|By Marketwired .||
|February 11, 2014 05:06 PM EST||
HOUSTON, TX -- (Marketwired) -- 02/11/14 -- Midcoast Holdings, L.L.C. (MH), the general partner of Midcoast Energy Partners, L.P. (Midcoast Partners) (NYSE: MEP), today announced the election of James G. Ivey, John A. Crum and Edmund P. Segner to its Board of Directors, effective Feb. 10, 2014.
"Midcoast is very pleased with the additions of Jim Ivey, John Crum and Ed Segner to its Board of Directors," said Greg Harper, president, Gas Pipelines and Processing, Enbridge Inc. As previously announced on Jan. 13, Harper will become principal executive officer of MH, effective Feb. 28, 2014. "Each brings considerable experience and expertise in their respective areas of specialty that will provide tremendous depth and strategic insight to the MH Board. Jim is well-versed in MLP corporate governance and finance, John brings a sharp commercial mind as well as the deep operational understanding, and Ed has strong board experience and is a known financial expert."
James G. Ivey has more than 40 years in the energy industry, including extensive experience in the E&P, MLP midstream sectors in both engineering and finance. Mr. Ivey founded Pintail Energy in 2013, and formerly worked for Milagro Exploration as president from 2010 to 2012 and as executive vice president and chief financial officer from 2009 to 2010. He also served as executive vice president and chief financial officer of Cobalt International Energy from 2006 to 2009. Mr. Ivey also held various roles with Markwest Hydrocarbon, Williams Companies, Arkla Gas, Conoco and Fluor between 1973 and 2006.
John A. Crum has close to 40 years in the energy industry, with a strong knowledge of engineering, operations and management. Mr. Crum has served as chairman, president and chief executive officer of Midstates Petroleum Company since 2011. He also held a variety of roles with Apache Corp., between 1995 and 2011, most recently serving as co-chief operating officer and president, North America. Between 1975 and 1995, Mr. Crum held positions with Aquila Energy Corporation, Pacific Enterprises Oil Company, Southland Royalty Company, Keplinger and Associates and Conoco.
Edmund P. Segner has more than 30 years of experience in the energy industry, with a focus on E&P finance and general management. Mr. Segner currently serves as a professor at Rice University, focusing on civil and environmental engineering. Mr. Segner served in various positions at EOG Resources between 1997 and his retirement in 2008, including president, director, chief of staff and principal finance officer. Mr. Segner also held various positions at Enron between 1988 and 1997.
"The elections of Jim Ivey, John Crum and Ed Segner round out the MH Board, which is chaired by Dan A. Westbrook, and further bolster the strong management team in place for Midcoast Partners as we work to grow the company's U.S. natural gas and NGL midstream business," concluded Terry McGill, president, MH.
Dan A. Westbrook is chairman of the board and was elected a director of MH in Oct. 2013, and is a member of the board's Audit, Finance & Risk Committee. He has served since 2007 as a director of Enbridge Energy Company, Inc., and Enbridge Energy Management, L.L.C. and is a member of the boards' Audit, Finance & Risk Committees. From 2001 to 2005, Mr. Westbrook served as president of BP China Gas, Power & Upstream and as vice-chairman of the board of directors of Dapeng LNG, a Sino joint venture between BP subsidiary CNOOC Gas & Power Ltd. and other Chinese companies. He held executive positions with BP in Argentina, Houston, Russia, Chicago and The Netherlands before retiring from the company in January 2006.
J. Herb England, a board member of Enbridge Energy Management, Enbridge Energy Company, Inc., since 2010 and Enbridge Inc. since 2007, was elected a director of the board of MH in Oct. 2013 and was elected as the chairman of the board's Audit, Finance and Risk Committee in Oct. 2013. Mr. England has been chair and chief executive officer of Stahlman-England Irrigation Inc. in southwest Florida since 2000. Previously, Mr. England was the chief executive officer of Sweet Ripe Drinks Ltd. and held various executive positions with John Labatt Limited in the food, dairy and brewing industries. Mr. England has served on the Enbridge Inc. board of directors since 2007.
About Midcoast Energy Partners, L.P.
Midcoast Energy Partners, L.P. (NYSE: MEP), is a limited partnership formed by Enbridge Energy Partners, L.P ("Enbridge Partners") to serve as Enbridge Partners' primary vehicle for owning and growing its natural gas and natural gas liquids (NGLs) midstream business in the United States. Our assets consist of a 39 percent controlling interest in Midcoast Operating, L.P., a Texas limited partnership that owns a network of natural gas and NGL gathering and transportation systems, natural gas processing and treating facilities and NGL fractionation facilities primarily located in Texas and Oklahoma. Midcoast Operating also owns and operates natural gas, condensate and NGL logistics and marketing assets that primarily support its gathering, processing and transportation business. Through our ownership of Midcoast Operating's general partner, we control, manage and operate these systems.
Enbridge Energy Partners, L.P. (NYSE: EEP), owns 100 percent of Midcoast Holdings, LLC, the general partner of Midcoast Partners, and holds an approximate 54 percent interest in Midcoast Partners. Enbridge Partners owns and operates a diversified portfolio of crude oil and, through Midcoast Partners, natural gas transportation systems in the United States. Its principal crude oil system is the largest pipeline transporter of growing oil production from western Canada and the North Dakota Bakken formation. Enbridge Partners is recognized by Forbes as one of the 100 Most Trustworthy Companies in America.
Forward Looking Statements
This news release includes forward-looking statements, which are statements that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "projection," "should," "strategy," "target," "will" and similar words. Although we believe that such forward-looking statements are reasonable based on currently available information, such statements involve risks, uncertainties and assumptions and are not guarantees of performance. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond the ability of Midcoast Energy Partners, L.P. ("MEP") to control or predict. Specific factors that could cause actual results to differ from those in the forward-looking statements include: (1) risk related to the securities markets generally; (2) changes in the demand for or the supply of, forecast data for, and price trends related to crude oil, liquid petroleum, natural gas and natural gas liquids, including the rate of development of the Alberta Oil Sands; (3) MEP's ability to successfully complete and finance expansion projects; (4) the effects of competition, in particular, by other pipeline and gathering systems, as well as other processing and treating plants; (5) shut-downs or cutbacks at MEP's facilities or refineries, petrochemical plants, utilities or other businesses for which MEP transports products or to whom MEP sells products; (6) hazards and operating risks that may not be covered fully by insurance; (7) changes in or challenges to MEP's rates; and (8) changes in laws or regulations to which MEP is subject, including compliance with environmental and operational safety regulations that may increase costs of system integrity testing and maintenance.
In addition to the risks listed above, other risks include those detailed from time to time in Midcoast Partners' Securities and Exchange Commission, or SEC, reports, including, without limitation, in Midcoast Partners' prospectus related to its initial public offering, dated November 6, 2013 and filed with the United States Securities and Exchange Commission on November 8, 2013, and any subsequently filed annual, quarterly or current reports, which filings are available to the public at the SEC's website (www.sec.gov).
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