DCP Midstream Partners Nabs Phillips, Spectra JV's Assets

By Chelsea Naso (January 4, 2017, 2:12 PM EST) -- DCP Midstream Partners LP inked a deal for the assets of a Phillips 66 and Spectra Energy Corp. joint venture, a deal that stands to create a U.S. natural gas liquids producer and gas processor worth $11 billion, according to an announcement on Wednesday.

The deal, which closed on Wednesday, simplifies the corporate structure of DCP Midstream Partners LP, or DPM, and Phillips 66 and Spectra Energy joint venture DCP Midstream LLC, and forms the largest NGL producer and gas processor in the country, according to a statement.

"This transformational transaction provides a platform of premier assets with strong growth opportunities...

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