DALLAS, Aug. 6, 2019 /PRNewswire/ -- EnLink
Midstream, LLC (NYSE: ENLC) (EnLink) announced today that
Barry E. Davis, the company's
Executive Chairman who led EnLink as its Chief Executive Officer
from its founding in 2014 to 2018, will reassume the role of Chief
Executive Officer, in addition to continuing to serve as Chairman,
effective August 8, 2019.
Michael J. Garberding will be
leaving the company to pursue other opportunities.
"I am very excited to return to lead EnLink during this defining
time for our company and industry," Davis said. "I am incredibly
passionate about this company, the strength of our diversified
asset portfolio, and our ability to win in this environment. EnLink
is competitively advantaged with a best-in-class team,
differentiated portfolio of operations, deep customer
relationships, strong financial profile, and a strategic partner,
Global Infrastructure Partners (GIP), who is committed to investing
in our long-term growth. Our top priority is to unlock the value of
these strengths to drive forward our next phase of growth and
success.
"I would like to express my gratitude to Mike who has been my
close partner in growing the company for the past 11 years. He
leaves behind a strong legacy, having helped build EnLink into the
diversified company that it is today, and I wish him the best in
his future pursuits."
Davis served as CEO of EnLink, and its predecessor company
Crosstex Energy, which he founded in 1996, until January 2018 when he became Executive Chairman.
Davis has been instrumental in driving EnLink's vision and growth,
which under his leadership has grown into a Fortune 500 company
with over $7 billion of revenues.
"Now is the right time for Barry to return as CEO to accelerate
the company's strategy and capitalize on compelling growth
opportunities, during this transformative time for the industry,"
said Will Brilliant, a Director on
EnLink's Board of Directors and a Partner at Global Infrastructure
Partners. "Barry is an exceptional leader with deep knowledge,
experience and relationships, having successfully built EnLink into
what it is today. He is the right CEO to guide EnLink into its next
chapter of growth."
Separately, EnLink appointed Thomas W.
Horton, a highly respected business executive and Partner at
GIP, to the EnLink Board of Directors. Horton previously served as
Chairman and CEO of American Airlines. During his time at American
Airlines, he led the company through a successful restructuring and
turnaround culminating in the merger with US Airways, creating the
world's largest airline. He also serves as the lead director on the
Boards of Directors of General Electric Co. and Walmart Inc.
"Tom brings extensive leadership, transformation experience and
transaction expertise to EnLink's Board," Davis said. "His
appointment is a testament to GIP's confidence in and commitment to
our long-term growth and success. We have no doubt that Tom will
make many contributions to our company and are excited to welcome
him to the Board."
Following Horton's appointment, EnLink's Board will consist of
nine directors, including four GIP
partners.
About EnLink Midstream
EnLink Midstream reliably operates a differentiated midstream
platform that is built for long-term, sustainable value creation.
EnLink's best-in-class services span the midstream value chain,
providing natural gas, crude oil, condensate, and NGL capabilities.
Our purposely built, integrated asset platforms are in premier
production basins and core demand centers, including the Permian
Basin, Oklahoma, North Texas, and the Gulf Coast. EnLink's
strong financial foundation and commitment to execution excellence
drive competitive returns and value for our employees, customers,
and investors. Headquartered in Dallas, EnLink is publicly traded through
EnLink Midstream, LLC (NYSE: ENLC). Visit www.EnLink.com to
learn how EnLink connects energy to life.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Although these
statements reflect the current views, assumptions, and expectations
of our management, the matters addressed herein involve certain
assumptions, risks, and uncertainties that could cause actual
activities, performance, outcomes, and results to differ materially
from those indicated herein. Therefore, you should not rely on any
of these forward-looking statements. All statements, other than
statements of historical fact, included in this press release
constitute forward-looking statements, including but not limited to
statements identified by the words "forecast," "may," "believe,"
"will," "should," "plan," "predict," "anticipate," "intend,"
"estimate," and "expect" and similar expressions. Such
forward-looking statements include, but are not limited to,
statements about expected future financial and operational results,
future growth in our existing business or as a result of new
projects and acquisitions, the ability to achieve additional
growth, our relationship with customers, the future of the energy
business and of the midstream sector, objectives, strategies,
expectations and intentions and other statements that are not
historical facts. Factors that could result in such differences or
otherwise materially affect our financial condition, results of
operations, and cash flows include, without limitation, (a)
potential conflicts of interest of Global Infrastructure Partners
("GIP") with us and the potential for GIP to favor GIP's own
interests to the detriment of the unitholders, (b) GIP's ability to
compete with us and the fact that it is not required to offer us
the opportunity to acquire additional assets or businesses, (c) a
default under GIP's credit facility could result in a change in
control of us, could adversely affect the price of our common
units, and could result in a default under our credit facility, (d)
the dependence on Devon for a substantial portion of the natural
gas and crude that we gather, process, and transport, (e)
developments that materially and adversely affect Devon or other
customers, (f) adverse developments in the midstream business that
could reduce our ability to make distributions, (g) the competition
for crude oil, condensate, natural gas, and NGL supplies and any
decrease in the availability of such commodities, (h) decreases in
the volumes that we gather, process, fractionate, or transport, (i)
construction risks in our major development projects, (j) our
ability to receive or renew required permits and other approvals,
(k) changes in the availability and cost of capital, including as a
result of a change in our credit rating, (l) operating hazards,
natural disasters, weather-related issues or delays, casualty
losses, and other matters beyond our control, (m) impairments to
goodwill, long-lived assets and equity method investments, and (n)
the effects of existing and future laws and governmental
regulations, including environmental and climate change
requirements and other uncertainties. These and other
applicable uncertainties, factors, and risks are described more
fully in EnLink Midstream Partners, LP's and EnLink Midstream,
LLC's filings (collectively, "EnLink Midstream") with the
Securities and Exchange Commission, including EnLink Midstream
Partners, LP's and EnLink Midstream, LLC's Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q, and Current
Reports on Form 8-K. Neither EnLink Midstream Partners, LP nor
EnLink Midstream, LLC assumes any obligation to update any
forward-looking statements.
Investor Relations: Kate
Walsh, Vice President of Investor Relations, 214-721-9696,
kate.walsh@enlink.com
Media Relations: Jill
McMillan, Vice President of Public & Industry Affairs,
214-721-9271, jill.mcmillan@enlink.com
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SOURCE EnLink Midstream