DCP Midstream, LLC Completes Acquisition From Ceritas Energy in Texas

Jun 29, 2010, 16:32 ET from DCP Midstream, LLC

DENVER, June 29 /PRNewswire-FirstCall/ -- DCP Midstream, LLC today announced that it has acquired the Liberty gathering system and south Raywood processing plant from Ceritas Energy in Liberty County, Texas. The Liberty gathering pipeline system will interconnect with DCP Midstream's Centana Intrastate Pipeline (CIPCO) system in southeast Texas, which will provide additional flexibility and capacity to serve customers in this region. The acquisition includes approximately 36 miles of natural gas gathering pipeline, a cryogenic 50 million cubic foot/day natural gas processing plant, and a four and one-half mile natural gas liquids pipeline that interconnects with Black Lake natural gas liquids pipeline partially owned by DCP Midstream's master limited partnership, DCP Midstream Partners, LP.

"This acquisition is an important step-out from our adjacent footprint allowing DCP Midstream to provide additional capacity to our customers in this high-growth and liquids-rich area. Together with expansion projects under way in the Permian, Eagle Ford and DJ basins, DCP is executing on many growth projects around its strategically positioned asset base," said Tom O'Connor, chairman, president and CEO of DCP Midstream, LLC.

DCP Midstream, LLC, headquartered in Denver, Colorado, leads the midstream segment as one of the nation's top three largest natural gas gatherers and processors, and one of the largest natural gas liquids producers and marketers in the U.S. DCP Midstream operates in 17 states across major producing regions. DCP Midstream is a 50:50 joint venture between Spectra Energy and ConocoPhillips. The Company owns the General Partner of DCP Midstream Partners, LP, a master limited partnership, and provides operational and administrative support to the partnership. For more information, visit the DCP Midstream, LLC Web site at www.dcpmidstream.com.