HOUSTON--(BUSINESS WIRE)--Jul. 1, 2009--
Exterran Holdings, Inc. (NYSE:EXH) and Exterran Partners, L.P.
(NASDAQ:EXLP) today announced changes in their respective management
teams and boards of directors, all effective June 30, 2009.
Exterran Holdings announced, in connection with its previously announced
management succession plan, the retirement of Stephen A. Snider as Chief
Executive Officer and the appointment of Ernie L. Danner as Chief
Executive Officer. Mr. Danner rejoined Exterran Holdings’ management
team as President and Chief Operating Officer in October 2008, and will
retain his title as President. In conjunction with his retirement, Mr.
Snider also resigned as a member of Exterran Holdings’ Board of
Directors.
In addition, Exterran Partners announced that Mr. Snider has resigned as
Chief Executive Officer of Exterran Partners’ general partner and that
Mr. Danner has been named Chief Executive Officer. Mr. Danner will
retain his title as President. Mr. Snider also resigned as Chairman and
member of the Board of Directors of Exterran Partners’ general partner,
and Mr. Danner has been named Chairman of the Board.
“Steve has been a great leader in our company over his many years of
service, and will be missed. We wish him well in his retirement,”
commented Mr. Danner. “I am excited about my new roles at Exterran. I
believe we are prepared to meet challenges in the current difficult
economic environment and remain optimistic about our long-term
potential.”
Mr. Danner served as Executive Vice President in positions of increasing
responsibility with Universal Compression Holdings, Inc. from 1998
through August 2007, when Universal merged with Hanover Compressor
Company to form Exterran Holdings. He began with Universal as Chief
Financial Officer in 1998, and then became President of Universal’s
Latin America division in 2002, President of Universal’s International
Division in 2005 and ultimately Chief Operating Officer of Universal in
2006. He also served as a director of Universal during that period, and
became a director of Exterran Holdings upon completion of the merger.
Prior to joining Universal, Mr. Danner served as Senior Vice President
and Chief Financial Officer of MidCon Corp., an interstate pipeline
company and wholly owned subsidiary of Occidental Petroleum Corporation.
From 1988 until 1997, Mr. Danner served as Vice President, Chief
Financial Officer and a director of INDSPEC Chemical Company. Mr. Danner
is also a director of Copano Energy, LLC.
About Exterran Holdings and Exterran Partners
Exterran Holdings, Inc. is a global market leader in full service
natural gas compression and a premier provider of operations,
maintenance, service and equipment for oil and gas production,
processing and transportation applications. Exterran Holdings serves
customers across the energy spectrum—from producers to transporters to
processors to storage owners. Exterran is headquartered in Houston,
Texas, and has over 10,000 employees and operations in over 30 countries.
Exterran Partners, L.P. provides natural gas contract operations
services to customers throughout the United States. Exterran Holdings
indirectly owns a majority interest in Exterran Partners.
For more information, visit www.exterran.com.
Forward-Looking Statements
All statements in this release (and oral statements made regarding the
subjects of this release) other than historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. You can identify many of these statements
by looking for words such as “believes,” “expects,” “intends,”
“projects,” “anticipates,” “estimates” or similar words or the negative
thereof. These forward-looking statements rely on a number of
assumptions concerning future events and are subject to a number of
uncertainties and factors, many of which are outside the control of
Exterran Holdings and Exterran Partners (the “Companies”), which could
cause actual results to differ materially from such statements.
Forward-looking information includes, but is not limited to, statements
regarding the Companies’ financial and operational outlook and ability
to fulfill that outlook.
While the Companies believe that the assumptions concerning future
events are reasonable, they caution that there are inherent difficulties
in predicting certain important factors that could impact the future
performance or results of their business. Among the factors that could
cause results to differ materially from those indicated by such
forward-looking statements are: local, regional, national and
international economic conditions and the impact they may have on the
Companies and their customers; changes in tax laws that impact master
limited partnerships; conditions in the oil and gas industry, including
a sustained decrease in the level of supply or demand for oil and
natural gas and the impact on the price of oil and natural gas; Exterran
Holdings’ ability to timely and cost-effectively obtain components
necessary to conduct the Companies’ business; changes in political or
economic conditions in key operating markets, including international
markets; changes in safety and environmental regulations pertaining to
the production and transportation of oil and natural gas; and, as to
each of the Companies, the performance of the other entity.
These forward-looking statements are also affected by the risk factors,
forward-looking statements and challenges and uncertainties described in
Exterran Holdings’ Annual Report on Form 10-K for the year ended
December 31, 2008, Exterran Partners’ Annual Report on Form 10-K for the
year ended December 31, 2008, and those set forth from time to time in
the Companies’ filings with the Securities and Exchange Commission,
which are currently available at www.exterran.com.
Except as required by law, the Companies expressly disclaim any
intention or obligation to revise or update any forward-looking
statements whether as a result of new information, future events or
otherwise.
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Source: Exterran Holdings, Inc. and Exterran Partners, L.P.
Exterran
David Oatman, 281-836-7035 (Investors)
Susan Nelson,
281-836-7297 (Media)