Duke Energy Field Services Announces New Name: DCP Midstream
DENVER – Duke Energy Field Services (DEFS) announced today its name will change to DCP Midstream, effective Jan. 1, 2007, to coincide with the planned legal separation of Duke Energy’s power and gas businesses. Upon legal separation, Duke Energy’s 50 percent ownership interest in DCP Midstream will transfer to the separate stand-alone publicly traded gas company which is yet to be named.
"This is an exciting new chapter for us. We chose to align with the name of the master limited partnership, DCP Midstream Partners, which we created in December 2005 to underscore our shared strategy of growth and performance excellence," said Bill Easter, chairman of DEFS. "The name DCP Midstream also pays homage to ConocoPhillips and Duke Energy, our two parent companies, whose support has led to DEFS becoming one of the leading midstream companies in the U.S."
Duke Energy Field Services, as it is known today, was formed in March 2000 by combining the natural gas gathering and processing businesses of Duke Energy and ConocoPhillips’ former GPM Gas Corporation. In July 2005, Field Services became an equally owned joint venture between Duke Energy and ConocoPhillips.
In the next two months, the company will be notifying customers, regulatory agencies, vendors and other key groups with more detail about its name change.
DEFS is a leading midstream energy company that is one of the largest natural gas gatherers and processors, and producers of natural gas liquids in the U.S. The Denver-based company owns or operates 54 plants and 56,000 miles of pipeline. DEFS owns the general partner of DCP Midstream Partners, LP, a publicly traded master limited partnership. DEFS is an equally owned joint venture between Duke Energy and ConocoPhillips. More information is available on the Internet at www.defs.com.