X0304 4 2012-02-15 0001338065 DCP Midstream Partners, LP DPM 0001237206 BORER MARK A 370 17TH STREET, STE. 2775 DENVER CO 1 1 CEO and President Common Units 2012-02-15 4 M 0 24200.0000 0 A 66593.0000 D Common Units 2012-02-15 4 F 0 5729.0000 48.0300 D 60864.0000 D Common Units 2012-02-15 4 D 0 6050.0000 0 D 54814.0000 D Phantom Common Units 2012-02-15 4 M 0 24200.0000 D Common Units 24200.0000 14100.0000 D Each unit of phantom common units was the economic equivalent of one unit of DCP common units. Upon the vesting of 6,050 phantom common units granted to the reporting person on March 2, 2009, 25% of the common units were deferred pursuant to the reporting person's prior deferral election under a deferred compensation plan. The deferred common units are settled in cash in the deferred compensation plan. The reporting person settled the remaining phantom common units for an equal number of common units and satisfied the withholding tax liability by withholding common units. Under the Company's Long Term Incentive Plan, the phantom units reported on this Form 4 vested on 12/31/2011 and settled as of 2/15/12. /s/ Michael S. Richards, Attorney-in-Fact 2012-02-16