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DCP Midstream's NGL and natural gas volumes have held up remarkably well over the past year.
The lack of new drilling in the US has allowed DCP to shrink their capex budget which in turn allows higher free cash flow and greater debt reduction.
The energy sector backdrop is extremely favorable for energy companies. Low production levels and higher demand have allowed energy prices to soar creating a goldilocks environment for beleaguered energy companies.
DCP has equity volumes exposed to the higher prices, which will create higher earnings.