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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
FORM 10-Q
 
(Mark One)
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or 
¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                     
Commission File Number: 001-32678 

 
DCP MIDSTREAM, LP
(Exact name of registrant as specified in its charter) 
  
Delaware 03-0567133
(State or other jurisdiction
of incorporation or organization)
 (I.R.S. Employer
Identification No.)
6900 E. Layton Ave, Suite 900
Denver, Colorado
 80237
(Address of principal executive offices) (Zip Code)
(303) 595-3331
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common units representing limited partnership interestsDCPNew York Stock Exchange
7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsDCP PRBNew York Stock Exchange
7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsDCP PRCNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated filer¨Emerging growth company¨
Non-accelerated filer¨Smaller reporting company¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ¨    No  ý

As of October 28, 2022, there were 208,396,558 common units representing limited partnership interests outstanding.
1


 DCP MIDSTREAM, LP
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2022
TABLE OF CONTENTS
 
Item Page
PART I. FINANCIAL INFORMATION
1Financial Statements (unaudited):
Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021
Condensed Consolidated Statement of Changes in Equity for the Nine Months Ended September 30, 2022
Condensed Consolidated Statement of Changes in Equity for the Nine Months Ended September 30, 2021
Notes to the Condensed Consolidated Financial Statements
2Management's Discussion and Analysis of Financial Condition and Results of Operations
3Quantitative and Qualitative Disclosures about Market Risk
4Controls and Procedures
PART II. OTHER INFORMATION
1Legal Proceedings
1ARisk Factors
6Exhibits
Signatures
i


GLOSSARY OF TERMS
The following is a list of terms used in the industry and throughout this report:
 
ASCaccounting standards codification
ASUaccounting standards update
Bblbarrel
Bbls/dbarrels per day
Bcfbillion cubic feet
Bcf/dbillion cubic feet per day
BtuBritish thermal unit, a measurement of energy
Credit AgreementCredit Agreement governing our Credit Facility
Credit Facility
Our $1.4 billion unsecured revolving credit facility, maturing March 18, 2027
Fractionationthe process by which natural gas liquids are separated
    into individual components
GAAPgenerally accepted accounting principles in the United States of America
MBblsthousand barrels
MBbls/dthousand barrels per day
MMBtumillion Btus
MMBtu/dmillion Btus per day
MMcfmillion cubic feet
MMcf/dmillion cubic feet per day
NGLsnatural gas liquids
OPISOil Price Information Service
SECU.S. Securities and Exchange Commission
Securitization Facility$350 million Accounts Receivable Securitization
    Facility, maturing August 12, 2024
SOFRSecured Overnight Financing Rate
TBtu/dtrillion Btus per day
Throughputthe volume of product transported or passing through a
    pipeline or other facility
 

ii


CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

Our reports, filings and other public announcements may from time to time contain statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can typically identify forward-looking statements by the use of forward-looking words, such as “may,” “could,” “should,” “intend,” “assume,” “project,” “believe,” “anticipate,” “expect,” “estimate,” “potential,” “plan,” “forecast” and other similar words.

All statements that are not statements of historical facts, including, but not limited to, statements regarding our future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements.

These forward-looking statements reflect our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside our control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Known risks and uncertainties include, but are not limited to, the risks set forth in Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, and in our Annual Report on Form 10-K for the year ended December 31, 2021, including the following risks and uncertainties:

