INDEPENDENT AUDITORS’ REPORT
To the Board of Directors and Members of
DCP Midstream, LLC
Denver, CO
We have audited the accompanying consolidated balance sheets of DCP Southeast Texas Holdings, GP
(the “Company”), as of December 31, 2011 and 2010, and the related consolidated statements of operations,
comprehensive income, changes in equity, and cash flows for each of the three years in the period ended
December 31, 2011. These consolidated financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these consolidated financial statements based on
our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes consideration of internal
control over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal
control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2011 and 2010, and the results of its operations and its cash flows
for each of the three years in the period ended December 31, 2011, in conformity with accounting principles
generally accepted in the United States of America.
As described in Note 1 to the consolidated financial statements prior to January 1, 2011, the accompanying
consolidated financial statements have been prepared from the separate records maintained by DCP Midstream,
LLC and may not necessarily be indicative of the conditions that would have existed or the results of operations
if the Company had been operated as an unaffiliated entity. Portions of certain expenses represent allocations
made from, and are applicable to, DCP Midstream, LLC as a whole.
/s/ Deloitte & Touche LLP
February 29, 2012
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