Exhibit 99.1

DCP MIDSTREAM REPORTS SECOND QUARTER RESULTS AND GUIDES TO HIGH END OF FINANCIAL GUIDANCE RANGE

DENVER, August 4, 2021 (GLOBE NEWSWIRE) - Today, DCP Midstream, LP (NYSE: DCP) reported its financial results for the three and six months ended June 30, 2021.

HIGHLIGHTS

•For the respective three and six months ended June 30, 2021, DCP had net (loss) income attributable to partners of $(31) million and $22 million, net cash provided by operating activities of $72 million and $68 million, adjusted EBITDA of $333 million and $608 million, and distributable cash flow of $225 million and $400 million.

•Second quarter adjusted EBITDA and DCF increased by 21% and 29% from first quarter 2021.

•Generated $132 million of excess free cash flow for the three months ended June 30, 2021 and $221 million for the six months ended June 30, 2021 after fully funding distributions and growth capital.

•Excess FCF generated in second quarter 2021 represents a 48% increase from first quarter 2021 and a 144% increase from second quarter 2020.

•Gathering & Processing average wellhead volumes increased from first quarter 2021 by 6% due to improved volumes across all four regions.

•Logistics & Marketing throughput volumes increased by 16% from first quarter 2021 due to improved Sand Hills and Southern Hills volumes.

•Guiding towards high end of adjusted EBITDA, DCF, and excess FCF guidance ranges due to strong first half results, favorable commodity price outlook, and improving volumes.

•Issued Second Annual Sustainability Report and set forward-looking targets, including:

◦Long-term emissions reduction targets of reducing Scope 1 and 2 greenhouse gas emissions by 30% by 2030 and ultimately achieving net zero emissions by 2050;

◦Inclusion and diversity targets to ensure workforce and leadership fully represent the gender and racial demographics of the communities in which we operate by 2028.

SECOND QUARTER 2021 SUMMARY FINANCIAL RESULTS

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
	(Unaudited)
	(Millions, except per unit amounts)
Net (loss) income attributable to partners	$	(31)	$	47	$	22	$	(503)
Net (loss) income per limited partner unit - basic and diluted	$	(0.22)	$	0.15	$	(0.03)	$	(2.55)
Net cash provided by operating activities	$	72	$	209	$	68	$	523
Adjusted EBITDA(1)	$	333	$	311	$	608	$	632
Distributable cash flow(1)	$	225	$	220	$	400	$	440
Excess free cash flow(1)	$	132	$	54	$	221	$	22

(1)This press release includes the following financial measures not presented in accordance with U.S. generally accepted accounting principles, or GAAP: adjusted EBITDA, distributable cash flow, excess free cash flow, and adjusted segment EBITDA. Each such non-GAAP financial measure is defined below under “Non-GAAP Financial Information”, and each is

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reconciled to its most directly comparable GAAP financial measure under “Reconciliation of Non-GAAP Financial Measures” in schedules at the end of this press release.

CEO'S PERSPECTIVE

"Our team reported another strong quarter of earnings, positioning us to deliver financial results at the high end of our 2021 guidance and building momentum as we head into 2022," said Wouter van Kempen, chairman, president, and CEO. "Additionally, we're proud to highlight the team's accomplishment in reducing Scope 1 and Scope 2 greenhouse gas emissions by 16% since 2018. In a continuation of this effort, we have committed to further reduce our emissions in the coming years, with goals of reaching a 30% reduction by 2030 and achieving net zero emissions by 2050. I have full confidence that our team will accomplish these aggressive goals while creating incremental value for all DCP stakeholders."

COMMON UNIT DISTRIBUTIONS

On July 20, 2021, DCP announced a quarterly common unit distribution of $0.39 per limited partner unit. This distribution remains unchanged from the previous quarter.

DCP generated distributable cash flow of $225 million and $400 million for three and six months ended June 30, 2021, respectively. Distributions declared were $82 million and $163 million for the three and six months ended June 30, 2021, respectively.

SECOND QUARTER 2021 OPERATING RESULTS BY BUSINESS SEGMENT

Logisticsand Marketing

Logistics and Marketing segment net income attributable to partners for the three months ended June 30, 2021 and 2020 was $109 million and $177 million, respectively.

Adjusted segment EBITDA decreased to $194 million for the three months ended June 30, 2021, from $213 million for the three months ended June 30, 2020, reflecting lower earnings from NGL and gas marketing, partially offset by an increase in Southern Hills volumes.

