Natural gas processor DCP Midstream Partners LP (DPM) Wednesday reported a net loss for the fourth quarter, while revenues declined about 34% from last year.
The company reported fourth-quarter net loss attributable to partners of $8.0 million, compared to net income of $140.1 million in the same period last year.
Net loss allocable to limited partners was $11.4 million, compared to net income of $134.1 million a year ago. Net loss per limited partner unit for the quarter was $0.35, compared to a profit of $4.75 last year.
Adjusted net income attributable to partners for the quarter was $22.1 million, compared to a loss of $5.5 million in the prior year. Adjusted net income allocable to limited partners were $18.4 million, compared to a loss of $9.6 million in the prior year. Adjusted net income per unit for the quarter was $0.56, compared to a loss of $0.34 last year.
On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share for the quarter. Analysts' estimates typically exclude special items.
Total operating revenues for the quarter declined to $300.3 million from $454.8 million in the previous year. Analysts were looking for revenues of $260.36 million for the quarter. The company reported an operating loss of $3.1 million for the quarter, compared to operating income of $158 million last year.
Adjusted EBITDA for the quarter increased to $43.4 million from $14.1 million in the previous year, reflecting strong performance from the wholesale propane and NGL logistics segments, increased NGL production and reduced operating costs, partially offset by lower gas throughput volumes at some natural gas assets.
According to the company, adjusted EBITDA in the fourth quarter of 2008 was significantly impacted by hurricanes and a non-cash write down of inventory for the wholesale propane business.
In 2009, net loss allocable to limited partners was $30.8 million, compared to net income of $112.7 million a year ago. Net loss per limited partner unit for the quarter was $0.99, compared to a profit of $4.11 last year. Total operating revenues for 2009 dropped to $942.4 million from $1.831 billion in 2008.
Mark Borer, president and CEO of the Partnership, said, "Our diversified asset portfolio delivered distribution coverage of 1.45 times for the quarter and 1.20 times for the year. In the fourth quarter, we expanded our asset base in Michigan with a complementary acquisition, completed a successful equity offering, and achieved an investment grade credit rating from S&P.... Looking forward, we believe we are favorably positioned to capture additional growth opportunities."
DPM closed Wednesday's regular trade at $31.08, down $0.62 or 1.96%, on 48,475 shares.
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