Business Context and Reporting Period
This Form 8-K filing by Plains GP Holdings LP covers the date of January 9, 2014. The report focuses on corporate governance changes rather than financial performance.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is a current report regarding personnel appointments and does not contain financial statements.
Material Changes
The primary material change reported is the appointment of Bobby Shackouls as an independent member of the Board of Directors and the Audit Committee of the Registrant's general partner, PAA GP Holdings LLC.
Guidance, Outlook, and Management Commentary
- Compensation: Compensation for Mr. Shackouls has not yet been determined and will be established by the Board at its next regularly scheduled meeting.
- Background: Mr. Shackouls previously served as Chairman of Burlington Resources Inc. (1997-2006) and on the ConocoPhillips Board until May 2011. He currently serves as a director for The Kroger Co. and Oasis Petroleum.
- Disclosure: The information is provided under Regulation FD and is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Verify the effective date of Mr. Shackouls' board membership and audit committee role.
- Monitor the next Board meeting minutes for the determination of Mr. Shackouls' compensation package.
- Review the press release (Exhibit 99.1) for any additional context regarding the appointment.