Western Midstream Names New Chief Executive And Chief Operating Officers

ANNOUNCES NEW BOARD OF DIRECTOR APPOINTMENTS

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Aug 08, 2019, 12:44 ET

HOUSTON, Aug. 8, 2019 /PRNewswire/ -- Today, Western Midstream Partners, LP (NYSE:WES) ("WES") announced senior management changes. Effective today, Michael P. Ure has been named President & Chief Executive Officer and Craig W. Collins has been named Senior Vice President & Chief Operating Officer of WES. Mr. Ure previously served as Senior Vice President of Business Development for Occidental (NYSE: OXY) and Mr. Collins is returning to WES having previously served as Senior Vice President & Chief Operating Officer of its predecessor, Western Gas Partners, LP from 2017 to 2018. Mr. Ure and Mr. Collins are succeeding Robin H. Fielder and Gennifer F. Kelly, respectively, in connection with the recently completed acquisition (the "Acquisition") of Anadarko Petroleum Corporation ("Anadarko") by Occidental. Jaime R. Casas, Senior Vice President, Chief Financial Officer & Treasurer, and John D. Montanti, Vice President, General Counsel & Corporate Secretary, will remain in their current positions.

"Occidental sees great value and opportunity in the excellent WES asset base and is committed to value-enhancing opportunities for both companies," said Vicki Hollub, President and CEO of Occidental.

"I am excited to lead Western Midstream through its next stage of growth," said Mr. Ure. "Occidental's acquisition of Anadarko creates a world-class portfolio of onshore U.S. assets, which includes the largest and most prolific acreage positions in the Delaware and DJ Basins. WES is uniquely positioned to benefit from this transaction through the significant opportunities to grow alongside Occidental. Additionally, we are committed to positioning ourselves as the preferred midstream provider for all producers in high-quality onshore U.S. basins."

WES also announced changes to the board of directors (the "Board") and has appointed Glenn M. Vangolen, currently Senior Vice President of Occidental, Chairman of the Board, replacing Benjamin M. Fink effective immediately. Furthermore, Marcia E. Backus, Peter J. Bennett, Oscar K. Brown, Jennifer Kirk and Michael P. Ure have all been appointed to the Board and will replace Daniel E. Brown, Robin H. Fielder, Robert G. Gwin, Mitchell W. Ingram, and Amanda M. McMillian. Milton Carroll, Chairman of the special committee has elected to resign from the Board. A replacement to serve as Chairman of the special committee will be named in due course. WES would like to thank Mr. Carroll for his leadership on the Board and wish him the best in his future endeavors.

"We appreciate the expertise and institutional knowledge of the current independent directors and we value their ongoing contributions and leadership," said Mr. Vangolen. "Additionally, I am confident that the new board members' collective insight and expertise will help to ensure that WES remains aligned with Occidental and that the underlying strength of WES's business model is preserved."

Please visit the Western Midstream Partners website at www.westernmidstream.com for further information on the senior management and Board changes.

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, natural gas liquids 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 agent for its customers under certain of its contracts.

For more information about Western Midstream Partners, LP, please visit www.westernmidstream.com.

This news release contains forward-looking statements. WES's management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release. These factors include the ability to meet financial guidance or distribution growth expectations; the ability to safely and efficiently operate WES's assets; the supply of, demand for, and price of oil, natural gas, NGLs and related products or services; the ability to meet projected in-service dates for capital growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the "Risk Factors" section of WES's most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission and in its other public filings and press releases. Western Midstream Partners, LP undertakes no obligation to publicly update or revise any forward-looking statements.

WESTERN MIDSTREAM CONTACT
Jack Spinks
Manager, Investor Relations
[email protected]
832.636.6000

SOURCE Western Midstream Partners, LP