ADVANCING PETROCHEMICAL LEGACY
Jim Teague, chief executive officer of Enterprise Products, will receive the 24th annual Petrochemical Heritage Award on Monday, May 24, 2021. The award will be presented at the 2021 International Petrochemical Conference hosted by the American Fuel and Petrochemical Manufacturers (AFPM) in New Orleans.
Jim Teague was born and raised in Louisiana. After graduating from East Texas Baptist University, he went to Officer Candidate School in the U.S. Navy. Upon commissioning he served in an attack helicopter squadron in the Mekong Delta of Vietnam. After discharge from the navy Teague had several sales jobs before finding his way into sales at Dow Chemical, where he rose to become vice president of feedstocks.
After retiring from Dow he served as president of MAPCO Trading and Marketing and then as president of Shell Oil’s midstream business. When Shell sold this business to Enterprise Products in 1999, Teague became an executive vice president at Enterprise. The petrochemical business at Enterprise includes propylene, isobutylene, MTBE, and ethylene. More than 40% of current projects are in the petrochemical business segment and include propane dehydrogenation, propylene storage, distribution and export, and ethylene storage, distribution, and export.
Teague subsequently became Enterprise’s chief operating officer and chief commercial officer. In 2010 he was made a director and in 2016 was named as the CEO. Teague’s role in the growth of Enterprise’s value from less than $1.5 billion in 1999 to more than $90 billion today is the highlight of his career.
Other honors include the J. Wesley Smith Achievement Award and an honorary doctorate of humanities from his alma mater. He was named the CEO of the Year three consecutive years by Institutional Investor. He received the Entrepreneur of the Year from the Gas Processors Association, and later this year he will be named the CEO of the Year by the Houston Port Bureau.
Teague holds an undergraduate degree, but his time in the navy was more of an education than college. Being a naval officer made him a part of a special fraternity where one learned what teamwork means and how powerful teamwork can be. The opportunity to work for Dan Duncan for 10 years before he died provided another educational experience that proved to be a graduate education beyond any doctoral degree offered by any university. Teague asserts that any success he has had over the last 20 years comes from working alongside Duncan and learning that details matter.