HOUSTON and KANSAS CITY, Mo., Oct.
1, 2013 /PRNewswire/ -- Crestwood Midstream Partners LP
(NYSE:CMLP) ("Crestwood Midstream" or "Crestwood"), Inergy, L.P. (NYSE:NRGY) ("Inergy
L.P.") and Inergy Midstream, L.P. (NYSE:NRGM) ("Inergy Midstream"
and, together with Inergy L.P., "Inergy") today announced the
composition of the Boards of Directors of Inergy GP, LLC ("Inergy
GP"), the general partner of Inergy L.P., and NRGM GP, LLC
("Inergy Midstream GP"), the general partner of Inergy Midstream,
immediately following completion of the previously announced merger
of Crestwood with a subsidiary of
Inergy Midstream (the "proposed merger").
"The new boards comprise an impressive and diverse group of
individuals with a wide breadth of experience and talent," said
Robert G. Phillips, Chairman,
President and Chief Executive Officer of Crestwood and Inergy. "When the final
step of the merger is completed, I look forward to working
alongside these outstanding directors to continue building the
industry's next great midstream partnership and generate enhanced
value for our unitholders."
The directors were chosen for their wide variety of expertise,
qualifications, attributes and skills, including corporate
governance and board service, executive management, finance and
accounting, operations, strategy, technology, investor relations,
energy industry experience, and public service.
The directors of the Inergy GP Board, upon completion of the
proposed merger, will be as follows:
- Robert G. Phillips - Chairman
- Alvin Bledsoe
- Michael G. France
- Warren H. Gfeller
- Arthur B. Krause
- Randy E. Moeder
- John J. Sherman
- John W. Somerhalder II
- David M. Wood
The directors of the Inergy Midstream GP Board, upon completion
of the proposed merger, will be as follows:
- Robert G. Phillips - Chairman
- Alvin Bledsoe
- Michael G. France
- Philip D. Gettig
- Warren H. Gfeller
- David Lumpkins
- John J. Sherman
- David M. Wood
Robert G. Phillips was
appointed Chairman, President and Chief Executive Officer of
Crestwood Gas Services GP LLC in October
2010 and of Inergy GP and Inergy Midstream GP in
June 2013. Mr. Phillips was
previously the President and Chief Executive Officer of Enterprise
Products Partners L.P. He has served as Chairman and Chief
Executive Officer of GulfTerra Energy Partners, L.P., and he was
the Chairman, President and Chief Executive Officer of Eastex
Energy, Inc. Mr. Phillips has previously served as a director and a
member of the audit committee of Pride International, Inc. and as a
director of Enterprise Products Partners L.P. and Enterprise GP
Holdings L.P.
Alvin Bledsoe was
appointed to the Board of Directors of Crestwood Gas Services GP
LLC in July 2007 and he will be
joining the Boards of Directors of Inergy GP and Inergy Midstream
GP on October 7, 2013. Prior to
his retirement in 2005, Mr. Bledsoe served as a certified public
accountant for 33 years at Pricewaterhouse Coopers LLP. Since 2011,
Mr. Bledsoe has served as a director and as chair of the audit
committee of SunCoke Energy, Inc. (NYSE:SXC).
Michael G. France was
appointed to the Board of Directors of Crestwood Gas Services GP
LLC in October 2010 and of Inergy GP
and Inergy Midstream GP in June 2013. Mr. France is a
Managing Director at First Reserve Corporation, which he joined in
2007. Mr. France has previously served as a director of
Cobalt International Energy, Inc.
Philip D. Gettig was
appointed to the Board of Directors of Crestwood Gas Services GP
LLC in July 2007 and he will be
joining the Board of Directors of Inergy Midstream GP on
October 7, 2013. Mr. Gettig was
Managing Senior Counsel of Union Pacific Resources Corporation as
well as General Counsel of Union Pacific Fuels, Inc. He also
served as the Vice President, General Counsel and Secretary of
Prism Gas Systems I, L.P.
Warren H. Gfeller was
appointed to the Board of Directors of Inergy GP in July 2001 and the Board of Directors of Inergy
Midstream GP in December 2011. Mr. Gfeller is currently a
private investor and previously served as President and Chief
Executive Officer of Ferrellgas Partners, L.P.
