Citgo Petroleum Phillips 66

GLENN W. HILMAN

**** **** ******* *****, ********, TX 77339

832-***-**** *******@****************.***

CAREER ACCOMPLISHMENTS

Substantial experience leading change as well as operating in multicultural, international, dynamic and challenging environments, including Latin America. Compliance and sanctions experience.

Officer level executive experienced in managing key corporate functions including finance, business development, operations, planning, human resources, procurement and other corporate functions.

Midstream division P&L business leader, driving high growth to optimize value of refining and pipeline assets by accessing Permian Basin crude.

Successfully implemented divestiture of $1.4 billion enterprise value of non-strategic assets at record EBITDA multiples.

Implemented multiple financings and asset carve outs in downstream and midstream business.

PROFESSIONAL EXPERIENCE

CEO & Founder, Talon Energy Group (September 2019 – Present)

Currently serving as special advisor to CITGO and financial institutions. Advisory roles to date include:

Led negotiations resulting in improved access to Permian Basin crude supply for a US refinery.

Assisting an investor evaluating an investment opportunity in the midstream sector.

Business and contract review for a major international refinery refurbishment project.

Revamping executive compensation, employee bonus plan, and Compensation Committee charter.

Restructuring $2.0 billion retirement plan, resulting in $150MM liability reduction.

Implementing improved HSSE governance systems.

Litigation support, executive coaching and mentoring.

CITGO PETROLEUM CORPORATION (1991 – 2019)

Major US energy corporation providing fuels, lubricants, petrochemicals, distribution and power with $28 billion revenue and 3,500 employees.

Vice President, Shared Services (November 2017 – September 2019)

Reporting to the CEO, responsible for Human Resources, Procurement, HSSE, Information Technology, Real Estate, and other corporate functions. Served as CHRO, CIO, & CPO as well as director or officer of various subsidiaries and member of Compliance Committee.

Supporting acting CEO, managed crisis response after detention of executives in Venezuela, changes in corporate control and management transition after increased US sanctions.

Restructured Human Resources, Procurement and Information Technology departments for improved performance while enhancing corporate governance and compliance functions.

Chaired oversight committee for employee benefits plans with over $2 billion in assets.

Developed executive compensation in conjunction with Compensation Committee.

Improved HSSE performance to record setting performance and implemented improved compliance efforts after sanctions against parent company.

Managed more than 350 employees and $100MM+ annual budget.

Assistant Vice President, Tax, Risk Management & Financial Planning (April 2017 – October 2017)

Reporting to Acting CEO and Chief Financial Officer, responsible for managing the tax, insurance, energy risk management and financial planning functions of the company.

Served on Risk Management Committee, Benefits Committee and various management committees.

Placed $750 million property and casualty program, along with various programs such as D&O.

Interim General Manager & Vice President Shared Services (September 2016 – March 2017)

Reporting to CEO, responsible for managing Information Technology, Procurement, and HSSE.

Managed more than 300 employees and $90 million expense budget.

Procurement annual spend exceeded $2.0 billion.

Implemented Dun & Bradstreet vendor vetting system to improve compliance.

General Manager, Procurement (June 2016 – August 2016)

Reporting to GM Shared Services, responsible for Non- Hydrocarbon Procurement.

Managed over 100 employees and $20 million expense budget.

Procurement spend exceeded $2.0 billion.

Developed enhanced compliance processes in response to FCPA convictions at parent company.

General Manager, Terminals & Pipelines (May 2014 – May 2016)

Reporting to Senior Vice President, Supply & Marketing, responsible for profit and loss of a strategic corporate business unit comprised of 23 million barrels of hydrocarbon storage, 11 pipelines, and more than 300 employees. Value of net assets exceeded $1.5 billion with annual EBITDA of $150 million.

Managed midstream asset presentation to investors and due diligence activities to support $2.8 billion CITGO Holdings financing and asset carve out. Largest ever HoldCo Dividend Financing.

Management team member for proposed divestiture of CITGO Petroleum, including road show presentations to potential buyers.

Implemented crude oil transportation strategy, including $75 MM capital program, increasing throughput of equity owned crude oil pipeline from 85 MBPD to 225 MBPD, allowing CITGO Lake Charles refinery to exploit low cost Permian Basin shale oil production.

Improved volume and earnings of refined products terminals through marketing and targeted investments in organic growth opportunities.

Implemented divestiture of West Texas Gulf crude oil pipeline for more than $100 million.

Manager, Budgets & Performance Analysis (January 2007 – May 2014)

Reporting to Chief Financial Officer, responsible for corporate financial planning, managing the annual budget process, monthly CEO business performance reviews, and asset divestitures.

