First Reserve Corporation Appoints Alex Krueger President Appointment is Next Step in Firm’s Succession Plan

Greenwich, CT, Houston, TX, Hong Kong and London, March 28, 2012 — First Reserve Corporation, a leading global investment firm dedicated to the energy industry, today appointed Alex T. Krueger as President as the next milestone in its senior management succession plan.

Mr. Krueger has been with First Reserve for 13 years, most recently serving as a Managing Director in London, where he was instrumental in expanding the firm’s global reach and oversaw the doubling of the UK office over four years.  He was previously appointed as Co-Head of First Reserve’s buyout funds and has particular expertise in natural resources.

From the late 1990s, Mr. Krueger was responsible for leading the firm’s mining strategy, initially in the US and subsequently globally, including investments in coal assets in the US, the Czech Republic, China and Australia. He created a highly successful coal platform with the creation of Alpha Natural Resources for the firm, when the industry was out of favor, and then applied that knowledge to a portfolio of international businesses to benefit from growth in developing economies.  As well as holding positions on the boards of a number of First Reserve’s mining industry investments, he is also a Director of DOF Subsea, a leading provider of subsea services to the oil and gas industry, Calibre Global, an engineering services group for the resources and infrastructure sectors, and Midstates Petroleum and Mountaineer Keystone, exploration and production companies in the US.  

“Alex’s investment acumen during his tenure with First Reserve has been exceptional,” said William Macaulay, Chairman and Chief Executive Officer of First Reserve. “He has tremendous support from all levels of the organization, having been a true culture ambassador of the Firm since he joined. I am delighted to announce today that he has been named President of First Reserve and look forward to his years of leadership.”

Mr. Krueger’s appointment follows the expansion of the senior management team, including the recent appointment of Claudi Santiago, previously at GE, as Chief Operating Officer and nine recent senior promotions at the Managing Director and Director levels.  Mr. Macaulay’s role will remain unchanged as he continues to execute the duties of Chairman and CEO and chair the Firm’s Buyout and Infrastructure Investment Committees.

“As the energy investment business has grown over time, our firm has continuously improved to sustain a distinguished position that provides access to premier investment opportunities worldwide,” said Mr. Krueger.  “What hasn’t changed is our steadfast commitment to our stakeholders, our energy specialization and our fundamental approach to value creation by building and growing successful businesses.  I have learned a tremendous amount from my colleagues over the years and am fortunate to be part of such a talented team. I am honored to take on this new role and look forward to continuing the impressive legacy that Bill Macaulay and John Hill established over the last three decades.”

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.

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About First Reserve Corporation

Founded in 1983, First Reserve is a leading global investment firm dedicated to the energy industry with over $23 billion of raised capital as of December 31, 2011.  With offices in North America, Europe and Asia, First Reserve is well-positioned to make strategic investments on a global basis across the energy value chain.  First Reserve seeks to create value for its investors by applying its deep industry knowledge, decades of investing and operational experience, highly talented management team and powerful network of global relationships to its investments and through active monitoring of its portfolio companies. 

For additional information, please visit First Reserve’s website at