the outcome of the non-binding, preliminary proposal made by Phillips 66 to acquire all of our issued and outstanding common units not already owned by DCP Midstream, LLC or its subsidiaries;
the disruption to economies around the world including the oil, gas and NGL industry in which we operate and the resulting adverse impact on our business, liquidity, commodity prices, workforce, third-party and counterparty effects and resulting federal, state and local actions;
the extent of changes in commodity prices and the demand for our products and services, our ability to effectively limit a portion of the adverse impact of potential changes in commodity prices through derivative financial instruments, and the potential impact of price, and of producers’ access to capital on natural gas drilling, demand for our services, and the volume of NGLs and condensate extracted;
the demand for crude oil, residue gas and NGL products;
the level and success of drilling and quality of production volumes around our assets and our ability to connect supplies to our gathering and processing systems, as well as our residue gas and NGL infrastructure;
new, additions to, and changes in, laws and regulations, particularly with regard to taxes, safety, regulatory and protection of the environment, including, but not limited to, climate change legislation, regulation of over-the-counter derivatives markets and entities, and hydraulic fracturing regulations, or the increased regulation of our industry, including additional local control over such activities, and their impact on producers and customers served by our systems;
other factors beyond our control including the increased cost of labor, contractors, services, supplies and materials due to persistent inflation;
volatility in the price of our common units and preferred units;
general economic, market and business conditions;
the amount of natural gas we gather, compress, treat, process, transport, store and sell, or the NGLs we produce, fractionate, transport, store and sell, may be reduced if the pipelines, storage and fractionation facilities to which we deliver the natural gas or NGLs are capacity constrained and cannot, or will not, accept the natural gas or NGLs or we may be required to find alternative markets and arrangements for our natural gas and NGLs;
our ability to continue the safe and reliable operation of our assets;
our ability to grow through organic growth projects, or acquisitions, and the successful integration and future performance of such assets;
our ability to access the debt and equity markets and the resulting cost of capital, which will depend on general market conditions, our financial and operating results, inflation rates, interest rates, our ability to comply with the covenants in our Credit Agreement or other credit facilities, and the indentures governing our notes, as well as our ability to maintain our credit ratings;
the creditworthiness of our customers and the counterparties to our transactions, including the impact of bankruptcies;
the amount of collateral we may be required to post from time to time in our transactions;
industry changes, including consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition;
our ability to construct and start up facilities on budget and in a timely fashion, which is partially dependent on obtaining required construction, environmental and other permits issued by federal, state and municipal governments, or agencies thereof, the availability of specialized contractors and laborers, and the price of and demand for materials;
our ability to hire, train, and retain qualified personnel and key management to execute our business strategy;
weather, weather-related conditions and other natural phenomena, including, but not limited to, their potential impact on demand for the commodities we sell and the operation of company-owned and third party-owned infrastructure;
security threats such as terrorist attacks, and cybersecurity attacks and breaches, against, or otherwise impacting, our facilities and systems; and
our ability to obtain insurance on commercially reasonable terms, if at all, as well as the adequacy of insurance to cover our losses.

In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. The forward-looking statements in this report speak as of the filing date of this report. We undertake 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.
iii


PART I
Item 1. Financial Statements
1


DCP MIDSTREAM, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)

September 30, 2022December 31, 2021
ASSETS(millions)
Current assets:
Cash and cash equivalents$93 $1 
Accounts receivable:
Trade, net of allowance for credit losses of $1 and $2 million, respectively
1,298 1,029 
Affiliates445 389 
Other4 7 
Inventories45 77 
Unrealized gains on derivative instruments130 86 
Collateral cash deposits219 128 
Other26 32 
Total current assets2,260 1,749 
Property, plant and equipment, net7,736 7,701 
Intangible assets, net35 39 
Investments in unconsolidated affiliates3,496 3,578 
Unrealized gains on derivative instruments35 10 
Operating lease assets103 104 
Other long-term assets217 199 
Total assets$13,882 $13,380 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable:
Trade$1,351 $977 
Affiliates307 205 
Other
17 16 
Current debt506 355 
Unrealized losses on derivative instruments224 145 
Accrued interest65 79 
Accrued taxes72 51 
Accrued wages and benefits66 60 
Capital spending accrual9 7 
Other124 115 
Total current liabilities2,741 2,010 
Long-term debt4,317 5,078 
Unrealized losses on derivative instruments49 30 
Deferred income taxes34 34 
Operating lease liabilities90 93 
Other long-term liabilities265 259 
Total liabilities7,496 7,504 
Commitments and contingent liabilities (see note 15)
Equity:
Series A preferred limited partners (500,000 preferred units authorized, issued and outstanding, respectively)
499 489 
Series B preferred limited partners (6,450,000 preferred units authorized, issued and outstanding, respectively)
156 156 
Series C preferred limited partners (4,400,000 preferred units authorized, issued and outstanding, respectively)
106 106 
Limited partners (208,396,558 and 208,373,672 common units authorized, issued and outstanding, respectively)
5,606 5,106 
Accumulated other comprehensive loss(6)(6)
Total partners’ equity6,361 5,851 
Noncontrolling interests25 25 
Total equity6,386 5,876 
Total liabilities and equity$13,882 $13,380 

