El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Corporation Ends 2009 With Strong Liquidity; Closes Very Attractive E&P Acquisition
HOUSTON, TX, Jan 12, 2010 (MARKETWIRE via COMTEX) -- El Paso Corporation (NYSE: EP) today announced that its liquidity at December 31, 2009 was approximately $1.8 billion after closing substantially all of a $103.5 million acquisition of producing properties, primarily in the Altamont-Bluebell field, which is one of El Paso's core producing areas.
"We are entering the year with strong liquidity, and we are already making excellent progress towards our 2010 goals," said Doug Foshee, chairman, president and chief executive officer of El Paso Corporation. "We are particularly pleased with the latest acquisition of oil properties with approximately 70 billion cubic feet equivalent of proved oil reserves at an attractive price of $1.49 per thousand cubic feet equivalent. We will integrate these properties into our existing operations quickly and efficiently, and we expect to add more proved reserves as we further develop these properties."
El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. The company owns North America's largest interstate natural gas pipeline system and one of North America's largest independent natural gas producers. For more information, visit www.elpaso.com.
Cautionary Statement Regarding Forward-Looking Statements
This release includes certain forward-looking statements and projections. The company 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, our ability to achieve various elements of the company's 2010 plan, including targeted costs savings from the announced reorganization; complete planned asset sales; change management risk associated with the reorganization; our ability to pay the dividends declared; changes in unaudited and/or unreviewed financial information; volatility in, and access to, the capital markets; our ability to implement and achieve objectives in our 2010 plan and updated guidance, including achieving our earnings and cash flow targets; the effects of any changes in accounting rules and guidance; our ability to meet production volume targets in our Exploration and Production segment; our ability to successfully identify and finance new Midstream opportunities; our ability to comply with the covenants in our various financing documents; our ability to obtain necessary governmental approvals for proposed pipeline and E&P projects and our ability to successfully construct and operate such projects; the risks associated with recontracting of transportation commitments by our pipelines; regulatory uncertainties associated with pipeline rate cases; actions by the credit rating agencies; the successful close of our financing transactions; credit and performance risk of our lenders, trading counterparties, customers, vendors and suppliers; changes in commodity prices and basis differentials for oil, natural gas, and power; general economic and weather conditions in geographic regions or markets served by the company and its affiliates, or where operations of the company and its affiliates are located, including the risk of a global recession and negative impact on natural gas demand; the uncertainties associated with governmental regulation; political and currency risks associated with international operations of the company and its affiliates; competition; 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.
El Paso Corporation
Office: (713) 420-5855
Office: (713) 420-2906
SOURCE: El Paso Corporation