DCP Midstream to build 200 MMcf/d gas processing plant serving Eagle Ford DCP Midstream and DCP Midstream Partners announced the construction of a new cryogenic plant that will serve growing demand from producers in the liquids rich and prolific Eagle Ford shale. The new Goliad plant will be constructed and funded by the previously announced DCP Eagle Ford Joint Venture formed Nov. 1, which is owned two-thirds by DCP Midstream and one-third by DCP Midstream Partners. The Goliad plant will have gas processing capacity of 200M cubic feet per day. It will become part of the DCP Eagle Ford system providing Eagle Ford producers one-stop service from the plant tailgate to the Gulf Coast market centers. The Goliad plant is expected to be completed by the 1Q14.
DCP Midstream announces workforce reduction of approximately 20% Denver-based 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 downgraded to Market Perform from Outperform at Wells Fargo Wells Fargo downgraded DCP Midstream Partners to Market Perform saying "financial duress" is likely to be felt at the partnership's sponsor amid lower commodity prices and declining volumes. Wells cut its price target range for shares to $36-$39 from $48-$51.