DCP Midstream Joins World Economic Forum's Global Lighthouse Network
DENVER, Sept. 14, 2020 (GLOBE NEWSWIRE) -- Today, the World Economic Forum announced DCP Midstream (NYSE: DCP) is one of ten new additions to its Global Lighthouse Network, a community of world-leading companies that have succeeded in the adaptation of the Fourth Industrial Revolution at scale. Of the 54 total sites and companies with the World Economic Forum's Lighthouse designation, DCP Midstream is one of only five companies in North America and is the only U.S.-based oil and gas company to receive this distinction for its technological innovation. Additionally, a select group of Lighthouse companies, including DCP, have been recognized as end-to-end (E2E) Lighthouses, because they have emerged as leaders in extending Fourth Industrial Revolution transformation through their value chains and beyond manufacturing sites.
Factories and companies are designated as Lighthouses for their proven success in scaling innovative and advanced manufacturing technologies beyond the pilot stage. The Global Lighthouse Network is a platform to develop, replicate, and scale up innovations, creating opportunities for cross-company learning and collaboration, and for setting new benchmarks for the global manufacturing community.
Starting in 2015, the company launched DCP 2.0, a comprehensive digital transformation effort with the goals of real-time optimization and decision-making, digital enablement of the business and workforce, and increased cash flow and diminished risk. Driven by the need to combat market volatility with operational transformation and innovative efficiencies, DCP leveraged internally developed digital solutions and tech-venture partnerships to integrate the remote control of operations within its planning, logistics, and commercial systems.
"We are tremendously proud to have our DCP 2.0 transformation recognized as a world-leading example of innovation in advanced manufacturing," said Wouter van Kempen, chairman, president, and CEO. "In addition to the COVID-19 pandemic, the energy industry is facing a 'Great Reset' from multiple perspectives. Our DCP 2.0 transformation allows us to not only successfully navigate the current downturn with agility, but our work has also set us ahead of the curve on adopting solutions for enhanced sustainability and environmental protections, while ensuring we meet the global energy demand needed to power our societies safely and affordably."
"Recent world events have led to unprecedented disruptions, affecting nearly every aspect of global industry," said Francisco Betti, Head of Shaping the Advanced Manufacturing and Production, World Economic Forum. "Lighthouses demonstrate how Fourth Industrial Revolution technologies can drive efficiency in operations, enhance supply chain resilience and improve customer experience, while augmenting the workforce and enabling more sustainable production systems. They have the opportunity and responsibility to become the engine of the Great Reset."
DCP Midstream will be officially awarded at the Global Lighthouse Network Annual Meeting 2020, on September 17. Click here to watch sessions live at the Global Lighthouse Network Annual Meeting 2020.
About the World Economic Forum Global Lighthouse Network
The Global Lighthouse Network is a community of production sites and other facilities that are world leaders in the adoption and integration of the cutting-edge technologies of the Fourth Industrial Revolution (4IR). Lighthouses apply 4IR technologies such as artificial intelligence, 3D-printing and big data analytics to maximize efficiency and competitiveness at scale, transform business models and drive economic growth, while augmenting the workforce, protecting the environment and contributing to a learning journey for all-sized manufacturers across all geographies and industries. The Global Lighthouse Network is a World Economic Forum project in collaboration with McKinsey & Co, factories and value chains that join the Network are designated by an independent panel of experts.
About DCP Midstream, LP
DCP Midstream, LP (NYSE: DCP) is a Fortune 500 midstream master limited partnership headquartered in Denver, Colorado, with a diversified portfolio of gathering, processing, 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.
Notes to editors
Learn more about the Global Lighthouse Network here
Read the white paper Four Durable Shifts for a Great Reset in Manufacturing
Watch sessions live at Global Lighthouse Network Annual Meeting 2020
Read more about The Great Reset