)
|
$
|
151
|
|
$
|
176
|
|
$
|
594
|
|
$
|
656
|
|
Distributable cash flow
(1)
|
$
|
120
|
|
$
|
145
|
|
$
|
537
|
|
$
|
572
|
|
(1)
|
This press release includes the following non-GAAP financial measures: adjusted EBITDA, distributable cash flow, adjusted segment EBITDA, forecasted adjusted EBITDA and forecasted distributable cash flow. Each of these denotes a financial measure not presented in accordance with U.S. generally accepted accounting principles, or GAAP. Each such non-GAAP financial measure is defined below under “Non-GAAP Financial Information”, and each is reconciled to its most directly comparable GAAP financial measures under “Reconciliation of Non-GAAP Financial Measures” in schedules at the end of this press release.
|
•
|
Net income attributable to partners was
$75 million
in the
fourth quarter
of
2016
, or
$0.38
per basic and diluted limited partner unit and
$312 million
for the year ended
December 31, 2016
, or
$1.64
per basic and diluted limited partner unit.
|
•
|
2016 financial results exceeded both the 2016 distributable cash flow target range of $515 million to $525 million and the 2016 adjusted EBITDA target range of $575 million to $585 million.
|
•
|
Distributable cash flow was
$120 million
in the
fourth quarter
of
2016
, and $537 million for the full year 2016 resulting in a distribution coverage ratio of
1.0
times in the
fourth quarter
of
2016
and
1.11
times for the year ended December 31, 2016.
|
•
|
Adjusted EBITDA was
$151 million
in the
fourth quarter
of
2016
and $594 million for the year ended December 31, 2016.
|
•
|
On January 1, 2017, the Partnership closed a transaction combining the assets and debt of DCP Midstream, LLC (Midstream) with the Partnership (Transaction), creating the largest NGL producer and gas processor in the U.S. with an enterprise value of approximately $11 billion. The combined company was renamed DCP Midstream, LP and on January 23, 2017, the New York Stock Exchange stock ticker symbol was changed to “DCP”.
|
•
|
On January 4, 2017, the Partnership announced the following growth projects:
|
◦
|
Construction of a new 200 million cubic feet per day (MMcf/d) plant in the DJ Basin, to be named Mewbourn 3, and additional compression and gathering infrastructure in the DJ Basin for $395 million, expected to be in service by the end of 2018.
|
◦
|
Additional field compression and plant bypass infrastructure in the DJ Basin that will add approximately 40 MMcf/d of incremental capacity, expected to be in service during the summer of 2017.
|
◦
|
A 365,000 barrels per day (BPD) NGL capacity expansion project on Sand Hills Pipeline to meet NGL production growth from owned and third party plants in the Permian and Delaware basins, and potential growth from ethane recovery, expected to be completed in the fourth quarter of 2017.
|
•
|
The Partnership updated its 2017 forecasted adjusted EBITDA target range to between $940 to $1,110 million to include distributions in excess of earnings from unconsolidated affiliates.
|
•
|
financial performance of the Partnership's assets without regard to financing methods, capital structure or historical cost basis;
|
•
|
the Partnership's operating performance and return on capital as compared to those of other companies in the midstream energy industry, without regard to financing methods or capital structure;
|
•
|
viability and performance of acquisitions and capital expenditure projects and the overall rates of return on investment opportunities;
|
•
|
performance of the Partnership's business excluding non-cash commodity derivative gains or losses; and
|
•
|
in the case of Adjusted EBITDA, the ability of the Partnership's assets to generate cash sufficient to pay interest costs, support its indebtedness, make cash distributions to its unitholders and general partner, and pay maintenance capital expenditures.