Led and negotiated $250 million of terminal and pipeline assets divestitures associated with CITGO’s withdrawal from non-strategic markets.

Finance lead for corporate restructuring to respond to 2008 economic downturn, which included over $100 million in cost reductions.

Managed financial planning processes and presentations to implement $2.0 Billion refinancing.

Manager, Corporate Business Development (2003–2006)

Reporting to the Vice President, Planning & Economics, responsible for corporate business development.

Negotiated successful divestiture of Colonial Pipeline and Explorer Pipeline shares for $1.0 Billion of enterprise value, obtaining highest EBITDA multiples ever paid for refined products pipelines.

Obtained CEO approval for $38 million acquisition to increase Lemont refinery heavy crude rates.

Developed electric power cogeneration options at the Lake Charles refinery.

Served as Chairman, NISCO Board of Directors, a power generation joint venture, resolving long standing governance and operating issues.

Manager, Petrochemical Business Development (1998-2002)

Responsible for business development for CITGO’s high growth petrochemical division, reporting to Vice President, Petrochemicals.

Developed and prioritized high return, cost advantaged petrochemical capital project opportunities exceeding $100 million at CITGO’s refineries.

Integrated joint venture aromatics business into CITGO operations developed and implemented revamped business strategy, reducing capital expenditures by $40 million.

Primary interface with South American parent PDVSA, requiring multicultural skills.

Business Manager, Petrochemical Derivatives (1992–1997)

Responsible for profit and loss of CITGO’s major petrochemical products, cumene and cyclohexane, with revenue of $250 million, reporting to Vice President, Petrochemicals.

Implemented cumene business strategy by positioning business on low end of industry cost curve, implementing technology conversion, diversifying customer base, and utilizing productivity programs to drive volume growth. Increased operating income from $19 million to $35 million.

Improved cyclohexane operating results by renegotiating contracts and low cost debottlenecks, improving annual income from $2 million to $5 million.

GENERAL ELECTRIC 1989 - 1991

An international conglomerate known for management excellence.

Manager, Strategic Materials Sourcing (1989-1991)

Primary responsibilities included implementation and coordination of global sourcing of strategic commodity chemicals exceeding $600 million per year. Implemented $140 million global acrylonitrile agreement with $3.5 Million annual savings. Consistently identified as “high potential” employee.

CHAMPLIN PETROLEUM (acquired by CITGO in 1991) 1980 – 1988

An integrated exploration, production, refining, marketing and petrochemical corporation.

Senior Marketing Representative (1985–1988)

Senior Economics & Planning Analyst (1982-1984)

Senior Auditor / Auditor (1980 -1981)

CHARITABLE ACTIVITIES

Administrative Council Chair, Faith United Methodist Church, during $3.5 Million expansion, responsible for leading change and consensus among church to support growth program.

Chapelwood United Methodist Church youth program volunteer.

Active supporter of Strake Jesuit Preparatory School.

BOARD & ADVISORY POSITIONS

CITGO Investment Company

Director

Holding company for midstream assets

CITGO Pipeline Company

Director

Crude oil pipeline assets

CITGO Products Pipeline

Director

Refined products pipeline assets

Lake Charles Pipeline Company

Director

Midstream asset joint venture with Phillips 66

CITGO Management Services

Director

Management services for midstream assets

Lafitte Gas Pipeline Company

Director

Natural gas pipeline

Cumene Associates, Inc.

Director

Holding company for petrochemical JV

Nelson Industrial Steam Co

Director

Electrical power solid fuel joint venture

Illuminant Insurance Company

Director

Captive insurance company

Trimark Insurance Company

Director

Captive insurance company

Southwest Chemical Association

Director

Petrochemical industry association

Simon Bolivar Foundation

Director

$10MM annual budget meeting medical needs

Muscular Dystrophy Association

Advisor

National charity, serving in Houston area

EDUCATION, ACCREDITATION & MEMBERSHIP SUMMARY

Harvard University Executive Education – Risk Management 2012

Thunderbird University Executive Education – International Business 2001

Columbia University Executive Education - General Management 1999

University of Houston MBA with Honors 1985

University of Arizona B.S. Business Administration with Honors 1980

Certified Public Accountant State of Texas 1982

National Association of

Corporate Directors Member 2020

Houston Racquet Club Member 2014

Kingwood Country Club Member 2019

ACADEMIC ACTIVITIES

Guest Speaker - University of Houston Bauer School of Business Energy MBA

oTopic – Executing an M&A Transaction in the Midstream Sector 2015

oTopic – Business Ethics & FCPA 2021

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