NYSE: BPL
Buckeye Partners, L.P. One Greenway Plaza Suite 600 Houston, TX 77046Contact: Investor Relations Irelations@buckeye.com (800) 422-2825
BUCKEYE PARTNERS, L.P. ANNOUNCES CEO SUCCESSION AND APPOINTS NEW BUSINESS UNIT PRESIDENTS AS PART OF STRATEGIC ORGANIZATIONAL REALIGNMENTForrest E. Wylie to become Non-Executive Chairman as Clark C. Smith assumes CEO role
HOUSTON, January 16, 2012 - Buckeye Partners, L.P.
("Buckeye") (NYSE: BPL) announced today that Clark C. Smith,
Buckeye's President and Chief Operating Officer, has been
elected to succeed Forrest E. Wylie as Buckeye's Chief
Executive Officer and has been appointed to fill a
newly-created seat on the Board of Directors of Buckeye's
general partner (the "Board"), each effective as of February
10, 2012. Mr. Wylie will continue to serve as Non-Executive
Chairman of the Board, where he will remain active in
developing Buckeye's strategic vision. Mr. Smith will retain
the office of President of Buckeye, in addition to his new
role as Chief Executive Officer.
"As President and COO, Clark Smith has played a central role
in developing our common vision and successfully executing
our strategy, in addition to capably directing Buckeye's
operations," said Mr. Wylie. "The Board is extremely
confident in Clark's ability to lead the organization as CEO
and continue our track-record of improving financial
performance while expanding our portfolio of assets."
Mr. Smith has more than 30 years of experience in the energy
industry. He has been with Buckeye since 2007, first as a
member of the Board from October 1, 2007 to February 17, 2009
and since then as Buckeye's President and Chief Operating
Officer. Prior to joining Buckeye, Mr. Smith served as
Managing Director of Engage Investments, L.P., a private
company established to provide consulting services to and
make equity investments in energy-related businesses, from
June 2004 to June 2007. Mr. Smith was Executive Vice
President of El Paso
Corporation and President of El Paso Merchant Energy Group, a
division of El Paso Corporation,
from August 2000 until May 2003. "I am fortunate and excited
to have the opportunity to lead an organization with such
talented and entrepreneurial employees. Buckeye operates an
exceptional asset base that is well-positioned for growth and
continued success," said Smith. "I am very optimistic about
Buckeye's future."
Buckeye also announced today that, as part of a strategic
organizational realignment, it has organized its operations
into three business units and the Board has appointed Robert
A. Malecky, who will remain a Senior Vice President of
Buckeye, to be the President of its
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BPL - 2012 Management Reorganization Press Release Page 2
Domestic Pipelines and Terminals business unit, Jeremiah J.
Ashcroft III, who will remain a Senior Vice President of
Buckeye, to be the President of its Buckeye Services business
unit, and Mary F. Morgan, who will commence her employment
with Buckeye on January 23, 2012, to be
a Senior Vice President of Buckeye and the President of its
International Pipelines and Terminals business unit. Mr.
Malecky, Mr. Ashcroft, and Ms. Morgan will report to Mr.
Smith.
Each of the new business unit Presidents will have
operational and financial responsibility for one or more of
Buckeye's businesses, which will correspond to Buckeye's five
existing business segments. Mr. Malecky will be responsible
for Buckeye's existing domestic Pipelines & Terminals
segment, Ms. Morgan will lead Buckeye's existing
International Operations segment, and Mr. Ashcroft will
direct Buckeye's existing Natural Gas Storage, Energy
Services, and Development & Logistics segments.
Mr. Malecky has been with Buckeye for over 20 years. He has
served as Buckeye's Senior Vice President, Customer Services
since August 2011, and was Vice President, Customer Services
from July 2009 to August 2011 and Vice President, Marketing
from 2000 to 2009. "Bob brings tremendous industry, market,
and company knowledge to his new role," said Mr. Smith. "We
are excited to see him continue to expand Buckeye's position
in our core midstream businesses within the U.S."
Mr. Ashcroft has been the Senior Vice President, Global
Operations of Buckeye since August
2011. From May 2009 to August 2011, he was Buckeye's Vice
President, Field Operations. Prior to joining Buckeye, Mr.
Ashcroft worked for Colonial Pipeline Company in various
roles including Chief Compliance Officer and District Leader
of Colonial's 2,880-mile southeast region. Mr. Ashcroft is a
graduate of the United States Naval Academy. He spent five
years serving in the U.S. Marine Corps and saw overseas duty
in five nations. "Jerry's business savvy, enthusiasm, and
leadership abilities have made him a tremendous addition to
Buckeye," said Mr. Smith. "His myriad talents and operational
expertise will serve Jerry well in optimizing the performance
of our Energy Services, Development & Logistics, and Natural
Gas Storage businesses."
