Summary of DCP MIDSTREAM PARTNERS, LP

Item 2.02 Results of Operations and Financial Condition.

On November 5, 2009, DCP Midstream Partners, LP announced its financial results for the third quarter of 2009 pursuant to a press release. A copy of the press release is furnished as Exhibit 99.1 to this current report on Form 8-K, and is incorporated herein by reference. The press release contains financial measures that are not presented in accordance with accounting principles generally accepted in the United States of America, or GAAP, for the applicable periods presented, including Adjusted EBITDA and Adjusted segment EBITDA for each of our three business segments. The most directly comparable GAAP financial measures to Adjusted EBITDA are net income or loss attributable to partners, which is presented prominently in the attached press release for the applicable periods presented, and net cash provided by operating activities, which is presented in the attached press release and prominently below for the applicable periods presented. The most directly comparable segment GAAP financial measure for each business segment is the applicable segment net income or loss attributable to partners, which GAAP financial measures are set forth in the release and below for the applicable periods presented:

                           DCP MIDSTREAM PARTNERS, LP
                            GAAP FINANCIAL MEASURES
                                  (Unaudited)

                                   Three Months Ended                           Nine Months Ended
                                     September 30,                                September 30,
                                                    As Reported                                  As Reported
                          2009          2008          in 2008          2009          2008          in 2008
                                       (millions)                                   (millions)
Net cash provided by
operating activities    $    43.8     $    50.2     $       42.0     $    95.1     $   121.0     $       54.7

                           DCP MIDSTREAM PARTNERS, LP
                        SEGMENT GAAP FINANCIAL MEASURES
                                  (Unaudited)

                                   Three Months Ended                           Nine Months Ended
                                     September 30,                                September 30,
                                                    As Reported                                  As Reported
                          2009          2008          in 2008          2009          2008          in 2008
                                       (millions)                                   (millions)

Natural Gas Services
Segment:
  Segment net income
attributable to
partners                $    20.8     $   170.1     $      165.5     $     1.8     $    35.6     $       13.3

Wholesale Propane
Logistics Segment:
  Segment net income
(loss) attributable
to partners             $     2.4     $    (1.3 )   $       (1.3 )   $    28.2     $     5.2     $        5.2

NGL Logistics
Segment:
  Segment net income
attributable to
partners                $     1.7     $     1.1     $        1.1     $     3.8     $     4.4     $        4.4

In accordance with General Instruction B.2 of Form 8-K, the press release shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information or exhibit be deemed incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except as shall be expressly set forth by specific reference in any such filing.