EnLink Midstream Announces Changes to Board of Directors

Rhea-AI Summary

EnLink Midstream (NYSE: ENLC) announced changes to its Board of Directors following ONEOK's acquisition of Global Infrastructure Partner's (GIP) 43% equity interest in ENLC and EnLink Manager. Three new directors from ONEOK have been appointed:

1. Pierce H. Norton II - Board Chairman and Chairman of Governance and Compensation Committee
2. Walter S. Hulse III - Member of Sustainability Committee
3. Lyndon C. Taylor - Member of Governance and Compensation Committee

These appointments reflect ONEOK's new controlling interest. Leldon E. Echols remains as Lead Independent Director. The departing directors are Matthew C. Harris, Benjamin M. Daniel, and Scott E. Telesz from GIP. EnLink's CEO, Jesse Arenivas, expressed gratitude for GIP's contributions and welcomed the new ONEOK directors, highlighting their extensive midstream and energy experience.

Positive

• ONEOK's acquisition of 43% equity interest in ENLC strengthens the company's ownership structure
• Appointment of three experienced ONEOK directors brings extensive midstream and energy expertise to the Board
• Continuity maintained with Leldon E. Echols remaining as Lead Independent Director

Negative

• Departure of three GIP directors may result in loss of their specific expertise and perspectives

Changes reflect new ONEOK controlling interest 

DALLAS, Oct. 15, 2024 /PRNewswire/ -- EnLink Midstream, LLC (NYSE: ENLC) (EnLink) today announced changes to the Board of Directors (Board) of EnLink Midstream Manager, LLC, the managing member of ENLC (EnLink Manager), following the October 15, 2024, closing of the transaction in which ONEOK, Inc. (NYSE: OKE) (ONEOK) acquired Global Infrastructure Partner's (GIP) entire 43% equity interest in ENLC and all of GIP's interest in EnLink Manager.

As a result of acquiring EnLink Manager, ONEOK appointed three directors to the Board who collectively have the majority voting power. Joining the Board are Pierce H. Norton II, who will serve as the Board's Chairman and will become the Chairman of the Governance and Compensation Committee, Walter S. Hulse III, who will join the Board's Sustainability Committee, and Lyndon C. Taylor, who will join the Board's Governance and Compensation Committee.  

Leldon E. Echols remains the Lead Independent Director of the Board. The departing directors are Matthew C. Harris, Benjamin M. Daniel, and Scott E. Telesz, each of GIP.

"I am thankful for GIP's contribution to our company and leadership on EnLink's Board," EnLink President and Chief Executive Officer Jesse Arenivas said. "Additionally, I am pleased to welcome the ONEOK directors to our Board, each of whom brings extensive midstream and energy experience."

New Director Biographies 
Pierce H. Norton II is president and chief executive officer of ONEOK and is a member of the ONEOK Board of Directors. Previously, Norton was president and chief executive officer of ONE Gas, Inc. for more than seven years and served as a member of the ONE Gas board. Norton worked for ONEOK for almost 10 years, having joined the company in 2004. Prior to the separation of ONE Gas in January 2014, Norton served as executive vice president, commercial, of ONEOK and ONEOK Partners.

His other roles at ONEOK included executive vice president and chief operating officer of ONEOK and ONEOK Partners, responsible for the company's natural gas gathering and processing, natural gas pipelines, natural gas liquids, natural gas distribution and energy services business segments. Norton also held the position as president of ONEOK Distribution Companies – Oklahoma Natural Gas, Kansas Gas Service and Texas Gas Service.

An Alabama native, Norton earned a Bachelor of Science degree in mechanical engineering in 1982 from the University of Alabama in Tuscaloosa and was a University of Alabama College of Engineering Distinguished Fellow. He also is a graduate of Harvard Business School's Advanced Management Program.

Walter S. Hulse III is executive vice president, chief financial officer, treasurer, investor relations and corporate development, of ONEOK.

Hulse joined ONEOK in 2015 from Spinnaker Strategic Advisory Services, LLC, which provided consulting services to mid-cap and large-cap publicly traded companies, including the review of merger and/or acquisition opportunities, debt and equity markets, corporate restructuring and potential divestitures. Hulse served as a consultant to ONEOK for many years, including during the separation of the company's natural gas distribution business into the stand-alone publicly traded company, ONE Gas.

