UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 30, 2015
ENTERPRISE PRODUCTS PARTNERS L.P.
(Exact name of registrant as specified in its charter)
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Delaware
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1-14323
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76-0568219
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(State or Other Jurisdiction of
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(Commission File Number)
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(I.R.S. Employer
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Incorporation or Organization)
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Identification No.)
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1100 Louisiana Street, 10th Floor
Houston, Texas 77002
(Address of Principal Executive Offices, including Zip Code)
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(713) 381-6500
(Registrant's Telephone Number, including Area Code)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b) and (c) On March 30, 2015, Enterprise Products Partners L.P. (the "Partnership") issued a press release announcing (i) that Michael A. Creel, Chief Executive Officer of the Partnership's general partner (the "General Partner") has indicated his intent to retire at the end of the 2015 calendar year, (ii) that the board of directors (the "Board") of the General Partner has elected A. James Teague (who currently serves as the General Partner's Chief Operating Officer) to succeed Mr. Creel as Chief Executive Officer of the General Partner upon Mr. Creel's retirement and (iii) that the Board has made the following additional executive management changes, effective as of April 1, 2015:
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W. Randall Fowler's role with the General Partner was changed to remove his previous title (Executive Vice President and Chief Financial Officer) and to elect him to the new position of Chief Administrative Officer. In his new role as Chief Administrative Officer, Mr. Fowler is responsible for, among other things, (i) managing the overall financial strategy of the Partnership; (ii) overseeing and providing strategic direction for the Partnership, subject to Board approval, in the areas of finance, treasury and cash management, investor relations, governmental affairs, and public relations; and (iii) providing required certifications as a co-principal financial officer of the General Partner (together with the Chief Financial Officer) regarding disclosure controls and procedures and internal control over financial reporting. In his new role as Chief Administrative Officer, Mr. Fowler also joins the General Partner's management oversight group known as the Office of the Chairman.
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Bryan F. Bulawa was elected as Senior Vice President and Chief Financial Officer of the General Partner.
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Mr. Teague (age 70) has served as Chief Operating Officer of the General Partner since September 2010 and as a director of the General Partner since July 2008. Mr. Teague served as an Executive Vice President of the General Partner from November 1999 until February 2013. In addition, he served as the General Partner's Chief Commercial Officer from July 2008 until September 2010. He served as Executive Vice President and Chief Commercial Officer of the general partner of Duncan Energy Partners L.P. ("DEP GP") from July 2008 until September 2011. He previously served as a director of DEP GP from July 2008 to May 2010. Mr. Teague joined the Partnership in connection with its purchase of certain midstream energy assets from affiliates of Shell Oil Company in 1999. From 1998 to 1999, Mr. Teague served as President of Tejas Natural Gas Liquids, LLC, then an affiliate of Shell. From 1997 to 1998, he was President of Marketing and Trading for Mapco Inc.
Prior to the management changes described above, Mr. Fowler (age 58) most recently served as Executive Vice President and Chief Financial Officer of the General Partner from August 2007 through March 2015. Mr. Fowler has served as a director of the General Partner since September 2011. He also served as President and Chief Executive Officer of DEP GP from April 2010 until September 2011 and as Executive Vice President and Chief Financial Officer of DEP GP from August 2007 to April 2010. He served as a director of DEP GP from September 2006 until September 2011. Mr. Fowler served as Senior Vice President and Treasurer of the General Partner from February 2005 to August 2007 and of DEP GP from October 2006 to August 2007. Mr. Fowler also previously served as a director of the General Partner from February 2006 to May 2010. Mr. Fowler, a Certified Public Accountant (inactive), joined the Partnership as Director of Investor Relations in January 1999.
Prior to the management changes described above, Mr. Bulawa (age 45) most recently served as Senior Vice President and Treasurer of the General Partner from October 2009 through March 2015. He previously served (i) as a director and Chairman of the Board of the general partner of Oiltanking Partners, L.P. from October 2014 to February 2015, (ii) as Senior Vice President, Chief Financial Officer and Treasurer of DEP GP from April 2010 to September 2011, (iii) as a director of DEP GP from February 2011 to September 2011, (iv) as Senior Vice President and Treasurer of DEP GP from October 2009 to April 2010, and (v) as Vice President and Treasurer of the General Partner from July 2007 to October 2009. Before joining the General Partner, Mr. Bulawa spent 13 years at Scotia Capital, where he last served as director of the firm's U.S. Energy Corporate Finance and Distribution group.
