DENVER, Aug. 01, 2018 (GLOBE NEWSWIRE) -- Today, DCP Midstream, LP (NYSE: DCP) announced that Mewbourn 3, a new 200 million cubic feet per day (MMcf/d) natural gas processing plant is now in service ahead of all announced timelines. Mewbourn 3 is DCP’s tenth plant in the DJ Basin, increasing the company’s processing capacity in the region to over 1 billion cubic feet per day (Bcf/d).
“We are excited to bring the Mewbourn 3 plant online as part of our comprehensive growth strategy in the DJ Basin, completing an important step toward adding 1.5 billion cubic feet per day of capacity to meet the needs of our customers’ continued record production,” said Wouter van Kempen, president, chairman, and CEO of DCP Midstream. “All of our DJ Basin customers will immediately benefit from this increase in processing capacity, and our future build out in basin infrastructure will ensure their production growth capacity well into the next decade.”
The Mewbourn 3 plant connects to multiple outlets affiliated with DCP for natural gas liquids and natural gas takeaway, ensuring DJ Basin producers have access to attractive markets, including those along the Gulf Coast.
In addition to Mewbourn 3, DCP has previously announced two upcoming plants as part of its multi-year, fully integrated growth strategy. With construction currently underway, the in-service date for the O’Connor 2 facility has been accelerated to Q2 2019, and its capacity has been expanded by 50%, to 300 MMcf/d, including up to a 100 MMcf/d bypass.
Additionally, DCP has secured land and filed permits for a 12th plant, recently named Bighorn, to further meet the projected needs of production in the basin. Bighorn will have up to 1 Bcf/d of capacity, including bypass, and is expected to begin initial phases of operations in 2020. Along with these plant expansions and additions, DCP is extending its value chain via NGL and gas takeaway projects to ensure producers’ needs are met from the wellhead to end use markets.
ABOUT DCP MIDSTREAM, LP DCP Midstream, LP (NYSE: DCP) is a midstream master limited partnership headquartered in Denver, Colorado, with a diversified portfolio of gathering and processing assets in addition to 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.
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. Generally the words “expects,” “believes,” "anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although DCP Midstream believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in DCP Midstream’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year-ended December 31, 2017 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website under the Investors tab at www.dcpmidstream.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, DCP Midstream undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.
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