Ownership Structure

DCP Midstream Partners, LP’s relationship with DCP Midstream, LLC and its parents, Spectra Energy and ConocoPhillips is a competitive strength for us. DCP Midstream is one of the largest gatherers of natural gas (based on wellhead volume), producers of natural gas liquids (NGLs), and marketers of NGLs in North America. DCP Midstream began operations in 2000 following the contribution to it of the combined North American midstream natural gas gathering, processing and marketing and NGL businesses of Duke Energy and Phillips Petroleum Company (prior to its merger with Conoco Inc.). DCP Midstream is owned 50 percent by Spectra Energy and 50 percent by ConocoPhillips. DCP Midstream has a significant interest in our partnership though its ownership of general partner and limited partners interests in us and ownership of our incentive distribution rights.