PSI Midstream was formed in December 2005 by Natural Gas Partners (NGP) of Irving, Texas, and the management team. The founding management consists of Robert L. (Lee) Powell, III PE (President), Eric R. Pitcher (Managing Partner), Richard E. Fitt (Executive Vice-President), Jason W. Tanous (Director), and Jonathan C. Crouse (Director).
Robert L. (Lee) Powell, III
President
Mr. Powell received a Bachelor of Science Degree in Mechanical Engineering from the University of Houston in December 1980. Upon receiving his degree, he began his career in the oil and gas industry in January 1981 with Amoco Production Company, holding various District and Regional engineering positions supporting the West Texas and Southeastern Division exploration, development, and production activities in Permian Basin oil and gas fields. In May 1984, Mr. Powell was assigned to the Houston Region Gas Marketing Department. His responsibilities included forecasting gas prices for the Houston Region Annual Budget, negotiating well connections and processing plant agreements, compression evaluations, negotiated contract dispute settlements, and regulatory affairs for gas marketing related issues. In 1988, he was transferred to Amoco Gas Company, an intrastate pipeline subsidiary serving industrial and electric generation plants along the Houston Ship Channel, and the Texas City area. Mr. Powell’s responsibilities as a supply acquisition representative included purchasing gas supplies and arranging transportation service for the pipeline system, assisting in marketing services, handling “Take-or Pay” claims, and evaluated the development of additional salt dome gas storage at Amoco Gas’s Stratton Ridge Storage Facility located near Freeport, Texas that resulted in doubling the capacity of that facility.
In March 1991, Mr. Powell accepted a new job with Superior Natural Gas Corporation as Director of Gas Supply and Business Development. During his tenure with Superior, the company grew from a combined gas sales of 200 MMcfd to over 900 MMcfd. The service area extended to the gulf coast onshore production location in the Texas Rio Grande Valley, to Mobile, Alabama and offshore Gulf of Mexico. Mr. Powell managed activities that included economic evaluations for new connections, general contract negotiation associated with well connections (interconnect, transportation, processing and production handling agreements), third party gas purchases, gas market forecasts and commentary for month gas sales and hedging activities, regulatory affairs, and asset evaluations for green field projects and acquisition opportunities.
In March 1997, Mr. Powell created Superior Processing Services Corporation, a wholly owned subsidiary of Superior Natural Gas Corporation, for the purpose of pursuing third party mezzanine processing opportunities. As managing director over all processing related matters, Mr. Powell developed contractual relationships with twenty four gas processing plants, expanded into field level conditioning and treating activities, and product marketing for its producer clients.
Eric R. Pitcher
Managing Partner
Mr. Pitcher is a 1981 University of Texas graduate with a Bachelor of Science in Chemical Engineering. After graduating, he worked for Amoco Production Company for eight years. From 1982 to 1985, he served in numerous positions involving the exploration, development and production of Permian Basin oil and gas fields. In 1986, he managed Amoco’s Houston Region $200 Million capital budget. From 1987 to 1990, he managed acquisition and divestment projects for Amoco. In 1990, Mr. Pitcher chose to leave Amoco and form Forte Energy to acquire producing oil and gas properties. In 1993, he co-founded Synergy Oil & Gas. Synergy Oil & Gas was sold to Penn Virginia Corporation in July 2001. Mr. Pitcher was Chairman of the Houston SPE Business Development group from June 2001 until May 2002. In November 2001, he joined Natural Gas Partners in Irving, Texas as a Venture Partner. In April 2002, Mr. Pitcher and his previous Synergy Oil & Gas partners formed Synergy Oil & Gas, LP. In May 2002, he became partner at the Eyes of Texas Partners, a private venture group. In July 2004, Mr. Pitcher joined in the formation of NLM Capital Partners based in Irving, Texas. Mr. Pitcher has been appointed to numerous committees including UT System Chancellor’s Council Executive Committee, UT Petroleum Engineering External Advisory Committee, and the newly formed UT Entrepreneurial Committee.
Richard Earl Fitt II
Executive Vice-President
Prior to the founding of PSI, Mr. Fitt started his career in the midstream business as an operations engineer with Mountain Fuel Supply in Rock Springs, Wyoming.
In 1981, Mr. Fitt accepted a position as a plant engineer with Western Gas Processors in Fairfield, North Dakota. He served in various engineering positions with increasing responsibilities.
In 1987, Mr. Fitt accepted a position with Enron Gas Processing in Houston, Texas ultimately holding various management positions as a project engineer and business development supporting the world wide business development group for Enron Gas Processing and Enron Capital and Trade.
Since 1997, Mr. Fitt was the Asset Manager at TransCanada USA, Coastal Field Services, and El Paso Field Services Company located in Houston, Texas for the Sabine Pass, Eunice, Cow Island, and Blue Water facilities in Louisiana.
Mr. Fitt has served on the GPA Board of Directors, as Vice Chairman and as Chairman for the Houston Chapter of the Gas Processors Association. He is currently serving on the Board of Directors for the national organization of this industry association.
Mr. Fitt received a Bachelor of Science Degree in Chemical Engineering from Brigham Young University in 1980, and a Master of Business Administration from the University of Houston at Clear Lake in 1990.
Jason W. Tanous, CFA
Director
Prior to the founding of PSI, Mr. Tanous worked 5 years with Superior Natural Gas Corporation. Mr. Tanous held various positions within the Superior organization, including 1) gas processing analyst for Superior Processing Services Corporation (SPSC), a subsidiary of Superior Natural Gas; 2) credit/risk analyst; and 3) gas control representative. With SPSC, Mr. Tanous was responsible for evaluating gas processing economics, reviewing gas processing contracts and statements, and auditing gas processing statements on behalf of producer clients. As a credit/risk analyst, Mr. Tanous was responsible for analyzing Superior’s potential credit and business risks, as well as negotiating credit security with counterparties. Mr. Tanous was also responsible for scheduling gas on various interstate and intrastate pipelines in his role as gas control representative.
Mr. Tanous is a graduate of Texas A&M University with a Bachelor of Business Administration in Finance. Mr. Tanous earned his Chartered Financial Analyst designation in August 2004, and is a current member of the Houston CFA Society.
Jonathan C. Crouse
Director
Prior to the founding of PSI Midstream in January of 2006, Mr. Crouse spent 3 years with Superior Natural Gas Corporation. In the credit/risk management position he was responsible for reviewing potential and current counterparties and analyzing their potential credit and business risks, tracking Superior’s VAR across physical and financial positions, negotiating credit security from counterparties, corresponding with lawyers on the security arrangements and bankruptcy procedures, and calculating and reporting the profit/loss statement for the Superior hedge portfolio.
Mr. Crouse is a graduate of Texas A&M University with a Bachelor of Business Administration in Finance.