The recently announced combination of DCP Midstream LLC and DCP Midstream Partners LP creates the nation’s largest natural gas processor and natural gas liquids producer at what may be a particularly opportune time. The newly formed DCP Midstream LP, operating as a master limited partnership, owns 61 gas processing plants with a combined capacity of 7.8 Bcf/d—enough to process more than 10% of current U.S. production—as well as 12 fractionation plants, 59,700 miles of gas gathering pipelines and 4,600 miles of NGL pipelines. Better yet, many of these assets serve some of the U.S.’s most prolific and promising production areas, including the Midland and Delaware basins within the Permian; the Denver-Julesburg (DJ); and the side-by-side SCOOP and STACK plays. In today’s blog, we review the combined entity’s assets and prospects for growth in what soon may be happier times for NGL processors.
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The U.S. NGLs Map provides a comprehensive view of the transport, processing, and export networks moving NGLs across the U.S.
DCP Midstream LLC (a 50/50 joint venture (JV) of Phillips 66 and Spectra Energy, the latter of which plans to merge with Enbridge later in the first quarter of 2017) and DCP Midstream Partners LP (a master limited partnership, or MLP) announced on January 4, 2017 that they have signed and closed a deal that transfers all the assets and debt of DCP Midstream LLC (which we’ll refer to as “the LLC”) into DCP Midstream Partners LP (which we’ll call “Partners”). Partners, the MLP––whose assets and outlook we discussed in detail last year in our Spotlight Report, We Get Back Up Again (a Backstage Pass subscriber-only analysis, provided through our partnership with East Daley Capital, we provide as a free bonus to all of our blog readers today; see how to download below) —on January 23 will be renamed DCP Midstream LP. Phillips 66 and Spectra share a 38% ownership interest in the newly expanded MLP (the balance is owned by public unitholders).
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About the song
"Come Together" was written by John Lennon and Paul McCartney, and is the opening track on The Beatles’ 11th studio album, Abbey Road. It was released as a double A-side single, backed with the George Harrison-written tune "Something," in October 1969. It went to #1 on the U.S. Billboard Hot 100 chart. It was recorded at EMI/Abbey Road Studios in London in July 1969, with George Martin producing. Morris Levy, who owned the publishing rights to Chuck Berry's song, "You Can't Catch Me," sued John Lennon for copyright infringement, claiming "Come Together" sounded similar and shared lyrical content with "You Can't Catch Me." Lennon settled out of court and, as part of the settlement, agreed to record three other songs owned by Levy. Two of those songs ended up on Lennon's 1975 solo album, Rock 'n’ Roll. Personnel on the record were: John Lennon (lead and backing vocals, rhythm guitar, electric piano), Paul McCartney (bass, backing vocals), George Harrison (lead guitar) and Ringo Starr (drums, maracas). Many artists have covered "Come Together" over the years, including Aerosmith, Ike and Tina Turner, Michael Jackson, Joe Cocker, Arctic Monkeys and Godsmack.
Abbey Road was recorded at EMI/Abbey Road, Olympic and Trident Studios in London between February-September 1969. The 17-song George Martin-produced album was released in September 1969. It went to #1 on the U.S. Billboard Top 200 Albums chart, and has been certified 12x Platinum by the Recording Industry Association of America. All four Beatles played and sang on the album, with assistance from Billy Preston and George Martin at times on keyboards. As a side note, the album cover photo was the source of conjecture and speculation during the "Paul is Dead" rumors that started as early as 1967, and were further propagated by popular Detroit DJ and Grande Ballroom promoter, Russ Gibb. Two supposed "clues" on the Abbey Road cover is the fact that McCartney is shoe-less and out of step with the other Beatles, the other is the license plate of the Volkswagen in the photo reads: "LMW 28IF," supposedly representing "Linda McCartney Weeps," and Paul McCartney's age if he were still alive. The ‘60s were certainly an interesting time.
The Beatles were a British rock band formed in Liverpool in 1960. With the key line-up of John Lennon, Paul McCartney, George Harrison and Ringo Starr, they went on to become the best-selling music artist in history, with record sales of over 800 million worldwide. They have released 23 studio albums, five live albums, 53 compilation albums, 21 EPs, 63 singles and four motion pictures. They have won one Academy Award, one Billboard Award, four Brit Awards, 26 Grammy Awards, 15 Ivor Novello Awards, one MTV Video Music Award and three World Music Awards. They are members of the Rock and Roll Hall of Fame, the UK Music Hall of Fame, the Vocal Group Hall of Fame, and were awarded MBEs (Member of the Order of the British Empire) in 1965. The Beatles broke up in late 1969. John Lennon died in December 1980, and George Harrison in November 2001. Paul McCartney and Ringo Starr still record and perform as solo artists.
