El Paso Corporation Announces Expansions for El Paso Natural Gas System
May 05 2011 - 11:00AM
Marketwired
El Paso Corporation (NYSE: EP) today announced that its subsidiary,
El Paso Natural Gas Company (EPNG), has successfully closed
companion open seasons and signed long-term agreements to expand
its Willcox lateral and provide mainline 95,000 dekatherms per day
(Dth/d) of natural gas transportation to MGI Supply Ltd., a
subsidiary of Pemex Gas, and 90,000 Dth/d to Mexicana de Cobre,
S.A. de C.V., a subsidiary of Grupo Mexico, Mexico's largest mining
company and one of the world's largest copper producers, for
power-generation projects in Mexico.
The two open seasons, which closed April 29, 2011, offered up to
200,000 Dth/d of existing capacity held by EPNG on its south
mainline, extending from the Waha Hub in West Texas to EPNG's
Willcox compressor station in Cochise County, Arizona, and 185,000
Dth/d of proposed additional capacity from the Willcox station to
two delivery points, also in Cochise County, at the U.S.-Mexico
border. Expansion of the Willcox lateral, anchored by 15-year
contractual commitments, would utilize existing facilities at the
Willcox compressor station after certain pipe and compression
modifications are undertaken. This project is expected to generate
more than $30 million of annual revenues when fully in service with
estimated capital of $18 million.
Pending Federal Energy Regulatory Commission approval, the
project is planned to be in service by April 1, 2013.
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 oil and natural gas
producers and an emerging midstream business. For more information,
visit www.elpaso.com.
Cautionary Statement Regarding Forward-Looking Statements
This release includes certain 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 implement and achieve our objectives in
our 2011 plan; our ability to obtain and maintain in force and
effect all necessary federal, state and local regulatory approvals
on a timely basis; our ability to successfully construct and
operate the proposed facilities described in this release on time
and within budget; our ability to satisfy all other conditions
precedent in the contractual agreements; 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.
Contacts: Investor-Media Relations Bruce Connery Vice
President (713) 420-5855 Media Relations Richard Wheatley Manager
(713) 420-6828
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