|
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||
|
|
|
December 31,
|
|
December 31,
|
||||||||
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
|
|
(Millions, except per unit amounts)
|
||||||||||
Sales of natural gas, propane, NGLs and condensate
|
$
|
298
|
|
$
|
296
|
|
$
|
1,093
|
|
$
|
1,442
|
|
|
Transportation, processing and other
|
|
115
|
|
|
111
|
|
|
424
|
|
|
371
|
|
|
(Losses) gains from commodity derivative activity, net
|
|
(15
|
)
|
|
28
|
|
|
(20
|
)
|
|
85
|
|
|
|
Total operating revenues
|
|
398
|
|
|
435
|
|
|
1,497
|
|
|
1,898
|
|
Purchases of natural gas, propane and NGLs
|
|
(254
|
)
|
|
(257
|
)
|
|
(946
|
)
|
|
(1,246
|
)
|
|
Operating and maintenance expense
|
|
(42
|
)
|
|
(58
|
)
|
|
(183
|
)
|
|
(214
|
)
|
|
Depreciation and amortization expense
|
|
(31
|
)
|
|
(32
|
)
|
|
(122
|
)
|
|
(120
|
)
|
|
General and administrative expense
|
|
(24
|
)
|
|
(21
|
)
|
|
(88
|
)
|
|
(85
|
)
|
|
Goodwill impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(82
|
)
|
|
Gain on sale of assets
|
|
—
|
|
|
—
|
|
|
47
|
|
|
—
|
|
|
Other expense
|
|
—
|
|
|
(4
|
)
|
|
(7
|
)
|
|
(4
|
)
|
|
|
Total operating costs and expenses
|
|
(351
|
)
|
|
(372
|
)
|
|
(1,299
|
)
|
|
(1,751
|
)
|
Operating income
|
|
47
|
|
|
63
|
|
|
198
|
|
|
147
|
|
|
Interest expense
|
|
(23
|
)
|
|
(23
|
)
|
|
(94
|
)
|
|
(92
|
)
|
|
Earnings from unconsolidated affiliates
|
|
55
|
|
|
52
|
|
|
214
|
|
|
173
|
|
|
Income tax benefit
|
|
1
|
|
|
2
|
|
|
—
|
|
|
5
|
|
|
Net income attributable to noncontrolling interests
|
|
(5
|
)
|
|
(4
|
)
|
|
(6
|
)
|
|
(5
|
)
|
|
|
Net income attributable to partners
|
|
75
|
|
|
90
|
|
|
312
|
|
|
228
|
|
General partner's interest in net income
|
|
(31
|
)
|
|
(31
|
)
|
|
(124
|
)
|
|
(124
|
)
|
|
Net income allocable to limited partners
|
$
|
44
|
|
$
|
59
|
|
$
|
188
|
|
$
|
104
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income per limited partner unit — basic and diluted
|
$
|
0.38
|
|
$
|
0.51
|
|
$
|
1.64
|
|
$
|
0.91
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average limited partner units outstanding — basic and diluted
|
|
114.8
|
|
|
114.7
|
|
|
114.7
|
|
|
114.6
|
|
|
|
|
|
|
||
|
December 31,
|
|
December 31,
|
|||
|
2016
|
|
2015
|
|||
|
|
(Millions)
|
||||
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
1
|
|
$
|
2
|
|
Other current assets
|
|
226
|
|
|
304
|
|
Property, plant and equipment, net
|
|
3,272
|
|
|
3,476
|
|
Other long-term assets
|
|
1,662
|
|
|
1,695
|
|
Total assets
|
$
|
5,161
|
|
$
|
5,477
|
|
|
|
|
|
|
||
Current liabilities
|
$
|
234
|
|
$
|
200
|
|
Current portion of long-term debt
|
|
500
|
|
|
—
|
|
Long-term debt
|
|
1,750
|
|
|
2,424
|
|
Other long-term liabilities
|
|
44
|
|
|
48
|
|
Partners' equity
|
|
2,601
|
|
|
2,772
|
|
Noncontrolling interests
|
|
32
|
|
|
33
|
|
Total liabilities and equity
|
$
|
5,161
|
|
$
|
5,477
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||
|
|
December 31,
|
|
December 31,
