DCP DCP Midstream LP

DCP Midstream, LP (NYSE: DCP) announced today that the board of directors of its general partner declared a second quarter 2022 Common Unit cash distribution of $0.43 per unit, or $1.72 per unit on an annualized basis. This quarterly Common Unit distribution represents a 10% increase over the prior quarter’s distribution and will be paid August 12, 2022 to common unitholders of record at the close of business on July 29, 2022.

In addition, the board of directors declared distributions for Series B and Series C preferred units.

A quarterly Series B Preferred Unit cash distribution of $0.4922 per unit will be paid September 15, 2022 to preferred unitholders of record at the close of business on September 1, 2022.

A quarterly Series C Preferred Unit cash distribution of $0.4969 per unit will be paid October 17, 2022 to preferred unitholders of record at the close of business on October 3, 2022.

This serves as qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of DCP’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, DCP’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

About DCP Midstream, LP DCP Midstream, LP (NYSE: DCP) is a Fortune 500 midstream master limited partnership headquartered in Denver, Colorado, with a diversified portfolio of gathering, processing, logistics and marketing assets. DCP is one of the largest natural gas liquids producers and marketers and one of the largest natural gas processors in the U.S. The owner of DCP’s general partner is a joint venture between Enbridge and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com.

Investor Relations Mike Fullman 720-527-6505 MFullman@dcpmidstream.com