– USA, OK – Williams (NYSE: WMB) announced today that Keith Meister has been elected to the company’s Board of Directors.
Meister currently serves as Managing Partner and Chief Investment Officer of Corvex Management LP. Williams, Corvex and Soroban Capital Partners in February reached an agreement under which Meister would be appointed to the Williams Board of Directors at the regularly scheduled November 2014 board meeting. Eric Mandelblatt, Managing Partner of Soroban, was appointed to the Williams Board of Directors in February as part of the agreement.
Prior to founding Corvex, Meister served from 2002 to 2010 in a range of leadership roles within the organization headed by Carl C. Icahn, including as Chief Executive Officer and Vice Chairman of the general partner of Icahn Enterprises LP (NYSE: IEP). Meister has previously served as a director of numerous other companies including: Motorola Mobility, Motorola, Inc., XO Holdings, Federal Mogul, American Railcar Industries, The ADT Corporation and Ralcorp Holdings, Inc.
“Corvex’s continued substantial investment in Williams demonstrates Keith Meister’s confidence in the company’s ability to continue delivering sector-leading growth in shareholder value,” said Alan Armstrong, Williams’ president and chief executive officer. “We welcome Keith to the board, and we are looking forward to working with him to create an even stronger and more valuable company.”
Corvex Management LP (“Corvex”) is a fundamental based, value-oriented investment firm with over $6.5 billion in assets under management. Corvex focuses on investing in high quality, US businesses under-going change in industries with positive secular tailwinds.
Williams, headquartered in Tulsa, Okla., is one of the leading energy infrastructure companies in North America. It owns controlling interests in both Williams Partners L.P. and Access Midstream Partners, L.P. through its ownership of 100 percent of the general partner of each partnership. Additionally, Williams owns approximately 66 percent and 50 percent of the limited partner units of Williams Partners L.P. and Access Midstream Partners, L.P., respectively.
Williams Partners L.P. owns and operates both on-shore and off-shore assets of approximately 15,000 miles of natural gas gathering and transmission pipelines, 1,800 miles of NGL transportation pipelines, an additional 11,000 miles of oil and gas gathering pipelines and numerous other energy infrastructure assets. The partnership’s operated facilities have daily gas gathering capacity of approximately 11 billion cubic feet, processing capacity of approximately 7 billion cubic feet, NGL production of more than 400,000 barrels per day and domestic olefins production capacity of 1.95 billion pounds of ethylene and 114 million pounds of propylene per year.
Access Midstream Partners, L.P. owns and operates natural gas midstream assets across nine states, with an average net throughput of approximately 4.13 billion cubic feet per day and more than 6,773 miles of natural gas gathering pipelines. Headquartered in Oklahoma City, the partnership’s operations are focused on the Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica Shales and the Mid-Continent region of the U.S.
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