DUKE ENERGY FIELD SERVICES FILES REGISTRATION STATEMENT TO FORM A MASTER LIMITED PARTNERSHIP - Duke Energy

News Release
September 16, 2005

DUKE ENERGY FIELD SERVICES FILES REGISTRATION STATEMENT TO FORM A MASTER LIMITED PARTNERSHIP

DENVER – Duke Energy Field Services (DEFS) announced today that DCP Midstream Partners, LP, a midstream energy master limited partnership (MLP) formed by DEFS, filed a Registration Statement with the Securities and Exchange Commission relating to the initial public offering of common units of DCP Midstream Partners, LP. The registration statement proposes to register 8,000,000 common units, along with up to an additional 1,200,000 common units that may be purchased at the option of the underwriters. The lead book-running managers of the offering will be Lehman Brothers Inc. and Citigroup Global Markets Inc.

DEFS will be the general partner of DCP Midstream Partners, LP, owning an approximate 50 percent interest in the MLP through its general partner and limited partner ownership interest. Jim W. Mogg will serve as chairman of the new venture and Michael J. Bradley will serve as chief executive officer.

DCP Midstream Partners, LP will own and operate a diversified portfolio of complementary midstream energy assets consisting of two business segments, Natural Gas Services and Natural Gas Liquids (NGL) Logistics. The Natural Gas Services segment consists of the North Louisiana system, which is a 1,430 mile integrated pipeline system in northern Louisiana and Arkansas that gathers, compresses, treats, processes, transports and markets natural gas from over 1,100 receipt points. The NGL Logistics Segment consists of interests in two NGL pipelines located in Louisiana and Texas.

DCP Midstream Partners, LP’s offering of common units will be made only by means of a prospectus. A copy of the preliminary prospectus relating to this offering may be obtained, when available, from Lehman Brothers Inc., c/o ADP Financial Services, Prospectus Fulfillment, 1155 Long Island Ave., Edgewood, NY, 11717 or Citigroup Global Markets Inc., Brooklyn Army Terminal, Attention:  Prospectus Department, 140 58th Street, 8th Floor, Brooklyn, NY 11220.  A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Forward-Looking Statements
This document includes statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933. These forward-looking statements include statements related to the proposed initial public offering of DCP Midstream Partners, LP, statements related to the potential acquisition and construction of additional assets by DCP Midstream Partners, LP in the future, as well as statements regarding future cash distributions of DCP Midstream Partners, LP. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this document. Neither Duke Energy Field Services nor DCP Midstream Partners, LP undertakes any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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 is one of the nation’s largest natural gas gatherers, the largest NGL producer, and one of the largest NGL marketers. DEFS operates in 16 states across the five largest natural gas-producing regions in North America. The Denver-based company owns or operates 57 plants and 58,000 miles of pipeline. Current handled volumes are 6.8 TBtu/d of natural gas and 356,000 Bbls/d of 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