El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Energy Corporation Receives Approval from the Federal Energy Regulatory Commission to Proceed with Sonat Merger
Houston, Texas, September 29, 1999-El Paso Energy Corporation
(NYSE:EPG) announced that the Federal Energy Regulatory Commission (FERC) voted today to
approve El Paso Energy's $6 billion merger with Sonat Inc. In a draft order
issued today, the FERC concluded that the transaction is "consistent with the public
interest" and "will not adversely affect competition, rates or regulation."
On September 28, El Paso Energy announced that it had signed a consent agreement
with the Federal Trade Commission (FTC) relative to the transaction. Subject to FTC
executing the consent agreement, El Paso Energy and Sonat expect to close the merger
in early October.
With over $10 billion in assets, El Paso Energy Corporation provides energy
solutions through its strategic business units: Tennessee Gas Pipeline Company,
El Paso Natural Gas Company, El Paso Field Services Company, El Paso Power
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 natural gas transmission, gas gathering
and processing, power generation, energy marketing, and international energy
infrastructure development. On June 10, the stockholders of both El Paso Energy and
Sonat Inc. overwhelmingly voted in favor of merging the two organizations. Visit
El Paso Energy's web site at www.epenergy.com.
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.