Enterprise Announces Creel to Retire Year End 2015; Teague to Succeed Creel as CEO; Fowler, Bulawa and Nelly Promoted
March 30 2015 - 4:30PM
Business Wire
Enterprise Products Partners L.P. (NYSE:EPD) today reported that
Michael A. Creel, chief executive officer of Enterprise’s general
partner, has announced his intention to retire as of December 31,
2015. A.J. “Jim” Teague, Enterprise’s chief operating officer, has
been elected to succeed Mr. Creel as chief executive officer upon
Mr. Creel’s retirement at the end of 2015.
“Mike Creel has been an important member of Enterprise’s
management team and our success,” said Randa Duncan Williams,
non-executive chairman of Enterprise’s general partner. “I would
like to thank him for his sixteen years of leadership and
contributions. Over the next nine months, in addition to his normal
duties, Mike will be actively involved in transition activities as
we prepare for his retirement.”
“I am pleased to announce that Jim Teague will succeed Mike,”
said Ms. Williams. “Jim has also been integral to our success. His
commercial experience in both the midstream and petrochemical
industries is without peer. I look forward to working with Jim as
we execute Enterprise’s current set of growth projects and pursue
new opportunities.”
Mr. Teague has served as a director of Enterprise’s general
partner since 2008 and as chief operating officer since 2010. Mr.
Teague joined Enterprise in 1999. He is a retiree of The Dow
Chemical Company following a 23-year career. Mr. Teague has 40
years of experience in the midstream and petrochemical
industries.
The board of directors of Enterprise’s general partner has
elected to expand the office of the chairman effective April 1,
2015. Currently, the office of the chairman is comprised of Ms.
Williams serving as non-executive chairman, Mr. Creel serving as
chief executive officer and Mr. Teague serving as chief operating
officer. The board has elected to add the role of chief
administrative officer to the office of the chairman.
W. Randall Fowler has been elected to the role of chief
administrative officer effective as of April 1, 2015. Mr. Fowler
has served as a director of Enterprise’s general partner since 2011
and as Enterprise’s executive vice president and chief financial
officer since 2007. He joined Enterprise in 1999, shortly after
Enterprise’s initial public offering. Mr. Fowler, a certified
public accountant (inactive), has 35 years of finance and
accounting experience in various sectors of the energy
industry.
Upon Mr. Creel’s retirement, the office of the chairman will be
comprised of Ms. Williams as non-executive chairman, Mr. Teague as
chief executive officer and Mr. Fowler as chief administrative
officer.
Bryan F. Bulawa has been elected senior vice president and chief
financial officer effective as of April 1, 2015. Mr. Bulawa has
served as Enterprise’s senior vice president and treasurer since
2009. He joined Enterprise as vice president and treasurer in 2007.
Prior to joining Enterprise, Mr. Bulawa spent thirteen years in the
corporate and investment banking energy division of Scotia Capital
engaged in client coverage, corporate finance, project finance
advisory, bank and institutional loan syndications. Mr. Bulawa will
continue to report to Mr. Fowler.
Christian M. “Chris” Nelly has been elected vice president and
treasurer effective as of April 1, 2015. Mr. Nelly has served
Enterprise as senior director of finance since 2011. He joined
Enterprise in 2008 as director, finance. Prior to joining
Enterprise, Mr. Nelly served in various roles of increasing
responsibility in the financial services sector, including roles
with Societe Generale and Scotia Capital, associated with financing
and merger and acquisition activities for clients in various
sectors of the energy industry. Mr. Nelly will continue to report
to Mr. Bulawa.
Enterprise Products Partners L.P. is one of the largest publicly
traded partnerships and a leading North American provider of
midstream energy services to producers and consumers of natural
gas, NGLs, crude oil, refined products and petrochemicals. Our
services include: natural gas gathering, treating, processing,
transportation and storage; NGL transportation, fractionation,
storage and import and export terminals; crude oil and refined
products transportation, storage and terminals; offshore production
platforms; petrochemical transportation and services; and a marine
transportation business that operates primarily on the United
States inland and Intracoastal Waterway systems and in the Gulf of
Mexico. The partnership’s assets include approximately 51,000 miles
of onshore and offshore pipelines; 225 million barrels of storage
capacity for NGLs, crude oil, refined products and petrochemicals;
and 14 billion cubic feet of natural gas storage capacity.
This press release includes “forward-looking statements” as
defined by the Securities and Exchange Commission. All statements,
other than statements of historical fact, included herein that
address activities, events, developments or transactions that
Enterprise and its general partner expect, believe or anticipate
will or may occur in the future are forward-looking statements.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from expectations, including required approvals by regulatory
agencies, the possibility that the anticipated benefits from such
activities, events, developments or transactions cannot be fully
realized, the possibility that costs or difficulties related
thereto will be greater than expected, the impact of competition,
and other risk factors included in Enterprise’s reports filed with
the Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of their dates. Except as required by law, Enterprise
does not intend to update or revise its forward-looking statements,
whether as a result of new information, future events or
otherwise.
Enterprise Products Partners L.P.Randy Burkhalter, (713)
381-6812Investor RelationsorRick Rainey, (713) 381-3635Media
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