DCP Midstream, LP Common Units

Thank you for standing by, and welcome to the Q3 2021 DCP Midstream LLP Earnings Conference Call. At this time, all participants are in listening mode. After the speaker's presentation, there will be a question and answer session. To ask a question at that time, please press star, then 1 on your touchtone telephone. As a reminder, today's conference call is being recorded. I will now turn the conference over to your host, Mr. Mike Fullman, where you may begin.

Good morning, and welcome to the DCP Midstream third quarter 2021 earnings call. Today's call is being webcast, and I encourage those listening on the phone to view the supporting slides, which are available on our website at dcpmidstream.com. Before we begin, I'd like to point out that our discussion today includes forward-looking statements. Actual results may differ due to certain risk factors that affect our business. Please review the second slide in the deck that describes our use of forward-looking statements, and for a complete listing of the risk factors, please refer to the partnership's latest SEC filings. We will also use various non-GAAP financial measures, which are reconciled to the most comparable GAAP financial measure in schedules in the appendix section of the slides. Vowder Van Kampen, CEO, and Sean O'Brien, CFO, will be our speakers today. And after their remarks, we'll take your questions. With that, I'll turn the call over to Vowder.

Thank you, Mike, and good morning, everyone. We appreciate you joining us today and hope you're all safe and well. On today's call, we will discuss our third quarter results for 2021, our outlook for the remainder of this year, and an early preview of 2022. Before getting into the third quarter highlights, I'd like to acknowledge and thank the DCP team. Over the last five plus year, DCP and our industry in general has faced significant headwinds and had to manage through extreme volatility. Managing through these cycles has created a stronger and more resilient DCP. Through the years, we took aggressive actions, made difficult decisions, and executed our strategy to ensure DCP's long-term sustainability in any commodity environment. We've extended our value chain, prioritized capital discipline, and invested in DCP 2.0 to drive efficiencies in our business while right-sizing our headcount and lowering our cost structure. Ultimately, these strategic actions have helped to balance and diversify our portfolio and stabilize our cash flows while retaining favorable commodity upside. The third quarter results highlight the value of our balanced portfolio and the DCP team's strong execution. For the quarter, we realized record adjusted EBITDA of approximately $355 million, DCF $250 million and excess free cash flow of approximately $160 million. And we define excess free cash flow as free cash flow after paying all our distributions and funding all of our growth capital programs. Strong performance from our North and Permian assets, along with optimizing our portfolio across our value chains, continues to drive favorable results and generated the sixth consecutive quarter of excess free cash flow. this record quarter continues our strong year-to-date performance. So far this year, we have maintained our lean manufacturing model, which has us on target this year to sustain approximately $140 million of cost savings realized in 2020, while offsetting inflationary pressures. We've also generated $375 million of excess free cash flow, which is an approximate 60% increase from the full year 2020. And we have made strong progress towards investment-grade ratings, resulting in favorable rating agency actions, as Moody's upgraded us in the second quarter, and in the third quarter, Fitch moved us to a positive outlook. Our record third quarter results, coupled with our strong first-half performance, have DCP on track to exceed our 2021 financial guidance. And with that, I'll turn things over to Sean to run through Q3's financial results.