See accompanying notes to condensed consolidated financial statements.
2


DCP MIDSTREAM, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
 (millions, except per unit amounts)
Operating revenues:
Sales of natural gas, NGLs and condensate$3,153 $1,935 $8,361 $5,395 
Sales of natural gas, NGLs and condensate to affiliates982 921 3,328 2,143 
Transportation, processing and other184 144 523 387 
Trading and marketing losses, net (173)(249)(695)
Total operating revenues4,319 2,827 11,963 7,230 
Operating costs and expenses:
Purchases and related costs3,344 2,181 9,332 5,484 
Purchases and related costs from affiliates56 81 255 183 
Transportation and related costs from affiliates297 249 829 720 
Operating and maintenance expense193 168 534 482 
Depreciation and amortization expense90 89 270 273 
General and administrative expense90 63 210 158 
Asset impairments  1 20 
Other expenses (income), net3 2 (5)(4)
(Gain) loss on sale of assets, net(1) (8)1 
Total operating costs and expenses4,072 2,833 11,418 7,317 
Operating income (loss)247 (6)545 (87)
Earnings from unconsolidated affiliates153 134 464 393 
Interest expense, net(69)(73)(210)(227)
Income before income taxes331 55 799 79 
Income tax expense(1) (4) 
Net income330 55 795 79 
Net income attributable to noncontrolling interests(2)(1)(4)(3)
Net income attributable to partners328 54 791 76 
Series A preferred limited partners' interest in net income
(10)(9)(28)(28)
Series B preferred limited partners' interest in net income(4)(4)(10)(10)
Series C preferred limited partners' interest in net income(2)(3)(7)(7)
Net income allocable to limited partners$312 $38 $746 $31 
Net income per limited partner unit — basic and diluted$1.50 $0.18 $3.58 $0.15 
Weighted-average limited partner units outstanding — basic208.4 208.4 208.4 208.4 
Weighted-average limited partner units outstanding — diluted208.5 208.7 208.5 208.6 
See accompanying notes to condensed consolidated financial statements.

3


DCP MIDSTREAM, LP
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
 (millions)
Net income$330 $55 $795 $79 
Other comprehensive income:
Total other comprehensive income 1  1 
Total comprehensive income330 56 795 80 
Total comprehensive income attributable to noncontrolling interests(2)(1)(4)(3)
Total comprehensive income attributable to partners$328 $55 $791 $77 
See accompanying notes to condensed consolidated financial statements.

4


DCP MIDSTREAM, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 Nine Months Ended September 30,
 20222021
 (millions)
OPERATING ACTIVITIES:
Net income$795 $79 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense270 273 
Earnings from unconsolidated affiliates(464)(393)
Distributions from unconsolidated affiliates547 462 
Net unrealized (gains) losses on derivative instruments(2)296 
Asset impairments1 20 
Gain on sale of assets, net(8)— 
Other, net25 13 
Change in operating assets and liabilities, which (used) provided cash:
Accounts receivable(302)(726)
Inventories24 (20)
Accounts payable446 576 
Other assets and liabilities(57)(325)
Net cash provided by operating activities1,275 255 
INVESTING ACTIVITIES:
Capital expenditures(128)(69)
Acquisition(161) 
Investments in unconsolidated affiliates(2)(4)
Proceeds from sale of assets18  
Net cash used in investing activities(273)(73)
FINANCING ACTIVITIES:
Proceeds from debt3,192 3,380 
Payments of debt(3,807)(3,332)
Distributions to preferred limited partners(35)(35)
Distributions to limited partners and general partner(252)(244)
Distributions to noncontrolling interests(4)(4)
Debt issuance costs(4) 
Net cash used in financing activities(910)(235)
Net change in cash, cash equivalents and restricted cash92 (53)
Cash, cash equivalents and restricted cash, beginning of period1 56 
Cash, cash equivalents and restricted cash, end of period$93 $3 
Reconciliation of cash, cash equivalents, and restricted cash:September 30, 2022September 30, 2021
Cash and cash equivalents93 $3 
Restricted cash included in other current assets  
Total cash, cash equivalents, and restricted cash$93 $3 

See accompanying notes to condensed consolidated financial statements.
5


DCP MIDSTREAM, LP
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited)

