DCP Midstream Partners (DCP, Financial) is a Denver-based master limited partnership focused on gathering, compressing, transporting and selling natural gas. Pricing on the DCP issue we hold was basically flat on the quarter. Given the disruptions to the energy industry in 2020, the company has been focused on cutting costs and actually managed to improve its free cash flow in the first half of 2020 and reduce its leverage ratio.
From First Eagle Investment (Trades, Portfolio)'s Global Income Builder Fund third-quarter 2020 commentary.