HOUSTON, Oct 25, 2011 (BUSINESS WIRE) --
Consistent with their previous announcement of the pending departure of
President and Chief Executive Officer Ernie L. Danner, Exterran
Holdings, Inc. (NYSE:EXH) and Exterran Partners, L.P. (NASDAQ:EXLP)
today announced that Mr. Danner will depart as President and Chief
Executive Officer of each company effective Oct. 31, 2011. The companies
also announced that their respective Boards of Directors have appointed
D. Bradley Childers as interim Chief Executive Officer, effective Oct.
31, 2011, while the search for a permanent leader continues.
"We are grateful to Ernie for his commitment to Exterran and his years
of leadership," said Gordon Hall, Chairman of the Board of Exterran
Holdings. "On behalf of the Board, I wish him well in his future
endeavors."
"I feel privileged to have had the opportunity to lead Exterran's
exceptional group of employees around the world," said Mr. Danner. "I
have every confidence that Exterran's continued focus on customer
service and safe operations, unique combination of products and services
and overall strength in the compression market will position Exterran
Holdings and Exterran Partners well as they move forward under new
leadership."
Commenting on the search for a new Chief Executive Officer, Mr. Hall
said, "We are actively engaged in the process of identifying and
recruiting a new leader, and are encouraged by the quality of candidates
we are seeing. The Board expects to recruit someone from outside the
company for this position. Currently, we expect to have a new Chief
Executive Officer in place before the end of the year."
Mr. Childers will serve as interim Chief Executive Officer of each of
Exterran Holdings and Exterran GP LLC, the managing general partner of
Exterran Partners, until their respective Boards select a permanent
President and Chief Executive Officer. Mr. Childers has served as Senior
Vice President of Exterran Holdings since its formation in August 2007
and as President, North America since March 2008. He also serves as
Senior Vice President and a director of Exterran GP LLC, positions he
has held since June 2006 and May 2008, respectively. Prior to the merger
of Hanover Compressor Company and Universal Compression Holdings, Inc.
to form Exterran Holdings, Mr. Childers had served as Senior Vice
President of Universal and President of its International Division from
July 2006.
Commenting on the interim appointment, Mr. Hall said, "Brad has made and
continues to make important contributions in his various leadership
positions at Exterran, including most recently leading improvements in
our North America business by driving our focus on delivering
industry-leading customer service. We are pleased that he has agreed to
act as our Chief Executive Officer on an interim basis until we identify
a candidate to fill the position permanently."
About Exterran
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. Headquartered in Houston, Texas, Exterran
has more than 10,000 employees and operates in approximately 30
countries.
Exterran Partners, L.P. provides natural gas contract operations
services to customers throughout the United States. Exterran Holdings
owns an equity 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 Section 21E of the
Securities Exchange Act of 1934, as amended. 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, expectations relating to the Companies' future performance
under new leadership and statements regarding efforts to identify and
recruit a permanent President and Chief Executive Officer.
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 execute larger
projects; changes in political or economic conditions in key operating
markets, including international markets; changes in safety, health,
environmental and other regulations; 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, 2010, Exterran Partners' Annual Report on Form 10-K for the
year ended December 31, 2010, 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.
SOURCE: Exterran Holdings, Inc. and Exterran Partners, L.P.
Exterran
Investors:
David Oatman, 281-836-7035
or
Media:
Susan Moore, 281-836-7398