DENVER, June 29, 2015 (GLOBE NEWSWIRE) --
Today, DCP Midstream Partners, LP (NYSE:DPM), or the Partnership, announced its new 200 million cubic feet per day (MMcf/d) Lucerne 2 natural gas processing plant is now in service, increasing the Partnership's processing capacity in the DJ Basin to approximately 400 MMcf/d.
The Lucerne 2 plant is the largest of a nine-plant system in the DJ Basin, owned and operated by the DCP enterprise. With approximately 800 MMcf/d of total processing capacity, the DCP enterprise has increased gathering and processing capacity in the basin by 80 percent over the last 24 months.
The Lucerne 2 plant connects to the Front Range Pipeline for natural gas liquids (NGL) takeaway to Mont Belvieu, Texas. The Partnership holds a one-third ownership interest in the pipeline.
"We are pleased to bring the Lucerne 2 plant online meeting the growing processing needs of our customers in the prolific DJ Basin as we continue to stay in lock step with both current and future customer demand," said the Partnership's chairman and CEO Wouter van Kempen. "The Partnership now owns half the DCP enterprise's capacity in the DJ Basin, furthering the growth of our footprint in the top economic basins in the country."
DCP Midstream Partners, LP (NYSE:DPM) is a midstream master limited partnership engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; producing, fractionating, transporting, storing and selling NGLs and recovering and selling condensate; and transporting, storing and selling propane in wholesale markets.
DCP Midstream Partners, LP is managed by its general partner, DCP Midstream GP, LP, which in turn is managed by its general partner, DCP Midstream GP, LLC, which is 100% owned by DCP Midstream, LLC, a joint venture between Phillips 66 and Spectra Energy.