|
|||||||||
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
|
|
(Millions, except per unit amounts)
|
||||||||||
Reconciliation of Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to partners
|
$
|
75
|
|
$
|
90
|
|
$
|
312
|
|
$
|
228
|
|
|
|
Interest expense
|
|
23
|
|
|
23
|
|
|
94
|
|
|
92
|
|
|
Depreciation, amortization and income tax expense, net of noncontrolling interests
|
|
28
|
|
|
29
|
|
|
120
|
|
|
114
|
|
|
Goodwill impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82
|
|
|
Discontinued construction projects
|
|
—
|
|
|
9
|
|
|
—
|
|
|
10
|
|
|
Other charges
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
Gain on sale of assets
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|
—
|
|
|
Non-cash commodity derivative mark-to-market
|
|
25
|
|
|
25
|
|
|
108
|
|
|
130
|
|
Adjusted EBITDA
|
|
151
|
|
|
176
|
|
|
594
|
|
|
656
|
|
|
|
Interest expense
|
|
(23
|
)
|
|
(23
|
)
|
|
(94
|
)
|
|
(92
|
)
|
|
Maintenance capital expenditures, net of noncontrolling interest portion and reimbursable projects
|
|
(4
|
)
|
|
(5
|
)
|
|
(10
|
)
|
|
(25
|
)
|
|
Distributions from unconsolidated affiliates, net of earnings
|
|
6
|
|
|
5
|
|
|
44
|
|
|
28
|
|
|
Impact of minimum volume receipt for throughput commitment
|
|
(10
|
)
|
|
(10
|
)
|
|
—
|
|
|
(1
|
)
|
|
Other, net
|
|
—
|
|
|
2
|
|
|
3
|
|
|
6
|
|
Distributable cash flow
|
$
|
120
|
|
$
|
145
|
|
$
|
537
|
|
$
|
572
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net cash provided by operating activities
|
$
|
120
|
|
$
|
157
|
|
$
|
575
|
|
$
|
650
|
|
|
|
Interest expense
|
|
23
|
|
|
23
|
|
|
94
|
|
|
92
|
|
|
Distributions from unconsolidated affiliates, net of earnings
|
|
(6
|
)
|
|
(5
|
)
|
|
(44
|
)
|
|
(28
|
)
|
|
Net changes in operating assets and liabilities
|
|
(4
|
)
|
|
(17
|
)
|
|
(126
|
)
|
|
(174
|
)
|
|
Net income attributable to noncontrolling interests, net of depreciation and income tax
|
|
(5
|
)
|
|
(4
|
)
|
|
(7
|
)
|
|
(6
|
)
|
|
Non-cash commodity derivative mark-to-market
|
|
25
|
|
|
25
|
|
|
108
|
|
|
130
|
|
|
Other, net
|
|
(2
|
)
|
|
(3
|
)
|
|
(6
|
)
|
|
(8
|
)
|
Adjusted EBITDA
|
$
|
151
|
|
$
|
176
|
|
$
|
594
|
|
$
|
656
|
|
|
|
Interest expense
|
|
(23
|
)
|
|
(23
|
)
|
|
(94
|
)
|
|
(92
|
)
|
|
Maintenance capital expenditures, net of noncontrolling interest portion and reimbursable projects
|
|
(4
|
)
|
|
(5
|
)
|
|
(10
|
)
|
|
(25
|
)
|
|
Distributions from unconsolidated affiliates, net of earnings
|
|
6
|
|
|
5
|
|
|
44
|
|
|
28
|
|
|
Other, net
|
|
(10
|
)
|
|
(8
|
)
|
|
3
|
|
|
5
|
|
Distributable cash flow
|
$
|
120
|
|
$
|
145
|
|
$
|
537
|
|
$
|
572
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||
|
|
December 31,
|
|
December 31,
|
|||||||||
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
|
|
(Millions, except as indicated)
|
||||||||||
Natural Gas Services Segment:
|
|
|
|
|
|
|
|
|
|||||
Financial results:
|
|
|
|
|
|
|
|
|
|||||
Segment net income attributable to partners