The following table represents volumes for the Logistics and Marketing segment:

				Three Months Ended June 30, 2021	Three Months Ended March 31, 2021	Three Months Ended June 30, 2020
NGL Pipeline	% Owned		Net Pipeline Capacity (MBbls/d)	Average NGL Throughput (MBpd)	Average NGL Throughput (MBpd)	Average NGL Throughput (MBpd)
Sand Hills	67	%	333	288	228	312
Southern Hills	67	%	128	116	105	100
Front Range	33	%	87	60	56	56
Texas Express	10	%	37	21	19	19
Other	Various		310	186	170	189
Total			895	671	578	676

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Gathering and Processing

Gathering and Processing segment net income attributable to partners for the three months ended June 30, 2021 and 2020 was $3 million and $11 million, respectively.

Adjusted segment EBITDA increased to $197 million for the three months ended June 30, 2021, from $158 million for the three months ended June 30, 2020, reflecting higher commodity prices, higher wellhead volumes in the North, partially offset by lower volumes in the South and Permian, and increased operating costs.

The following table represents volumes for the Gathering and Processing segment:

	Three Months Ended June 30, 2021	Three Months Ended June 30, 2021	Three Months Ended March 31, 2021	Three Months Ended June 30, 2020
System	Net Plant/Treater Capacity (MMcf/d)	Average Wellhead Volumes (MMcf/d)	Average Wellhead Volumes (MMcf/d)	Average Wellhead Volumes (MMcf/d)
North	1,580	1,540	1,520	1,531
Midcontinent	1,110	850	799	842
Permian	1,200	926	858	987
South	1,730	1,022	900	1,127
Total	5,620	4,338	4,077	4,487

CREDIT FACILITIES AND DEBT

DCP has two credit facilities with up to $1.75 billion of total capacity. Proceeds from these facilities can be used for working capital requirements and other general partnership purposes including growth and acquisitions.

•DCP has a $1.4 billion senior unsecured revolving credit agreement, or the Credit Agreement, that matures on December 9, 2024. As of June 30, 2021, total unused borrowing capacity under the Credit Agreement was $780 million net of $618 million of outstanding borrowings and $2 million of letters of credit.

•DCP has an accounts receivable securitization facility that provides up to $350 million of borrowing capacity that matures August 12, 2024. As of June 30, 2021, DCP had $350 million of outstanding borrowings under the accounts receivable securitization facility.

As of June 30, 2021, DCP had $5.7 billion of total consolidated principal debt outstanding. The total debt outstanding includes $550 million of junior subordinated notes which are excluded from debt pursuant to DCP's Credit Agreement leverage ratio calculation. For the twelve months ended June 30, 2021, DCP's leverage ratio was 4.2 times. The effective interest rate on DCP's overall debt position, as of June 30, 2021, was 4.90%.

CAPITAL EXPENDITURES AND INVESTMENTS

During the three months ended June 30, 2021, DCP had expansion capital expenditures and equity investments totaling $11 million, and sustaining capital expenditures totaling $17 million.

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SECOND QUARTER 2021 EARNINGS CALL

DCP will host a conference call webcast tomorrow, August 5, 2021, at 10:00 a.m. ET, to discuss its second quarter earnings. The live audio webcast of the conference call and presentation slides can be accessed through the Investors section on the DCP website at www.dcpmidstream.com and the conference call can be accessed by dialing (844) 233-0113 in the United States or (574) 990-1008 outside the United States. The conference confirmation number is 6537779. An audio webcast replay, presentation slides and transcript will also be available by accessing the Investors section on the DCP website.

NON-GAAP FINANCIAL INFORMATION

This press release and the accompanying financial schedules include the following non-GAAP financial measures: adjusted EBITDA, distributable cash flow, excess free cash flow and adjusted segment EBITDA. The accompanying schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures. DCP's non-GAAP financial measures should not be considered in isolation or as an alternative to its financial measures presented in accordance with GAAP, including operating revenues, net income or loss attributable to partners, net cash provided by or used in operating activities or any other measure of liquidity or financial performance presented in accordance with GAAP as a measure of operating performance, liquidity or ability to service debt obligations and make cash distributions to unitholders. The non-GAAP financial measures presented by DCP may not be comparable to similarly titled measures of other companies because they may not calculate their measures in the same manner.

