Tallgrass Taps Veteran Crystal Heter as CEO in Strategic Leadership Shift

LEAWOOD, Kan. – March 30, 2026 – Tallgrass, a major player in North America's energy infrastructure, has announced a significant leadership transition, appointing company veteran Crystal Heter as its new President and Chief Executive Officer. The move, effective March 27, 2026, signals a strategic emphasis on operational continuity and disciplined growth as the company deepens its investments in the energy transition.

Heter, who most recently served as Chief Operating Officer, succeeds Matt Sheehy. Sheehy has been a pivotal figure at the company, serving as President since 2019 and adding the CEO and Chairman roles in 2022 and 2024, respectively. The transition also includes other key changes at the top: Chief Financial Officer Gary Watkins will take on the additional role of Chief Investment Officer, and Matthew Runkle, a Senior Managing Director at majority-owner Blackstone, will step in as Chairman of the Board.

This carefully orchestrated succession places a founding member at the helm, backed by a new chairman from its private equity owner, positioning Tallgrass to navigate the complex, evolving landscape of modern energy. The Board of Directors acknowledged Sheehy's tenure, crediting him with growing the company to $1 billion in EBITDA, overseeing the acquisition of the Ruby Pipeline, and spearheading the development of what is now the nation's largest CO2 transportation and sequestration infrastructure.

“When I rejoined Tallgrass, I knew what this company could become, and I could not be more grateful to our team, customers, and shareholders for our successes to date,” said Matt Sheehy in a statement. “Now Crystal — an already highly-accomplished leader — will build on everything we have built and go further than we ever imagined.”

The Veteran Operator Takes the Helm

Crystal Heter’s appointment is a clear narrative of internal succession, promoting a leader with deep institutional knowledge and a 26-year career steeped in the energy sector. Her journey with the company began at its inception in 2012, where she was a key member of the founding team that transitioned several core assets to form the new enterprise. Her history traces back to KN Energy and its subsequent evolution into Kinder Morgan before the formation of Tallgrass.

Her rise through the ranks has been marked by a series of senior leadership roles that have given her a comprehensive view of the business. Before becoming COO in July 2020, she was the Segment President for Natural Gas Transportation and also served as President of the Rockies Express Pipeline (REX). In that role, she was instrumental in the ambitious project to transform REX into the country’s northernmost bi-directional natural gas header system, a critical piece of infrastructure that enhances market connectivity and flexibility. Her operational and commercial experience was recognized by the industry in 2025 when Oil and Gas Investor named her one of its Influential Women in Energy.

“Crystal is a proven leader with deep industry expertise and a clear strategic vision,” commented Matthew Runkle, the incoming Chairman. “Her experience, leadership style, and focus on disciplined execution position Tallgrass well as we continue to build on our strong foundation and pursue opportunities across the evolving energy and power landscape.”

In her first public statement as the incoming CEO, Heter reinforced this focus. “I am stepping into this role with a deep sense of responsibility and confidence in our team and path ahead,” she said. “Tallgrass has a strong team, high-quality assets, and a clear platform for growth. As we take this next step, I remain focused on safe, reliable operations and disciplined execution to build on our momentum and deliver long-term value for our stakeholders.”

A Strategy Focused on Transition and Innovation

The new leadership team inherits a company not just managing its legacy assets but actively repurposing them for a lower-carbon future. Tallgrass's most prominent venture is its pioneering work in Carbon Capture, Utilization, and Sequestration (CCUS). The company has converted its nearly 400-mile Trailblazer natural gas pipeline into a dedicated CO2 transportation system. With commercial operations beginning in late 2025, the pipeline is designed to transport over 10 million tons of CO2 annually from capture sites to a permanent sequestration hub in southeastern Wyoming, where it will be stored deep underground.

This project is anchored by a significant agreement with agricultural giant ADM to capture CO2 from its corn-processing complex in Nebraska. In a move that set a new precedent for such projects, Tallgrass also forged a Community Benefits Agreement with the Bold Alliance, an environmental group, ensuring local landowners receive annual royalties and a community foundation is endowed based on the volume of CO2 sequestered.

Beyond carbon capture, Tallgrass is venturing into clean hydrogen and power generation. The company is the majority owner of the Escalante H2 Power project, which aims to convert a retired coal-fired power plant into a facility powered by clean hydrogen. It is also collaborating on a project, supported by the Wyoming Energy Authority, to supply a natural gas power plant with green and blue hydrogen. Further underscoring this commitment, Tallgrass secured funding from the U.S. Department of Energy to study commercial-scale carbon capture from a hydrogen-producing facility.

Innovation is also being applied to existing operations. Through a partnership with Kanin Energy, Tallgrass is installing waste-heat-to-power facilities at compressor stations on its Rockies Express Pipeline. These projects are expected to generate 410,000 MWh of carbon-free electricity annually, offsetting nearly 250,000 short tons of CO2 equivalent each year.

The Blackstone Influence Solidified

The leadership shuffle also brings the influence of Tallgrass's owner, Blackstone, into sharper focus. The private equity giant, along with its partners, took Tallgrass private in April 2020 after first acquiring a controlling stake in 2019. The elevation of Matthew Runkle, Blackstone’s Head of Power and Midstream, to Chairman of the Board solidifies the owner’s direct oversight of the company's strategic direction.

This move aligns perfectly with Blackstone's broader investment thesis. The firm has publicly committed to investing $100 billion in energy transition and climate solution projects over the next decade. Its infrastructure arm prioritizes stable, large-scale assets that provide essential services, a category into which Tallgrass’s 10,000-mile pipeline network squarely fits. When Blackstone first invested, it cited the rare opportunity to acquire a U.S. midstream platform connecting prolific supply basins with key demand centers.

With a Blackstone executive as Chairman and the dual CFO/CIO role for Gary Watkins signaling a sharp focus on investment discipline, the new structure appears designed to accelerate Tallgrass’s strategic initiatives. The alignment between the owner's capital and the operator's project pipeline—particularly in CO2 transport, hydrogen, and other clean energy ventures—suggests a concerted effort to position Tallgrass not just as a traditional midstream company, but as a critical infrastructure provider for the energy systems of tomorrow.