23.07.2007 13:00:00
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Enterprise Products Partners Elects Creel President and CEO; Fowler Elected Chief Financial Officer
Enterprise Products Partners L.P. (NYSE:EPD) today announced the board
of directors of its general partner has elected Michael A. Creel
president and chief executive officer and that he will continue in his
current role as a director of the general partner. Mr. Creel succeeds
Dr. Ralph S. Cunningham, who resigned as interim president and chief
executive officer (CEO) of the general partner of Enterprise Products
Partners. In connection with these changes, Mr. Creel has resigned as
director, president and CEO of the general partner of Enterprise GP
Holdings L.P. (NYSE:EPE), whose general partner board of directors has
appointed Dr. Cunningham as director, president and CEO. Mr. Creel also
resigned as chief financial officer (CFO) of Enterprise Products Partners’
general partner, a position he has held since 2000.
"Mike’s strong
leadership and success in building a solid financial foundation for the
partnership has been instrumental in establishing Enterprise as one of
today’s premier midstream energy players,”
said Dan L. Duncan, chairman of Enterprise Products Partners. "In
his new role, Mike will be directly involved in implementing strategic
initiatives that will drive the continued growth of our integrated
energy value chain.” Mr. Duncan added that
executive management responsible for commercial and business development
functions within the partnership will report to Mr. Creel.
A certified public accountant with over 27 years of experience in the
energy industry, Mr. Creel has served as executive vice president for
the general partner of Enterprise Products Partners since 2001 and was
elected senior vice president in 1999. Prior to joining Enterprise, Mr.
Creel held a number of executive management positions with Shell
affiliate Tejas Energy and NorAm Energy Corp. He is a graduate of
McNeese State University in Lake Charles, Louisiana, where he earned a
bachelor’s degree in accounting.
The board of the general partner of Enterprise Products Partners has
elected W. Randall (Randy) Fowler as chief financial officer to succeed
Mr. Creel and also promoted Mr. Fowler to executive vice president. Mr.
Fowler was also elected to these same positions at the general partner
of Duncan Energy Partners L.P. (NYSE:DEP) by its board of directors. Mr.
Fowler will continue in his current capacity as director of both boards,
as well as executive vice president and CFO of the general partner of
EPE.
Mr. Fowler joined Enterprise in January of 1999 as director of investor
relations and was elected treasurer and vice president of the general
partner of Enterprise Products Partners in August of 2000. He was
promoted to senior vice president of the general partner of EPD in
February of 2005. A certified public accountant (inactive), Mr. Fowler
has more than 25 years of finance and accounting experience in the
energy industry, having worked for NorAm Energy Corp., ArkLa Exploration
Company, and Butler-Johnson, Inc. He holds a bachelors degree in
accounting and a masters degree in finance from Louisiana Tech
University.
In other actions, the board of directors of the general partner of
Enterprise Products Partners elected William (Bill) Ordemann as chief
operating officer to succeed Dr. Ralph S. Cunningham and promoted him to
executive vice president. Mr. Ordemann reports to Mr. Creel and will be
responsible for the Operations, Engineering and Environmental Health,
Safety & Training functions within the shared services group. Mr.
Ordemann will also hold this same position at EPE after being elected by
its board of directors.
Since joining Enterprise in 1999, Mr. Ordemann has been responsible for
asset management and business development in the natural gas processing
and natural gas liquids businesses and has been instrumental in
Enterprise’s growth in this area, most
recently in the development and execution of the partnership’s
Rocky Mountain growth initiative. Prior to joining Enterprise, he held
numerous managerial positions in Operations, Engineering and Commercial
areas for affiliates of Shell Oil Company. He holds a bachelor’s
degree in chemical engineering from Virginia Tech.
The actions of the various boards of directors will become effective
Aug. 1, 2007.
Enterprise Products Partners L.P. is a publicly traded partnership with
an enterprise value of more than $19 billion that provides midstream
energy services to producers and consumers of natural gas, natural gas
liquids and crude oil in North America. Enterprise transports natural
gas, NGLs and crude oil through more than 35,000 miles of onshore and
offshore pipelines. Services include natural gas transportation,
gathering, processing and storage; NGL fractionation (or separation),
transportation, storage, and import and export terminaling; crude oil
transportation and offshore production platform services. Additional
information about the partnership is available at www.epplp.com.
Enterprise Products Partners L.P. is managed by its general partner,
Enterprise Products GP, LLC, which is wholly owned by Enterprise GP
Holdings L.P., a publicly traded GP partnership with an enterprise value
of more than $6 billion. For more information on Enterprise GP Holdings
L.P., visit its website at www.enterprisegp.com.
Duncan Energy Partners is a publicly traded partnership that provides
midstream energy services, including gathering, transportation,
marketing and storage of natural gas, in addition to transportation and
storage of natural gas liquids (NGLs) and petrochemicals. Duncan Energy
Partners’ assets, located primarily in the
Gulf Coast region of Texas and Louisiana, include interests in more than
1,000 miles of natural gas pipelines with a transportation capacity of
approximately 1 billion cubic feet per day; nearly 600 miles of NGL and
petrochemical pipelines featuring access to the world’s
largest fractionation complex at Mont Belvieu, Texas; and 33 underground
salt dome caverns with about 100 million barrels of NGL storage
capacity. Additional information about Duncan Energy Partners is
available at www.deplp.com.
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