SOURCE: El Paso Corporation

El Paso Corporation

El Paso Corporation

June 27, 2011 11:00 ET

El Paso Corporation and Spectra Energy Announce Binding Open Season for Proposed Marcellus Ethane Pipeline System

HOUSTON, TX--(Marketwire - Jun 27, 2011) - El Paso Corporation (NYSE: EP) and Spectra Energy Corp (NYSE: SE), announced today that their jointly developed project, Marcellus Ethane Pipeline System ("MEPS"), is holding a 30-day open season in an effort to secure binding commitments from potential shippers that desire ethane transportation service from West Virginia and Pennsylvania Marcellus Shale supply areas to destination interconnect points with third party ethane pipelines or storage facilities in the Gulf Coast area. The MEPS project is being designed to transport up to 90,000 barrels per day and has an anticipated in-service date of 4th Quarter 2014. The open season will begin at 10:00 a.m. on June 27 and will close at 5:00 p.m. on July 27.

In October 2010, El Paso Midstream Group, Inc. and Spectra Energy Transmission LLC announced that they had entered into a Memorandum of Understanding to pursue joint development of the MEPS project. Under the terms of the MOU, El Paso Midstream and Spectra Energy will each own a 50-percent interest in MEPS. For more information about the MEPS project visit www.elpaso.com/midstream.

Cautionary Statement Regarding Forward-Looking Statements

This release includes certain forward-looking statements and projections. El Paso Midstream and Spectra Energy have 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, developers' ability to obtain sufficient commitments from shippers to support the pipeline, developers' ability to obtain and maintain in force and effect all necessary federal, state and local regulatory approvals on a timely basis, including receipt by Tennessee Gas Pipeline of abandonment authorizations from the Federal Energy Regulatory Commission with regard to the natural gas pipeline to be converted to ethane service; developers' ability to successfully construct and operate the proposed facilities described in this release on time and within budget; developers' ability to obtain the necessary funding to develop and construct the pipeline; general economic conditions in geographic regions or markets served by the proposed pipeline, or where the pipeline is located; and other factors described in both companies' (and their affiliates') Securities and Exchange Commission filings. While the companies make these statements and projections in good faith, neither the companies nor their 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 companies assume no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the companies, whether as a result of new information, future events, or otherwise.

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 natural gas producers and an emerging midstream business. For more information, visit www.elpaso.com.

Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of North America's premier natural gas infrastructure companies serving three key links in the natural gas value chain: gathering and processing, transmission and storage, and distribution. For nearly a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company operates in the United States and Canada approximately 19,100 miles of transmission pipeline, more than 305 billion cubic feet of storage, as well as natural gas gathering and processing, natural gas liquids operations and local distribution assets. The company also has a 50 percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Spectra Energy is a member of the Dow Jones Sustainability World and North America Indexes and the U.S. S&P 500 Carbon Disclosure Project's Leadership Index for both Carbon Performance and Disclosure. For more information, visit www.spectraenergy.com.

Contact Information

  • Contacts:
    El Paso Corporation
    Investor & Media Relations
    Bruce Connery
    Vice President
    Office: (713) 420-5855

    Media Relations
    Richard Wheatley
    Manager
    Office: (713) 420-6828

    Spectra Energy
    Investor Relations
    John Arensdorf
    (713) 627-4600

    Media Relations
    Wendy Olson
    (713) 627-4072
    (713) 627-4747 (24-hour media line)