DCP Midstream Releases Second Annual Sustainability Report, Announces Environmental and Diversity Goals, and Commits to Industry-First ESG-Linked Accounts Receivable Securitization Facility
August 02 2021 - 8:30AM
Today, DCP Midstream, LP (NYSE: DCP) announces the
publication of its second annual Sustainability Report. The report,
titled “Resiliency and Evolution” highlights DCP’s environmental,
social, and governance (ESG) outcomes from the 2020 calendar year,
announces forward-looking goals on greenhouse gas emissions
reductions and inclusion and diversity outcomes, and outlines
strategies within a variety of DCP’s ESG-related efforts.
Additionally, disclosures within the report are aligned with the
Sustainability Accounting Standards Board (SASB) Midstream
Reporting Standards and the Energy Infrastructure Council (EIC) and
GPA Midstream Association ESG Reporting Template. An electronic
version of the report is available at
https://www.dcpmidstream.com/sustainability.
“At DCP, 2020 was not defined by the challenges we
faced, but by the achievements we celebrated, including meaningful
reductions in our greenhouse gas emissions, continued safety
outperformance, increased board diversity, and the establishment of
our Inclusion & Diversity Committee,” said Wouter van Kempen,
chairman, president, and CEO. "Importantly, this report is not just
about what we have accomplished, but also how we will continue to
improve our sustainability performance moving forward. In addition
to other goals, we are proud to announce our commitment to a 30%
reduction in our greenhouse gas emissions by 2030 and a net zero
target by 2050 – and we are backing this commitment up with action
by executing the energy industry’s first ESG-linked accounts
receivable securitization facility.”
Highlights of DCP’s Sustainability Report
include:
- 46% decrease in recordable injuries since 2016; outperforming
the midstream peer average with a TRIR of 0.44 in 2020
- 16% reduction in Scope 1 and Scope 2 greenhouse gas emissions
and a 23% reduction in methane emissions since 2018
- 68% reduction in volume of hydrocarbon spills greater than one
barrel since 2018
- Received two 2020 GPA Midstream Association Awards
- Environmental Excellence
- Energy Conservation
- Established a company-wide Inclusion & Diversity (I&D)
committee and increased diversity on the Board of Directors
- Employee Engagement Survey score of 76%, representing a
three-point increase since 2018, with an 81% participation
rate
- Designated as a World Economic Forum Global Lighthouse; the
first U.S. oil and gas company with this distinction
- Donated $1 million to local community partners, including
$325,000 donated to local food banks during COVID-19 crisis
- Joined the American Petroleum Institute (API) Environmental
Partnership, a network of companies in the U.S. oil and natural gas
industry committed to continuously improve the industry’s
environmental performance
- Launched the largest industry-led methane survey in the US,
which is enabling significant reductions in fugitive emissions
through early detection and mitigation
- Focused on compressor and plant reliability, which yielded a
24% reduction in downtime events and a 13% reduction in downtime
hours, representing the lowest rate of major equipment failures
since the metric was tracked beginning in 2014
- Enacted unit ownership guidelines for officers and directors,
enhancing alignment with unitholder interests
Additionally, DCP Midstream has committed to
forward-looking goals:
- Emission Reduction Goals
- By 2030, reduce total greenhouse gas emissions by 30% from a
2018 baseline
- By 2050, achieve net zero greenhouse gas emissions
- Inclusion & Diversity Goals
- By 2028, ensure our workforce and leadership fully represents
the gender and racial demographics of the communities in which we
operate
- By 2031, ensure that our internal leadership succession
pipeline reflects the gender and racial demographics of the
communities in which we operate
- On an annual basis, ensure representation of our veteran
communities aligns with national demographics
- Over the next five years, maintain Employee Satisfaction and
Belonging scores above industry benchmark
DCP is also announcing an amendment to its $350
million accounts receivable securitization facility with PNC Bank
to include ESG-linked KPIs that increase or decrease certain fees
based on DCP’s safety performance relative to peers, and
year-over-year change in greenhouse gas emissions intensity rate.
This is the energy industry’s first ESG-linked A/R securitization
facility. Additionally, the facility was extended to August 12,
2024.
Investor Contact: Mike Fullman
303-605-1628
Media Contact: Jeanette Alberg
303-605-3424
About DCP Midstream, LP DCP
Midstream, LP (NYSE: DCP) is a Fortune 500 midstream master limited
partnership headquartered in Denver, Colorado, with a diversified
portfolio of gathering, processing, logistics and marketing assets.
DCP is one of the largest natural gas liquids producers and
marketers and one of the largest natural gas processors in the U.S.
The owner of DCP’s general partner is a joint venture between
Enbridge and Phillips 66. For more information, visit the DCP
Midstream, LP website at www.dcpmidstream.com.
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