Bracewell Advises DCP Midstream on $1.53 Billion Elimination of Incentive Distribution Rights

HOUSTON – Bracewell LLP advised the general partner of DCP Midstream, LP (NYSE: DCP) in a transaction to eliminate all general partner economic interests in DCP and incentive distribution rights (IDRs) in DCP in exchange for 65 million newly issued DCP common units. DCP’s general partner is equally owned by Enbridge Inc. (NYSE: ENB) and Phillips 66 (NYSE: PSX). The newly issued DCP common units have a total equity value of approximately $1.53 billion.

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Bracewell lawyers involved in the transaction included:

Partners: William S. Anderson, Elizabeth L. McGinley, Lance W. Behnke, and Daniel E. Hemli

Counsel: Jacqueline R. Java

Associates: Benjamin J. Martin, Andrew W. Monk and Caroline E. Ellis