Why Units of DCP Midstream Are Surging Today
Units of DCP Midstream (NYSE: DCP) are rising today, up nearly 15% as of 10:30 a.m. EDT, after the MLP reported better-than-expected second-quarter results.
DCP Midstream generated $311 million of adjusted EBITDA during the second quarter, up 12% year over year, and well ahead of the analysts' consensus estimate of $249.3 million. Meanwhile, it produced $220 million of distributable cash flow, up 27% year over year. Those were impressive numbers considering that the second quarter was the most challenging period in the oil market's history after demand and pricing cratered because of COVID-19.
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Source Fool.com
