July 21, 2008
Crosstex Hires Two Industry Leaders for Commercial Positions
Crosstex Energy, L.P. (NASDAQ: XTEX) (the Partnership) today announced that Frank Billings has joined Crosstex as Senior Vice President of Commercial and Stephen McNair has joined the company as Senior Vice President of Business Development.
Billings will oversee Crosstex's Commercial operations, including profitability and efficiency, natural gas transportation, asset management, long-term supply, sales activities and future growth initiatives. He will report to Bob Purgason, Crosstex Executive Vice President and Chief Operating Officer.
As Senior Vice President of Business Development, McNair will be responsible for developing Crosstex's future growth projects. He also will lead the company's business development team. McNair will report to Jack Lafield, Crosstex Executive Vice President of Corporate Development.
McNair has more than 22 years of diversified midstream expertise. He joins Crosstex from Eagle Rock Energy Partners where he was Senior Vice President, Operations and Tech Services. Previously, McNair held positions with TEPPCO Partners, Duke Energy Field Services, Conoco and GPM Gas.
"We welcome Frank and Steve to the Crosstex team and are excited about the industry experience they bring to the table in our drive for commercial excellence. Their skill sets complement our already strong team at a pivotal point in our company's growth," said Barry E. Davis, Crosstex Chairman, President and Chief Executive Officer. "I am confident their efforts will help support our strategic goals, including an increased focus on downstream marketing, expansion of our NGL business and consistent best practices in gas supply. Frank and Steve will help us capitalize on all the opportunities in front of us."
About the Crosstex Energy Companies
Crosstex Energy, L.P., a midstream natural gas company headquartered in Dallas, operates over 5,000 miles of pipeline, 12 processing plants, four fractionators, and approximately 190 natural gas amine-treating plants and dew point control plants. Crosstex currently provides services for over 3.5 Bcf/day of natural gas, or approximately seven percent of marketed U.S. daily production.
Crosstex Energy, Inc. (NASDAQ: XTXI) (the Corporation) owns the two percent general partner interest, a 34 percent limited partner interest, and the incentive distribution rights of Crosstex Energy, L.P.
Additional information about the Crosstex companies can be found at www.crosstexenergy.com.