El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
22-Dec-2005
El Paso Corporation Provides Operational Update for Regulated Businesses HOUSTON, Dec. 22 /PRNewswire-FirstCall/ -- El Paso Corporation (NYSE: EP)
is providing a year-end report on the effects of hurricanes Katrina and Rita
on its natural gas pipeline businesses. Onshore and offshore Louisiana, El
Paso has made significant progress in restoring facilities to service on the
Tennessee Gas Pipeline (TGP), Southern Natural Gas (SNG), and ANR Pipeline
(ANR) systems. The company is continuing to conduct detailed assessments on
facilities that were affected by the hurricanes. While company operations are
improving, third-party production and processing availability continues to
affect throughput.
The company continues to make progress on restoring its operations to pre-
hurricane level flows.
Impact as of Impact as of
Flows pre-hurricane October 31, 2005 December 16, 2005
(MMcf/d) (MMcf/d) (MMcf/d)
ANR 1,300 300 200
SNG 1,220 645 170
TGP 2,450 1,200 400
Total Flow 4,970 2,145 770
Neither ANR nor SNG is constrained by processing. However, TGP is still
affected by a lack of third-party processing capabilities but has pursued
numerous options in order to optimize flows. Those include installing a new
interconnect that provides access to processing for 120 MMcf/d at the Lowry
processing plant at Lake Arthur. TGP has repaired most of its main lines in
the Gulf of Mexico and continues to repair lateral lines, electronic
equipment, and metering in various areas. Facility recovery will extend into
2006. TGP is flowing on the East and West Legs as well as the header of the
Bluewater system. Certain damaged lateral lines and metering equipment on the
East Leg will be replaced in 2006. TGP is repairing two turbine compressors
at its Port Sulphur Compressor Station in addition to other repairs. Plans
call for the facilities to be back in operation by mid-January.
SNG pipeline repairs continue offshore at various locations, including
installing a by-pass around SNG's damaged Main Pass 298 junction platform.
The by-pass is scheduled to be complete before year-end, and the platform will
be removed.
Ongoing system repairs on the ANR system should allow ANR to restore
throughput capability to 100 percent of pre-hurricane levels by mid-February.
El Paso Corporation provides natural gas and related energy products in a
safe, efficient, and dependable manner. The company owns North America's
largest natural gas pipeline system and one of North America's largest
independent natural gas producers. For more information, visit
http://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, the ability to repair any damage to pipeline
and production facilities and to restore transportation services and oil and
gas production deliveries; the costs of effectuating such repairs and
replacement facilities; the receipt of any related necessary governmental
approvals 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 must 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: investor and public relations, Bruce L. Connery, Vice
President, +1-713-420-5855, or fax, +1-713-420-4417, or media relations,
Richard Wheatley, Manager, +1-713-420-6828, or fax, +1-713-420-6341, both of
El Paso Corporation
Web site: http://www.elpaso.com
(EP)
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