Denver natural gas company could shed Weld County jobs

DENVER — Natural-gas operator DCP Midstream LP (NYSE: DCP) is undergoing a cost-cutting program that could reduce headcount at its Weld County wells.

The Denver-based operator already spent $9 million in restructuring costs and plans to spend an additional $2 million through the rest of the year, according to its quarterly filings with the U.S. Securities and Exchange Commission.

DCP chief financial officer Sean O’Brien told investors during the company’s earnings call Wednesday that the company has shed 15 percent of its employee count and is targeting a 30 percent reduction in total workforce by the end of 2020. The company has done so through voluntary buyouts, automating some tasks and other initiatives.

The company had 2,650 employees at the beginning of the year.

While the majority of DCP’s locations are in Oklahoma, Texas and Louisiana, it lists wells in Eaton, Greeley, Lucerne, Platteville and in unincorporated Weld County about 3 miles southwest of Kersey. The combined sites produce 639 million cubic feet of gas per day.

It’s unclear how many employees in the Weld County area took buyouts or could be part of future cost-cutting measures, or if any sites could be shut down altogether. A DCP spokeswoman did not return requests for comment Thursday afternoon.

DENVER — Natural-gas operator DCP Midstream LP (NYSE: DCP) is undergoing a cost-cutting program that could reduce headcount at its Weld County wells.

The Denver-based operator already spent $9 million in restructuring costs and plans to spend an additional $2 million through the rest of the year, according to its quarterly filings with the U.S. Securities and Exchange Commission.

DCP chief financial officer Sean O’Brien told investors during the company’s earnings call Wednesday that the company has shed 15 percent of its employee count and is targeting a 30 percent reduction in total workforce by the end of 2020. The company has done so through voluntary buyouts, automating some tasks and other initiatives.

The company had 2,650 employees at the beginning of the year.

While the majority of DCP’s locations are in Oklahoma, Texas and Louisiana, it lists wells in Eaton, Greeley, Lucerne, Platteville and in unincorporated Weld County about 3 miles southwest of Kersey. The combined sites produce 639 million cubic feet of gas per day.

It’s unclear how many employees in the Weld County area took buyouts or could be part of future cost-cutting measures, or if any sites could be shut down altogether. A DCP spokeswoman did not return requests for comment Thursday afternoon.