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DCP Midstream, LP (NYSE: DCP) has declared a cash distribution of $0.43 per Common Unit for Q1 2023, payable on May 15, 2023 to unitholders of record as of May 1, 2023. Additionally, distributions for preferred units were announced, including $0.4922 per Series B Preferred Unit, payable on June 15, 2023, and $0.4969 per Series C Preferred Unit, payable on July 17, 2023. DCP plans to redeem all outstanding 5.85% Fixed-to-Floating Rate Junior Subordinated Notes due 2043 around May 21, 2023. The press release highlights that DCP's distributions to non-U.S. investors will be subject to federal income tax withholding.
DCP Midstream, LP (NYSE: DCP) has filed its Form 10-K for the fiscal year ending December 31, 2022, with the Securities and Exchange Commission. This document includes audited financial statements and is accessible on DCP's investor website. Investors can also request a free hard copy of the Form 10-K by contacting the Corporate Secretary's office in Denver. DCP Midstream is a major player in the midstream sector, involved in gathering, processing, logistics, and marketing of natural gas, while being one of the top natural gas liquid producers in the U.S.
DCP Midstream reported strong financial results for Q4 and year-end 2022. Net income attributed to partners was $261 million for Q4 and $1,052 million for the year. The company generated $607 million in net cash from operations for the quarter and $1,882 million for the year, with adjusted EBITDA at $347 million and $1,699 million respectively. Notably, excess free cash flow was $62 million in Q4 and $615 million for the year. DCP redeemed $500 million of Series A Preferred Equity and reduced debt by $570 million. A merger with Phillips 66 was announced, with a $41.75 per unit payment expected in Q2 2023.
DCP Midstream announced a cash distribution of $0.43 per common unit for Q4 2022, equating to an annualized rate of $1.72, payable on February 14, 2023. This distribution is intended for common unitholders of record by February 3, 2023. Additionally, preferred unit distributions were declared, with Series B at $0.4922 per unit payable on March 15, 2023 and Series C at $0.4969 per unit payable on April 17, 2023. The press release includes tax information for non-U.S. investors, stating that distributions are subject to federal income tax withholding at the highest rate.
Phillips 66 has announced an all-cash acquisition of DCP Midstream, LP, for $41.75 per common unit, raising its economic interest in DCP to 86.8%. The transaction, valued at approximately $3.8 billion, is set to close in Q2 2023 and aims to generate at least $300 million in operational and commercial synergies and an incremental $1 billion in adjusted EBITDA. The deal has received unanimous approval from DCP's board and majority consent from its common unit holders. Funding will be through cash and debt while maintaining investment-grade credit ratings.
DCP Midstream reported strong financial results for Q3 and the first nine months of 2022. Net income attributable to partners hit $328 million for the quarterly period and $791 million year-to-date. Adjusted EBITDA increased 41% year-over-year to $439 million for Q3 and $1.352 billion for nine months. The company generated $553 million in excess free cash flow, reducing total debt by over $600 million this year. DCP also received upgrades from S&P and Moody's. The board is reviewing an acquisition proposal from Phillips 66, potentially impacting future ownership structure.
DCP Midstream, LP (NYSE: DCP) has declared a third quarter 2022 Common Unit cash distribution of $0.43 per unit, representing $1.72 annually. This will be paid on November 14, 2022, to unitholders on record by October 28, 2022. Additionally, preferred unit distributions include a semi-annual Series A distribution of $36.875, a Series B quarterly distribution of $0.4922, and a Series C quarterly distribution of $0.4969, all scheduled for payment on December 15, 2022 and January 17, 2023.