El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
21-Jul-2008
El Paso Pipeline Partners Increases Cash DistributionHOUSTON, TX, Jul 21, 2008 (MARKET WIRE via COMTEX News Network) -- El Paso Pipeline Partners, L.P. (NYSE: EPB) today announced that the
Board of Directors of its general partner has declared a quarterly
cash distribution of $0.2950 per unit for the second quarter of 2008,
up 2.6 percent from $0.2875 paid for the first quarter 2008. The
distribution will be paid August 14, 2008 on all outstanding common
and subordinated units to holders of record as of the close of
business on July 31, 2008.
"El Paso Pipeline Partners has made great progress since its initial
public offering in November, with ownership interests in 11 expansion
projects completed or under development," said Jim Yardley, president
and chief executive officer of the general partner of El Paso
Pipeline Partners. "This cash distribution increase reflects the
significant cash generation and organic growth capabilities of our
partnership's diversified asset base."
El Paso Pipeline Partners, L.P. is a Delaware limited partnership
formed by El Paso Corporation in 2007 to own and operate natural gas
transportation pipelines and storage assets. El Paso Corporation owns
56.2 million limited partner units and 1.7 million general partner
units. El Paso Pipeline Partners, L.P. owns Wyoming Interstate
Company, Ltd. (WIC), an interstate pipeline system serving the Rocky
Mountain region, and a 10 percent interest in each of the Colorado
Interstate Gas Company (CIG) and Southern Natural Gas Company (SNG)
interstate pipelines, which operate in the Rocky Mountain and
southeastern regions of the United States, respectively. For more
information about El Paso Pipeline Partners, visit
www.eppipelinepartners.com.
Cautionary Statement Regarding Forward-Looking Statements
This release includes forward-looking statements and projections,
made in reliance on the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. El Paso Pipeline Partners
has made every reasonable effort to ensure that the information and
assumptions on which these statements and projections are based are
current, reasonable, and complete. However, a variety of factors
could cause actual results to differ materially from the projections,
anticipated results or other expectations expressed in this release,
including, without limitation, insufficient cash flows required to
make the cash distributions to unitholders, the ability to obtain
necessary governmental approvals for proposed pipeline projects and
to successfully construct and operate such projects; operating
hazards, natural disasters, weather-related delays, casualty losses
and other matters beyond our control; the risks associated with
recontracting of transportation commitments; regulatory uncertainties
associated with pipeline rate cases; actions taken by third-party
operators, processors and transporters; conditions in geographic
regions or markets served by El Paso Pipeline Partners and its
affiliates and equity investees or where its operations and
affiliates are located; the effects of existing and future laws and
governmental regulations; competitive conditions in our industry;
changes in the availability and cost of capital; and other factors
described in the company's (and its affiliates') Securities and
Exchange Commission filings. While the company makes these statements
and projections in good faith, neither the company nor its management
can guarantee that anticipated future results will be achieved.
Reference must be made to those filings for additional important
factors that may affect actual results. The company assumes no
obligation to publicly update or revise any forward-looking
statements made herein or any other forward-looking statements made
by the company, whether as a result of new information, future
events, or otherwise.
Contacts:
Investor & Media Relations
Bruce L. Connery
Vice President
Office: (713) 420-5855
Media Relations
Richard Wheatley
Manager
Office: (713) 420-6828
|