Mr. Lancaster will serve on the Compensation and Finance Committees of the Crestwood board. He currently serves on the board of Oasis Petroleum as a member of the Compensation Committee and the Nominating, Environmental, Social & Governance Committee. Mr. Lancaster contributes significant financial knowledge and investment experience to the Crestwood board. He is currently a Managing Partner of Oyster Creek, LLC, an investment and advisory from established in 2020, and serves on the Board of Directors for Aquadrill LLC, a provider of deepwater oshore drilling services globally. Mr. Lancaster was previously with Riverstone Holdings, LLC, where he spent 20 years investing in and developing companies across the energy industry, including the midstream sector in North America and Europe. He has previously served as a director of Magellan Midstream Partners, L.P., Cobalt International Energy, Inc., Liberty Oileld Services, Petroplus Holdings AG, as well as numerous private companies. Mr. Lancaster holds a Bachelor of Business Administration from the University of Texas and a Master of Business Administration from Harvard Business School.
“As we close the Oasis Midstream merger, I am pleased to welcome John Jacobi and John Lancaster to the Crestwood board. They are veterans of the energy industry and we will benet from their extensive experience in the upstream and financial sectors. The addition of these independent directors will further strengthen Crestwood’s leading MLP corporate governance model and our important working relationship with Oasis Petroleum. The new Crestwood board, comprised of a combination of legacy Crestwood directors, recently recruited independent directors and Oasis Petroleum appointees will be well suited to drive Crestwood’s long-term strategy through a disciplined, returns focused business model of generating positive free cashflow while maintaining financial strength and exibility, as we focus on building unitholder value,” stated Robert G. Phillips, Chairman, Founder and Chief Executive Ocer of Crestwood’s general partner.
Additionally, effective January 31, 2022, Mr. Alvin Bledsoe has resigned from the Board of Directors and as Chair of the Audit Committee. Mr. Bledsoe’s resignation was as result of a post-merger potential independence issue related to Oasis Petroleum’s current audit from and was not due to any disagreement or concern regarding Crestwood, its auditors, or its management team. Ms. Angela Minas, currently a member of the Audit Committee, will take over the role of Chair.
Mr. Phillips added, “On behalf of the Crestwood organization, I want to thank Al Bledsoe for his many years of dedicated service to the Crestwood board. As an original director of Quicksilver Gas Services, a Crestwood predecessor company acquired in 2010, Al has provided wise counsel and seasoned perspective to our management team as we shaped the partnership over the last decade through multiple acquisitions and divestitures. With his help, our board has provided solid strategic guidance to position the company where it is today as a midstream leader in sustainability, transparency and operational excellence.”
Following these changes, the Crestwood Board of Directors will consist of ten members of which 90% are independent, 30% are female representatives, and 50% have three or less years of tenure. In 2021, Crestwood transitioned to a publicly elected board and will hold its rst board elections and annual unitholders meeting in May 2022.