DCP defines adjusted EBITDA as net income or loss attributable to partners adjusted for (i) distributions from unconsolidated affiliates, net of earnings, (ii) depreciation and amortization expense, (iii) net interest expense, (iv) noncontrolling interest in depreciation and income tax expense, (v) unrealized gains and losses from commodity derivatives, (vi) income tax expense or benefit, (vii) impairment expense and (viii) certain other non-cash items. Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Management believes these measures provide investors meaningful insight into results from ongoing operations.

The commodity derivative non-cash losses and gains result from the marking to market of certain financial derivatives used by us for risk management purposes that we do not account for under the hedge method of accounting. These non-cash losses or gains may or may not be realized in future periods when the derivative contracts are settled, due to fluctuating commodity prices.

Adjusted EBITDA is used as a supplemental liquidity and performance measure and adjusted segment EBITDA is used as a supplemental performance measure by DCP's management and by external users of its financial statements, such as investors, commercial banks, research analysts and others to assess:

•financial performance of DCP's assets without regard to financing methods, capital structure or historical cost basis;

•DCP's operating performance and return on capital as compared to those of other companies in the midstream energy industry, without regard to financing methods or capital structure;

•viability and performance of acquisitions and capital expenditure projects and the overall rates of return on investment opportunities;

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•performance of DCP's business excluding non-cash commodity derivative gains or losses; and

•in the case of adjusted EBITDA, the ability of DCP's assets to generate cash sufficient to pay interest costs, support its indebtedness, make cash distributions to its unitholders and pay capital expenditures.

DCP defines adjusted segment EBITDA for each segment as segment net income or loss attributable to partners adjusted for (i) distributions from unconsolidated affiliates, net of earnings, (ii) depreciation and amortization expense, (iii) net interest expense, (iv) noncontrolling interest in depreciation and income tax expense, (v) unrealized gains and losses from commodity derivatives, (vi) income tax expense or benefit, (vii) impairment expense and (viii) certain other non-cash items. Adjusted segment EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations for that segment.

DCP defines distributable cash flow as adjusted EBITDA less sustaining capital expenditures, net of reimbursable projects, interest expense, cumulative cash distributions earned by the Series A, Series B and Series C Preferred Units (collectively the "Preferred Limited Partnership Units") and certain other items.

DCP defines excess free cash flow as distributable cash flow, as defined above, less distributions to limited partners, less expansion capital expenditures, net of reimbursable projects, and contributions to equity method investments, and less certain other items. Expansion capital expenditures are cash expenditures to increase DCP's cash flows, operating or earnings capacity. Expansion capital expenditures add on to or improve the capital assets owned, or acquire or construct new gathering lines and well connects, treating facilities, processing plants, fractionation facilities, pipelines, terminals, docks, truck racks, tankage and other storage, distribution or transportation facilities and related or similar midstream assets.

Sustaining capital expenditures are cash expenditures made to maintain DCP's cash flows, operating capacity or earnings capacity. These expenditures add on to or improve capital assets owned, including certain system integrity, compliance and safety improvements. Sustaining capital expenditures also include certain well connects, and may include the acquisition or construction of new capital assets. Income attributable to preferred units represent cash distributions earned by the Preferred Limited Partnership Units. Cash distributions to be paid to the holders of the Preferred Limited Partnership Units, assuming a distribution is declared by DCP's board of directors, are not available to common unit holders. Non-cash mark-to-market of derivative instruments is considered to be non-cash for the purpose of computing distributable cash flow because settlement will not occur until future periods, and will be impacted by future changes in commodity prices and interest rates. DCP compares the distributable cash flow it generates to the cash distributions it expects to pay to its partners. Distributable cash flow is used as a supplemental liquidity and performance measure by DCP's management and by external users of its financial statements, such as investors, commercial banks, research analysts and others, to assess DCP's ability to make cash distributions to its unitholders. Excess free cash flow is used as a supplemental liquidity and performance measure by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others, and is useful to investors and management as a measure of our ability to generate cash particularly in light of an ongoing transition in the midstream industry that has shifted investor focus from distribution growth to capital discipline, cost efficiency, and balance-sheet strength. Once business needs and obligations are met, including cash reserves to provide funds for distribution payments on our units and the proper

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conduct of our business, which includes cash reserves for future capital expenditures and anticipated credit needs, this cash can be used to reduce debt, reinvest in the company for future growth, or return to unitholders.

