HOUSTON, Sept. 14, 2020 /PRNewswire/ -- Today Western
Midstream Partners, LP (NYSE: WES) ("WES") announced a
re-composition of the board of directors (the "Board") of Western
Midstream Holdings, LLC, its general partner (the "General
Partner"). Kenneth F. Owen,
David J. Schulte, and Lisa A. Stewart (each a "New Director") were
appointed as independent directors. In connection with a
reduction in the size of the Board from eleven to eight directors,
Steven D. Arnold, Marcia E. Backus, James
R. Crane, Thomas R. Hix,
Craig W. Stewart, and David J. Tudor will be leaving the Board. The
changes to the Board are effective immediately. Each New Director
will serve on both the Audit Committee and the Special Committee of
the Board, with Mr. Owen serving as the Chairman of the Audit
Committee and Mr. Schulte serving as the Chairman of the Special
Committee.
"We would like to thank Steven, Jim, Tom, Craig, David, and
Marcia for their service on the Board. They have made numerous
contributions to WES and its unitholders during their tenure,
including helping WES navigate not only its transition to a
stand-alone company but also the unprecedented public health and
market-driven challenges confronting our industry over the past six
months. We are deeply grateful for their years of service and
dedication," said Glenn Vangolen,
Chairman of the Board.
Vangolen continued, "We are excited to welcome Lisa, Dave, and
Kenny to the Board. They each bring a wealth of industry, financial
and operational experience that we believe will be invaluable as
WES embarks on this next chapter in its transition and works to
position itself as the provider of choice for oil and gas
producers."
WES also announced that Michael C.
Pearl has left his position as Senior Vice President and
Chief Financial Officer of the General Partner and that
Michael P. Ure, President and Chief
Executive Officer of the General Partner, will assume Mr. Pearl's
duties and responsibilities until a successor is identified.
"Mike has been a valued member of our executive leadership team
since October 2019 and was an
integral part of our successful transition to a standalone
enterprise since that time. I have a deep appreciation for him, our
relationship, and the great leadership and service he has performed
for WES," said Mr. Ure.
Kenneth F. Owen, has
been a consultant and entrepreneur since March 2018 and previously served as Co-founder,
President, and Chief Executive Officer of Moda Midstream, LLC, a
liquids terminaling and logistics company. Prior to founding Moda,
Mr. Owen was the President and Chief Executive Officer of
Oiltanking Partners, L.P. (NYSE: OILT) and Oiltanking North America
(OTNA). Mr. Owen originally joined OTNA in 2011 as Vice President
and CFO and led the initial public offering of Oiltanking Partners,
later moving into an operations role running the Company's largest
global terminal assets before taking on the CEO job. Before he
joined Oiltanking, Mr. Owen worked in the energy investment banking
groups at Citigroup Global Markets Inc. and UBS Investment Bank,
where he advised on mergers and acquisitions, joint ventures, IPOs,
and equity and debt transactions primarily for the midstream energy
sector. Mr. Owen earned an M.B.A. from The Wharton School of
Business at the University of
Pennsylvania and a B.S. and B.A. from Cornell University.
David J.
Schulte, serves as Chairman, Chief Executive
Officer and President of CorEnergy Infrastructure, Inc., the first
publicly traded energy infrastructure real estate investment trust.
Prior to founding CorEnergy, Mr. Schulte was a co-founder and a
Managing Director of Tortoise Capital Advisors where, from 2002 to
2015, he served on the investment committee and as a leader of new
product development. Tortoise is a pioneer in developing funds
focused on listed energy infrastructure debt and equity securities,
including the first closed end master limited partnership fund in
2004. Prior to Tortoise, Mr. Schulte had professional experience in
private equity and investment banking. Mr. Schulte serves on the
Board of Directors of Neighborhood Legal Services, a not-for-profit
entity, and on the Advisory Board of Governors of the National
Association of Real Estate Investment Trusts. Mr. Schulte earned a
J.D. from the University of Iowa and a
B.S. from Drake University. He is a
member of the AICPA, the CFA Institute, and the Missouri Bar
Association.
Lisa A.
Stewart, serves as Sheridan Production Partners
Executive Chairman, a position she has held since April 2020.
From the founding of Sheridan in
2006, she served as Chairman, CEO, and Chief Investment Officer
overseeing all aspects of Sheridan
acquisitions and the implementation of Sheridan's strategy. Ms. Stewart has
more than 35 years of experience in the oil and gas industry in
engineering and management positions. Prior to founding
Sheridan, Ms. Stewart served as
Executive Vice President of El Paso Corporation and President of El
Paso E&P and other non-regulated businesses. Prior to her
time at El Paso, Ms. Stewart spent 20 years at Apache, leaving in
January 2004 as Executive Vice
President with responsibility for reservoir engineering, business
development, land, environmental, health and safety, and corporate
purchasing. Ms. Stewart holds a B.S. in Petroleum Engineering
from The University of Tulsa, where she
is a member of the College of Engineering and Natural Sciences Hall
of Fame. She is a member of the Society of Petroleum
Engineers and serves on the Board of Directors of Cimarex Energy,
Inc. and Jadestone Energy.
Please visit the WES website at
www.westernmidstream.com for further information on the senior
management and Board changes.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP ("WES") is a Delaware master limited partnership formed to
acquire, own, develop, and operate midstream assets. With midstream
assets located in the Rocky Mountains, North-central Pennsylvania, Texas, and New
Mexico, WES is engaged in the business of gathering,
compressing, treating, processing, and transporting natural gas;
gathering, stabilizing, and transporting condensate, NGLs, and
crude oil; and gathering and disposing of produced water for its
customers. In addition, in its capacity as a processor of natural
gas, WES also buys and sells natural gas, NGLs, and condensate on
behalf of itself and as agent for its customers under certain of
its contracts.
For more information about Western Midstream Partners, LP and
Western Midstream Flash Feed updates, please visit
www.westernmidstream.com.
WESTERN MIDSTREAM CONTACTS
Kristen Shults
Vice President, Investor Relations and Communications
Kristen.Shults@westernmidstream.com
832.636.6000
Abby Dempsey
Investor Relations Supervisor
Abby.Dempsey@westernmidstream.com
832.636.6000
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SOURCE Western Midstream Partners, LP