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Western Midstream Announces Board and Officer Changes
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
Western Midstream Partners, LP (WES) announced significant changes in its board and management, effective December 17, 2021. Glenn Vangolen, the current chairman, will retire and be succeeded by Peter J. (Jeff) Bennett. Frederick A. Forthuber will join the board, bringing over 35 years of industry experience. Additionally, WES repurchased 2.5 million common units from Occidental for $50.2 million as part of a $250 million repurchase program. The repurchase was approved by the special committee of independent directors.
Positive
The board is strengthened with the addition of Frederick A. Forthuber, enhancing industry expertise.
Completion of a significant repurchase of 2.5 million common units from Occidental, indicating strong cash flow and commitment to returning value to unitholders.
Negative
Glenn Vangolen's departure may create transitional challenges in leadership.
And Announces Repurchase of Common Units From Occidental
HOUSTON--(BUSINESS WIRE)--
Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced changes to the board of directors (the “Board”) of Western Midstream Holdings, LLC, its general partner (the “General Partner”), and to its management team, as well as the repurchase of WES common units from Occidental.
In connection with his retirement from Occidental Petroleum Corporation (“Occidental”), Mr. Glenn Vangolen will resign from the Board effective December 17, 2021. Mr. Vangolen will be succeeded as chairman of the Board by Peter J. (Jeff) Bennett, a current WES Director and also President, U.S. Onshore Resources and Carbon Management, Commercial Development, at Occidental.
“We are deeply grateful for Glenn’s steady and insightful leadership through WES’s transition to a stand-alone company, which was accomplished while simultaneously navigating the public health and market-driven challenges posed by COVID-19,” said Michael Ure, President and Chief Executive Officer. “Glenn leaves WES in a strong position to execute on its strategy of returning value to unitholders, and I’d like to thank him personally, and on behalf of the Board, for his contributions.”
Mr. Ure continued, “We are delighted to have Jeff as our new Chairman. His extensive oil and gas experience has already served WES well during his tenure on the Board, and we look forward to benefitting from his leadership and vision as Chairman.”
Also effective on December 17, 2021, Mr. Frederick A. Forthuber will be joining the Board. Mr. Forthuber currently serves as President of Oxy Energy Services, LLC, a subsidiary of Occidental. In this role, he has global functional responsibility for midstream and marketing of crude oil, natural gas liquids, and natural gas, as well as Health and Safety and the oil & gas regulatory and land functions.
“We are very excited to welcome Fred to the Board,” said Mr. Ure. “He brings to us over 35 years of valuable industry experience in oil and gas operations that will be instrumental in guiding WES toward achieving its strategic financial and operational goals.”
Additionally, in connection with a reorganization within WES’s operational and engineering groups, Mr. Charles G. Griffie, Senior Vice President, Operations and Engineering of the General Partner, will depart the organization effective December 31, 2021.
“I would like to thank Charles for his leadership and numerous contributions to WES during a dynamic and challenging environment over the past several years. He has been a valuable partner and resource to me and his team at WES, and we wish him the very best in his future endeavors,” said Craig Collins, Chief Operating Officer.
WES REPURCHASES COMMON UNITS FROM OCCIDENTAL
On December 13, 2021, WES repurchased 2.5 million WES common units from Occidental for aggregate consideration of $50.2 million, as part of WES’s previously announced $250 million common unit repurchase program. The repurchase of the common units was reviewed and approved by the Partnership's Special Committee, which includes only independent members of the board of directors of WES's general partner. The Special Committee was advised by Hunton Andrews Kurth LLP as legal counsel.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP (“WES”) is a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas, and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, NGLs, and crude oil; and gathering and disposing of produced water for its customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs, and condensate on behalf of itself and as an agent for its customers under certain of its contracts.
For more information about Western Midstream Partners, LP, please visit www.westernmidstream.com.
What changes were made to the board of Western Midstream Partners (WES)?
As of December 17, 2021, Glenn Vangolen will retire, with Peter J. (Jeff) Bennett taking over as chairman and Frederick A. Forthuber joining the board.
How many common units did WES repurchase from Occidental and for what amount?
WES repurchased 2.5 million common units from Occidental for a total of $50.2 million.
What is the purpose of WES's common unit repurchase program?
The repurchase program aims to return value to unitholders, with a total authorized amount of $250 million.
Who is the new chairman of Western Midstream Partners?
Peter J. (Jeff) Bennett will become the new chairman of Western Midstream Partners effective December 17, 2021.
When was the common unit repurchase from Occidental completed?
The repurchase of common units from Occidental was completed on December 13, 2021.
