DCP Taking ‘Conservative’ Approach to 2021 Volumes and Commodity Pricing Executives at Denver-based DCP Midstream LP said during their fourth quarter earnings call that they were committed to cost reductions, retiring debt and growing excess free cash flow in 2021. In 2020, “We were able to navigate a double black swan event that eviscerated demand, plunged oil prices into negative territory and fundamentally changed the way we operate as a company,” said CEO Wouter van Kempen. Total capital at the fully integrated midstream service provider, including all sustaining and growth capital, was reduced by 74% in 2020 compared to 2019. [ “We are taking a conservative approach to our 2021 volumes and commodity pricing outlook as a result of continued uncertainty driven by Covid-19 and demand recovery timing,” van Kempen said. “We are committed to continuing the momentum established in 2020 by growing excess free cash flow by over 60% in 2021, maintaining our cost reductions, retiring debt, and remaining focused on our operational excellence.”