Kinder Morgan, DCP Midstream and Targa Resources Enter into Letter of Intent to Jointly Develop Gulf Coast Express Pipeline Project

Midland Basin Lateral Added to the Project Scope; Significant
Volumes to be Committed to the Project

HOUSTON–(BUSINESS WIRE)–$KMI #KinderMorgan–Kinder Morgan Texas Pipeline LLC (KMTP), a subsidiary of Kinder Morgan,
Inc. (NYSE: KMI), DCP Midstream, LP (NYSE: DCP) (DCP Midstream) and an
affiliate of Targa Resources Corp. (NYSE: TRGP) (Targa) today announced
they have signed a letter of intent with respect to the joint
development of the proposed Gulf Coast Express Pipeline Project (GCX
Project), which would provide an outlet for increased natural gas
production from the Permian Basin to growing markets along the Texas
Gulf Coast. The participation of the three parties involved with the GCX
Project is subject to negotiation and execution of definitive agreements
among KMTP, DCP Midstream and Targa. As part of the definitive
agreements, Targa and DCP Midstream would commit significant volumes to
the proposed project, including certain volumes provided by Pioneer
Natural Resources Company (NYSE: PXD) (Pioneer), a joint owner in
Targa’s WestTX Permian Basin system and one of the largest producers in
the Permian Basin.

The capacity of the GCX Project is expected to be approximately 1.92
billion cubic feet per day (Bcf/d) and would include a lateral into the
Midland Basin, consisting of approximately 50 miles of 36-inch pipeline
and associated compression to serve gas processing facilities owned by
Targa, as well as facilities owned jointly by Targa and Pioneer. The
expected in-service date of the pipeline continues to be scheduled for
the second half of 2019, pending the timely completion of definitive
agreements with shippers and a final investment decision by the three
parties. Per the terms of the letter of intent, KMI would build, operate
and own a 50 percent interest in the GCX Project, and DCP Midstream and
Targa would each hold a 25 percent equity interest in the project.

“We are thrilled to have Targa join DCP Midstream and Kinder Morgan in
developing the project and to add both Targa and Pioneer as major
customers on the proposed system,” said Kinder Morgan Natural Gas
Midstream President Duane Kokinda. “With DCP Midstream and Targa, we now
have two of the premier gathering and processing supply aggregators in
the Permian Basin on board, as well as one of the Basin’s largest
producers with Pioneer. The commitments of these parties confirm our
premise that combining supply source optionality in the Basin with
unparalleled market access on the Agua Dulce end provides an attractive
takeaway solution for the parties developing natural resources in the
Permian Basin.”

“We are excited to have the opportunity to expand our portfolio of
integrated assets and customer offerings in the Permian which would
complement our Sand Hills expansions,” said Wouter van Kempen, chairman,
president and CEO of DCP Midstream. “This is a strong collaboration of
players that draws upon our combined capabilities to provide a
competitive and capital efficient solution to the industry.”

“We are excited to be joining KMI and DCP Midstream in the development
of the GCX Project. Given our significant Permian Basin footprint,
continuing to provide our customers with flexibility and access to
premier markets is always our focus, and we believe that the GCX Project
would further enhance those capabilities,” said Joe Bob Perkins, CEO of
Targa.

It is anticipated that natural gas supply would be sourced into the
project from multiple locations, including existing receipt points along
KMI’s KMTP and El Paso Natural Gas pipeline systems in the Permian
Basin, a proposed interconnection with the Trans-Pecos Pipeline, and
additional interconnections to both intrastate and interstate pipeline
systems in the Waha area. Deliveries of natural gas into the Agua Dulce
area would include points into KMTP’s existing Gulf Coast network,
KMI-owned intrastate affiliates (KM Tejas and KM Border pipelines), the
Valley Crossing pipeline, the NET Mexico header, and multiple other
intrastate and interstate natural gas pipelines.

Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy
infrastructure companies in North America. It owns an interest in or
operates approximately 84,000 miles of pipelines and 155 terminals.
KMI’s pipelines transport natural gas, refined petroleum products, crude
oil, condensate, CO2 and other products, and its terminals
transload and store petroleum products, ethanol and chemicals, and
handle products such as steel, coal and petroleum coke. It is also a
leading producer of CO2 that we and others use for enhanced
oil recovery projects primarily in the Permian basin. For more
information please visit www.kindermorgan.com.

DCP Midstream, LP (NYSE: DCP) is a midstream master limited partnership,
with a diversified portfolio of assets, engaged in the business of
gathering, compressing, treating, processing, transporting, storing and
selling natural gas; producing, fractionating, transporting, storing and
selling NGLs and recovering and selling condensate. DCP owns and
operates more than 60 plants and 64,000 miles of natural gas and natural
gas liquids pipelines, with operations in 17 states across major
producing regions and leads the midstream segment as the largest natural
gas liquids producer, the largest natural gas processor and one of the
largest marketers in the U.S. Denver, Colorado based DCP is managed by
its general partner, DCP Midstream GP, LP, which is managed by its
general partner, DCP Midstream GP, LLC, which is 100% owned by DCP
Midstream, LLC. DCP Midstream, LLC is a joint venture between Phillips
66 and Enbridge. For more information, please visit www.dcpmidstream.com.

