Southcross Energy Announces Leadership Change
January 09 2017 - 7:00AM
Southcross Energy Partners, L.P. (NYSE:SXE) (“Southcross”) and
Southcross Holdings LP (“Holdings”) announced today a consolidation
of the roles of Chairman and Chief Executive Officer of their
respective general partners. Bruce A. Williamson, currently
the Executive Chairman of Holdings and a director of the Southcross
general partner, has been named President and Chief Executive
Officer of both Holdings and Southcross’ general partner, replacing
John Bonn, who has elected to pursue other interests. Mr.
Williamson also has been appointed as Chairman of the Board of the
Southcross general partner, replacing David Biegler, who is
stepping down as Chairman but will remain a director.
Mr. Williamson has over 35 years of experience
encompassing all facets of the energy value chain with Shell Oil
Company, PanEnergy Corporation, Duke Energy, Dynegy and Cleco
Corporation. He also brings a strong track record as a CEO
delivering shareholder value through transformation, restructuring,
capital allocation, asset transactions and mergers.
Funds managed by EIG Global Energy Partners and
Tailwater Capital each indirectly hold approximately 33% of
Holdings common equity interests. Holdings in turn owns all
of Southcross GP and approximately 72% of the Southcross limited
partnership interests.
“We are beginning to see the Eagle Ford Shale
and our other producing basins show signs of recovery in new
drilling and overall production levels,” said Wallace Henderson,
Managing Director of EIG Global Energy Partners. “Bruce’s
proven leadership skills and extensive industry experience are
ideally suited to lead Southcross’ strategy and we are delighted
that he will be expanding his role.”
“On behalf of both boards of directors, I would
like to thank John for his service through the recent commodity
cycle and wish him the best in his future endeavors,” said Jason
Downie, Managing Partner and co-founder of Tailwater Capital.
“I am pleased to be joining the management team
and leading Southcross and Holdings,” said Williamson. “The
recently announced amendment to the Southcross revolving credit
facility provides an extended period of financial flexibility,
enhancing our ability to execute our strategic business plan while
markets recover. We will aggressively pursue strengthening
our operating, commercial and administrative functions to best
serve our customers, while exploring strategic opportunities to
deliver greater value to our investors.”
About Southcross Holdings LP
Southcross Holdings LP, through its subsidiary
Southcross Holdings Borrower LP, owns 100% of Southcross Energy
Partners GP, LLC, the general partner of Southcross, as well as a
portion of Southcross’ common units, and all of Southcross’
subordinated units and Class B convertible units. Holdings also
owns natural gas gathering and treating assets as well as NGL
pipelines and fractionation facilities in South Texas.
About Southcross Energy Partners,
L.P.
Southcross Energy Partners, L.P. is a master
limited partnership that provides natural gas gathering,
processing, treating, compression and transportation services and
NGL fractionation and transportation services. It also
sources, purchases, transports and sells natural gas and NGLs. Its
assets are located in South Texas, Mississippi and Alabama and
include two gas processing plants, one fractionation plant and
approximately 3,100 miles of pipeline. The South Texas assets are
located in or near the Eagle Ford shale region. Southcross is
headquartered in Dallas, Texas. Visit www.southcrossenergy.com
for more information.
Forward-Looking Statements
This press release includes “forward-looking
statements.” All statements other than statements of historical
facts included or incorporated herein may constitute
forward-looking statements, including statements related to the
expected recovery in producing basins, the financial relief
afforded Southcross by the credit agreement amendment and the
ability of relevant parties to contribute additional funds pursuant
to the referenced investment agreement. Actual results could vary
significantly from those expressed or implied in such statements
and are subject to a number of risks and uncertainties. Although
Southcross believes that the expectations reflected in the
forward-looking statements are reasonable, Southcross can give no
assurance that such expectations will prove to be correct. The
forward-looking statements involve risks and uncertainties that
affect operations, financial performance, and other factors as
discussed in filings made by Southcross with the Securities and
Exchange Commission (“SEC”). Among the factors that could cause
results to differ materially are those risks discussed in the
periodic reports filed by Southcross with the SEC, including
Southcross’ Annual Report on Form 10-K for the fiscal year ended
December 31, 2015, and its Quarterly Reports on Form 10-Q for the
fiscal quarters ended after such fiscal year. You are urged to
carefully review and consider the cautionary statements and other
disclosures made in those filings, specifically those under the
heading “Risk Factors.” Forward-looking statements speak only as of
the date of the document in which they are contained, and
Southcross does not undertake any duty to update any
forward-looking statements except as may be required by law.
Contact:
Southcross Energy Partners, L.P.
Mallory Biegler, 214-979-3720
Investor Relations
InvestorRelations@southcrossenergy.com