El Paso Corporation Announces Completion of Acquisition of Peoples Energy Production Company
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HOUSTON, Sept. 28 / -- El Paso Corporation (NYSE:EP) announced today that it has completed the previously announced acquisition of Peoples Energy Production Company through its indirect wholly owned subsidiary, El Paso E&P Company, L.P. The total purchase price was $879.1 million in cash, which reflected customary closing adjustments.
"We're pleased with the rapid completion of this acquisition, and we are also very pleased that many of the Peoples employees have chosen to join Team El Paso," said Brent Smolik, president of El Paso Exploration and Production Company. "The Peoples properties are an excellent strategic and operational fit for our company. In combination with our existing portfolio, they will improve the predictability of our future performance and add meaningfully to our inventory of future drilling projects."
El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. El Paso 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 http://www.elpaso.com/.
First Call Analyst: Bruce L. Connery
Source: El Paso Corporation
CONTACT:Investor and Public Relations, Bill Baerg, Manager,
+1-713-420-2906, or Media Relations, Richard Wheatley, Manager,
+1-713-420-6828, both of El Paso Corporation
Web site: http://www.elpaso.com/
