DENVER--(BUSINESS WIRE)--Aug. 20, 2012--
DCP Midstream GP, LLC, the general partner of DCP Midstream Partners, LP
(NYSE: DPM), or the “General Partner,” today announced that CEO and
president Mark Borer informed the board of directors of his plans to
retire as CEO and from the board of directors of the General Partner at
the end of 2012. The board of directors of the General Partner has
appointed Bill Waldheim to the position of president of the General
Partner effective September 1, 2012. Mr. Borer will continue as CEO and
as a director on the General Partners’ board of directors through
December 31, 2012. In addition, Mr. Borer will continue in an advisory
role through March 2013 to further ensure a smooth transition.
Bill Waldheim is currently the president of the natural gas liquids,
gas, and crude oil logistics business unit for DCP Midstream, LLC, a
position he has held since 2011. Prior to that time, Mr. Waldheim was
president of DCP Midstream, LLC’s northern business unit since 2009 and
was responsible for executive management of commercial and operations of
assets in the Midcontinent, Rocky Mountain, Michigan and Gulf Coast
regions as well as being responsible for downstream marketing of gas,
NGLs and condensate. Prior to that time, Mr. Waldheim served in a
variety of commercial and operational executive management positions for
DCP Midstream, LLC since 1999. Prior to joining DCP Midstream, LLC, Mr.
Waldheim served in a number of executive management positions with Union
Pacific Fuels, Inc.
Mr. Waldheim, age 56, graduated from the University of Arizona with a
bachelor’s degree in business and public administration, with a major in
accounting. In addition, Mr. Waldheim is a graduate from Harvard’s
Advanced Management Program. Mr. Waldheim has over 30 years’ experience
in the energy industry where he has previously served on the boards of
various industry groups such as the National Propane Gas Association and
the Propane Education & Research Council. He also serves on the Board of
Directors for the Rocky Mountain Chapter of Junior Achievement.
“The DCP enterprise is blessed with tremendous talent within the ranks
of its senior management team,” said Tom O’Connor, the chairman of the
board of the General Partner. “The Board believes that Bill Waldheim has
the demonstrated leadership skills and capabilities to ensure the long
term growth and stability of DCP Midstream Partners, LP, or the
'Partnership' as we continue to execute on our multi-faceted growth
strategy with increased emphasis on co-investment with DCP Midstream,
LLC. Through Bill’s leadership DCP has been able to advance numerous
high value projects including Sand Hills and Southern Hills pipelines. I
would like to thank Mark for his leadership and value creation as CEO of
the Partnership over the past six years. During his tenure as CEO, the
Partnership successfully executed and financed over $2 billion of
transactions and is well positioned for continued growth with an
investment grade balance sheet and low cost of capital. Mark’s
commitment to the enterprise is further demonstrated by his desire to
transition the leadership of the Partnership through the remainder of
2012 to ensure its continued success.”
Commenting on today’s announcement, Mark Borer said, “I have been with
the DCP enterprise since 1999 and am honored to have been a key
executive during its growth into the largest NGL producer in the United
States. With a strong portfolio of DCP enterprise growth projects, the
Partnership is well positioned for its ongoing transformation to a large
scale and diversified MLP. With an effectively planned succession and
transition, now is the time for me to retire from the Partnership and
experience other avenues of personal and professional growth. It gives
me great pleasure to see the appointment of Bill Waldheim as president
of the Partnership’s general partner as I have worked with Bill for
nearly 25 years and have a great deal of respect for his broad industry
knowledge and track record of performance.”
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.
Source: DCP Midstream Partners, LP
DCP Midstream Partners, LP
Media and Investor Relations Contact:
Jonni
Anwar, 303-605-1868
24-Hour: 303-887-5419
www.dcppartners.com
