El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Energy Announces Dividend Increase
HOUSTON, TEXAS, January 26, 2001—The Board of Directors of El Paso Energy Corporation (NYSE:EPG) announced
that it approved a 3-percent increase in the quarterly dividend to $0.2125 per
share on the company's outstanding common stock. The dividend will be
payable April 2, 2001 to shareholders of record as of the close of business on
March 2, 2001. Outstanding shares of common stock entitled to
receive dividends as of December 31, 2000 were 240,625,744.
"We are pleased
to announce another increase in the company's dividend," said William A.
Wise, chairman, president, and chief executive officer of El Paso Energy.
"Since going public in 1992, the company has provided shareholders with
6-percent compounded annual growth in its dividend. The future for El Paso
Energy has never been better. The demonstrated success of our Merchant
Energy platform offers exceptional opportunities both in the United States and
in international markets where El Paso is building a significant presence.
Our merger with The Coastal Corporation enhances these opportunities, and we
remain on track to deliver sustained earnings and cash flow growth well into the
With over $27
billion in assets, El Paso Energy Corporation is one of the largest integrated
natural gas-to-power companies in the world. El Paso Energy not only owns
North America's largest natural gas pipeline system, but also has growing
operations in merchant energy services, power generation, international project
development, gas gathering and processing, and gas and oil production. On
May 5, the stockholders of both El Paso Energy and The Coastal Corporation
overwhelmingly voted in favor of merging the two organizations. The merger
is expected to close shortly, concurrent with the final approval of the
transaction by the Federal Trade Commission. 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 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. While the company makes these statements
and projections in good faith, neither the company nor its management can
guarantee that the anticipated future results will be achieved. Reference should be made to the
company's (and its affiliates') Securities and Exchange Commission filings
for additional important factors that may affect actual results.