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HOUSTON, March 7, 2003 -- El Paso Corp. announced the completion of two additional transactions that result in a total of $1.35 billion of asset sales that have been completed or announced since January 1 of this year.
This total represents approximately 40 percent of the company's recently expanded asset sales goal of $3.4 billion for calendar year 2003. The sales of these assets support El Paso's previously announced 2003 five-point business plan, which includes exiting non-core businesses quickly but prudently, and strengthening and simplifying the balance sheet while maximizing liquidity.
El Paso received $289 million for Valero Energy Corporation's (NYSE: VLO - News) purchase of El Paso's Corpus Christi refinery and South Texas refined petroleum product pipeline system and terminal assets. Valero is exercising a purchase option that was part of a June 2001 lease agreement between the companies.
El Paso Corp. also closed the previously announced sale of its Florida petroleum terminals and tug and barge operations to TransMontaigne Inc. (Amex: TMG - News) for approximately $155 million. El Paso acquired these assets through its merger with The Coastal Corporation in 2001. The Florida petroleum terminal business provides bunker fuel for the maritime industry and is a major supplier of residual fuel, diesel, and gasoline throughout Florida.
El Paso Corp. is a provider of natural gas services and the largest pipeline company in North America. The company has core businesses in production, pipelines, midstream services, and power. El Paso Corporation, rich in assets and fully integrated across the natural gas value chain, is committed to developing new supplies and technologies to deliver energy. For more information, visit www.elpaso.com .
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