DCP Midstream Partners Closes Initial Public Offering

DENVER, Dec. 7  /PRNewswire-FirstCall/ -- DCP Midstream Partners, LP (NYSE:DPM) announced today that it has closed its initial public offering of 10,350,000 common units at a price of $21.50 per unit.  The number of units issued at closing included 1,350,000 additional common units subject to the underwriters' option.  Total proceeds, net of underwriting discount, from the sale of the 10,350,000 units were approximately $208 million.

Lehman Brothers Inc. and Citigroup Global Markets Inc. acted as joint book-runners for the offering and joint leads included UBS Securities LLC, Wachovia Capital Markets, LLC, and co-managers included A.G. Edwards & Sons, Inc. and Keybanc Capital Markets, a division of McDonald Investments Inc.  A copy of the final prospectus relating to this offering may be obtained from Lehman Brothers Inc., c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717, at [phone] or from any of the other underwriters.

This news release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.  The offering may be made only by means of a prospectus.

Forward-Looking Statements

This press release may include "forward-looking statements" as defined by the Securities and Exchange Commission.  All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the partnership expects, believes or anticipates will or may occur in the future are forward-looking statements.  These statements are based on certain assumptions made by the partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.  Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the partnership, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements.

DCP Midstream Partners, LP (NYSE:DPM) is a midstream master limited partnership that gathers, treats, compresses, processes, transports and markets natural gas and transports and markets natural gas liquids.  DCP Midstream Partners, LP is managed by its general partner, DCP Midstream GP, LLC, which is wholly owned by Duke Energy Field Services, a joint venture between Duke Energy and ConocoPhillips. 

DATASOURCE: DCP Midstream Partners, LP



CONTACT:  Media and Investor Relations, Karen Taylor of DCP Midstream

Partners, LP, [phone], or 24-Hour, [phone]



Web site:  http://www.dcppartners.com/ 

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