|
$
|
66
|
|
$
|
72
|
|
$
|
275
|
|
$
|
182
|
|
|
|
Non-cash commodity derivative mark-to-market
|
|
26
|
|
|
25
|
|
|
108
|
|
|
133
|
|
|
Depreciation and amortization expense
|
|
28
|
|
|
29
|
|
|
111
|
|
|
109
|
|
|
Goodwill impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82
|
|
|
Gain on sale of assets
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|
—
|
|
|
Noncontrolling interest portion of depreciation and income tax
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
Other charges
|
|
—
|
|
|
9
|
|
|
7
|
|
|
10
|
|
Adjusted segment EBITDA
|
$
|
120
|
|
$
|
135
|
|
$
|
453
|
|
$
|
515
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating and financial data:
|
|
|
|
|
|
|
|
|
|||||
|
Natural gas throughput (MMcf/d)
|
|
2,098
|
|
|
2,705
|
|
|
2,449
|
|
|
2,714
|
|
|
NGL gross production (Bbls/d)
|
|
138,141
|
|
|
165,030
|
|
|
154,959
|
|
|
161,007
|
|
|
Operating and maintenance expense
|
$
|
35
|
|
$
|
50
|
|
$
|
153
|
|
$
|
184
|
|
|
|
|
|
|
|
|
|
|
|
||||
NGL Logistics Segment:
|
|
|
|
|
|
|
|
|
|||||
Financial results:
|
|
|
|
|
|
|
|
|
|||||
Segment net income attributable to partners
|
$
|
48
|
|
$
|
50
|
|
$
|
195
|
|
$
|
174
|
|
|
|
Depreciation and amortization expense
|
|
2
|
|
|
2
|
|
|
8
|
|
|
8
|
|
Adjusted segment EBITDA
|
$
|
50
|
|
$
|
52
|
|
$
|
203
|
|
$
|
182
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating and financial data:
|
|
|
|
|
|
|
|
|
|||||
|
NGL pipelines throughput (Bbls/d)
|
|
283,014
|
|
|
266,009
|
|
|
289,395
|
|
|
261,659
|
|
|
NGL fractionator throughput (Bbls/d)
|
|
60,315
|
|
|
61,206
|
|
|
60,296
|
|
|
56,927
|
|
|
Operating and maintenance expense
|
$
|
5
|
|
$
|
5
|
|
$
|
22
|
|
$
|
20
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale Propane Logistics Segment:
|
|
|
|
|
|
|
|
|
|||||
Financial results:
|
|
|
|
|
|
|
|
|
|||||
Segment net income attributable to partners
|
$
|
7
|
|
$
|
10
|
|
$
|
24
|
|
$
|
44
|
|
|
|
Non-cash commodity derivative mark-to-market
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
Depreciation and amortization expense
|
|
1
|
|
|
1
|
|
|
3
|
|
|
3
|
|
Adjusted segment EBITDA
|
$
|
7
|
|
$
|
11
|
|
$
|
27
|
|
$
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating and financial data:
|
|
|
|
|
|
|
|
|
|||||
|
Propane sales volume (Bbls/d)
|
|
15,607
|
|
|
13,749
|
|
|
13,309
|
|
|
15,685
|
|
|
Operating and maintenance expense
|
$
|
2
|
|
$
|
3
|
|
$
|
8
|
|
$
|
10
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
||||||||||
|
December 31,
|
|
|
December 31,
|
|
|||||||||||
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
||||
|
|
(Millions, except as indicated)
|
|
|||||||||||||
Reconciliation of Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Distributable cash flow
|
$
|
120
|
|
|
$
|
145
|
|
|
$
|
537
|
|
|
$
|
572
|
|
|
Distributions declared
|
$
|
121
|
|
|
$
|
121
|
|
|
$
|
483
|
|
|
$
|
483
|
|
|
Distribution coverage ratio - declared
|
|
0.99
|
|
x
|
|
1.20
|
