DCP - DCP Midstream's Q4 adjusted EBITDA revenues miss expectations

DCP Midstream (NYSE:DCP) -2.9% post-market after reporting Q4 operating revenues nearly doubled from a year earlier but well short of the $4.74B analyst consensus estimate, and adjusted EBITDA of $330M came in below $366M consensus. Q4 distributable cash flow increased 23% Y/Y to $219M, "providing a clear path to a distribution raise and additional capital allocation opportunities in 2022." Q4 natural gas liquids pipelines throughput +13% Y/Y to 692M bbl/day; Q4 natural gas liquids fractionator throughput +5.6% to 57M bbl/day. DCP said Q4 earnings were helped by favorable Gathering and Processing results driven by a 5% Q/Q increase in Permian Basin volumes, but results were dampened by the timing of certain tax payments and NGL marketing and gas storage opportunities. For FY 2022, DCP issues guidance for net income of $615M-$765M, adjusted EBITDA of $1.35B-$1.5B, and distributed cash flow of $900M-$1.01B. DCP "exceeded all of our financial targets as we delivered adjusted

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DCP Midstream's Q4 adjusted EBITDA, revenues miss expectations