DCP Taking ‘Conservative’ Approach to 2021 Volumes and Commodity Pricing
Executives at Denver-based DCP Midstream LP said during their fourth quarter earnings call that they were committed to cost reductions, retiring debt and growing excess free cash flow in 2021.
In 2020, “We were able to navigate a double black swan event that eviscerated demand, plunged oil prices into negative territory and fundamentally changed the way we operate as a company,” said CEO Wouter van Kempen.
Total capital at the fully integrated midstream service provider, including all sustaining and growth capital, was reduced by 74% in 2020 compared to 2019.
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“We are taking a conservative approach to our 2021 volumes and commodity pricing outlook as a result of continued uncertainty driven by Covid-19 and demand recovery timing,” van Kempen said. “We are committed to continuing the momentum established in 2020 by growing excess free cash flow by over 60% in 2021, maintaining our cost reducti
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Operator
Ladies and gentlemen, thank you for standing by, and welcome to Q4 2020 DCP Midstream Earnings Conference Call. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Sarah Sandberg, Senior Director of Investor Relations. Thank you. Please go ahead, madam.
Sarah Sandberg
Senior Director, Investor Relations
Thanks Jeff, and good morning and welcome to the DCP Midstream fourth quarter 2020 earnings call. Today s call is being webcast and I encourage those listening on the phone to view the supporting slides which are available on our website at dcpmidstream.com.
Before we begin, I d like to point out today that our discussion includes forward-looking statements. Actual results may differ due to certain risk factors that affect our business. Please review the second slide in the deck that describes our use of forward-looking statements. And for a complete listing of the risk factors, please refer to the partnership s latest SEC fili
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