DCP - DCP Midstream reports mixed Q3 earnings cuts debt

DCP Midstream ([[DCP]] +7.6%) generated $130M of excess free cash flow for Q3. Reduced debt by $175M year to date, including $156M in Q3, and lowered bank leverage to 3.9x for twelve months ended September 30.Reported distributable cash flow of $232M, higher than $190M a year ago, Adjusted EBITDA increased 10% to $331M.Costs were down $43M compared to Q3 in 2019, resulting in an 17%, or $130M, year to date reduction driven by continued cost discipline and DCP 2.0 transformation efforts.Logistics and Marketing segment EBITDA increased by ~8% to $216M, driven by increased earnings on Gulf Coast Express, Sand Hills, Southern Hills, and Front Range, partially offset by lower Guadalupe and NGL Marketing earnings.Gathering and Processing segment Adjusted EBITDA increased 5% Y/Y to $176M, driven by increased overall wellhead margin and cost discipline, partially offset by lower volumes and dampened commodity prices.

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DCP Midstream reports mixed Q3 earnings, cuts debt