CenterPoint Energy Names Two Directors to Enable GP Board
HOUSTON, Aug. 4, 2020 /PRNewswire/ -- CenterPoint Energy, Inc. (NYSE: CNP) today announced that former Anadarko Petroleum Chief Executive Officer Al Walker and President Robert G. Gwin have been named to the Board of Directors (Board) of the general partner of Enable Midstream Partners, LP, Enable GP, LLC, as representatives of CenterPoint Energy. CenterPoint Energy owns 53.7 percent of the common units representing limited partner interests in Enable Midstream Partners, a publicly traded master limited partnership that owns, operates and develops strategically located natural gas and crude oil infrastructure assets.
CenterPoint Energy and OGE Energy Corporation each have 50% of the management interests in Enable GP. Enable GP is governed by a board of directors made up of two representatives designated by each of CenterPoint Energy and OGE Energy, along with Enable Midstream Partners' Chief Executive Officer and three independent Board members CenterPoint Energy and OGE Energy mutually agreed to appoint.
"Bob and Al, on behalf of CenterPoint Energy, will bring to the Enable Board accomplished industry executives with a deep knowledge of and successful track record with master limited partnerships," said Dave Lesar, President and Chief Executive Officer of CenterPoint Energy. "They will be outstanding additions to the Enable Board and will support our continued focus on driving value from CenterPoint Energy's investment in Enable."
Lesar added, "Also, as Chairman of the Business Review and Evaluation Committee of CenterPoint Energy's Board, I believe Bob's and Al's appointments to the Enable Board are consistent with the Committee's goal to take actions that will strengthen our long-term performance. While the Committee is expected to conclude its work and make recommendations to the CenterPoint Energy Board by October 2020, this demonstrates we will not hesitate to capitalize on opportunities we believe will optimize value for our business investments."
Gwin will serve as Chairman of the Board of Enable and Walker will serve on its Compensation Committee.
About Al Walker
Walker served as President, Chief Executive Officer and director of Anadarko from 2012 to 2019, assuming the additional title of Chairman of the Board in 2013. He joined the company in 2005 as Senior Vice President-Finance and CFO, later becoming COO in 2009. He served as Chairman of the Board of Western Gas Partners, LP at the time of its Initial Public Offering in 2008, later serving as a director when Gwin became Chairman. Western, a large U.S. oil and natural gas midstream company formed by Anadarko, had a market capitalization of approximately $16 billion at the time of Anadarko's approximate $58 billion enterprise value merger with Occidental Petroleum Corporation in August 2019.
Walker was appointed to the Board of Directors of ConocoPhillips in March 2020, and serves on the boards of BOK Financial Corporation and Health Care Services Corporation. He is Vice-Chairman and a member of the Executive Committee of the Business Council, Chair of the Board of Trustees of the Houston Museum of Natural Science, and a Senior Advisor to Crane Capital.
About Robert G. Gwin
Gwin was President of Anadarko until August 2019 when the company was purchased by Occidental Petroleum. He previously was Executive Vice President, Finance and Chief Financial Officer of Anadarko from 2009 to 2018. Gwin joined Anadarko in 2006 and was a member of Anadarko's Executive Committee since 2008. From 2007 through 2010, he also served as President and CEO of Western Gas Partners.
Gwin was appointed to the Board of Directors of Pembina Pipeline Corporation in May 2020. He served as the Chairman of the Board of both Western Gas Partners and its general partner Western Gas Equity Partners, LP from 2010 to 2019, and as a director of both entities beginning in 2007. Gwin was also the Chairman of LyondellBasell Industries, N.V. from 2013 to 2018, where he served as a director beginning in 2011. He holds a Bachelor of Science degree from the University of Southern California and a Master of Business Administration degree from the Fuqua School of Business at Duke University, and also earned the Chartered Financial Analyst (CFA) designation from the CFA Institute.
About CenterPoint Energy
As the only investor-owned electric and gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission & distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas. As of March 31, 2020, the company owns 53.7 percent of the common units representing limited partner interests in Enable Midstream Partners, LP, a publicly traded master limited partnership that owns, operates and develops strategically located natural gas and crude oil infrastructure assets. With approximately 9,600 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.
Forward Looking Statement
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this news release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "objective," "plan," "potential," "predict," "projection," "should," "target," "will" or other similar words are intended to identify forward-looking statements. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Any statements in this news release regarding future events, such as CenterPoint Energy's potential business strategies and initiatives, including any recommendations of the Business Review and Evaluation Committee of CenterPoint Energy's Board, the anticipated timing thereof and any resulting courses of action taken, expectations with respect to the ownership interest in Enable, and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this release. Important factors that could cause actual results to differ materially from those indicated by the provided forward-looking information include risks and uncertainties relating to: (1) the impact of COVID-19; (2) financial market conditions; (3) general economic conditions; (4) the timing and impact of future regulatory and legislative decisions; (5) effects of competition; (6) weather variations; (7) changes in business plans; and (8) other factors, risks and uncertainties discussed in CenterPoint Energy's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, CenterPoint Energy's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission.
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SOURCE CenterPoint Energy, Inc.