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Crestwood Adds Two Directors to Board as Oasis Deal Closes

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   |    Tuesday,February 01,2022

Crestwood Equity Partners LP reported changes to its board of directors following the completion of its acquisition of Oasis Midstream Partners LP.

In connection with the recently closed merger with Oasis Midstream, Oasis Petroleum Inc. received the contractual right to appoint two members to the Crestwood Board of Directors, subject to ongoing ownership thresholds. As a result, Crestwood is pleased to welcome Mr. John Jacobi and Mr. John Lancaster, Jr. to the Crestwood board, effective February 1, 2022.

About Jacobi:

  • Mr. Jacobi will serve on the Sustainability Committee of the Crestwood board. He currently serves on the board of Oasis Petroleum, where he is the Chair of Compensation Committee and a member of the Audit & Reserves Committee. Mr. Jacobi brings significant experience in the energy industry, particularly through his knowledge and expertise in exploration and production sector, and currently serves as the President and CEO of Javelin Energy Partners, a subsidiary of Crescent Energy. In 2013, Mr. Jacobi co-founded Covey Park Energy, Inc. and served as its co-CEO and board member until the company was sold to Comstock Resources in 2019. Mr. Jacobi started his career with Woolf & McGee Inc. and later founded Jacobi-Johnson Energy, Inc. which was then sold to EXCO Resources. Mr. Jacobi has previously served on the board of directors of Comstock Resources and Pioneer Energy Services Corp, and he holds a Bachelor of Science in Biology from West Texas A&M University.

About Lancaster:

  • Mr. Lancaster will serve on the Compensation and Finance Committees of the Crestwood board. He currently serves on the board of Oasis Petroleum as a member of the Compensation Committee and the Nominating, Environmental, Social & Governance Committee. Mr. Lancaster contributes significant financial knowledge and investment experience to the Crestwood board. He is currently a Managing Partner of Oyster Creek, LLC, an investment and advisory firm established in 2020, and serves on the Board of Directors for Aquadrill LLC, a provider of deepwater offshore drilling services globally. Mr. Lancaster was previously with Riverstone Holdings, LLC, where he spent 20 years investing in and developing companies across the energy industry, including the midstream sector in North America and Europe. He has previously served as a director of Magellan Midstream Partners, L.P., Cobalt International Energy, Inc., Liberty Oilfield Services, Petroplus Holdings AG, as well as numerous private companies. Mr. Lancaster holds a Bachelor of Business Administration from the University of Texas and a Master of Business Administration from Harvard Business School.

Additionally, effective January 31, 2022, Mr. Alvin Bledsoe has resigned from the Board of Directors and as Chair of the Audit Committee. Mr. Bledsoe's resignation was as result of a post-merger potential independence issue related to Oasis Petroleum's current audit firm and was not due to any disagreement or concern regarding Crestwood, its auditors, or its management team. Ms. Angela Minas, currently a member of the Audit Committee, will take over the role of Chair.

Following these changes, the Crestwood Board of Directors will consist of ten members of which 90% are independent, 30% are female representatives, and 50% have three or less years of tenure. In 2021, Crestwood transitioned to a publicly elected board and will hold its first board elections and annual unitholders meeting in May 2022.

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