A copy of the press release referenced above is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein in its entirety.
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| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
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Exhibit Number
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Description of Exhibit
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99.1
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Press Release, dated March 30, 2015.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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ENTERPRISE PRODUCTS PARTNERS L.P.
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By: Enterprise Products Holdings LLC,
its General Partner
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Date: March 30, 2015
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By:
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/s/ Michael J. Knesek
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Name:
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Michael J. Knesek
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Title:
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Senior Vice President, Controller and Principal
Accounting Officer
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EXHIBIT INDEX
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Exhibit Number
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Description of Exhibit
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99.1
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Press Release, dated March 30, 2015.
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Exhibit 99.1
ENTERPRISE ANNOUNCES CREEL TO RETIRE YEAR END 2015;
TEAGUE TO SUCCEED CREEL AS CEO;
FOWLER, BULAWA AND NELLY PROMOTED
Houston, Texas (March 30, 2015) – Enterprise Products Partners L.P. (NYSE:EPD) today reported that Michael A. Creel, chief executive officer of Enterprise's general partner, has announced his intention to retire as of December 31, 2015. A. J. "Jim" Teague, Enterprise's chief operating officer, has been elected to succeed Mr. Creel as chief executive officer upon Mr. Creel's retirement at the end of 2015.
"Mike Creel has been an important member of Enterprise's management team and our success," said Randa Duncan Williams, non-executive chairman of Enterprise's general partner. "I would like to thank him for his sixteen years of leadership and contributions. Over the next nine months, in addition to his normal duties, Mike will be actively involved in transition activities as we prepare for his retirement."
"I am pleased to announce that Jim Teague will succeed Mike," said Ms. Williams. "Jim has also been integral to our success. His commercial experience in both the midstream and petrochemical industries is without peer. I look forward to working with Jim as we execute Enterprise's current set of growth projects and pursue new opportunities."
Mr. Teague has served as a director of Enterprise's general partner since 2008 and as chief operating officer since 2010. Mr. Teague joined Enterprise in 1999. He is a retiree of The Dow Chemical Company following a 23-year career. Mr. Teague has 40 years of experience in the midstream and petrochemical industries.
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The board of directors of Enterprise's general partner has elected to expand the office of the chairman effective April 1, 2015. Currently, the office of the chairman is comprised of Ms. Williams serving as non-executive chairman, Mr. Creel serving as chief executive officer and Mr. Teague serving as chief operating officer. The board has elected to add the role of chief administrative officer to the office of the chairman.
W. Randall Fowler has been elected to the role of chief administrative officer effective as of April 1, 2015. Mr. Fowler has served as a director of Enterprise's general partner since 2011 and as Enterprise's executive vice president and chief financial officer since 2007. He joined Enterprise in 1999, shortly after Enterprise's initial public offering. Mr. Fowler, a certified public accountant (inactive), has 35 years of finance and accounting experience in various sectors of the energy industry.
Upon Mr. Creel's retirement, the office of the chairman will be comprised of Ms. Williams as non-executive chairman, Mr. Teague as chief executive officer and Mr. Fowler as chief administrative officer.
Bryan F. Bulawa has been elected senior vice president and chief financial officer effective as of April 1, 2015. Mr. Bulawa has served as Enterprise's senior vice president and treasurer since 2009. He joined Enterprise as vice president and treasurer in 2007. Prior to joining Enterprise, Mr. Bulawa spent thirteen years in the corporate and investment banking energy division of Scotia Capital engaged in client coverage, corporate finance, project finance advisory, bank and institutional loan syndications. Mr. Bulawa will continue to report to Mr. Fowler.
Christian M. "Chris" Nelly has been elected vice president and treasurer effective as of April 1, 2015. Mr. Nelly has served Enterprise as senior director of finance since 2011. He joined Enterprise in 2008 as director, finance. Prior to joining Enterprise, Mr. Nelly served in various roles of increasing responsibility in the financial services sector, including roles with Societe Generale and Scotia Capital, associated with financing and
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merger and acquisition activities for clients in various sectors of the energy industry. Mr. Nelly will continue to report to Mr. Bulawa.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and import and export terminals; crude oil and refined products transportation, storage and terminals; offshore production platforms; petrochemical transportation and services; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico. The partnership's assets include approximately 51,300 miles of onshore and offshore pipelines; 225 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity.
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise's reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts: Randy Burkhalter, Investor Relations, (713) 381-6812
Rick Rainey, Media Relations (713) 381-3635
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