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DCP Midstream cuts 10% of workforce

DCP MidstreamLLC said it has cut 10% of its workforce, representing about 300operational and corporate roles, and reduced its capital budget to $250 million.

The budget reduction is due to DCP's largely completedplanned capital program in 2015, according to the company's April 4 newsrelease.

"DCP Midstream recognized the signposts of achallenging cycle in 2014 and implemented measures to reduce our break-evencost by 50 percent through simplifying and realigning contracts, optimizing oursystems, and taking cost out of the business, " DCP Midstream Chairman andCEO Wouter van Kempen said in a statement.