Enable Midstream Partners, LP (NYSE: ENBL) today announced that Lynn
Bourdon has submitted his resignation from the company and has stepped
down from his positions as president and chief executive officer (CEO)
of Enable GP. The board of directors of Enable Midstream’s general
partner, Enable GP, LLC, named Scott Prochazka as chairman of Enable
GP's board and appointed board member Pete Delaney as interim president
and CEO, effective immediately.
"Lynn played a critical role in positioning the company for the IPO and
in creating a solid platform for future growth,” said Prochazka,
president and CEO of CenterPoint Energy (NYSE: CNP). “We appreciate his
efforts and look forward to building on this past success and capturing
Enable’s significant growth opportunities. The board of directors will
be focused on finding an experienced leader who can continue with
Enable’s stated strategy, including extending our position into new
basins and expanding our services down the value chain to drive growth.
Pete Delaney has a deep understanding of our business, our customers and
has a proven track record in creating value for investors. The board
believes Pete is well-suited to move Enable forward while the board
conducts its search.”
Delaney, 61, is currently chairman of the board of OGE Energy Corp.
(NYSE: OGE). His experience in the energy industry includes having
served as CEO of OGE Energy since 2007 and as CEO of OGE Energy’s
natural gas midstream business that ultimately was contributed to Enable
Midstream. In connection with Delaney’s appointment as interim president
and CEO of Enable GP, and as reported earlier today, he ceased serving
as CEO of OGE Energy.
“Enable has great assets, a strong financial position, and great people
led by a seasoned leadership team,” said Delaney. “I look forward to
working with them to accelerate distribution growth and realize the
value proposition we envisioned when we formed Enable.”
According to Bourdon, “It has been rewarding to be a part of taking
Enable public and setting its strategic direction. I will always have a
part of Enable with me and can’t thank the employees enough for their
hard work and dedication. I wish Enable continued success.”
A special committee of the board will conduct the search for a permanent
CEO of Enable Midstream with the assistance of leading executive search
firm Russell Reynolds.
ABOUT ENABLE MIDSTREAM PARTNERS
Enable Midstream Partners is a publicly-traded master limited
partnership. The partnership owns, operates and develops strategically
located natural gas and crude oil infrastructure assets. The
partnership's assets include approximately 11,900 miles of gathering
pipelines, 13 major processing plants with approximately 2.3 billion
cubic feet per day of processing capacity, approximately 7,900 miles of
interstate pipelines (including Southeast Supply Header, LLC of which
the partnership owns 49.90 percent), approximately 2,300 miles of
intrastate pipelines and eight storage facilities comprising 87.5 cubic
feet of storage capacity. For more information visit EnableMidstream.com.
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements” within the
meaning of the securities laws. All statements, other than statements of
historical fact, regarding the partnership’s strategy, future
operations, financial position, estimated revenues, projected costs,
prospects, plans and objectives of management are forward-looking
statements. These statements often include the words “could,” “believe,”
“anticipate,” “intend,” “estimate,” “expect,” “project,” “forecast” and
similar expressions and are intended to identify forward-looking
statements, although not all forward-looking statements contain such
identifying words. These forward-looking statements are based on the
partnership’s current expectations and assumptions about future events
and are based on currently available information as to the outcome and
timing of future events. The partnership assumes no obligation to and
does not intend to update any forward-looking statements included
herein. When considering forward-looking statements, you should keep in
mind the risk factors and other cautionary statements described under
the heading “Risk Factors” included in our SEC filings. The partnership
cautions you that these forward-looking statements are subject to all of
the risks and uncertainties, most of which are difficult to predict and
many of which are beyond its control, incident to the ownership,
operation and development of natural gas and crude oil infrastructure
assets. These risks include, but are not limited to, contract renewal
risk, commodity price risk, environmental risks, operating risks,
regulatory changes and the other risks described under “Risk Factors” in
our SEC filings. Should one or more of these risks or uncertainties
occur, or should underlying assumptions prove incorrect, the
partnership’s actual results and plans could differ materially from
those expressed in any forward-looking statements.
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