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DENVER, Aug. 02, 2021 (GLOBE NEWSWIRE) -- 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
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.
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.