From Crosstex energies today:
DALLAS – February 28, 2014 -- Crosstex Energy, L.P. (NASDAQ: XTEX) and Crosstex Energy, Inc. (the “Corporation”) (NASDAQ: XTXI) (collectively “Crosstex”) today announced 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 (“Devon”) and certain of its subsidiaries (the “Transaction”).
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:
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:
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.”
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:
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.”
About EnLink Midstream
On October 21, 2013, Crosstex and Devon (NYSE: DVN) announced their agreement to combine substantially all of Devon's U.S. midstream assets with Crosstex's assets to form a new midstream business. Following the closing of the Transaction, two publicly traded entities will exist: the master limited partnership, whose name will change upon closing from Crosstex Energy, L.P. to EnLink Midstream Partners, LP, and a publicly traded general partner entity, which will be called EnLink Midstream, LLC. Applications have been filed to list the common units of both EnLink Midstream Partners, LP and EnLink Midstream, LLC on the New York Stock Exchange upon the closing under the symbols "ENLK" and "ENLC", respectively. The new website for EnLink Midstream will be available at www.enlink.com. The Transaction, which is expected to close in the first quarter of 2014, is subject to approval by the stockholders of the Corporation as well as other customary closing conditions.
About the Crosstex Energy Companies
Crosstex Energy, L.P. (NASDAQ: XTEX) is an integrated midstream energy partnership headquartered in Dallas that offers diversified, tailored customer solutions spanning the energy value chain with services and infrastructure that link energy production with consumption. XTEX operates approximately 3,500 miles of natural gas, natural gas liquids and oil pipelines, 9 natural gas processing plants and four fractionators, as well as barge and rail terminals, product storage facilities, brine disposal wells and an extensive truck fleet. XTEX has the right platform, the right opportunities and the right people to pursue its growth-focused business strategy.
Crosstex Energy, Inc. (NASDAQ: XTXI) owns the general partner interest, the incentive distribution rights and a portion of the limited partner interests in Crosstex Energy, L.P. as well as the majority interest in E2, a services company focused on the Utica Shale play in the Ohio River Valley.
Additional information about the Crosstex companies can be found at www.crosstexenergy.com.
Additional Information and Where to Find It
This press release contains information about the proposed merger involving a Devon entity and a Crosstex entity. In connection with the proposed merger, EnLink Midstream, LLC (formerly known as New Public Rangers, L.L.C.) filed with the SEC a registration statement on Form S-4 that includes a proxy statement/prospectus for the Corporation's stockholders. The Corporation commenced the mailing of the final proxy statement/prospectus to stockholders on February 6, 2014. Investors and stockholders are urged to read the proxy statement/prospectus and other relevant documents filed or to be filed with the SEC. These documents and any other documents filed by Crosstex or Devon with the SEC, may be obtained free of charge at the SEC's website, at www.sec.gov. In addition, stockholders will be able to obtain free copies of the proxy statement/prospectus from the Corporation by contacting Investor Relations by mail at Attention: Investor Relations, 2501 Cedar Springs, Dallas, Texas 75201.
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