People | General | Capital Markets | Private Equity Activity

Crosstex, Devon Midstream JV Unveils Leadership Team

Email    |    Print    |    Bookmark

You Need to login first

   |    Friday,February 28,2014

Crosstex Energy, L.P. and Crosstex Energy, Inc. have reported the members of the Boards of Directors and the executive leadership team of EnLink Midstream that are expected to be appointed upon completion of Crosstex’s previously announced transaction with Devon Energy Corporation and certain of its subsidiaries.

EnLink Midstream Boards of Directors

Each of the Board of Directors of EnLink Midstream GP, LLC, the general partner of EnLink Midstream Partners, LP (ENLK), and the Board of Directors of EnLink Midstream Manager, LLC, the managing member of EnLink Midstream, LLC (ENLC), is expected to be comprised of nine directors, including five members designated by Devon. As previously announced, Crosstex expects that John Richels, President and CEO of Devon, will be appointed as Chairman of both EnLink Midstream Boards of Directors. The names and biographies of the other members that Crosstex expects will be appointed to the Boards of Directors are set out below. This experienced group of individuals has a wide variety of expertise, qualifications, attributes and skills in oil and gas exploration, midstream services, executive management, and finance and accounting.

EnLink Midstream GP, LLC Board of Directors

Upon completion of the Transaction, Crosstex expects that the following individuals will be appointed to EnLink Midstream GP, LLC’s Board of Directors and certain committees thereof:

• John Richels will serve as Chairman of both of EnLink Midstream’s Boards, has been President and Chief Executive Officer of Devon since June 2010 and joined Devon’s Board of Directors in 2007.
• Barry E. Davis will be the President and Chief Executive Officer of EnLink Midstream and will serve on both of EnLink Midstream’s Boards. He currently serves as President and Chief Executive Officer of Crosstex.
• David A. Hager will serve as a Director on both of EnLink Midstream’s Boards and will be a member of the Compensation Committee of the Board of EnLink Midstream GP, LLC and the Governance and Compensation Committee of the Board of EnLink Midstream Manager, LLC. He is currently the Chief Operating Officer of Devon.
• Darryl G. Smette will serve as a Director on both of the EnLink Midstream Boards and has been the Executive Vice President Marketing, Midstream and Supply Chain of Devon since 1999.
• Thomas L. Mitchell will serve as a Director on both of the EnLink Midstream Boards. Mr. Mitchell joined Devon as Executive Vice President and Chief Financial Officer in February of 2014.
• Mary P. Ricciardello will serve as a Director on both of EnLink Midstream’s Boards and will be a member of both Audit Committees. She was Senior Vice President and Chief Accounting Officer at Reliant Energy Inc., until 2002.
• Leldon E. Echols will serve as a Director on both of EnLink Midstream’s Boards and will act as Chairman of both Audit Committees. After 22 years at Arthur Anderson LLP, Mr. Echols served as Executive Vice President and Chief Financial Officer for Centex Corporation, until June 2006.
• Scott A. Griffiths will serve as a Director on the Board of EnLink Midstream GP, LLC, where he will be a member of the Conflicts Committee and act as Chairman of the Compensation Committee. Mr. Griffiths has served in executive positions with various exploration and production companies and has been an independent Oil and Gas Consultant since 2007, advising clients on various Gulf of Mexico investment opportunities.
• Kyle D. Vann will serve as a Director on the Board of EnLink Midstream GP, LLC, where he will be a member of the Audit Committee and act as Chairman of the Conflicts Committee. Mr. Vann has served in various executive positions with Koch Industries and served as Chief Executive Officer of Entergy-Koch, L.P. Mr. Vann has been an independent energy commodity consultant to many energy companies since 2005.

EnLink Midstream Manager, LLC Board of Directors

Upon completion of the Transaction, Crosstex expects that John Richels, Barry Davis, Leldon Echols, David Hager, Thomas Mitchell, Mary Ricciardello and Darryl Smette, each of whom is described above, and the following individuals will be appointed to EnLink Midstream Manager, LLC’s Board of Directors and certain committees thereof:

• James C. Crain will serve as a Director on the Board of EnLink Midstream Manager, LLC, where he will be a member of the Audit Committee and act as Chairman of the Conflicts Committee. Mr. Crain retired in 2013 as President of Marsh Operating Company, an investment management company focusing on energy investing, after nearly 30 years of service.
• Rolf A. Gafvert will serve as a Director on the Board of EnLink Midstream Manager, LLC, where he will be a member of the Conflicts Committee and act as Chairman of the Governance and Compensation Committee. Mr. Gafvert previously served as Chief Executive Officer of Boardwalk GP, LLC until he retired in 2011.

Upon the closing of the transaction, Crosstex expects that Bryan H. Lawrence, Cecil E. Martin, Robert F. Murchison, Dwight D. Scott and Rhys J. Best will retire from their positions on Crosstex Energy’s boards of directors.

Barry E. Davis commented, “I would like to thank all Crosstex directors for their commitment and service to our Company over the years. With their leadership, we have achieved great things together which culminated in our transformative transaction to create EnLink Midstream.”

Organizational Structure and Executive Leadership Team

EnLink Midstream’s core operations will be organized into two primary business units aligned generally around gas gathering, processing, and transmission (Gas Unit) and separately natural gas liquids, crude and logistics (Liquids Unit). The Gas Unit will include all gathering and processing and natural gas storage and transportation assets and operations. The Liquids Unit will consist of NGL storage, fractionation, trucking, logistics and marketing operations, as well as all rail terminals and storage.

As previously announced, Crosstex expects that Barry E. Davis will be appointed as President and CEO of EnLink Midstream and Michael J. Garberding will be appointed as Executive Vice President and CFO of EnLink Midstream following the closing of the Transaction. In addition, Crosstex expects that the following will be appointed as officers of EnLink Midstream following the closing of the Transaction:

• Joe A. Davis will serve as Executive Vice President and General Counsel. Mr. Davis has served as General Counsel of Crosstex since 2005.
• Steve J. Hoppe will serve as Executive Vice President and President of Gas Gathering, Processing and Transmission. Mr. Hoppe has served as Senior Vice President, Midstream of Devon since 2010.
• McMillan (Mac) Hummel will serve as Executive Vice President and President of Natural Gas Liquids and Crude. Mr. Hummel was Vice President, NGLs & Olefins of The Williams Companies Inc. from 2010 to 2012 and has been Vice President, Commodity Services since 2013.

William W. Davis, Crosstex’s current Executive Vice President and Chief Operating Officer, will retire from Crosstex, upon the closing of the Transaction. Mr. Davis has over 30 years of leadership in the energy industry, including over 12 years of outstanding service to Crosstex. Mr. Davis played a vital role in the development and successful execution of Crosstex’s business strategy.

Barry Davis concluded, "On behalf of the Board and management team, I would also like to thank Bill for his more than 12 years of leadership at Crosstex. Bill has been a great partner and played an important role in our successful strategy to grow and diversify our business."