DCP Midstream layoffs, on the record
Every job cut, severance charge and restructuring DCP Midstream reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from 1,837 to 1,910.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | 1,837 | December 31, 2020 |
| 10-K for 2021 | 1,788 | December 31, 2021 |
| 10-K for 2022 | 1,910 | December 31, 2022 |
Job cuts, severance and restructuring
Our summaryThe company reported restructuring costs in its operating expenses for 2020, 2019 and 2018.
Word for word“Restructuring costs 9 11 — — 13 Total operating costs and expenses 6,749 7,775 9,599 8,240 6,714 Operating (loss) income (447) (150) 223 222 179 Loss on financing activities — — (19) — — Interest expense (302) (304) (269) (289) (321) Earnings from unconsolidated affiliates (a) 447 474 370 303 282 (Loss) income before income taxes (302) 20 305 236 140 Income tax benefit (expense) — 1 (3) (2) (46) Net (loss) income (302) 21 302 234 94 Net income attributable to noncontrolling interests (4) (4) (4) (5) (6) Net (loss) income attributable to partners (306) 17 298 229 88 Net loss attributable to predecessor operations (b) — — — — 224 Series A preferred limited partners ' interest in net income (37) (37) (37) (4) — Series B preferred limited partners ' interest in net income (13) (13) (8) — — Series C preferred limited partners ' interest in net income (9) (9) (2) — — General partner interest in net income — (118) (164) (164) (124) Net (loss) income allocable to limited partners $ (365) $ (160) $ 87 $ 61 $ 188 Net (loss) income per limited partner unit - basic and diluted $ (1.75) $ (1.05) $ 0.61 $ 0.43 $ 1.64 56 Year Ended December 31, 2020 2019 2018 2017 2016 (millions, except per unit amounts) Balance Sheet Data (at period end): Property, plant and equipment, net $ 7,993 $ 8,811 $ 9,135 $ 8,983 $ 9,069 Total assets $ 12,957 $ 14,127 $ 14,266 $ 13,878 $ 13,611 Accounts payable $ 720 $ 773 $ 926 $ 1,076 $ 735 Long-term debt $ 5,119 $ 5,321 $ 4,782 $ 4,707 $ 4,907 Partners’ equity $ 5,834 $ 6,605 $ 7,268 $ 7,408 $ 2,601 Predecessor equity $ — $ — $ — $ — $ 4,220 Noncontrolling interests $ 27 $ 28 $ 29 $ 30 $ 32 Total equity $ 5,861 $ 6,633 $ 7,297 $ 7,438 $ 6,853 Other Information: Cash distributions declared per unit $ 1.56 $ 3.12 $ 3.12 $ 3.12 $ 3.12 Cash distributions paid per unit $ 1.95 $ 3.12 $ 3.12 $ 3.12 $ 3.12 (a) Includes our proportionate share of the earnings of our unconsolidated affiliates.” 10-K for 2020
Our summaryAnnounced a reduction in force of 15% in April 2020, recorded as nonrecurring restructuring expense.
Word for word“In April 2020, we announced a reduction in force of 15 %, which resulted in $ 9 million of nonrecurring expense for the year ended December 31, 2020.” 10-K for 2021
Our summaryRestructuring costs in 2021 decreased compared to 2020, primarily because of the reduction in force in the second quarter of 2020.
Word for word“Restructuring costs decreased in 2021 compared to 2020, primarily as a result of our reduction in force in the second quarter of 2020.” 10-K for 2021
Our summaryThe company recorded severance and other restructuring charges in 2022 tied to its integration with Phillips 66 after the Realignment Transaction.
Word for word“During the year ended December 31, 2022 we incurred $ 12 million in severance and other employee related cost as well as $ 9 million in other restructuring charges.” 10-K for 2022
| Fiscal year ended | Severance costs | Restructuring charges |
|---|---|---|
| 2016-12-31 | $1 million | $13 million |
| 2022-12-31 | $12 million | — |
DCP Midstream has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from DCP Midstream’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2023-02-17. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.