DCP Midstream Joins Global Lighthouse Network

The World Economic Forum announced Sept. 14 that DCP Midstream (NYSE: DCP) is one of 10 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.

SOURCE: The Weekly Propane Newsletter, September 17, 2020. Weekly Propane Newsletter subscribers receive all the latest posted and spot prices from major terminals and refineries around the U.S. delivered to inboxes every week. Receive a center spread of posted prices with hundreds of postings updated each week, along with market analysis, insightful commentary, and much more not found elsewhere.