|
x
|
|
1.11
|
|
x
|
|
1.18
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Distributable cash flow
|
$
|
120
|
|
|
$
|
145
|
|
|
$
|
537
|
|
|
$
|
572
|
|
|
Distributions paid
|
$
|
120
|
|
|
$
|
120
|
|
|
$
|
483
|
|
|
$
|
482
|
|
|
Distribution coverage ratio - paid
|
|
1.00
|
|
x
|
|
1.21
|
|
x
|
|
1.11
|
|
x
|
|
1.19
|
|
x
|
|
|
|
Q116
|
|
Q216
|
|
Q316
|
|
Q416
|
|
Twelve months ended December 31, 2016
|
|||||
|
|
|
(Millions, except as indicated)
|
|||||||||||||
Reconciliation of Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income attributable to partners
|
$
|
72
|
|
$
|
45
|
|
$
|
120
|
|
$
|
75
|
|
$
|
312
|
|
|
|
Maintenance capital expenditures, net of noncontrolling interest portion and reimbursable projects
|
|
(2
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
(10
|
)
|
|
Depreciation, amortization and income tax expense, net of noncontrolling interests
|
|
32
|
|
|
29
|
|
|
31
|
|
|
28
|
|
|
120
|
|
|
Non-cash commodity derivative mark-to-market
|
|
45
|
|
|
37
|
|
|
1
|
|
|
25
|
|
|
108
|
|
|
Distributions from unconsolidated affiliates, net of earnings
|
|
14
|
|
|
11
|
|
|
13
|
|
|
6
|
|
|
44
|
|
|
Impact of minimum volume receipt for throughput commitment
|
3
|
|
|
4
|
|
|
3
|
|
|
(10
|
)
|
|
—
|
|
|
|
Gain on sale of assets
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|
—
|
|
|
(47
|
)
|
|
Other, net
|
|
1
|
|
|
3
|
|
|
6
|
|
|
—
|
|
|
10
|
|
Distributable cash flow
|
$
|
165
|
|
$
|
128
|
|
$
|
124
|
|
$
|
120
|
|
$
|
537
|
|
|
Distributions declared
|
$
|
121
|
|
$
|
121
|
|
$
|
120
|
|
$
|
121
|
|
$
|
483
|
|
|
Distribution coverage ratio - declared
|
|
1.36x
|
|
|
1.06x
|
|
|
1.03x
|
|
|
0.99x
|
|
|
1.11x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Distributable cash flow
|
$
|
165
|
|
$
|
128
|
|
$
|
124
|
|
$
|
120
|
|
$
|
537
|
|
|
Distributions paid
|
$
|
121
|
|
$
|
121
|
|
$
|
121
|
|
$
|
120
|
|
$
|
483
|
|
|
Distribution coverage ratio - paid
|
|
1.36x
|
|
|
1.06x
|
|
|
1.02x
|
|
|
1.00x
|
|
|
1.11x
|
|
|
|
|
Twelve Months Ended
|
||||||
|
|
|
December 31, 2017
|
||||||
|
|
|
Low
|
|
High
|
||||
|
|
|
Forecast
|
|
Forecast
|
||||
|
|
|
(Millions)
|
||||||
Reconciliation of Non-GAAP Measures:
|
|
|
|
||||||
Forecasted net income attributable to partners
|
$
|
165
|
|
|
$
|
324
|
|
||
|
|
Distributions from unconsolidated affiliates, net of earnings
|
75
|
|
|
85
|
|
||
|
|
Interest expense, net of interest income
|
288
|
|
|
288
|
|
||
|
|
Income taxes
|
7
|
|
|
7
|
|
||
|
|
Depreciation and amortization, net of noncontrolling interests
|
398
|
|
|
398
|
|
||
|
|
Non-cash commodity derivative mark-to-market
|
7
|
|
|
8
|
|
||
Forecasted adjusted EBITDA
|
940
|
|
|
1,110
|
|
||||
|
|
Interest expense, net of interest income
|
(288)
|
|
|
(288)
|
|
||
|
|
Maintenance capital expenditures, net of reimbursable projects
|
(100)
|
|
|
(145)
|
|
||
|
|
Income taxes and other
|
(7)
|
|
|
(7)
|
|
||
Forecasted distributable cash flow
|
$
|
545
|
|
|
$
|
670
|
|