(Logo:  http://www.newscom.com/cgi-bin/prnh/20080805/LATU124LOGO-b)    SECOND QUARTER AND YEAR TO DATE HIGHLIGHTS                              Three Months Ended         Six Months Ended                                June 30,                 June 30,                         -----------------------   -----------------------                                           As                        As                                         Reported                 Reported                                            in                       in                         2009     2008     2008    2009    2008     2008                         ----     ----     ----    ----    ----     ------                                           (Unaudited)                              (Millions, except per unit amounts)   Net loss    attributable to    partners            $(42.1) $(153.1) $(159.3) $(21.0) $(153.0) $(165.8)   Net loss per unit    $(1.41)  $(5.67)  $(5.67) $(0.86)  $(6.36)  $(6.36)   Adjusted EBITDA*      $32.4    $34.0    $25.9   $72.6    $79.4    $62.5   Adjusted net income    attributable to    partners*            $12.1    $17.2    $11.0   $33.0    $45.9    $33.1   Adjusted net income    per unit*            $0.27    $0.28    $0.28   $0.91    $1.02    $1.02   Distributable cash    flow*                $23.2    $29.0    $23.2   $50.6    $68.0    $55.1     *  Denotes a financial measure not presented in accordance with U.S.      generally accepted accounting principles, or GAAP. Each such non-GAAP      financial measure is defined below under "Non-GAAP Financial      Information", and each is reconciled to its most directly comparable      GAAP financial measures under "Reconciliation of Non-GAAP Financial      Measures" below.    

In April 2009, the Partnership completed the acquisition of an additional 25.1 percent interest in DCP East Texas Holdings, LLC, or East Texas, from DCP Midstream, LLC, which results in the Partnership owning a 50.1 percent interest in East Texas. Prior to this transaction the Partnership accounted for its interest in East Texas under the equity method. As a result of our owning in excess of 50 percent, and because the transaction was between entities under common control, we are required to present results of operations, including all historical periods, on a consolidated basis. In addition, results are presented as originally reported in 2008 for comparative purposes.

Additionally, note that while the Partnership hedges the majority of its commodity risk, the portion of East Texas owned by DCP Midstream is unhedged. As such, the Partnership's consolidated results depict 75 percent of East Texas unhedged in all periods prior to the second quarter of 2009 and 49.9 percent of East Texas unhedged for all periods subsequent to the first quarter of 2009.

Adjusted EBITDA of $32.4 million for the three months ended June 30, 2009, as compared to $34.0 million for the three months ended June 30, 2008, reflects the addition of our Michigan system, reduced operating costs, continued strong results from our wholesale propane logistics segment, and favorable cash settlements from commodity derivatives, more than offset by the impacts of lower commodity prices as well as lower processing margins and gas throughput volumes at certain of our natural gas assets. Adjusted EBITDA of $72.6 million for the six months ended June 30, 2009, as compared to $79.4 million for the six months ended June 30, 2008, also includes the impact from operational downtime at our Discovery, Wyoming and East Texas assets in the first quarter of 2009.

DISTRIBUTION AND DISTRIBUTABLE CASH FLOW

On July 28, 2009, the Partnership announced a quarterly distribution of $0.60 per limited partner unit, consistent with the prior quarter. Our distributable cash flow of $23.2 million for the three months ended June 30, 2009 provided a 1.0 times distribution coverage ratio for the quarter. Year to date distributable cash flow of $50.6 million provided a 1.2 times distribution coverage ratio for the year to date.

The Partnership received a cash distribution from Discovery for the second quarter of 2009 in June, which reflects a change in Discovery's LLC Agreement to make cash distributions for a given quarter in that same quarter.

CEO PERSPECTIVE

"We are pleased that we delivered 1.2 times year to date distribution coverage in a challenging business environment," said Mark Borer, president and CEO of the Partnership. "We remain focused on optimizing our asset portfolio, including continued cost reduction and cash flow improvements to mitigate the impact of the reduced commodity price and drilling environment. In the second quarter, we completed our drop down of an additional 25.1 percent interest in East Texas, completed a gathering pipeline expansion at East Texas, and commenced flow on the Tahiti offshore platform at Discovery. We are delivering on all the business plan commitments we made last December and are positioning the Partnership for the future."

OPERATING RESULTS BY BUSINESS SEGMENT

Natural Gas Services -- Adjusted segment EBITDA of $34.5 million for the three months ended June 30, 2009, as compared to $38.5 million for the three months ended June 30, 2008, reflects the addition of our Michigan system, reduced operating costs, and favorable cash settlements from commodity derivatives, more than offset by the impacts of lower commodity prices as well as lower processing margins and gas throughput volumes, primarily at our East Texas and North Louisiana assets.

Adjusted segment EBITDA of $59.0 million for the six months ended June 30, 2009, as compared to $86.2 million for the six months ended June 30, 2008 also includes the impact from operational downtime at our Discovery, Wyoming and East Texas assets in the first quarter of 2009. Results for the first six months of 2008 reflect a much stronger commodity price, drilling, and processing environment than the same period in 2009.

