– USA, TX – Crestwood Equity Partners LP (NYSE: CEQP) today announced the appointments of John Jacobi and John Lancaster, Jr. to the board of directors of its general partner, effective February 1, 2022.
In connection with the recently closed merger with Oasis Midstream, Oasis Petroleum Inc. (Nasdaq: OAS) received the contractual right to appoint two members to the Crestwood Board of Directors.
“As we close the Oasis Midstream merger, I am pleased to welcome John Jacobi and John Lancaster to the Crestwood board. They are veterans of the energy industry and we will benefit from their extensive experience in the upstream and financial sectors. The addition of these independent directors will further strengthen Crestwood’s leading MLP corporate governance model and our important working relationship with Oasis Petroleum. The new Crestwood board, comprised of a combination of legacy Crestwood directors, recently recruited independent directors and Oasis Petroleum appointees will be well suited to drive Crestwood’s long-term strategy through a disciplined, returns focused business model of generating positive free cash flow while maintaining financial strength and flexibility, as we focus on building unitholder value,” said Robert Phillips, Chairman, Founder, and CEO of Crestwood’s GP.
Additionally, effective January 31, 2022, Alvin Bledsoe has resigned from the Board of Directors and as Chair of the Audit Committee.
Following these changes, the Crestwood Board of Directors will consist of ten members of which 90% are independent, 30% are female representatives, and 50% have three or less years of tenure.
About John Jacobi
Mr. Jacobi will serve on the Sustainability Committee of the Crestwood board. He currently serves on the board of Oasis Petroleum, where he is the Chair of the Compensation Committee and a member of the Audit & Reserves Committee. Mr. Jacobi brings significant experience in the energy industry, particularly through his knowledge and expertise in the exploration and production sector, and currently serves as the President and CEO of Javelin Energy Partners, a subsidiary of Crescent Energy. In 2013, Mr. Jacobi co-founded Covey Park Energy, Inc. and served as its co-CEO and board member until the company was sold to Comstock Resources in 2019. Mr. Jacobi started his career with Woolf & McGee Inc. and later founded Jacobi-Johnson Energy, Inc. which was then sold to EXCO Resources. Mr. Jacobi has previously served on the board of directors of Comstock Resources and Pioneer Energy Services Corp.
He holds a Bachelor of Science in Biology from West Texas A&M University.
About John Lancaster, Jr.
Mr. Lancaster will serve on the Compensation and Finance Committees of the Crestwood board. He currently serves on the board of Oasis Petroleum as a member of the Compensation Committee and the Nominating, Environmental, Social & Governance Committee. Mr. Lancaster contributes significant financial knowledge and investment experience to the Crestwood board. He is currently a Managing Partner of Oyster Creek, LLC, an investment and advisory firm established in 2020, and serves on the Board of Directors for Aquadrill LLC, a provider of deepwater offshore drilling services globally. Mr. Lancaster was previously with Riverstone Holdings, LLC, where he spent 20 years investing in and developing companies across the energy industry, including the midstream sector in North America and Europe. He has previously served as a director of Magellan Midstream Partners, L.P., Cobalt International Energy, Inc., Liberty Oilfield Services, Petroplus Holdings AG, as well as numerous private companies.
Mr. Lancaster holds a Bachelor of Business Administration from the University of Texas and a Master of Business Administration from Harvard Business School.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage, and transportation of natural gas; storage, transportation, terminalling, and marketing of NGLs; gathering, storage, terminalling, and marketing of crude oil; and gathering and disposal of produced water.
For more information: https://www.crestwoodlp.com/
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