Key facts
- Jim Teague, co-chief executive of Enterprise Products Partners, will retire on January 4.
- Randall Fowler will continue as chief executive.
- Teague has been with the company for 28 years.
- Enterprise expanded pipeline operations and crude and LPG export facilities under Teague's leadership.
- The company became the first midstream firm to offer wellhead to water NGL services in 2009.
Jim Teague, co-chief executive of Enterprise Products Partners, is set to retire on January 4, concluding a 28-year tenure with the US midstream company. Randall Fowler will continue as chief executive following Teague's departure.
During Teague's leadership, Enterprise expanded its pipeline operations and crude and LPG export facilities in Houston, Texas. The company's strategy focused on an integrated "wellhead to water" fee-based footprint, and it became the first midstream company to provide wellhead to water natural gas liquids (NGL) services in 2009. This facilitated increased US production, contributing to the US petrochemical industry's growth and supplying international markets with affordable ethane and propane, according to Randa Duncan, non-executive chairman of Enterprise Products Holdings.
Teague joined Enterprise in 1999 after 22 years with Dow Chemical. He was promoted to chief executive in 2016 and was joined by Fowler as co-chief executive in 2020.
Following Teague's retirement, the role of the management oversight group, which liaises between the general partner and company management, will be expanded. This committee includes Duncan, Richard Bachmann, Fowler, Michael Hanley, and R. Daniel Boss.
Enterprise, along with other midstream operators, advocated for the expansion of the Houston Ship Channel, a project currently in progress. These leadership changes at Enterprise follow similar moves at rival Energy Transfer, where co-chief executive Marshall McCrea is scheduled to depart by year-end.