Scott Richard Delmoro - Jun 15, 2023 Form 4 Insider Report for DCP Midstream, LP (DCP)

Role: Interim CFO
Signature: /s/ Jenarae N. Garland, as Attorney-in-Fact
Stock symbol: DCP
Transactions as of: Jun 15, 2023
Transactions value $: -$162,510
Form type: 4
Date filed: 6/16/2023, 01:57 PM
Previous filing: Mar 7, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	DCP	Common Units	Disposed to Issuer	-$151K	-3.62K	-100%	$41.75	0	Jun 15, 2023	Direct	F1
transaction	DCP	Series B Preferred Units	Disposed to Issuer	-$11.3K	-450	-100%	$25.00	0	Jun 15, 2023	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	DCP	Phantom Common Units	Disposed to Issuer	$0	-11.4K	-100%	$0.00^*	0	Jun 15, 2023	Common Units	11.4K		Direct	F3, F4
transaction	DCP	Restricted Phantom Units	Disposed to Issuer	$0	-4.97K	-100%	$0.00^*	0	Jun 15, 2023	Common Units	4.97K		Direct	F5, F6
transaction	DCP	Restricted Phantom Units	Disposed to Issuer	$0	-3.98K	-100%	$0.00^*	0	Jun 15, 2023	Common Units	3.98K		Direct	F5, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Pursuant to the Agreement and Plan of Merger, dated as of January 5, 2023 (the "Merger Agreement"), by and among Phillips 66 and DCP Midstream, LP (the "Issuer") and the other parties thereto, Phillips 66 acquired all of the outstanding common units representing limited partnership interests in the Issuer not already held by Phillips 66 or its affiliated entities (the "Public Common Units") via a merger of the Issuer and an indirect, wholly-owned subsidiary of Phillips 66. Pursuant to the Merger Agreement, each Public Common Unit converted into the right to receive $41.75 in cash per Public Common Unit at the effective time of the merger.
F2	The Issuer redeemed in full its 7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the "Series B Preferred Units") on June 15, 2023 for $25.00 per redeemed Series B Preferred Unit.
F3	Each phantom common unit ("PCU") was the economic equivalent of one Issuer common unit.
F4	Represented holdings of PCUs that were within the Issuer's executive deferred compensation plan at the effective time of the merger.
F5	Each restricted phantom unit ("RPU") was the economic equivalent of one Issuer common unit.
F6	Pursuant to the Merger Agreement, each outstanding RPU award was converted at the effective time of the merger into a Phillips 66 restricted stock unit award covering a number of restricted stock units equal to the product of (1) the number of common units subject to the corresponding RPU award, multiplied by (2) the award exchange ratio, rounded up to the nearest whole share. The Phillips 66 restricted stock unit award was issued with the same terms and conditions as were applicable to the RPU award, to the extent practicable.