Targa Resources Corp. appointed Paul W. Chung as its new board chairman on Jan. 4, succeeding Joe Bob Perkins who will remain on the Targa board of directors.
“Chung’s intimate knowledge of all facets of Targa, together with his broad experience in the energy industry, and specifically in the midstream sector, and his legal and regulatory background enable Mr. Chung to provide a valuable and distinct perspective to the board on a range of business and management matters,” Targa said in a company release from Jan. 4.
Chung most recently served as executive vice president and senior legal adviser of Targa. As part of his appointment as chairman of the board of directors, which took effect Jan. 1, he has since retired from the Targa management team.
Between May 2004 and May 2020, Chung had been executive vice president, general counsel and secretary of the company and its predecessor entities and of Targa Resources Partners LP since its formation. From 1999 to 2004, he served as executive vice president and general counsel of various Shell Oil Co. affiliates.
Chung has also served as vice president and assistant general counsel of Tejas Gas Corp. and has held a number of legal positions with different companies, including the law firm of Vinson & Elkins LLP.
Perkins, who previously served as executive chairman of the board, was the founding president of Targa and its predecessor companies from inception in 2003. He had served as CEO from 2012 until March 2020 when he retired from the Targa management team.
It’s too soon to gauge the price impact on fuel or the data impact to Colonial Pipeline after a cyberattack forced its systems offline, experts say.
Oil prices are expected this week to drift sideways with an upward bias, while product prices in the Atlantic Basin will move upward until the Colonial Pipeline is back in service, says Stratas Advisors in its latest forecast.
Nearly half of the fuel consumed in the eastern U.S. passes through the Colonial network.