El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Energy, NrG Information Services Inc. Announce Change in Partnership
Houston, Texas, June 29, 1998-El Paso Energy
Corporation (NYSE:EPG) today announced a change in its partnership interest in NrG
Information Services Inc. NOVA Gas Transmission Ltd., TransCanada PipeLines Limited, and
Westcoast Energy Inc., the three other partners, have agreed to purchase El Paso
Energy's 25-percent interest in NrG Information Services Inc.
"This decision allows El Paso Energy to continue focusing on its core
businesses, including natural gas transmission, gas gathering and processing, energy
marketing, and international project development," said Graciela E. Martinez, vice
president and chief information officer for El Paso Energy.
This partnership change follows several months of restructuring at NrG. The company is
focusing its activities on providing computer software products and services to existing
pipeline customers and their shippers. The three owners retain their strong commitment to
the long-term development and operation of NrG.
"The change in ownership does not affect our commitment to our customers or to our
continued product development," said Peter Krenkel, president, NrG. "NrG's
restructured, leaner organization is moving forward with product enhancements and new Web
developments, reinforcing the organization's continued total commitment to build
superior products to best meet our user's existing and future needs."
With over $9 billion in assets, El Paso Energy Corporation provides energy
solutions through five business units: Tennessee Gas Pipeline Company, El Paso
Natural Gas Company, El Paso Field Services Company, El Paso Energy Marketing
Company, and El Paso Energy International Company. The company owns the nation's
only integrated coast-to-coast natural gas pipeline system and has operations in
interstate natural gas transmission, gas gathering and processing, energy marketing, and
international infrastructure development. Visit El Paso Energy's web site at
NrG Information Services, located in Calgary, Alberta is an electronic service for
making contractual and operational arrangements for moving natural gas along the pipeline
systems of Iroquois Gas Transmission, L.P., NOVA Gas Transmission Ltd., TransCanada
Pipelines Ltd. and Westcoast Energy Inc.
NrG Information Services Contact
President, NrG: Peter Krenkel
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 companies have 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. While the companies make these statements and projections in good faith,
neither the companies nor their managements can guarantee that the anticipated future
results will be achieved. Reference should be made to the companies' (and their
affiliates') Securities and Exchange Commission filings for additional important
factors that may affect actual results.