Arthur B. Krause was
appointed to the Board of Directors of Inergy GP in May 2003 and the Board of Directors of Inergy
Midstream GP in December, 2011. Mr. Krause retired from
Sprint Corporation as Executive Vice President and Chief Financial
Officer in 2002. He currently serves as a director of Westar
Energy, Inc. (NYSE:WR).
David Lumpkins will be
joining the Board of Directors of Inergy Midstream GP Board on
October 7, 2013. He
currently serves as the Executive Chairman of the Board of
PetroLogistics GP LLC, the General Partner of PetroLogistics LP
(NYSE:PDH).
Randy E. Moeder was
appointed to the Board of Directors of Inergy Midstream GP in
March 2012 and will be joining the
Board of Directors of Inergy GP, LLC on October 7, 2013. He currently is the
Chief Executive Officer and President of Moeder Oil & Gas, LLC
and previously served as the CEO and President of Hiland Partners,
LP and Hiland Partners, GP.
John J. Sherman was
appointed to the Board of Directors of Inergy GP in July 2001 and the Board of Directors of Inergy
Midstream GP in December 2011. Mr. Sherman is the former
Chief Executive Officer and President of Inergy, L.P. and Inergy
Midstream, L.P. and served in those positions until June
2013. He currently serves as a director at Great Plains
Energy Incorporated (NYSE:GXP).
John W. Somerhalder II was
appointed to the Board of Directors of Crestwood Gas Services GP
LLC in July 2007 and he will be
joining the Board of Directors of Inergy GP on October 7, 2013. Mr. Somerhalder has served as
the President, Chief Executive Officer and as a director of AGL
Resources Inc. (NYSE:GAS) since 2006 and as chairman since
2007.
David M. Wood was
appointed to the Boards of Directors of Inergy GP and Inergy
Midstream GP in August 2013. He was the President and Chief
Executive Officer and a director of Murphy Oil Corporation.
Mr. Wood has served as a director of the American Petroleum
Institute and was a member of the National Petroleum Council.
About Crestwood Midstream Partners LP
Houston, Texas based Crestwood is a growth-oriented, midstream
master limited partnership which owns and operates
predominately fee-based gathering, processing, treating and
compression assets servicing natural gas producers in the
Barnett Shale in north Texas, the
Marcellus Shale in northern West
Virginia, the Fayetteville Shale in northwest Arkansas, the Granite Wash in the Texas
Panhandle, the Avalon Shale/Bone Spring in southeastern
New Mexico and the Haynesville/Bossier Shale in western
Louisiana. For more information
about Crestwood, visit
www.crestwoodlp.com.
About Inergy, L.P.
Inergy, L.P. is a publicly traded
master limited partnership that controls, owns, and operates energy
midstream businesses. Inergy's operations include a natural gas
storage business in Texas and an
NGL and crude oil supply and logistics business that serves
customers in the United States and
Canada. Through its general
partner interest in Inergy Midstream, L.P. and Crestwood Midstream
Partners LP, Inergy is also engaged in the development and
operation of natural gas, NGL and crude oil gathering, processing,
storage, and transportation assets in multiple unconventional shale
plays across the United States.
For more information about Inergy, L.P., visit
www.inergylp.com.
About Inergy Midstream, L.P.
Inergy Midstream, L.P. is
a publicly traded master limited partnership that develops, owns,
and operates predominantly fee-based natural gas, NGL and crude oil
storage and transportation businesses.
Additional Information and Where to Find It
This press release contains information about the proposed
merger involving Crestwood and
Inergy Midstream. In connection with the Merger, Crestwood and Inergy Midstream filed the
definitive Proxy Statement/Prospectus on September 5, 2013 and began mailing the Proxy
Statement/Prospectus to its unitholders on September 6, 2013. INVESTORS AND
UNITHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND
OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC
CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT CRESTWOOD, INERGY MIDSTREAM, THE PROPOSED
MERGER AND RELATED MATTERS. Investors and unitholders are
able to obtain free copies of the proxy statement/prospectus and
other documents filed with the SEC by Inergy Midstream and
Crestwood through the website
maintained by the SEC at www.sec.gov. In addition, investors
and unitholders will be able to obtain free copies of documents
filed by Crestwood with the SEC
from Crestwood's website,
www.crestwoodlp.com, under the heading "SEC Filings" in the
"Investor Relations" tab and free copies of documents filed by
Inergy Midstream with the SEC from Inergy Midstream's website,
www.inergylp.com, under the heading "SEC Filings" in the Inergy
Midstream, L.P. "Investor Relations" tab.
