DCP MIDSTREAM ANNOUNCES CORPORATE RESTRUCTURING
Release date: 1/30/2015
DENVER--Today, Denver-based DCP Midstream executed a reduction in force affecting approximately 20 percent of its employees in corporate staff functions. With this corporate restructuring, DCP Midstream will close its Oklahoma City regional office and reduce its workforce in its Tulsa and Midland offices, relocating functions in those locations primarily to its Denver headquarters and Houston regional office.
“DCP contributes to the country’s energy vitality as the largest natural gas gatherer and processor and natural gas liquids producer. With a 90-year history, we are repositioning ourselves for the long term and ensuring we have a sustainable workforce that meets our future needs,” said chairman and CEO Wouter van Kempen. “While this transition is difficult, we are establishing DCP for continued growth founded upon a culture of operational excellence.”
Since 2010, DCP has put in service approximately $4 billion of capital projects in the country’s major producing basins. Having executed successfully on this growth portfolio, DCP has proactively reorganized the company to ensure its focus is on improving its operational reliability and efficiency.
ABOUT DCP MIDSTREAM, LLC
DCP Midstream, LLC leads the midstream segment as the largest natural gas processor, the largest natural gas liquids producer and one of the largest marketers in the U.S. DCP Midstream operates in 18 states across major producing regions. The company is a 50:50 joint venture between Phillips 66 and Spectra Energy. It owns the general partner of DCP Midstream Partners, LP (NYSE: DPM), a master limited partnership, and provides operational and administrative support to the partnership. DCP Midstream is the largest oil and gas company and the largest private company in Denver, the city of its headquarters. For more information, visit the DCP Midstream website at www.dcpmidstream.com.