Back again: Former Texas Governor Rick Perry joins Energy Transfer board – Dallas Business Journal

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Jan 6, 2020, 2:49pm CST

Former Texas Governor Rick Perry has joined the board of LE GP, LLC, the general partner of Dallas oil pipeline company Energy Transfer LP, a filing shows.

Perry’s compensation plan was not disclosed in the filing, but he’s eligible to receive cash and equity compensation under the partnership’s current plan. As of 2018, board directors can receive an annual retainer fee of $100,000 in cash.

Perry previously served on the board of both Energy Transfer and Sunoco Partners in 2015, but resigned after a short tenure in December 2016. In March 2017, he was appointed as U.S. Secretary of Energy by President Donald Trump. Perry resigned from the federal position in December, The Hill reported.

Energy Transfer recently completed its merger with Oklahoma-based SemGroup, a transaction valued at about $5 billion. The deal is expected to strengthen Energy Transfer’s crude, terminaling and export capabilities with the addition of Houston Fuel Oil Terminal. 

The pipeline company reached an agreement with Barbers Hill Independent School District in November related to tax incentives for a new fractionator in Mont Belvieu near Houston, the Houston Business Journal reported. The fractionator is expected to cost about $400 million to $450 million to build, according to the Houston Business Journal.

Energy Transfer LP (NYSE: ET) is a publicly traded limited partnership and has one of the largest portfolios of energy assets in the U.S. with about $54 billion in revenue in 2018.

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