 
 Partners' Equity  
 Series A Preferred Limited PartnersSeries B Preferred Limited PartnersSeries C Preferred Limited PartnersLimited 
Partners
Accumulated 
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Equity
 (millions)
Balance, January 1, 2022$489 $156 $106 $5,106 $(6)$25 $5,876 
Net income9 3 2 66  1 81 
Distributions to unitholders (3)(2)(81)  (86)
Distributions to noncontrolling interests     (1)(1)
Equity based compensation   1   1 
Balance, March 31, 2022$498 $156 $106 $5,092 $(6)$25 $5,871 
Net income9 3 3 368  1 384 
Distributions to unitholders(18)(3)(3)(82)  (106)
Distributions to noncontrolling interests     (1)(1)
Equity based compensation   2   2 
Balance, June 30, 2022$489 $156 $106 $5,380 $(6)$25 $6,150 
Net income10 4 2 312  2 330 
Distributions to unitholders (4)(2)(89)  (95)
Distributions to noncontrolling interests     (2)(2)
Equity based compensation   3   3 
Balance, September 30, 2022$499 $156 $106 $5,606 $(6)$25 $6,386 
See accompanying notes to condensed consolidated financial statements.

6


DCP MIDSTREAM, LP
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited)

 Partner's Equity  
 Series A Preferred Limited PartnersSeries B Preferred Limited PartnersSeries C Preferred Limited PartnersLimited 
Partners
Accumulated 
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Equity
 (millions)
Balance, January 1, 2021$489 $156 $106 $5,090 $(7)$27 $5,861 
Net income9 3 2 39  1 54 
Distributions to unitholders (3)(2)(81)  (86)
Distributions to noncontrolling interests     (1)(1)
Equity based compensation   4   4 
Balance, March 31, 2021$498 $156 $106 $5,052 $(7)$27 $5,832 
Net income (loss)10 3 2 (46) 1 (30)
Distributions to unitholders(18)(3)(2)(82)  (105)
Distributions to noncontrolling interests     (1)(1)
Equity based compensation   1   1 
Balance, June 30, 2021$490 $156 $106 $4,925 $(7)$27 $5,697 
Net income9 4 3 38  1 55 
Other comprehensive income    1  1 
Distributions to unitholders (4)(3)(81)  (88)
Distributions to noncontrolling interests     (2)(2)
Equity based compensation   3   3 
Balance, September 30, 2021$499 $156 $106 $4,885 $(6)$26 $5,666 
See accompanying notes to condensed consolidated financial statements.

7

DCP MIDSTREAM, LP
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Three and Nine Months Ended September 30, 2022 and 2021
(unaudited)









1. Description of Business and Basis of Presentation

DCP Midstream, LP, with its consolidated subsidiaries, or us, we, our or the Partnership is a Delaware limited partnership formed in 2005 by DCP Midstream, LLC to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets.
Our Partnership includes our Logistics and Marketing and Gathering and Processing segments. For additional information regarding these segments, see Note 16 - Business Segments.
Our operations and activities are managed by our general partner, DCP Midstream GP, LP (the “GP LP”), which in turn is managed by its general partner, DCP Midstream GP, LLC, which we refer to as the General Partner, and which is 100% owned by DCP Midstream, LLC.

On August 17, 2022, Phillips 66 and Enbridge Inc. (“Enbridge”), through their respective subsidiaries, entered into an Agreement and Plan of Merger (the “Merger Agreement”) for the purpose of realigning their respective economic interests in and governance responsibilities over DCP Midstream, LP and Gray Oak Pipeline, LLC through the merger of existing joint ventures owned by Phillips 66 and Enbridge.

As part of the merger, Phillips Gas Company LLC (“PGC”), an indirect wholly owned subsidiary of Phillips 66, and Spectra DEFS Holding, LLC, an indirect wholly owned subsidiary of Enbridge, as the members of DCP Midstream, LLC, the owner of the General Partner, the general partner of GP LP, the general partner of the Partnership, entered into a Third Amended and Restated Limited Liability Agreement of DCP Midstream, LLC, effective on August 17, 2022 (the “Third A&R LLC Agreement”). Under the Third A&R LLC Agreement, PGC, except as otherwise provided therein, was delegated the power to control, direct and manage all activities of DCP Midstream, LLC associated with the Partnership and each of its subsidiaries, the General Partner and the GP LP, and, in each case, the businesses, activities, assets and liabilities thereof. The Third A&R LLC Agreement also delegated PGC the power to exercise DCP Midstream, LLC’s rights to appoint or remove any director of the General Partner and vote any common units representing limited partner interests of the Partnership that are owned directly or indirectly by DCP Midstream, LLC. Prior to the merger, Phillips 66 and Enbridge, through their respective subsidiaries, jointly governed DCP Midstream, LLC and its subsidiaries.

