El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Corporation Receives FERC Approval for 300 Line Project
HOUSTON, TX, May 19, 2010 (MARKETWIRE via COMTEX) --El Paso Corporation (NYSE: EP) announced today that its subsidiary, Tennessee Gas Pipeline Company, has received Federal Energy Regulatory Commission (FERC) approval for its 300 Line Project.
"We are very pleased to receive FERC approval for an important project that will make significant new Appalachian supplies available to Tennessee Gas Pipeline customers," said Bryan Neskora, senior vice president and chief commercial officer of Tennessee Gas Pipeline Company. "This expansion, along with our Northeast Upgrade project, represents approximately $1 billion of projects that will provide much needed infrastructure related to the development of Marcellus Shale and Appalachian natural gas supplies."
The 300 Line Project, fully subscribed under a 15-year contract, is scheduled to be in service in November 2011. It involves the looping of approximately 127 miles of 30-inch pipeline in Pennsylvania and New Jersey, and the addition of approximately 55,000 horsepower with the installation of two new compressor stations and upgrades at seven existing compressor stations.
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 obtain all necessary federal, state and local regulatory approvals; our ability to successfully construct and operate the proposed facilities described in this release on schedule and within budget; general economic conditions in geographic regions or markets served by El Paso Corporation and its affiliates, or where operations of the company and its affiliates are located; 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
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SOURCE: El Paso Corporation