DCP Midstream Partners

Phillips 66 Delivers Strong 4Q 2023 Results, Advances Strategic Priorities

Retrieved on: 
Wednesday, January 31, 2024
Professional Services, Chemicals, Plastics, Oil, Gas, Manufacturing, Energy, Finance, BPD, Transport, QatarEnergy, Public expenditure, Carbon, Investment, DCP Midstream Partners, Phillips 66, Midstream, Webcast

Phillips 66 generated $2.2 billion in cash from operations in the fourth quarter of 2023.

Key Points: 
  • Phillips 66 generated $2.2 billion in cash from operations in the fourth quarter of 2023.
  • During the fourth quarter, Phillips 66 funded $634 million of capital expenditures and investments, $1.2 billion of share repurchases and $457 million in dividends.
  • Phillips 66 is executing its strategic priorities to increase mid-cycle adjusted EBITDA by $4 billion to $14 billion by 2025 and grow shareholder distributions.
  • Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s fourth-quarter performance.

Phillips 66 Announces 2024 Capital Program

Retrieved on: 
Friday, December 8, 2023
Professional Services, Chemicals, Plastics, Oil, Gas, Manufacturing, Energy, Finance, Phillips 66, Corporation, NYSE, Mark Lashier, PSX, NGL, Rodeo San Francisco Refinery, Marketing, Dakota Access Pipeline, WRB, Information technology, DCP Midstream Partners, Renewable energy, Fine chemical, Rodeo

Phillips 66 (NYSE: PSX) today announced a 2024 capital budget of $2.2 billion, including $923 million for sustaining capital and $1.3 billion for growth capital.

Key Points: 
  • Phillips 66 (NYSE: PSX) today announced a 2024 capital budget of $2.2 billion, including $923 million for sustaining capital and $1.3 billion for growth capital.
  • Excluding joint venture debt repayments due in 2024, the company’s 2024 capital budget is $2 billion.
  • “We continue to demonstrate capital discipline in support of our strategic priorities,” said Mark Lashier, president and CEO of Phillips 66.
  • Including Phillips 66’s proportionate share of capital spending associated with joint ventures CPChem and WRB, the company’s total 2024 capital program is projected to be $3.2 billion.

TC Energy appoints long-standing Board member, John E. Lowe as Chair of the Board

Retrieved on: 
Wednesday, November 8, 2023
Chairperson, LP, Plains Exploration & Production, TC, Sustainability, NYSE, TC Energy, Assistant, Exploration, Phillips 66, Environment, Growth, DCP Midstream Partners, Commercial, TRP, Audit, Phillips, Governance, Apache, TSX, Safety, Health

CALGARY, Alberta, Nov. 08, 2023 (GLOBE NEWSWIRE) -- TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced on behalf of its Board of Directors (the Board) that John E. Lowe will be appointed as Chair of the Board, effective Jan. 1, 2024.

Key Points: 
  • CALGARY, Alberta, Nov. 08, 2023 (GLOBE NEWSWIRE) -- TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced on behalf of its Board of Directors (the Board) that John E. Lowe will be appointed as Chair of the Board, effective Jan. 1, 2024.
  • Mr. Vanaselja joined the Board of Directors in 2014 and was appointed as Board Chair in 2017.
  • “On behalf of the Board of Directors, I thank Siim for his invaluable contributions to the growth and success of TC Energy.
  • We are grateful the Company will continue to benefit from Siim’s institutional knowledge and expertise,” said John E. Lowe, incoming Chair of the Board of Directors for TC Energy.

Western Midstream Announces Closing of Meritage Midstream Acquisition

Retrieved on: 
Friday, October 13, 2023
Oil, Gas, Energy, Powder River Basin, DCP Midstream Partners, NYSE, WES, Acquisition, Hand, Meritage, Petroleum, Pharmaceutical industry

Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) today announced the closing of the previously announced acquisition of Meritage Midstream Services II, LLC (“Meritage”).

Key Points: 
  • Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) today announced the closing of the previously announced acquisition of Meritage Midstream Services II, LLC (“Meritage”).
  • The consideration was funded with cash on hand and WES’s recent $600 million investment grade senior notes issuance.
  • The Meritage acquisition transforms WES’s existing asset footprint in the Powder River Basin with expanded gathering and processing facilities, a diversified customer base, and long-term contracts supported by minimum volume commitments and acreage dedications.
  • As previously announced, for the third quarter 2023, management intends to recommend a Base Distribution increase of $0.0125, or $0.05 annualized, resulting in a total annualized distribution of $2.30 per common unit.

Onward Energy welcomes Patrick Welch as Chief Financial Officer

Retrieved on: 
Monday, September 11, 2023
Bachelor, University, Senior, GW, PwC, Electricity, Carbon, Certified Public Accountant, DCP Midstream Partners, Business administration, Onward, Atlantic Power Corporation, Central Oklahoma, Management, Renewable energy, Dynegy

DENVER, Sept. 11, 2023 /PRNewswire/ -- Onward Energy, a 6.2 GW portfolio utility scale independent power producer leading the energy transition, announced that Patrick Welch has joined the company as Chief Financial Officer. 

Key Points: 
  • Denver area executive adds finance, merger, investment expertise to Onward's Senior team
    DENVER, Sept. 11, 2023 /PRNewswire/ -- Onward Energy, a 6.2 GW portfolio utility scale independent power producer leading the energy transition, announced that Patrick Welch has joined the company as Chief Financial Officer.
  • "We are thrilled to have Pat join the Onward senior leadership team," said Onward Energy CEO Steve Doyon.
  • Mr. Welch most recently served as Executive Vice President and Chief Financial Officer of Jonah Energy; a private natural gas producer based in Denver.
  • Previously, he held Chief Financial Officer roles with JP Energy Partners, Atlantic Power Corporation and a privately-held renewable energy company; and also provided consulting services to many upstream and midstream energy companies.