Previously, Hulse was vice chairman of the Investment Banking Department, managing director and head of the business development group at UBS Investment Bank. Prior to that, he was head of the Global Utility Group at UBS Investment Bank. Before joining UBS through its merger with PaineWebber Incorporated, Hulse held various roles at Paine Webber and J.P. Morgan.

Hulse graduated from the Wharton School at the University of Pennsylvania with a Bachelor of Science in economics.

Lyndon C. Taylor is executive vice president, chief legal officer and assistant secretary of ONEOK.

Taylor joined ONEOK in 2023. Before joining ONEOK, he was executive vice president, chief legal and administrative officer of Devon Energy Corporation, responsible for overseeing the legal, corporate governance, compliance and government relations functions. Prior to Devon, Taylor founded and led the Houston office of Skadden Arps, serving the legal needs of numerous energy clients for 12 years. He has in-depth experience in many aspects of the energy business, including capital markets and Securities and Exchange Commission (SEC) activities, merger and acquisition (M&A) deals, commercial transactions, regulatory compliance, labor and employment matters, intellectual property and litigation.

With nearly 40 years of legal expertise, primarily in the energy space, Taylor has extensive experience guiding organizations on legal and business strategies that balance risk and company objectives, helping them to be successful in a changing market.

Taylor earned a Juris Doctor with honors from the University of Oklahoma College of Law and a Bachelor of Science in industrial engineering and management from Oklahoma State University.

About EnLink Midstream
Headquartered in Dallas, EnLink Midstream (NYSE: ENLC) provides integrated midstream infrastructure services for natural gas, crude oil, condensate, and NGLs, as well as CO₂ transportation for carbon capture and sequestration (CCS). Our large-scale, cash-flow-generating asset platforms are in premier production basins and core demand centers, including the Permian Basin, Louisiana, Oklahoma, and North Texas. EnLink is focused on maintaining the financial flexibility and operational excellence that enables us to strategically grow and create sustainable value. Visit www.EnLink.com to learn how EnLink connects energy to life.

About ONEOK
At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation and storage services. Through our more than 50,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest diversified energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.

As of Oct. 15, 2024, ONEOK is the managing member of EnLink Midstream, LLC (NYSE: ENLC) (EnLink) and owns 43% of EnLink's outstanding common units. EnLink provides integrated midstream infrastructure services for natural gas, crude oil and NGLs.  

ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.

For information about ONEOK, visit the website: www.oneok.com. For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Although these statements reflect the current views, assumptions, and expectations of ENLC's management, the matters addressed herein involve certain assumptions, risks, and uncertainties that could cause actual activities, performance, outcomes, and results to differ materially from those indicated herein. Therefore, you should not rely on any of these forward-looking statements. All statements, other than statements of historical fact, included in this press release constitute forward-looking statements, including but not limited to statements identified by the words "forecast," "may," "believe," "will," "should," "plan," "predict," "anticipate," "intend," "estimate," "expect," "continue," and similar expressions.  Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect ENLC's business are discussed in ENLC's filings with the SEC, including ENLC's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. ENLC assumes no obligation to update any forward-looking statements.

Investor Relations: Brian Brungardt, Senior Director of Investor Relations, 214-721-9353, brian.brungardt@enlink.com
Media Relations: Megan Wright, Director of Corporate Communications, 214-721-9694, megan.wright@enlink.com

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SOURCE EnLink Midstream, LLC

FAQ

What changes were made to EnLink Midstream's Board of Directors?

EnLink Midstream (ENLC) appointed three new directors from ONEOK: Pierce H. Norton II as Board Chairman, Walter S. Hulse III, and Lyndon C. Taylor. These changes followed ONEOK's acquisition of Global Infrastructure Partner's 43% equity interest in ENLC.

Who are the new directors appointed to EnLink Midstream's Board?

The new directors appointed to EnLink Midstream's Board are Pierce H. Norton II (Board Chairman), Walter S. Hulse III, and Lyndon C. Taylor, all from ONEOK. They bring extensive midstream and energy experience to the Board.

Why did EnLink Midstream (ENLC) make changes to its Board of Directors?

EnLink Midstream made changes to its Board of Directors due to ONEOK's acquisition of Global Infrastructure Partner's 43% equity interest in ENLC and EnLink Manager, giving ONEOK a controlling interest in the company.

What positions will the new EnLink Midstream (ENLC) Board members hold?

Pierce H. Norton II will serve as Board Chairman and Chairman of the Governance and Compensation Committee. Walter S. Hulse III will join the Sustainability Committee, and Lyndon C. Taylor will join the Governance and Compensation Committee.