DENVER--(BUSINESS WIRE)--Jan. 2, 2013--
DCP Midstream LLC and DCP Midstream Partners LP (NYSE:DPM) (“Partners”)
today announced the following management and board changes effective
Jan. 1, 2013:
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Tom O’Connor will retire as CEO of DCP Midstream LLC, but will remain
as chairman of the board for both DCP Midstream LLC and DCP Midstream
GP LLC, the general partner of Partners (“the General Partner”), until
an appointed time in 2013.
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Wouter van Kempen, formerly chief operating officer and president of
DCP Midstream LLC, will become CEO and president of DCP Midstream LLC
and CEO of the General Partner.
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William Waldheim, president of the General Partner will join the
General Partner’s board of directors and will continue to have the
primary responsibility for the day to day operations of Partners.
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As previously announced, Mark Borer, CEO of the General Partner,
retired on Dec. 31, 2012.
“In 2012, DCP Midstream’s board of directors extended Wouter’s
responsibilities in acknowledgement of his tremendous track record of
growing businesses and building value for customers and investors. The
time is now right for Wouter to seize the baton to deliver on the next
era of growth for the DCP enterprise as a whole. Once again, Wouter’s
appointment underscores the overall management strength at DCP and the
dedicated focus we have placed on succession planning. I’m proud of our
discipline in preparing Wouter for this eventuality,” O’Connor said.
“It is a tremendous privilege to lead the DCP enterprise following Tom’s
terrific stewardship. I am pleased Tom will be part of the transition
over the next year through his board leadership in addition to his
previous dedicated mentorship in preparing me for this succession. The
DCP enterprise has been delivering on an ambitious slate of projects and
has over $5 billion to $7 billion in growth projects identified to grow
our footprint as a vertically integrated midstream company. Working with
our talented senior leadership, we have been creative in introducing
both midstream and downstream solutions for our customers and will
continue to build much needed gas processing capacity and NGL
infrastructure to meet the country’s energy needs. We will continue to
balance growth with our unwavering emphasis on operational excellence
and safety in all we do,” van Kempen said.
Prior to serving as chief operating officer and president, van Kempen
was president of gathering and processing, and president of the
midcontinent business unit and chief development officer for the
combined enterprise. Prior to joining DCP Midstream LLC in 2010, he was
president of Duke Energy Generation Services. Van Kempen joined Duke
Energy in 2003 as managing director of mergers and acquisitions before
rising to vice president of mergers and acquisitions. Prior to Duke
Energy, he was employed by General Electric, where he served in
increasing roles of responsibility becoming the staff executive for
corporate mergers and acquisitions in 1999. Van Kempen graduated from
Erasmus University Rotterdam with a master’s degree in business
economics. He has extensive business and financial training from General
Electric, Harvard Business School, Kellogg Graduate School and IMD
International Switzerland.
Waldheim is currently president of the General Partner and has held that
position since August 2012. Prior to that time he was president of the
natural gas liquids, gas, and crude oil logistics business unit for DCP
Midstream LLC, a position he held since 2011. Prior to that time, he
held several executive positions within DCP Midstream LLC. Waldheim
graduated from the University of Arizona with a bachelor’s degree in
business and public administration, with a major in accounting. In
addition, Waldheim is a graduate from Harvard’s Advanced Management
Program.
DCP Midstream LLC leads the midstream segment as the second-largest
natural gas gatherer and processor, the largest natural gas liquids
producer and one of the largest marketers in North America. DCP
Midstream operates in 18 states across major producing regions. The
company is a 50:50 joint venture between Spectra Energy and Phillips 66.
It owns the general partner of DCP Midstream Partners LP, a master
limited partnership, and provides operational and administrative support
to the partnership. DCP Midstream is the largest oil and gas company and
the largest private company in Denver, the city of its headquarters, and
is the Top Company Winner for Energy/Natural Resources in Colorado as
recognized by ColoradoBiz. For more information, visit the DCP Midstream
website at www.dcpmidstream.com.
DCP Midstream Partners LP (NYSE: DPM) is a midstream master limited
partnership engaged in the business of gathering, compressing, treating,
processing, transporting, storing and selling natural gas; producing,
fractionating, transporting, storing and selling NGLs and condensate;
and transporting, storing and selling propane in wholesale markets. DCP
Midstream Partners LP is managed by its general partner, DCP Midstream
GP LLC, which is wholly owned by DCP Midstream LLC, a joint venture
between Spectra Energy and Phillips 66. For more information, visit the
DCP Midstream Partners LP website at www.dcppartners.com.
This press release may contain forward-looking statements as defined
under the federal securities laws, including projections, estimates,
forecasts, plans, and objectives. Although management believes that
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will prove
to be correct. In addition, these statements are subject to certain
risks, uncertainties, and other assumptions that are difficult to
predict and may be beyond our control. If one or more of these risks or
uncertainties materialize, or if underlying assumptions prove incorrect,
DCP Midstream Partners’ actual results may vary materially from what
management anticipated, estimated, projected, or expected. Other key
risk factors that may have a direct bearing on DCP Midstream Partners’
results of operations and financial condition are described in detail in
DCP Midstream Partners’ periodic reports filed with the Securities and
Exchange Commission. Investors are encouraged to closely consider the
disclosures and risk factors contained in DCP Midstream Partners’
reports filed from time to time with the Securities and Exchange
Commission. DCP Midstream Partners undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events, or otherwise.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130102006104/en/
Source: DCP Midstream LLC
DCP Midstream
Lisa Newkirk, 303-605-1837
24-Hour: 303-829-1953
or
DCP
Midstream Partners
Jonni Anwar, 303-605-1868
24-Hour:
303-887-5419