Crestwood closes Oasis merger, updates board seats

February 25, 2022 By    

Crestwood Equity Partners made changes to the board of directors of its general partner.

In connection with the recently closed merger with Oasis Midstream, Oasis Petroleum received the contractual right to appoint two members to the Crestwood board of directors. As a result, John Jacobi and John Lancaster Jr. joined the company’s board.

Jacobi will serve on the sustainability committee of the Crestwood board. He serves on the board of Oasis Petroleum, where he is the chair of the compensation committee and a member of the audit and reserves committee.

According to Crestwood, Jacobi brings significant experience in the energy industry, particularly through his knowledge and expertise in the exploration and production sector, and serves as the president and CEO of Javelin Energy Partners, a subsidiary of Crescent Energy. In 2013, Jacobi co-founded Covey Park Energy and served as its co-CEO and board member until the company was sold to Comstock Resources in 2019. Jacobi started his career with Woolf & McGee and later founded Jacobi-Johnson Energy, which was then sold to EXCO Resources. Jacobi has previously served on the board of directors of Comstock Resources and Pioneer Energy Services Corp.

Lancaster will serve on the compensation and finance committees of the Crestwood board. He serves on the board of Oasis Petroleum as a member of the compensation committee and the nominating, environmental, social and governance committee.

Lancaster contributes significant financial knowledge and investment experience to the Crestwood board, the company says. He is a managing partner of Oyster Creek, an investment and advisory firm established in 2020, and serves on the board of directors for Aquadrill, a provider of deepwater offshore drilling services globally. Lancaster was previously with Riverstone Holdings, where he spent 20 years investing in and developing companies across the energy industry, including the midstream sector in North America and Europe. He has previously served as a director of Magellan Midstream Partners, Cobalt International Energy, Liberty Oilfield Services, Petroplus Holdings as well as numerous private companies.

Additionally, Alvin Bledsoe has resigned from the board of directors and as chair of the audit committee. His resignation was the result of a post-merger potential independence issue related to Oasis Petroleum’s current audit firm, Crestwood notes. Angela Minas, a member of the audit committee, will take over the role of chair.

Following the changes, the Crestwood board of directors will consist of 10 members – of which 90 percent are independent, 30 percent are female representatives and 50 percent have three or less years of tenure. In 2021, Crestwood transitioned to a publicly elected board and will hold its first board elections and annual unit holders meeting in May.

Featured homepage image: arthobbit/iStock / Getty Images Plus/Getty Images

This article is tagged with , , and posted in News

About the Author:

Brian Richesson is the editor in chief of LP Gas Magazine. Contact him at or 216-706-3748.

Comments are currently closed.