Targa Resources Corp. (NYSE: TRGP) is a leading provider of midstream
services and is one of the largest independent midstream energy
companies in North America. Targa owns, operates, acquires, and develops
a diversified portfolio of complementary midstream energy assets. The
Company is primarily engaged in the business of gathering, compressing,
treating, processing and selling natural gas; storing, fractionating,
treating, transporting, and selling NGLs and NGL products, including
services to LPG exporters; gathering, storing, and terminaling crude
oil; storing, terminaling, and selling refined petroleum products. For
more information, please visit www.targaresources.com.

Important Information Relating to Kinder
Morgan’s Forward-Looking Statements

This news release includes forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995 and
Section 21E of the Securities and Exchange Act of 1934. Generally the
words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,”
“estimates,” and similar expressions identify forward-looking
statements, which are generally not historical in nature.
Forward-looking statements are subject to risks and uncertainties and
are based on the beliefs and assumptions of management, based on
information currently available to them. Although Kinder Morgan believes
that these forward-looking statements are based on reasonable
assumptions, it can give no assurance that any such forward-looking
statements will materialize. Important factors that could cause actual
results to differ materially from those expressed in or implied from
these forward-looking statements include the risks and uncertainties
described in Kinder Morgan’s reports filed with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for the
year-ended December 31, 2016 (under the headings “Risk Factors” and
“Information Regarding Forward-Looking Statements” and elsewhere) and
its subsequent reports, which are available through the SEC’s EDGAR
system at www.sec.gov
and on our website at ir.kindermorgan.com. Forward-looking statements
speak only as of the date they were made, and except to the extent
required by law, Kinder Morgan undertakes no obligation to update any
forward-looking statement because of new information, future events or
other factors. Because of these risks and uncertainties, readers should
not place undue reliance on these forward-looking statements.

Important Information Relating to DCP
Midstream’s Forward-Looking Statements

This news release includes forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995 and
Section 21E of the Securities and Exchange Act of 1934. Generally the
words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,”
“estimates,” and similar expressions identify forward-looking
statements, which are generally not historical in nature.
Forward-looking statements are subject to risks and uncertainties and
are based on the beliefs and assumptions of management, based on
information currently available to them. Although DCP Midstream believes
that these forward-looking statements are based on reasonable
assumptions, it can give no assurance that any such forward-looking
statements will materialize. Important factors that could cause actual
results to differ materially from those expressed in or implied from
these forward-looking statements include the risks and uncertainties
described in DCP Midstream’s reports filed with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for the
year-ended December 31, 2016 (under the headings “Risk Factors” and
“Information Regarding Forward-Looking Statements” and elsewhere) and
its subsequent reports, which are available through the SEC’s EDGAR
system at www.sec.gov
and on our website under the Investors tab at www.dcpmidstream.com.
Forward-looking statements speak only as of the date they were made, and
except to the extent required by law, DCP Midstream undertakes no
obligation to update any forward-looking statement because of new
information, future events or other factors. Because of these risks and
uncertainties, readers should not place undue reliance on these
forward-looking statements.

Important Information Relating to Targa’s
Forward-Looking Statements

Certain statements in this press release are "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that Targa expects, believes or
anticipates will or may occur in the future are forward-looking
statements. These forward-looking statements rely on a number of
assumptions concerning future events and are subject to a number of
uncertainties, factors and risks, many of which are outside Targa's
control, which could cause results to differ materially from those
expected by management of Targa. Such risks and uncertainties
include, but are not limited to, the timing and extent of changes in
commodity prices, interest rates and demand for services, the level and
success of crude oil and natural gas drilling around assets, the timing
and success of business development efforts, ability to access the
capital markets, the amount of collateral required to be posted from
time to time in transactions, success in risk management activities, the
credit risk of customers, changes in laws and regulations, weather and
other uncertainties. These and other applicable uncertainties, factors
and risks are described more fully in Targa's Annual Report on Form 10-K
for the year ended December 31, 2016 and other reports filed with the
Securities and Exchange Commission. Targa undertakes no obligation to
update or revise any forward-looking statement, whether as a result of
new information, future events or otherwise.

Contacts

KMI Media Relations
Melissa Ruiz, (713) 369-8060
melissa_ruiz@kindermorgan.com
or
KMI
Investor Relations
(713) 369-9490
km_ir@kindermorgan.com
www.kindermorgan.com
or
DCP
Media Relations
Roz Elliott, (303) 605-1707
www.dcpmidstream.com
or
DCP
Investor Relations
Irene Lofland, (303) 605-1822
www.dcpmidstream.com
or
Targa
Investor and Media Relations
Sanjay Lad, (713) 584-1133
investorrelations@targaresources.com
www.targaresources.com