Crosstex Energy Announces New Executive Roles
August 15 2011 - 6:01PM
Business Wire
The Crosstex Energy companies, Crosstex Energy, L.P.
(NASDAQ:XTEX) (the Partnership) and Crosstex Energy, Inc.
(NASDAQ:XTXI) (the Corporation), today announced two promotions and
changes in responsibilities among its senior management team,
effective immediately. William W. (“Bill”) Davis, currently
Executive Vice President and Chief Financial Officer, has been
promoted to the newly created position of Executive Vice President
and Chief Operating Officer. Michael J. Garberding, currently
Senior Vice President of Business Development and Finance, has been
promoted to Senior Vice President and Chief Financial Officer.
“Since joining Crosstex 10 years ago, Bill has developed a
first-class finance organization and played a key role in the
Crosstex senior leadership team. Recently, he also has been
instrumental in operational improvements and growth of our existing
assets, which has enabled us to increase our returns,” said Barry
E. Davis, Crosstex President and Chief Executive Officer. “With our
recently announced growth beyond our core areas, Bill’s leadership
and operational capabilities will be important to our success.
“Mike has been a key leader in our finance organization during
his three years at Crosstex. There will be a smooth transition as
he moves into the CFO role. He assumed leadership of our business
development efforts a year ago and has done a superb job of laying
a solid foundation for Crosstex’s future growth,” Davis added.
“These changes better position us to pursue our growth strategies
while maintaining great focus and execution in our current
operations.”
Bill Davis has more than 30 years of financial and accounting
experience and is a well-known leader in the energy industry. Since
joining Crosstex in 2001, he has played a vital role in the
development and execution of the company’s business strategy, and
has been instrumental in Crosstex’s evolution into a leading
solutions provider in the midstream sector. Bill Davis graduated
from Texas A&M University with a B.B.A. in accounting and is a
certified public accountant.
Mike Garberding has more than 20 years of financial and
accounting experience in the energy industry. Prior to joining
Crosstex in 2008, he was assistant treasurer at TXU Corp. focusing
on structured transactions such as project financing for coal plant
development and the sale of TXU Gas Company. Garberding earned a
B.B.A. in accounting from Texas A&M University and an M.B.A.
from the University of Michigan.
About the Crosstex Energy Companies
Crosstex Energy, L.P., a midstream natural gas company
headquartered in Dallas, operates approximately 3,300 miles of
pipeline, nine processing plants and three fractionators. The
Partnership currently provides services for 3.2 billion cubic feet
of natural gas per day, or approximately six percent of marketed
U.S. daily production.
Crosstex Energy, Inc. owns the two percent general partner
interest, a 25 percent limited partner interest and the incentive
distribution rights of Crosstex Energy, L.P.
Additional information about the Crosstex companies can be found
at www.crosstexenergy.com.
This press release contains forward-looking statements within
the meaning of the federal securities laws. These statements are
based on certain assumptions made by the Partnership and the
Corporation based upon management’s experience and perception of
historical trends, current conditions, expected future developments
and other factors the Partnership and the Corporation believe are
appropriate in the circumstances. These statements include, but are
not limited to, statements with respect the Partnership's future
growth and results of operations. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are
beyond the control of the Partnership and the Corporation, which
may cause the Partnership’s and the Corporation’s actual results to
differ materially from those implied or expressed by the
forward-looking statements. These risks include, but are not
limited to, risks discussed in the Partnership’s and the
Corporation’s filings with the Securities and Exchange Commission.
The Partnership and the Corporation have no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Crosstex Energy, Inc. (MM) (NASDAQ:XTXI)
Historical Stock Chart
From May 2024 to Jun 2024
Crosstex Energy, Inc. (MM) (NASDAQ:XTXI)
Historical Stock Chart
From Jun 2023 to Jun 2024
