Dcp Midstream Partners L.p. has a market cap of $1.93 billion; its shares were traded at around $43.77 with a P/E ratio of 30.6 and P/S ratio of 1.5. The dividend yield of Dcp Midstream Partners L.p. stocks is 5.8%.
Highlight of Business Operations:Transfers of net assets between entities under common control that represent a change in reporting entity are accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. Accordingly, our condensed consolidated financial statements have been adjusted to include the historical results of our 33.33% interest in Southeast Texas for all periods presented. We refer to our 33.33% interest in Southeast Texas, prior to our acquisition from DCP Midstream, LLC in January 2011, as our predecessor. We recognize transfers of net assets between entities under common control at DCP Midstream, LLCs basis in the net assets contributed. The amount of the purchase price in excess of DCP Midstream, LLCs basis in the net assets is recognized as a reduction to partners equity. The financial statements of our predecessor 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 our predecessor had been operated as an unaffiliated entity. Specifically, the terms of the joint venture agreement provide that distributions and earnings to us for the first seven years related to storage and transportation gross margin will be pursuant to a fee-based arrangement, based on storage capacity and tailgate volumes. Distributions and earnings related to the gathering and processing business, along with reductions for all expenditures, will be pursuant to our and DCP Midstream, LLCs respective ownership interests in Southeast Texas. These terms of the agreement are not reflected in the historical financial statements.
Earnings from Unconsolidated Affiliates Earnings from unconsolidated affiliates, representing our 40% ownership of Discovery and 33.33% ownership of Southeast Texas, increased in 2011 compared to 2010, as a result of increased earnings at Discovery, partially offset by planned turnaround activity at our Southeast Texas asset. Commodity derivative activity related to our unconsolidated affiliates is included in segment gross margin.
Earnings from Unconsolidated Affiliates Earnings from unconsolidated affiliates, representing our 40% ownership of Discovery and 33.33% ownership of Southeast Texas, increased in 2011 compared to 2010, as a result of increased earnings at Discovery, partially offset by planned turnaround activity at our Southeast Texas asset. 2010 results reflect a different business structure and cash flow profile at Southeast Texas. Commodity derivative activity related to our unconsolidated affiliates is included in segment gross margin.
Total Operating Revenues Total operating revenues increased in 2011 compared to 2010, primarily as a result of our acquisitions of the Marysville NGL storage facility, the DJ Basin NGL Fractionators, an additional 50% interest in Black Lake and the Wattenberg capital expansion project.
On August 17, 2011, we entered into an equity distribution agreement with Citigroup Global Markets Inc., or Citi. The agreement provides for the offer and sale from time to time through Citi, our sales agent, common units having an aggregate offering amount of up to $150 million. During the three months ended September 30, 2011, we issued 345,031 of our common units pursuant to this equity distribution agreement. We received proceeds of $12.5 million from the issuance of these common units, net of commissions and offering costs of $0.5 million, which were used to finance growth opportunities.
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