Segment operating and maintenance expense decreased $1.9 million for the three months ended June 30, 2009 and $3.8 million for the six months ended June 30, 2009. The 12% decrease in expenses for each period was driven by our cost reduction efforts, partially offset by the addition of our Michigan system.

Wholesale Propane Logistics -- Adjusted segment EBITDA increased from $1.4 million for the three months ended June 30, 2008 to $3.5 million for the three months ended June 30, 2009. For the six months ended June 30, adjusted segment EBITDA increased from $4.6 million in 2008 to $26.4 million in 2009. Increased unit margins in the second quarter of 2009 more than offset an approximate four percent decrease in volumes compared to the same period in 2008. Year to date 2009 results reflect an increase in unit margins, approximately $6.0 million of which is attributable to the sale of inventory that was previously written down. Year to date results also reflect a five percent increase in volumes.

NGL Logistics -- Adjusted segment EBITDA was $1.5 million and $2.9 million for the three and six months ended June 30, 2009, respectively, as compared to adjusted segment adjusted EBITDA of $1.9 million and $4.0 million for the three and six months ended June 30, 2008, respectively. Results for the 2009 quarter and year to date reflect lower throughput volumes at connected processing plants compared to the same periods in 2008. Year to date 2009 volumes also include the impact from ethane rejection at certain connected processing plants early in the first quarter. Those plants have since resumed ethane extraction.

CORPORATE AND OTHER

General and administrative expenses for the three and six months ended June 30, 2009 reflect our cost reduction efforts and the addition of the Michigan system, as compared to the same periods in 2008. Increased depreciation and amortization expense and net interest expense for the three and six months ended June 30, 2009, reflect additional debt for the addition of the Michigan system and organic project spending.

COMMODITY DERIVATIVE ACTIVITY

We utilize mark-to-market accounting treatment for our commodity derivative instruments. Mark-to-market accounting rules require companies to record currently in earnings the difference between their contracted future derivative settlement prices and the forward prices of the underlying commodities at the end of the accounting period. Revaluing our commodity derivative instruments based on futures pricing at the end of the period creates an asset or liability and associated non-cash gain or loss. Realized gains or losses from cash settlement of the derivative contracts occur monthly as our physical commodity sales are realized or when we rebalance our portfolio. Non-cash gains or losses associated with the mark-to-market accounting treatment of our commodity derivative instruments do not affect our distributable cash flow.

For the three and six months ended June 30, 2009, derivative activity and total revenues included a non-cash loss of approximately $54 million in each period and current period hedge settlements received of $8 million and $14 million, respectively. This compares to non-cash losses of $170 million and $199 million and hedge settlement payments of $17 million and $26 million for the three and six months ended June 30, 2008, respectively. While our earnings will continue to fluctuate as a result of the volatility in the commodity markets, our commodity derivative contracts help to stabilize distributable cash flows.

CAPITALIZATION

Our credit facility of $825 million is comprised of a revolver and term loan that mature in June 2012. At June 30, 2009, we had $603 million outstanding under our revolver. We also had $35 million of term loan outstanding, fully secured by restricted investments serving as collateral. Due to the fully secured status of the term loan, balances outstanding are netted from total long-term debt to calculate our leverage ratio. Our leverage ratio pursuant to our credit facility for the quarter ended June 30, 2009, was approximately 3.7x.

Our liquidity is comprised of available capacity under our revolver and the collateral securing our term loan that may be used to fund organic capital expenditures or acquisitions. Our available liquidity at June 30, 2009, was approximately $222 million.

We mitigate a substantial portion of our interest rate risk with interest rate swaps which reduce our exposure to market rate fluctuations by converting variable interest rates to fixed interest rates. As of June 30, 2009, we had $575 million of our revolver debt converted to fixed rates through June 2012. Our weighted average cost of debt under our revolving credit facility, including interest rate swaps, as of June 30, 2009, was 4.5 percent.

EARNINGS CALL

DCP Midstream Partners will hold a conference call to discuss second quarter results on Friday, Aug. 7, 2009, at 10 a.m. ET. The dial-in number for the call is 800-860-2442 in the United States or 412-858-4600 outside the United States. A live Webcast of the call can be accessed on the investor information page of DCP Midstream Partners' Web site at http://www.dcppartners.com/. The call will be available for replay until 9 a.m. ET on Aug. 17, 2009, by dialing 877-344-7529, in the United States or 412-317-0088 outside the United States. The conference number is 432333. A replay and transcript of the broadcast will also be available on the Partnership's Web site.

NON-GAAP FINANCIAL INFORMATION

This press release and the accompanying financial schedules include the following non-GAAP financial measures: distributable cash flow, adjusted EBITDA, adjusted segment EBITDA, adjusted net income attributable to partners, and adjusted net income per unit.