DCP Midstream LLC, the Denver-based 50-50 joint venture of Phillips 66 and Spectra Energy Corp., has cut 300 operational and corporate roles, or 10% of its workforce, across its 17-state footprint.
“DCP Midstream recognized the signposts of a challenging cycle in 2014 and implemented measures to reduce our breakeven cost by 50% through simplifying and realigning contracts, optimizing our systems, and taking cost out of the business, all the while operating safely and reliably and ensuring ample liquidity,” commented Wouter van Kempen, chairman and chief executive officer.
DCP Midstream now employs 2,900 people.