---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-167475"
form_type: "8-K"
ticker: null
cik: "0001338065"
company_name: "DCP Midstream, LP"
filed_at: "2023-06-15T23:59:59+00:00"
generated_at: "2026-06-13T23:53:37.378050+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Phillips 66 completes $3.8B acquisition of DCP Midstream at $41.75/unit

## Summary
- Public common units converted into $41.75/unit cash; total value ~$3.8B.
- Phillips 66’s economic interest in DCP Midstream increases to 86.8%.
- Common units and Series B preferred units delisted from NYSE as of June 15, 2023.
- Series B preferred units redeemed at $25.00/unit; holders receive redemption price.
- DCP Midstream entered into a $1.0B unsecured revolver with Phillips 66 as lender.

## SEC filing metadata
- accession: 0001193125-23-167475
- form_type: 8-K
- cik: 0001338065
- company_name: DCP Midstream, LP
- filed_at: 2023-06-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.01, 3.01, 3.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1338065/000119312523167475/0001193125-23-167475-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1338065/000119312523167475/d494691d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-167475
- JSON: https://secwatch.observer/filing/0001193125-23-167475.json
- Plain text: https://secwatch.observer/filing/0001193125-23-167475.txt

## Key facts
- M&A Transactions
  DCP Midstream, LP underwent a change of control involving Phillips 66 Project Development Inc. and Dynamo Merger Sub LLC for $41.75 per Public Common Unit in cash (closed 2023-06-15).
  - Action: change of control
  - Counterparty: Phillips 66 Project Development Inc. and Dynamo Merger Sub LLC
  - Consideration: $41.75 per Public Common Unit in cash
  - Closing: 2023-06-15
  source text: as of immediately prior to the Effective Time (other than the Sponsor Owned Units, as defined below) (each, a “Public Common Unit”) was converted into the right to receive $41.75 per Public Common Unit in cash, without any interest thereon (the “Merger Consideration”). The Common Units owned by DCP Midstream, LLC and the General Partner (collectively, the
  evidence_url: https://www.sec.gov/Archives/edgar/data/1338065/000119312523167475/0001193125-23-167475-index.htm
- Material Agreements
  DCP Midstream, LP entered into Credit Agreement with Phillips 66 Company valued at $1.0 billion (effective 2023-06-15).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Phillips 66 Company
  - Value: $1.0 billion
  - Effective: 2023-06-15
  source text: On June 15, 2023, DCP Midstream, LP (the “Partnership”) and its wholly owned subsidiary, DCP Midstream Operating, LP (“DCP Operating”), entered into a Credit Agreement with Phillips 66 Company, as lender (the “Credit Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1338065/000119312523167475/0001193125-23-167475-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.