El Paso Announces MPP Pipeline Project
October 07 2011 - 9:00AM
Marketwired
El Paso Corporation (NYSE: EP) today announced that its wholly
owned subsidiary, Tennessee Gas Pipeline Company (TGP), has
executed long-term agreements for the MPP project which will expand
TGP's 300 Line in Pennsylvania.
The 240,000 dekatherms per day (Dth/d) project includes
approximately 8 miles of 30" pipeline looping and modifications to
four existing compressor stations in Pennsylvania to provide
natural gas transportation from the Marcellus Shale supply area to
existing delivery points on the TGP system. All of the capacity is
subscribed through agreements with Chesapeake Energy Marketing,
Inc., a wholly-owned subsidiary of Chesapeake Energy Corporation
(NYSE: CHK), for 140,000 Dth/d and Southwestern Energy Services
Company, a wholly-owned subsidiary of Southwestern Energy Company
(NYSE: SWN), for 100,000 Dth/d.
"We are pleased to announce our fourth expansion project in as
many years which brings our total investment in Marcellus
infrastructure to $1.3 billion and adds nearly 1.5 Bcf/d of
capacity," said Norman Holmes, president of Tennessee Gas Pipeline.
"This project leverages TGP's strategic location and provides
significant new firm transportation capacity for two prominent
Marcellus Shale producers."
Capital for the MPP project is expected to be less than $100
million. TGP anticipates filing a certificate application for the
project with the Federal Energy Regulatory Commission in late 2011.
Pending regulatory approvals, construction would begin in 2013,
with a November 1, 2013 in-service date.
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, one of North America's largest independent exploration
& production companies and an emerging midstream business. El
Paso owns a 42 percent limited partner interest, and the 2 percent
general partner interest in El Paso Pipeline Partners, L.P. El Paso
Corporation's Board of Directors has granted initial approval of a
plan to separate the company into two publicly traded companies
through a tax-free spinoff of its exploration and production
business to shareholders before year-end 2011. 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, the uncertainties associated with obtaining necessary
governmental approvals, construction risks and the risk of defaults
by our customers; 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 and Media Relations Bruce L. Connery
Vice President (713) 420-5855 Media Relations Gretchen Krueger
Principal (713) 420-7298
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