DCP MIDSTREAM ANNOUNCES COST, WORKFORCE, AND CAPITAL REDUCTIONS
DCP Midstream, LP Common Units (DCP)
Last dcp midstream, lp common units earnings: 2/11 04:15 pm
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US:NYSE Investor Relations:
ir.dcppartners.com
Company Research
Source: GlobeNewswire
DENVER, April 13, 2020 (GLOBE NEWSWIRE) -- Today, in response to unprecedented market conditions and an uncertain economic outlook caused by the COVID-19 pandemic, DCP Midstream, LP (NYSE: DCP) announced a 15% workforce reduction across its nine-state footprint. The company is providing severance packages, subsidized health coverage, and outplacement counseling for impacted employees. The senior executive team also unanimously elected to reduce their base salary and variable compensation by between 15% and 10%. The reduction in force, voluntary reductions in senior executive compensation, and other internal cost savings will result in $40 million of incremental retained cash flow. Additionally, DCP has identified $10 million of incremental sustaining capital reductions. These actions come three weeks after the company announced a 75% growth capital reduction, a 50% distribution reduction, and over $80 million in previously identified cost and sustaining capital savings. Since early
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