People | Deals - Acquisition, Mergers, Divestitures

Crestwood Equity Updates Board Following Oasis-Whiting Merger

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   |    Tuesday,July 12,2022

Crestwood Equity Partners LP has detailed changes to its board of directors following the merger between Oasis Petroleum and Whiting.

On July 1, 2022, Oasis Petroleum Inc., Crestwood’s largest customer in the Williston Basin, completed its merger with Whiting Petroleum Corp., forming Chord Energy Corp. The formation of Chord creates a financially strong unconventional U.S. oil producer focused on development in the Williston Basin.

Following the formation of Chord, Oasis has transferred to Chord its Crestwood common units and its contractual right to nominate two members to the Board of Directors of Crestwood’s general partner, Crestwood Equity GP, LLC, which right was received by Oasis as part of Crestwood’s acquisition of Oasis Midstream Partners LP and is subject to meeting on-going ownership thresholds.

As a result, the previously appointed members by Oasis to the Board of Directors, Mr. John Lancaster, Jr. and Mr. John Jacobi, resigned effective July 1, 2022. Chord has nominated Ms. Samantha F. Holroyd and Mr. Paul J. Korus to serve as their replacements. Crestwood expects that Ms. Holroyd and Mr. Korus will be formally appointed to the Board of Directors in the coming weeks.

Following these changes, the Crestwood Board of Directors will consist of ten members of which 90% are independent, 40% are female representatives, and 50% have three or less years of tenure.

Robert G. Phillips, Founder, Chairman and Chief Executive Officer of Crestwood, commented, “Crestwood would like to congratulate Oasis and Whiting on the successful formation of Chord. The combination creates a leading Williston Basin upstream company that shares our sustainability values focused on safety, operational and environmental integrity, and carbon management. I also want to thank Mr. Lancaster and Mr. Jacobi for their service and counsel and look forward to welcoming Ms. Holroyd and Mr. Korus to the Board of Directors and benefitting from their extensive industry experience and knowledge. The integration of Oasis Midstream, which began on February 1, 2022, is going well and the completion of the Chord merger is another important step in building a strategic alignment between Crestwood and Chord based on exceptional customer service as Chord develops the highly economic Williston Basin.”

About Holroyd:

Ms. Samantha F. Holroyd is a board member of Chord and was previously a member of the board of Oasis. She currently serves on Chord’s Audit Committee and Environmental, Social & Governance Committee. Ms. Holroyd currently serves on the board of Amerant Bancorp Inc., and she previously served on the board of Gulfport Energy Corporation from 2020–2021. Ms. Holroyd has a long history in the energy industry in the areas of reservoir engineering, technical analysis, financial and advisory services. She holds a Bachelor of Science degree in Petroleum Engineering from the Colorado School of Mines, holds FINRA Certifications (Series 79 and Series 63), and is a Registered Professional Engineer in the State of Texas. She is also a Certified Corporate Director by the National Association of Corporate Directors (NACD) and is NACD Certified in ESG.

About Korus:

Mr. Paul J. Korus is a board member of Chord and was formerly a director of Whiting. Mr. Korus serves on Chord’s Audit Committee and Environmental, Social and Governance Committee. Mr. Korus has more than 35 years of oil and gas industry experience and brings strong financial and accounting expertise. He began his oil and gas career in 1982 with Apache Corporation, where he held positions in corporate planning, information technology and investor relations. From 1999 to 2002, Mr. Korus was the Senior Vice President, Chief Financial Officer of Key Production Company. He held the same positions with Cimarex Energy Co. from 2002 until his retirement in 2015. Mr. Korus holds a Bachelor of Science degree in Economics and a Master of Science degree in Accounting from the University of North Dakota.