Southern Union Company’s Panhandle Eastern Pipe Line Signs Gas Processing Agreement
March 01 2012 - 7:00AM
Business Wire
Southern Union Company (NYSE: SUG) today announced that its
Panhandle Eastern Pipe Line Company subsidiary has signed a
straddle agreement with Next Generation Processing, LLC (NGP).
NGP plans to build and operate a natural gas liquids extraction
plant near the Panhandle Eastern compressor station in Haven,
Kansas. The straddle agreement between the parties would allow NGP
to process natural gas delivered through Panhandle Eastern’s Haven
compressor station. The straddle agreement also gives Panhandle
Eastern the future option to purchase the plant from NGP. The
plant, which will be capable of processing up to 1.4 billion cubic
feet per day, is expected to be in service by the fourth quarter of
2013.
“Panhandle Eastern believes that this plant will provide
attractive processing opportunities for local producers of rich gas
in the nearby Granite Wash and Mississippi Lime formations and
benefit its current shippers by increasing supply on the Panhandle
Eastern Pipe Line system,” said Eric D. Herschmann, vice chairman,
president and COO.
About Southern Union
Company
Southern Union Company, headquartered in Houston, is one of the
nation’s leading diversified natural gas companies, engaged
primarily in the transportation, storage, gathering, processing and
distribution of natural gas. The company owns and operates one of
the nation’s largest natural gas pipeline systems with more than
20,000 miles of gathering and transportation pipelines and one of
North America’s largest liquefied natural gas import terminals,
along with serving more than half a million natural gas end-user
customers in Missouri and Massachusetts. For further information,
visit www.sug.com.
Forward-Looking Statements
This press release may include certain statements concerning
expectations for the future, including statements regarding the
proposal described above, that are forward-looking statements as
defined by federal law. Such forward-looking statements are subject
to a variety of known and unknown risks, uncertainties, and other
factors that are difficult to predict and many of which are beyond
the control of the management team of SUG. An extensive list of
factors that can affect future results are discussed in the reports
filed with the Securities and Exchange Commission by SUG. SUG
undertakes no obligations to update or revise any forward-looking
statement to reflect new information or events.
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