El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Announces Sale of Wyoming Natural Gas Gathering SystemsHOUSTON, Feb 4, 2003 /PRNewswire-FirstCall via COMTEX/ -- El Paso Field
Services, a business unit of El Paso Corporation (NYSE: EP) today announced the
sale of 18 gathering systems located in Wyoming to Western Gas Resources, Inc.
(NYSE: WGR) for $37 million ($35 net proceeds to El Paso). The transaction,
which closed on January 31, 2003, is a continuation of El Paso's asset
The sale consists of approximately 550 miles of gathering pipeline with current
gas throughput totaling approximately 139 MMcfd from approximately 450 wells.
These assets, located in the Greater Green River Basin, Powder River Basin, and
Wind River Basins in Wyoming, are not strategic to El Paso Field Services'
current business plans.
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. El Paso Corporation 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 restructurings on a timely basis; competition; 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: communications and government affairs, Norma F. Dunn, Senior
Vice President, +1-713-420-3750, or fax, +1-713-420-3632, or investor
relations, Bruce L. Connery, Vice President, +1-713-420-5855, or fax,
+1-713-420-4417, both of El Paso Corporation
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