DENVER, Sept. 05, 2017 (GLOBE NEWSWIRE) -- DCP Midstream, LP (NYSE:DCP) announced today that it has resumed normal operations and all of its employees and their families are safe and have been accounted for following Hurricane Harvey.
“Our thoughts extend to everyone who has family and friends in Texas and who have experienced losses from Hurricane Harvey. The safety of our employees and their families remain our primary concern. We are extremely proud of how our DCP employees have responded to this catastrophic event and our strong operational performance across the affected areas under these very difficult circumstances,” said Wouter van Kempen, chairman, president and CEO of DCP Midstream.
All DCP’s logistics facilities, including its Sand Hills, Southern Hills and other NGL pipelines connecting to the Gulf Coast were undamaged and have remained fully operational for the duration of the storm. Based on current assessments no significant damage has been identified on DCP’s Eagle Ford plants, however, final assessments of DCP’s Port Arthur plant is still underway.
“We were able to use our integrated gathering and processing systems in the Eagle Ford and Permian to move gas between plants and minimize impacts to our customers. More importantly, we were able to utilize our connectivity to multiple fractionators at Mont Belvieu to maximize NGL flows for our customers despite third party fractionation, storage and market constraints at Mont Belvieu and Sweeny,” said van Kempen.
All DCP’s 61 gas plants are operational with the exception of four plants, two in the Eagle Ford, one in the Permian, and one in Southeast Texas. The Permian and Eagle Ford plants will be restarted once third party outlets to Sweeny return to service. DCP’s Port Arthur plant in Southeast Texas is being evaluated for return to service as area flooding from Harvey recedes. DCP anticipates returning all remaining plants to service over the next week.
ABOUT DCP MIDSTREAM, LP
DCP Midstream, LP (NYSE:DCP) is a midstream master limited partnership, with a diversified portfolio of assets, engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; producing, fractionating, transporting, storing and selling NGLs and recovering and selling condensate. DCP owns and operates more than 60 plants and 63,000 miles of natural gas and natural gas liquids pipelines, with operations in 17 states across major producing regions and leads the midstream segment as one of the largest natural gas liquids producers and marketers and one of the largest natural gas processors in the U.S. Denver, Colorado based DCP is managed by its general partner, DCP Midstream GP, LP, which is managed by its general partner, DCP Midstream GP, LLC, which is 100% owned by DCP Midstream, LLC. DCP Midstream, LLC is a joint venture between Enbridge and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com.
This press release may contain or incorporate by reference forward-looking statements as defined under the federal securities laws regarding DCP Midstream, LP, including projections, estimates, forecasts, plans and objectives. Although management believes that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond DCP's control. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, DCP's actual results may vary materially from what management anticipated, estimated, projected or expected. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements are set forth in DCP’s filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak as of the date of this announcement. DCP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investors or Analysts:
Irene Lofland, 303-605-1822
Roz Elliott, 303-605-1707
DCP Midstream, LP