Ms. Morgan has been the President and founder of
MorganHamilton Group, which has provided logistics consulting
services to the pipeline and terminal industry, since January
2011. From
2004 to 2010, she served as Senior Vice President, Marketing
and Business Development and then as President, European
Operations for NuStar Energy. Ms. Morgan's over 30 years of
industry experience includes various roles at Kinder Morgan,
Santa Fe Pacific Pipelines, and Exxon Pipeline Company. "Mary
has a proven track record of successfully leading both
domestic and international pipeline and terminal businesses,"
said Mr. Smith. "Her substantial international experience
makes Mary especially well-suited to continue to execute the
strategic vision behind our entry into the international
marine terminal business and to strengthen Buckeye's presence
in the global petroleum marketplace."
"Since 2007, under Forrest Wylie's leadership, Buckeye has
experienced exceptional growth and has significantly
broadened the scope of its businesses," Mr. Smith stated. "In
a few short years, we have transformed the company from a
U.S. pipeline company to a global energy business having
interests in not only domestic petroleum product
transportation and storage but also international marine
terminals, petroleum product marketing, and natural gas
storage."
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BPL - 2012 Management Reorganization Press Release Page 3
Mr. Wylie added, "In light of the current breadth of
Buckeye's operations, now is the right time to realign our
business units under individual leaders who will be
accountable for the overall performance of their respective
areas. The election of these three skilled Presidents will
ensure that each of Buckeye's business units will continue to
receive the guidance and focus it needs to thrive. Buckeye
has a bright future because of its people, and I look forward
to working with Clark and his team as he leads them beyond
Buckeye's first 125 years of operations."
Buckeye also announced today that Keith E. St.Clair, its
Chief Financial Officer since November
2008, has been promoted to Executive Vice President from
Senior Vice President, and that Khalid A. Muslih has been
named Senior Vice President, Corporate Development and
Strategic Planning. Mr. Muslih has been with Buckeye since
June 2007, most recently as its Senior Vice President,
Corporate Development. "In addition to playing a leading role
in executing our business plan, Keith has been instrumental
in building the finance, accounting, and information
technology functions that were absolutely essential to the
growth we have experienced over the last four years," said
Mr. Smith. "In his expanded role, Khalid will help develop
and guide Buckeye's strategic vision and planning, in
addition to continuing to lead the company's M&A activity. I
look forward to working with both of these very capable
business leaders as we strive to continue to improve
Buckeye's performance and returns to our unitholders."
Buckeye Partners, L.P. (NYSE: BPL) is a publicly traded
partnership that owns and operates one of the largest
independent liquid petroleum products pipeline systems in the
United States in terms of volumes delivered, with over 6,000
miles of pipeline. Buckeye also owns more than
100 liquid petroleum products terminals with aggregate
storage capacity of approximately
64 million barrels, operates approximately 3,400 miles of
pipeline under agreements with major oil and chemical
companies, owns a high-performance natural gas storage
facility in Northern California, and markets liquid petroleum
products in certain regions served by its pipeline and
terminal operations. Buckeye's flagship marine terminal in
the Bahamas, BORCO, is one of the largest oil and petroleum
products storage facilities in the world, serving the
international markets as a premier global logistics hub. More
information concerning Buckeye can be found at
www.buckeye.com.
* * * * *
This press release includes forward-looking statements that
we believe to be reasonable as of today's date. Such
statements are identified by use of the words "anticipates,"
"believes," "estimates," "expects," "intends," "plans,"
"predicts," "projects," "should," and similar expressions.
Actual results may differ significantly because of risks and
uncertainties that are difficult to predict and that may be
beyond our control. Among them are (1) changes in federal,
state, local, and foreign laws or regulations to which we are
subject, including those that permit the treatment of us as a
partnership for federal income tax purposes, (2) terrorism,
adverse weather conditions, including hurricanes,
environmental releases, and natural disasters,
(3) changes in the marketplace for our products or services,
such as increased competition, better energy efficiency, or
general reductions in demand, (4) adverse regional, national,
or international economic conditions, adverse capital market
conditions, and adverse political developments, (5) shutdowns
or interruptions at the source points for the products we
transport, store, or sell, (6) unanticipated capital
expenditures in connection with the construction, repair,
or replacement of our assets, (7) volatility in the price of
refined petroleum products and the
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BPL - 2012 Management Reorganization Press Release Page 4
value of natural gas storage services, (8) nonpayment or
nonperformance by our customers, and (9) our ability to
integrate acquired assets with our existing assets and to
realize anticipated cost savings and other efficiencies. You
should read our filings with the U.S. Securities and Exchange
Commission, including our Annual Report on Form 10-K/A for
the year ended December 31, 2010 and our most recently
filed Quarterly Reports on Form 10-Q, for a more
extensive list of factors that could affect results. We
undertake no obligation to revise our forward-looking
statements to reflect events or circumstances occurring after
today's date.
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