ABOUT DCP MIDSTREAM, LP

DCP Midstream, LP (NYSE: DCP) is a Fortune 500 midstream master limited partnership headquartered in Denver, Colorado, with a diversified portfolio of gathering, processing, logistics and marketing assets. DCP is one of the largest natural gas liquids producers and marketers, and one of the largest natural gas processors in the U.S. The owner of DCP’s general partner is a joint venture between Enbridge and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com.

CAUTIONARY STATEMENTS

This press release may contain or incorporate by reference forward-looking statements as defined under the federal securities laws regarding DCP Midstream, LP, including projections, estimates, forecasts, plans and objectives. Although management believes that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond DCP's control. If any of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, DCP's actual results may vary materially from what management forecasted, anticipated, estimated, projected or expected.

The key risk factors that may have a direct bearing on DCP's results of operations and financial condition are described in detail in the "Risk Factors" section of DCP's most recently filed annual report and subsequently filed quarterly reports with the Securities and Exchange Commission. Investors are encouraged to closely consider the disclosures and risk factors contained in DCP's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. The forward looking statements contained herein speak as of the date of this announcement. DCP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Information contained in this press release is unaudited and subject to change.

Investors or Analysts:

Mike Fullman

mfullman@dcpmidstream.com

303-605-1628

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DCP MIDSTREAM, LP

FINANCIAL RESULTS AND

SUMMARY FINANCIAL DATA

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(Millions, except per unit amounts)
Sales of natural gas, NGLs and condensate	$	2,113	$	1,172	$	4,682	$	2,565
Transportation, processing and other	125		109		243		221
Trading and marketing (losses) gains, net	(153)		(7)		(522)		145
Total operating revenues	2,085		1,274		4,403		2,931
Purchases and related costs	(1,839)		(974)		(3,876)		(2,120)
Operating and maintenance expense	(165)		(148)		(314)		(301)
Depreciation and amortization expense	(93)		(93)		(184)		(192)
General and administrative expense	(57)		(51)		(95)		(107)
Asset impairments	(20)		—		(20)		(746)
Loss on sale of assets, net	(1)		—		(1)		—
Restructuring costs	—		(9)		—		(9)
Other income (expense)	6		(5)		6		(8)
Total operating costs and expenses	(2,169)		(1,280)		(4,484)		(3,483)
Operating loss	(84)		(6)		(81)		(552)
Interest expense, net	(77)		(71)		(154)		(149)
Earnings from unconsolidated affiliates	131		125		259		201
Income tax expense	—		—		—		(1)
Net income attributable to noncontrolling interests	(1)		(1)		(2)		(2)
Net (loss) income attributable to partners	(31)		47		22		(503)
Series A preferred partner's interest in net income	(10)		(10)		(19)		(19)
Series B preferred partner's interest in net income	(3)		(3)		(6)		(6)
Series C preferred partner's interest in net income	(2)		(2)		(4)		(4)
Net (loss) income allocable to limited partners	$	(46)	$	32	$	(7)	$	(532)
Net (loss) income per limited partner unit — basic and diluted	$	(0.22)	$	0.15	$	(0.03)	$	(2.55)
Weighted-average limited partner units outstanding — basic	208.4		208.3		208.4		208.3
Weighted-average limited partner units outstanding — diluted	208.4		208.7		208.4		208.3

	June 30,		December 31,
	2021		2020
	(Millions)
Cash and cash equivalents	$	5	$	52
Other current assets	1,517		956
Property, plant and equipment, net	7,837		7,993
Other long-term assets	3,941		3,956
Total assets	$	13,300	$	12,957
Current liabilities	$	1,454	$	1,116
Current debt	354		505
Long-term debt	5,388		5,119
Other long-term liabilities	407		356
Partners' equity	5,670		5,834
Noncontrolling interests	27		27
Total liabilities and equity	$	13,300	$	12,957

