DCP DCP Midstream LP

DCP Midstream, LP (NYSE: DCP) announced today that the board of directors of its general partner declared a first quarter 2023 Common Unit cash distribution of $0.43 per unit. This quarterly Common Unit distribution will be paid May 15, 2023 to common unitholders of record at the close of business on May 1, 2023.

In addition, the board of directors declared distributions for preferred units.

A quarterly Series B Preferred Unit cash distribution of $0.4922 per unit will be paid June 15, 2023 to preferred unitholders of record at the close of business on June 1, 2023.

A quarterly Series C Preferred Unit cash distribution of $0.4969 per unit will be paid July 17, 2023 to preferred unitholders of record at the close of business on July 3, 2023.

DCP further announced that it intends to redeem all of its outstanding 5.85% Fixed-to-Floating Rate Junior Subordinated Notes due 2043 on or about May 21, 2023.  DCP intends to issue redemption notices in accordance with the related governing documents.

This statement is intended to be a qualified notice under United States Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.00%) DCP Midstream, LP (“DCP”) distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, DCP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.

Pursuant to United States Treasury Regulation Section 1.1446(f)-4(c)(2)(iii) on amounts realized, one hundred percent (100.00%) of the DCP distribution is in excess of cumulative net income. Nominees, and not DCP, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of non-U.S. 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 Phillips 66 and Enbridge. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com.

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