El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso's Tennessee Gas Pipeline Announces 300 Line Expansion Project
HOUSTON, TX, Aug 05, 2008 (MARKET WIRE via COMTEX News Network) -- Tennessee Gas Pipeline Company ("Tennessee"), a wholly owned
subsidiary of El Paso Corporation (NYSE: EP), today announced the
results of a binding open season for its 300 Line Expansion Project.
Equitable Energy LLC, a subsidiary of Equitable Energy (NYSE: EQT),
executed a binding precedent agreement for a 15-year term and was
awarded 300,000 Dth/d, which represents 100 percent of the project's
capacity. The project links Equitable's Appalachian production to
northeast markets. The expansion facilities will consist of
approximately 125 miles of 30-inch pipe loop and approximately 46,000
horsepower of additional compression facilities to be constructed in
Tennessee's existing pipeline corridor in Pennsylvania and New
Jersey. Tennessee has entered into a fixed price agreement to lock
in its pipe costs.
"We're excited to have Equitable, a major gas producer in the
Appalachian basin, become one of the largest shippers on our system,"
said Bryan Neskora, Chief Commercial Officer of Tennessee. "This
project strengthens Tennessee's position in the Northeast with
diversified supplies and a significant increase in capacity to serve
"Equitable's participation in this project exemplifies our commitment
to support the expansion of much needed pipeline capacity out of the
Appalachian Basin," said Randall Crawford Senior Vice President of
Equitable Resources. "The project enables Equitable to deliver more
of our produced gas to the highly valued Northeast markets."
Construction of the project is subject to regulatory approval from
the Federal Energy Regulatory Commission ("FERC") and other agencies.
Tennessee plans to file its certificate application with the FERC
during the second quarter of 2009, with phased construction
anticipated during 2010 and 2011, pending receipt of the necessary
regulatory approvals for the project.
For more information on the 300 Line Expansion Project, visit project
web site at www.elpaso.com/tgp300lineexpansion/default.shtm.
El Paso Corporation provides natural gas and related energy products
in a safe, efficient, and dependable manner. The company owns North
America's largest interstate natural gas pipeline system and one of
North America's largest independent natural gas producers. For more
information, visit www.elpaso.com.
Note to Editors: A map of the project can be accessed at
Cautionary Statement Regarding Forward-Looking Statements
This release includes forward-looking statements and projections. 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, our ability to obtain
all necessary federal, state and local regulatory approvals; our
ability to successfully construct and operate the proposed facilities
described in this release on time and within budget; creditworthiness
of our shippers; the successful close of our financing transactions;
general economic conditions in geographic regions or markets served
by El Paso Corporation and its affiliates, or where operations of the
company and its affiliates are located, 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.
El Paso Contacts
Investor and Public Relations
Bruce L. Connery
Office: (713) 420-5855
Office: (713) 420-1544
SOURCE: El Paso Corporation