October 2015, Vol. 242, No. 10

Features

In the News: Phillips 66, Spectra Energy Bail Out Troubled DCP Midstream

Phillips 66 and Spectra Energy, 50/50 joint venture owners in DCP Midstream, LLC, have entered into a nonbinding letter of intent for contributing assets to strengthen DCP Midstream. This transaction is expected to provide DCP Midstream with a stronger balance sheet and increased financial flexibility, and positions DCP to grow through commodity price cycles. Spectra Energy will contribute its ownership interest in both the Sand Hills and Southern Hills NGL pipelines. Phillips 66 will contribute $1.5 billion in cash, which is expected to be used to pay down a portion of the DCP Midstream revolving credit facility. The transaction, anticipated to close in the fourth quarter of this year, is

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