Enbridge Energy Partners Completes $106 Million Sale of Midstream Natural Gas Assets
Posted on: Wednesday, 7 December 2005, 09:00 CST
Enbridge Energy Partners Completes $106 Million Sale of Midstream Natural Gas Assets
HOUSTON, Dec. 7, 2005 (PRIMEZONE) -- Enbridge Energy Partners, L.P. (NYSE:EEP) ("the Partnership") has closed its previously announced sale of midstream natural gas assets to subsidiaries of TexStar Field Services, L.P. for $106 million. The Partnership will use net proceeds from the sale to repay a portion of debt outstanding under its commercial paper program, which was used to provide interim financing for internal growth projects under construction.
The principal assets included in the transaction were: (a) approximately 327 miles of gas gathering pipeline, 121 miles of transmission pipeline and a gas treating facility located in South Texas; and (b) approximately 300 miles of gathering and products pipeline, the Eustace gas processing and treating plant and three other gas treating facilities located in Northeast Texas.
Enbridge Energy Partners, L.P. (www.enbridgepartners.com) owns and operates a diversified portfolio of crude oil and natural gas transportation systems in the U.S. Its principal crude oil system is the largest transporter of growing oil production from western Canada. The system's deliveries to refining centers in the U.S. Midwest account for approximately 10 percent of total U.S. oil imports; while deliveries to Ontario, Canada satisfy approximately 60 percent of refinery demand in that region. The Partnership's natural gas gathering, treating, processing and transmission assets, which are principally located onshore in the active U.S. Mid-Continent and Gulf Coast area, deliver more than 2 billion cubic feet of natural gas daily.
Enbridge Energy Management, L.L.C. (NYSE:EEQ) (www.enbridgemanagement.com) manages the business and affairs of the Partnership and its principal asset is an approximate 18 percent interest in the Partnership. Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. (www.enbridge.com), is the general partner and holds an approximate 11 percent interest in the Partnership.
CONTACT: Enbridge Energy Partners, L.P. Investor Relations Contact: Media Contact: Tracy Barker Terri Larson Toll-free: (866) EEP INFO Telephone: (713) 353-6317 (866) 337-4636 Cellular: (713) 553-5049 eep@enbridge.com usmedia@enbridge.com
Copyright © 2005 PrimeZone Media Network, Inc.
Source: PrimeZone Media Network
Related Articles
- Energy Industry Icon Calls for Lower Energy Prices; Natural Gas Target $2.50-$2.75/mmbtu and Oil $40-$60/bbl next 12-18 Months
- Enbridge Gas Distribution and FuelCell Energy Open DFC-ERG Power Plant
- Research and Markets: Talisman Energy Inc. Analysis Across the Oil and Gas Value Chain Report Examines the Company's Business Structure and Operations, History and Products
- Beowulf Energy and Natural Gas Partners Complete Acquisition of Generating Assets From City of Vernon (California) in $288 Million Transaction
- Nitro Petroleum, Inc. Purchases Buccaneer Energy Corp. Oil Assets
- PetroHunter Energy Corporation Closes Sale of Heavy Oil Assets to Pearl Exploration and Production Ltd.
- Southern Union Company's Missouri Gas Energy Receives Approval for $27.2 Million Rate Increase
- Petrol Oil and Gas Develops New Natural Gas Resources; Company's ReSource America Initiative to Help Move America Toward Energy Independence; Please Note Tuesday, April 25 Event
- Natural Gas Prices Decline 10 Percent
- RenewableEnergyStocks.Com Reports on Clean Energy Solutions Surrounding Clean Coal, Renewable Energy and Natural Gas
 |
 |
User Comments (0)
RSS Feeds