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DCP MIDSTREAM, LP

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(Millions)
Reconciliation of Non-GAAP Financial Measures:
Net (loss) income attributable to partners	$	(31)	$	47	$	22	$	(503)
Interest expense, net	77		71		154		149
Depreciation, amortization and income tax expense, net of noncontrolling interests	91		92		182		192
Distributions from unconsolidated affiliates, net of earnings	39		42		40		119
Asset impairments	20		—		20		746
Other non-cash charges	1		2		1		6
Non-cash commodity derivative mark-to-market	136		57		189		(77)
Adjusted EBITDA	333		311		608		632
Interest expense, net	(77)		(71)		(154)		(149)
Sustaining capital expenditures, net of noncontrolling interest portion and reimbursable projects (a)	(17)		(6)		(27)		(16)
Distributions to preferred limited partners (b)	(15)		(15)		(29)		(29)
Other, net	1		1		2		2
Distributable cash flow	225		220		400		440
Distributions to limited partners	(82)		(81)		(163)		(243)
Expansion capital expenditures and equity investments, net of reimbursable projects	(11)		(84)		(15)		(173)
Other, net	—		(1)		(1)		(2)
Excess free cash flow	$	132	$	54	$	221	$	22
Net cash provided by operating activities	$	72	$	209	$	68	$	523
Interest expense, net	77		71		154		149
Net changes in operating assets and liabilities	53		(19)		205		57
Non-cash commodity derivative mark-to-market	136		57		189		(77)
Other, net	(5)		(7)		(8)		(20)
Adjusted EBITDA	333		311		608		632
Interest expense, net	(77)		(71)		(154)		(149)
Sustaining capital expenditures, net of noncontrolling interest portion and reimbursable projects (a)	(17)		(6)		(27)		(16)
Distributions to preferred limited partners (b)	(15)		(15)		(29)		(29)
Other, net	1		1		2		2
Distributable cash flow	225		220		400		440
Distributions to limited partners	(82)		(81)		(163)		(243)
Expansion capital expenditures and equity investments, net of reimbursable projects	(11)		(84)		(15)		(173)
Other, net	—		(1)		(1)		(2)
Excess free cash flow	$	132	$	54	$	221	$	22

(a) Excludes reimbursements for leasehold improvements

(b) Represents cumulative cash distributions earned by the Series A, B and C Preferred Units, assuming distributions are declared by DCP's board of directors.

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DCP MIDSTREAM, LP

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

SEGMENT FINANCIAL RESULTS AND OPERATING DATA

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(Millions, except as indicated)
Logistics and Marketing Segment:
Financial results:
Segment net income attributable to partners	$	109	$	177	$	255	$	413
Non-cash commodity derivative mark-to-market	35		(5)		40		(47)
Depreciation and amortization expense	3		3		6		6
Distributions from unconsolidated affiliates, net of earnings	34		37		35		47
Asset impairments	13		—		13		—
Other charges	—		1		—		2
Adjusted segment EBITDA	$	194	$	213	$	349	$	421
Operating and financial data:
NGL pipelines throughput (MBbls/d)	671		676		625		677
NGL fractionator throughput (MBbls/d)	51		51		47		54
Operating and maintenance expense	$	12	$	9	$	18	$	16
Gathering and Processing Segment:
Financial results:
Segment net income (loss) attributable to partners	$	3	$	11	$	30	$	(634)
Non-cash commodity derivative mark-to-market	101		62		149		(30)
Depreciation and amortization expense, net of noncontrolling interest	80		81		161		170
Asset impairments	7		—		7		746
Distributions from unconsolidated affiliates, net of losses	5		5		5		72
Other charges	1		(1)		1		2
Adjusted segment EBITDA	$	197	$	158	$	353	$	326
Operating and financial data:
Natural gas wellhead (MMcf/d)	4,338		4,487		4,206		4,713
NGL gross production (MBbls/d)	409		376		385		390
Operating and maintenance expense	$	146	$	134	$	286	$	276

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DCP MIDSTREAM, LP

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited)

		Twelve Months Ended
		December 31, 2021
		Low		High
		Forecast		Forecast
		(millions)
Reconciliation of Non-GAAP Measures:
Forecasted net income attributable to partners		$	335	$	475
	Distributions from unconsolidated affiliates, net of earnings	120		120
	Interest expense, net of interest income	300		300
	Income taxes	5		5
	Depreciation and amortization, net of noncontrolling interests	365		365
	Non-cash commodity derivative mark-to-market and other	(5)		(5)
Forecasted adjusted EBITDA		1,120		1,260
	Interest expense, net of interest income	(300)		(300)
	Sustaining capital expenditures, net of reimbursable projects	(45)		(85)
	Preferred unit distributions ***	(60)		(60)
	Other, net	(5)		(5)
Forecasted distributable cash flow		710		810
	Distributions to limited partners and general partner	(325)		(325)
	Expansion capital expenditures and equity investments	(75)		(25)
Forecasted excess free cash flow		$	310	$	460

***Represents cumulative cash distributions earned by the Series A, B and C Preferred Units, assuming distributions are declared by DCP's board of directors.

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