DCP Midstream Partners Prices Initial Public Offering - Duke Energy

News Release
Dec. 1, 2005

DCP Midstream Partners Prices Initial Public Offering

DENVER – Duke Energy Field Services (DEFS) announced today that DCP Midstream Partners, LP, a midstream energy master limited partnership (MLP) formed by DEFS, priced its initial public offering of 9,000,000 common units to the public at $21.50 per unit. The offering will result in net proceeds to the partnership of approximately $176.6 million. The partnership has granted the underwriters a 30-day option to purchase up to 1,350,000 additional common units.

DCP Midstream Partners, LP is principally engaged in the business of gathering, compressing, treating, processing, transporting and selling natural gas and the business of transporting and selling natural gas liquids.

DCP Midstream Partners, LP anticipates that the common units will begin trading on Friday, Dec. 2, on the New York Stock Exchange under the symbol “DPM.”

Duke Energy Field Services, LLC and certain of its affiliates will own a 49.6 percent interest in DCP Midstream Partners, LP including common units, subordinated units and its general partner interest. The initial public offering of 9,000,000 common units represents a 50.4 percent interest in DCP Midstream Partners, LP assuming the underwriters’ option is not exercised.

The initial public offering is being led by Lehman Brothers Inc. and Citigroup Global Markets Inc. and co-managed by joint leads UBS Securities LLC and Wachovia Capital Markets, LLC; 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 when available from Lehman Brothers Inc., c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717, at 631/254-7106 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 t hose implied or expressed by the forward-looking statements.

Duke Energy Field Services (DEFS) is a midstream energy company that gathers, treats, compresses, processes, transports, markets and stores natural gas; and produces, fractionates, transports, trades, and markets natural gas liquids (NGLs).  

DEFS was formed by combining the Duke Energy and ConocoPhillips natural gas and processing businesses. The partnership is a 50-50 joint venture between Duke Energy and ConocoPhillips.

Contact: Media Contact: Roz Elliott
Phone: 303/605-1707
24-Hour Phone: 704/382-8333
e-mail: rlelliott@duke-energy.com
Contact: Analyst Contact: Rose Robeson
Phone: 303/605-1792
24-Hour Phone: n/a
e-mail: rmrobeson@duke-energy.com