Participants in the Solicitation
Crestwood, Inergy Midstream,
Inergy, L.P. and their respective general partner's directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the unitholders of Crestwood in respect of the proposed merger
transaction. Information regarding the persons who may, under the
rules of the SEC, be deemed participants in the solicitation of the
unitholders of Crestwood in
connection with the proposed transaction, including a description
of their direct or indirect interests, by security holdings or
otherwise, is set forth in the proxy statement/prospectus filed
with the SEC. Information regarding Crestwood's directors and executive officers
is contained in Crestwood's Annual
Report on Form 10-K for the year ended December 31, 2012, which is filed with the
SEC. Information regarding Inergy's directors and executive
officers is contained in Inergy Midstream's Annual Report on Form
10-K for the year ended September 30,
2012, which is filed with the SEC. Information regarding
Inergy's directors and executive officers is contained in Inergy,
L.P.'s Annual Report on Form 10-K for the year ended September 30, 2012, which is filed with the
SEC. Free copies of these documents may be obtained from the
sources described above.
Forward Looking Statements
The statements in this communication regarding future events,
occurrences, circumstances, activities, performance, outcomes and
results are forward-looking statements. Although these statements
reflect the current views, assumptions and expectations of
Crestwood and Inergy management,
the matters addressed herein are subject to numerous risks and
uncertainties which could cause actual activities, performance,
outcomes and results to differ materially from those indicated.
Such forward-looking statements include, but are not limited to,
statements about the future financial and operating results,
objectives, expectations and intentions and other statements that
are not historical facts. Factors that could result in such
differences or otherwise materially affect Crestwood's or Inergy's financial condition,
results of operations and cash flows include, without limitation,
failure to satisfy closing conditions with respect to the merger;
the risks that the Crestwood and
Inergy businesses will not be integrated successfully or may take
longer than anticipated; the possibility that expected synergies
will not be realized, or will not be realized within the expected
timeframe; fluctuations in oil, natural gas and NGL prices; the
extent and success of drilling efforts, as well as the extent and
quality of natural gas volumes produced within proximity of
Crestwood or Inergy assets;
failure or delays by customers in achieving expected production in
their natural gas projects; competitive conditions in the industry
and their impact on the ability of Crestwood or Inergy to connect natural gas
supplies to Crestwood or Inergy
gathering and processing assets or systems; actions or inactions
taken or non-performance by third parties, including suppliers,
contractors, operators, processors, transporters and customers; the
ability of Crestwood or Inergy to
consummate acquisitions, successfully integrate the acquired
businesses, realize any cost savings and other synergies from any
acquisition; changes in the availability and cost of capital;
operating hazards, natural disasters, weather-related delays,
casualty losses and other matters beyond Crestwood or Inergy's control; timely receipt
of necessary government approvals and permits, the ability of
Crestwood or Inergy to control the
costs of construction, including costs of materials, labor and
right-of-way and other factors that may impact either company's
ability to complete projects within budget and on schedule; the
effects of existing and future laws and governmental regulations,
including environmental and climate change requirements; the
effects of existing and future litigation; and risks related to the
substantial indebtedness of either company, as well as other
factors disclosed in Crestwood and
Inergy's filings with the U.S. Securities and Exchange Commission.
You should read filings made by Crestwood and Inergy with the U.S. Securities
and Exchange Commission, including Annual Reports on Form 10-K for
the year ended December 31, 2012 and
September 30, 2012, respectively, and
the most recent Quarterly Reports and Current Reports, for a more
extensive list of factors that could affect results. Crestwood and Inergy do not assume any
obligation to update these forward-looking statements.
CONTACT:
Crestwood
Mark
Stockard
832-519-2207
mstockard@crestwoodlp.com
or
Joele Frank, Wilkinson Brimmer
Katcher
Andy Brimmer / Michael Freitag / Jed
Repko
212-355-4449
Inergy
Vince
Grisell
816-842-8181
investorrelations@inergyservices.com
SOURCE Crestwood Midstream Partners LP