DCP Midstream Partners Declares Quarterly Distribution

DENVER, Oct. 23 /PRNewswire-FirstCall/ -- DCP Midstream Partners, LP
(NYSE: DPM) (the Partnership) today announced that the board of directors of
its general partner declared a quarterly cash distribution of $0.60 per unit
for the quarter ended Sept. 30, 2008. The distribution per unit is equal to
the last quarterly distribution and a 9.1 percent increase over the quarterly
distribution paid for the third quarter of 2007 of $0.55 per unit. The
quarterly cash distribution will be paid on Nov. 14, 2008, to unitholders of
record at the close of business on Nov. 7, 2008. This quarterly distribution
equates to $2.40 per unit on an annual basis.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080805/LATU124LOGO-b)
This release serves as qualified notice to nominees and brokers as
provided for under Treasury Regulation Section 1.1446-4(b). Please note that
100 percent of the Partnership's distributions to foreign investors are
attributable to income that is effectively connected with a United States
trade or business. Accordingly, the Partnership's distributions to foreign
investors are subject to federal income tax withholding at the highest
effective tax rate.
DCP Midstream Partners, LP (NYSE: DPM) is a midstream master limited
partnership that gathers, processes, transports and markets natural gas,
transports and markets natural gas liquids, and is a leading wholesale
distributor of propane. DCP Midstream Partners, LP is managed by its general
partner, DCP Midstream GP, LLC, which is wholly owned by DCP Midstream, LLC, a
joint venture between Spectra Energy and ConocoPhillips. For more
information, visit the DCP Midstream Partners, LP Web site at
http://www.dcppartners.com.
SOURCE DCP Midstream Partners, LP

Karen L. Taylor of DCP Midstream Partners, LP, +1-303-633-2913, or 24-Hour,
+1-303-809-9160