Oil, Gas and Consumable Fuels
Company Overview of DCP Midstream LLC
DCP Midstream, LLC, together with its subsidiaries, engages in gathering, processing, compressing, treating, transporting, storing, and selling natural gas in the United States. The company is also involved in producing, fractionating, transporting, storing, and selling natural gas liquids (NGLs); recovering and selling condensate; and trading and marketing natural gas and NGLs. It serves gas marketers and industrial end users; and multi-national petrochemical and refining companies, and small regional propane distributors. The company was formerly known as Duke Energy Field Services, LLC and changed its name to DCP Midstream, LLC in January 2007. DCP Midstream, LLC was founded in 1929 and i...
370 17th Street
Denver, CO 80202
Key Executives for DCP Midstream LLC
Chairman, Chief Executive Officer and President
Chief Financial Officer and Group Vice President
Chief Executive Officer of DCP Midstream Partners, LP
President of Asset Operations
Compensation as of Fiscal Year 2014.
DCP Midstream LLC Key Developments
DCP Midstream LLC Enters into First Amendment to Amended and Restated Credit Agreement
Mar 26 15
On March 23, 2015, DCP Midstream Partners, LP was advised by DCP Midstream, LLC, that DCP Midstream had entered into a First Amendment to Amended and Restated Credit Agreement that amends DCP Midstream's May 2014 Amended and Restated Revolving Credit Agreement with various financial institutions. The Credit Facility Amendment provides total revolver borrowing capacity of $1.8 billion and matures in March 2017. Certain subsidiaries of DCP Midstream, other than the Partnership, will provide guarantees of borrowings under this facility. In addition, borrowings under this facility will be secured with a pledge of DCP Midstream's limited partner and general partner ownership interests in the Partnership as collateral. No physical assets of DCP Midstream are pledged as collateral for borrowings under this facility. The Credit Facility Amendment adds a calculation of consolidated secured leverage ratio of not more than 3.25 to 1.00 and temporarily suspends until December 31, 2015 the calculation of the consolidated leverage ratio financial covenant of not more than 5.00 to 1.00. Indebtedness under the Credit Facility Amendment bears interest at either: (1) LIBOR, plus an applicable margin of 2.50%; or (2) (a) the base rate which shall be the higher of Wells Fargo Bank N.A.'s prime rate, the Federal Funds rate plus 0.50% or the LIBOR Market Index rate plus 1% plus (b) an applicable margin of 1.50%. The Credit Facility Amendment incurs an annual facility fee of 0.50%. This fee is paid on drawn and undrawn portions of this facility.
DCP Midstream Announces Reduction in Force
Jan 30 15
DCP Midstream executed a reduction in force affecting approximately 20% 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 Midstream LLC Announces Earnings Results for the Fourth Quarter Ended December 31, 2014
Jan 29 15
DCP Midstream LLC announced earnings results for the fourth quarter ended December 31, 2014. For the quarter, the company reported loss of $12 million and adjusted loss of $11 million compared to earnings of $31 million and adjusted earnings of $31 million, respectively for the third quarter of 2014.
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