Western Midstream Announces Expansion of Powder River Basin Footprint With the Acquisition of Meritage Midstream

Retrieved on: 
Tuesday, September 5, 2023
Oil, Gas, Energy, Vinson & Elkins, NGL, DCP Midstream Partners, Campbell, FERC, Citigroup, Thunder Creek, Jefferies Group, Acquisition, Gibson Dunn, WES, NYSE, Cryptocurrency, Meritage, Powder River Basin

Meritage, a privately held midstream company headquartered in Denver, Colorado, owns and operates a large-scale natural gas gathering and processing business in the Powder River Basin of Wyoming.

Key Points: 
  • Meritage, a privately held midstream company headquartered in Denver, Colorado, owns and operates a large-scale natural gas gathering and processing business in the Powder River Basin of Wyoming.
  • “We are excited to announce the transformation of our Powder River Basin footprint with the acquisition of Meritage,” commented Michael Ure, President and Chief Executive Officer of WES.
  • “The addition of the Meritage assets meaningfully expands the financial and operational scale of our existing Powder River Basin footprint by adding significant producer inventory and further diversifying our growing G&P customer portfolio.
  • The Powder River Basin has attracted investment from some of the largest E&P companies due to the basin’s multi-stacked pay horizon potential.

Phillips 66 Reports Second-Quarter 2023 Financial Results

Retrieved on: 
Wednesday, August 2, 2023
Energy, Oil, Gas, Finance, QatarEnergy, BPD, Cedar Bayou, DCP, GTP, DCP Midstream Partners, EDT, RLP, Public expenditure, Phillips, EBITDA, Acquisition, Investment, Golden Triangle, Webcast, LP, Hand, Phillips 66, Rodeo San Francisco Refinery, Holding company, Petroleum, Midstream

Phillips 66 generated $1.0 billion in cash from operations in the second quarter of 2023.

Key Points: 
  • Phillips 66 generated $1.0 billion in cash from operations in the second quarter of 2023.
  • During the second quarter, Phillips 66 funded $1.3 billion of share repurchases, $551 million of capital expenditures and investments and $474 million in dividends.
  • Phillips 66’s business transformation is on track to deliver $1 billion in run-rate savings by the end of 2023.
  • Phillips 66 is converting its San Francisco Refinery in Rodeo, California, into one of the world’s largest renewable fuels facilities.

Western Midstream Announces Availability of 2022 Schedule K-3

Retrieved on: 
Wednesday, July 5, 2023
Oil, Gas, Energy, Partnership, WES, NYSE, DCP Midstream Partners, Cryptocurrency

Western Midstream Partners, LP (NYSE: WES) today announced that its 2022 Schedule K-3 reflecting items of international tax relevance is available online.

Key Points: 
  • Western Midstream Partners, LP (NYSE: WES) today announced that its 2022 Schedule K-3 reflecting items of international tax relevance is available online.
  • Unitholders requiring this information may access their Schedules K-3 at www.taxpackagesupport.com/westernmidstream .
  • A limited number of unitholders (primarily foreign unitholders, unitholders computing a foreign tax credit on their tax return and certain corporate and/or partnership unitholders) may need the detailed information disclosed on Schedule K-3 for their specific reporting requirements.
  • To receive an electronic copy of your Schedule K-3 via email, unitholders may call Tax Package Support toll free at 833-618-2034.

Phillips 66 Highlights Resiliency in 2023 Sustainability Report

Retrieved on: 
Thursday, June 29, 2023
Environment, Finance, Other Energy, Utilities, Oil, Gas, Professional Services, Sustainability, Green Technology, Energy, United Kingdom, Phillips, LP, Phillips 66, Investment, NYSE, 2001 Humber Refinery explosion, Sustainability reporting, DCP Midstream Partners, Clothing, Renewable energy

Phillips 66 (NYSE: PSX) released its 2023 Sustainability Report today, highlighting the company’s efforts to build a strong and resilient business.

Key Points: 
  • Phillips 66 (NYSE: PSX) released its 2023 Sustainability Report today, highlighting the company’s efforts to build a strong and resilient business.
  • This year’s report also highlights the 2022 sustainability performance of DCP Midstream, LP, which is now operated by Phillips 66.
  • Phillips 66 has published annual sustainability metrics and information since the company was founded in 2012.
  • To view Phillips 66’s 2023 Sustainability Report, go to phillips66.com/sustainability .

Phillips 66 Completes Acquisition of DCP Midstream, LP Common Units

Retrieved on: 
Thursday, June 15, 2023
Finance, Oil, Gas, Energy, Professional Services, Other Energy, DCP, Phillips, Acquisition, Multimedia, Phillips 66, NYSE, DCP Midstream Partners, Petroleum, LP

Phillips 66 (NYSE: PSX) and DCP Midstream, LP (NYSE: DCP) completed the previously announced acquisition by Phillips 66 of all the publicly held common units representing limited partner interests in DCP Midstream for $41.75 per common unit in cash at a total value of approximately $3.8 billion, increasing its economic interest in DCP Midstream to 86.8%.

Key Points: 
  • Phillips 66 (NYSE: PSX) and DCP Midstream, LP (NYSE: DCP) completed the previously announced acquisition by Phillips 66 of all the publicly held common units representing limited partner interests in DCP Midstream for $41.75 per common unit in cash at a total value of approximately $3.8 billion, increasing its economic interest in DCP Midstream to 86.8%.
  • This press release features multimedia.
  • View the full release here: https://www.businesswire.com/news/home/20230614491693/en/
    Effective with the opening of markets today, DCP Midstream’s common units will no longer be listed on the New York Stock Exchange.