DCP - DCP Midstream GAAP EPS of $1.77 beats by $0.70 revenue of $4.27B misses by $230M
- DCP Midstream press release ( NYSE: DCP ): Q2 GAAP EPS of $1.77 beats by $0.70 .
- Revenue of $4.27B (+104.3% Y/Y) misses by $230M .
- Record financial performance driven by strong G&P earnings resulting in increases in adjusted EBITDA of 9%, distributable cash flow of 9%, and excess free cash flow of 3%, quarter over quarter.
- Reduced absolute debt by ~$200 million and closed the quarter with 2.9 times leverage.
- Received Investment Grade upgrade from Fitch and Positive Outlook from S&P.
- Record year-to-date financial performance and strong outlook for the second half of the year have DCP positioned to significantly exceed the high end of 2022 financial guidance for adjusted EBITDA and DCF.
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DCP Midstream GAAP EPS of $1.77 beats by $0.70, revenue of $4.27B misses by $230M