EP Energy Corp. (EPE) Reports In-Line Q3 EPS; Announces Senior Leadership Changes

EP Energy Corp. (NYSE: EPE) reported Q3 EPS of ($0.12), in-line with the analyst estimate of ($0.12).

Senior Leadership Changes

EP Energy is announcing a change in senior leadership. Effective today, Brent Smolik and several other officers including Clay Carrell – EVP and COO, Joan Gallagher – SVP, HR & Administrative Services, and Marguerite Woung-Chapman – SVP and General Counsel will begin transitioning their respective responsibilities to new management team members and then depart the organization.

Russell Parker will become President and CEO of EP Energy once the company files its Form 10-Q for the third quarter. He will be leading a new streamlined management structure with new team leaders –Chad England (Operations), Ray Ambrose (Engineering & Subsurface), Mark Hargis (G&G) and Pete Addison (Land and Admin). The new team will also include current leaders – Kyle McCuen (Interim CFO), Frank Olmsted (CAO) and Dennis Price (Marketing). These key changes are an initial step in moving from an asset-based to a function-based organization. This new structure will enable greater flexibility in allocating capital and resources to specific assets, while continuing the company's focus on cost reduction. During the transition, the team will finalize comprehensive plans for moving to a function-based organizational structure, while reviewing 2018 capital allocation options and refining the overall long-term strategy.

Effective November 2, 2017, the Board of Directors has appointed Mr. Alan Crain as Chairman of the Board of EP Energy.

"The board is pleased that Russell and other new members are joining the EP Energy team," said Mr. Crain. "The new team has a record of success in energetically implementing creative solutions to address challenges facing oil and gas operators. With the 2018 planning process about to occur, now is the optimal time for this transition."

"I'm very excited to be joining EP Energy, with its excellent asset base, and to be entrusted with the opportunity to team with the company's outstanding people to take on the challenges that face us," said Mr. Russell Parker.

EP Energy, will continue to operate safely and efficiently while moving expeditiously through the transition. The company thanks the departing management team members for their dedication to building a foundation of quality execution, capital program performance and a high-graded portfolio. With all employees continuing to embrace the core values of EP Energy, the company will build on this foundation and thrive

For earnings history and earnings-related data on EP Energy Corp. (EPE) click here.

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