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First Reserve Appoints Alex Krueger as Co-CEO

Next Step in Firm's Existing Succession Plan

GREENWICH, Conn., HOUSTON, LONDON, and HONG KONG, February 16, 2015-- First Reserve, the largest global private equity and infrastructure investment firm exclusively focused on energy, today announced the appointment of Alex T. Krueger as Co-Chief Executive Officer and President, as expected in the Firm's long-term succession plan. William E. Macaulay, Chairman and now Co-CEO of First Reserve, remains fully dedicated to First Reserve's activities as he has since its founding in 1983. The move marks the next milestone in First Reserve's evolution after over three decades of exclusive energy industry investment.

Mr. Krueger has been with First Reserve for 16 years, most recently in a leadership role for the private equity portfolio which currently has nearly US$17 billion in assets under management. In this role, he has been responsible for the development and management of First Reserve's private equity investment team and sits on the Investment Committees of both the private equity and energy infrastructure portfolios. Over the years, Mr. Krueger also has been instrumental in solidifying the Firm as a global energy investment leader, driving the expansion of its London office and spearheading some of its most successful investments.

"Alex has proven himself to be not only an astute, driven and accomplished investor but also a leader within the First Reserve organization," said William Macaulay. "He has tremendous support from all levels within the Firm and continues to be the driving force behind our culture of excellence. It has been my pleasure to see his development through an already impressive tenure at First Reserve, and I am proud to share the Chief Executive Office with him as we continue to work in partnership to drive performance on behalf our investors."

Mr. Krueger's appointment as Co-CEO follows First Reserve's existing succession plan which the Firm commenced discussing in 2008. Since that time, the Firm has successfully raised over US$16 billion in new investment capital across its private equity and energy infrastructure platforms, and returned over US$10 billion in distributions to its Limited Partners.

"The energy business is a complex one which requires both specialized knowledge and a broad network of industry contacts to navigate. In my experience, First Reserve's global reach and energy thought leadership is unparalleled in the private equity business, and it has been my privilege to see the Firm distinguish itself in this regard," said Mr. Krueger. "Our approach over the last three decades, as originally set by our founders Bill Macaulay and John Hill, has remained steadfastly unchanged: a commitment to our stakeholders and a fundamental approach to building value by building companies. I am both honored and excited to maintain this standard of excellence as we drive through the next three decades and beyond."

Prior to joining First Reserve, Mr. Krueger worked in the Energy Group at Donaldson, Lufkin and Jenrette. He holds two B.S. degrees from the University of Pennsylvania, one in Chemical Engineering and one in Finance and Statistics from the Wharton School.

About First Reserve

First Reserve is the largest global private equity and infrastructure investment firm exclusively focused on energy. With over 30 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised more than USD $30 billion of aggregate capital since inception. Putting these to work, First Reserve has completed more than 550 transactions (including platform investments and add-on acquisitions) on six continents. Its portfolio companies span the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services and infrastructure. Visit us at www.firstreserve.com for more information.

Contact:
For First Reserve media inquiries, please contact:
Caroline Harris-Gibson
Prosek Partners
Tel: 212.279.3115 ext. 222
E-mail: cgibson@prosek.com

Julie Hamilton-Oakes
Prosek Partners
Tel: 212.279.3115 ext. 234
E-mail: joakes@prosek.com


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