As of September 30, 2022, DCP Midstream, LLC, together with the General Partner, owned approximately 57% of the Partnership’s common units representing limited partner interests.

Common Unit Acquisition Proposal

On August 17, 2022, the Board of Directors of our General Partner (the “Board”) received a non-binding proposal from Phillips 66 to acquire all of the Partnership’s issued and outstanding publicly-held common units not already owned by DCP Midstream, LLC or its subsidiaries at a value of $34.75 per each issued and outstanding publicly-held common unit (the “Proposal”). The Board appointed the conflicts committee to review, evaluate and negotiate the Proposal. The proposed transaction is subject to a number of contingencies, including approval by the conflicts committee and the Board, the negotiation of a definitive agreement concerning the transaction, and the satisfaction of conditions to the consummation of a transaction set forth in any such definitive agreement. There can be no assurance that such definitive agreement will be executed or that any transaction will be consummated on the terms described above or at all.

Interim Financial Statements
The condensed consolidated financial statements include the accounts of the Partnership and all majority-owned subsidiaries where we have the ability to exercise control. Investments in greater than 20% owned affiliates that are not variable interest entities and where we do not have the ability to exercise control, and investments in less than 20% owned affiliates where we have the ability to exercise significant influence, are accounted for using the equity method.
The condensed consolidated financial statements have been prepared in accordance with GAAP. Conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and notes. Although these estimates are based on management's best available knowledge of current and expected future events, actual results could differ from these estimates, which may be significantly impacted by various factors, including those outside of our control, such as the impact of a sustained deterioration in commodity prices and volumes, which would negatively impact our results of operations, financial condition and cash flows. All intercompany balances and
8

DCP MIDSTREAM, LP
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Three and Nine Months Ended September 30, 2022 and 2021
(unaudited)
transactions have been eliminated in consolidation.
These unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the SEC. Accordingly, these condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods. Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted from these interim financial statements pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. Results of operations for the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These unaudited condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the 2021 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021.

2. Update to Significant Accounting Policies
Business Combinations - We account for business combinations by recognizing assets and liabilities of an acquired business at their estimated fair values on the acquisition date. Any excess consideration over the fair value of assets acquired and liabilities assumed is recognized as goodwill. The results of businesses acquired in business combinations are included in our consolidated financial statements from the date of the acquisition.
We perform valuations of assets acquired and liabilities assumed and allocate the purchase price to the respective assets and liabilities. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue, costs and cash flows, discount rates, and selection of comparable companies.
Transaction costs associated with business combinations are expensed as incurred and are included in general and administrative expenses in the consolidated statements of operations.

3. Recent Accounting Pronouncements
FASB ASU, 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers - In October 2021, the FASB issued ASU 2021-08, which requires application of ASC 606 "Revenue from Contractors with Customers" ("Topic 606") to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This ASU is effective for interim and annual periods beginning after December 15, 2022, with the option to early adopt for financial statements that have not been issued. However, an entity that elects to early adopt must apply the amendments to all business combinations that occurred during the fiscal year that includes the interim period. We early adopted this ASU on August 1, 2022 and it did not have a material impact on our consolidated financial statements.
.
4. Revenue Recognition
We disaggregate our revenue from contracts with customers by type of contract for each of our reportable segments, as we believe it best depicts the nature, timing and uncertainty of our revenue and cash flows. The following tables set forth our revenue by those categories:
Three Months Ended September 30, 2022
Logistics and MarketingGathering and ProcessingEliminationsTotal
(millions)
Sales of natural gas$1,731 $1,474 $(1,389)$1,816 
Sales of NGLs and condensate (a)2,098 1,402 (1,181)2,319 
Transportation, processing and other19 165 — 184 
Trading and marketing gains (losses), net (b)(19)19   
     Total operating revenues$3,829 $3,060