El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Corporation Announces Close of Coal Asset SaleHOUSTON, Feb 3, 2003 /PRNewswire-FirstCall via COMTEX/ -- El Paso Corporation
(NYSE: EP) today announced it has closed the transaction on the sale of its
remaining coal operations and businesses to subsidiaries of Alpha Natural
Resources, LLC, an affiliate of First Reserve Corporation, for $58.6 million.
Alpha Natural Resources acquired all of Coastal Coal's remaining mining
operations, businesses, properties and reserves in Kentucky, West Virginia, and
Virginia. The transaction follows El Paso's November 7, 2002 announcement
regarding the sale of certain coal reserves and coal properties to an affiliate
of Natural Resource Partners, L.P. (NYSE: NRP).
El Paso Corporation is the leading provider of natural gas services and the
largest pipeline company in North America. The company has core businesses in
production, pipelines, midstream services, and power. El Paso Corporation, rich
in assets and fully integrated across the natural gas value chain, is committed
to developing new supplies and technologies to deliver energy. For more
information, visit www.elpaso.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. 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, inability to realize anticipated synergies and cost savings
associated with mergers and acquisitions or restructurings on a timely basis;
the successful implementation of the Balance Sheet Enhancement Program and the
Strategic Repositioning Plan; 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 should 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.
SOURCE El Paso Corporation
CONTACT: Norma F. Dunn, Senior Vice President, Communications and
Government Affairs, +1-713-420-3750, or fax, +1-713-420-3632, or Bruce L.
Connery, Vice President, Investor Relations, +1-713-420-5855, or fax,
+1-713-420-4417, both of El Paso Corporation
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