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ENRON CORP. TO CONSIDER SALE OF LIQUIDS ASSETS INCLUDING THE STOCK OF THE GENERAL PARTNER OF ENRON LIQUIDS PIPELINE, L.P
FOR IMMEDIATE RELEASE: Tuesday, August 13, 1996
HOUSTON -- Enron Corp. announced today that it received an unsolicited indication of interest to purchase its natural gas liquids business. If no acceptable bid is received as a result of the indication of interest, Enron expects to open a data room for selected buyers.
Included in the indication of interest are the following: a 2,400 mile natural gas gathering system in the Hugoton Field in Kansas; a 1.2 Bcf/d Bushton, Kan., natural gas processing plant; the stock of Enron Louisiana Energy Company, which owns interests in the Eunice, Riverside, Cow Island, Sabine Pass, and Blue Water gas processing plants, fractionation plants and other related facilities in Louisiana; and the stock of Enron Liquids Pipeline Company, which is the general partner and owner of a 15 percent interest in Enron Liquids Pipeline, L.P. Enron Liquids Pipeline, L.P. is a master limited partnership whose common units are traded on the New York Stock Exchange under the symbol "ENP."
"Although we have not pursued the sale of our natural gas liquids assets, when we were approached, we decided to see what value the market places on them," said Stan Horton, co-chairman and chief executive officer of Enron Operations Corp. "If this indication of interest results in a bid that is deemed inappropriate or insufficient, we will open a data room to others in the industry who have come forward indicating their interest in all or part of the businesses. If no acceptable bids are submitted, we will continue to own these assets and the stock of Enron Liquids Pipeline Company and operate the facilities."
Enron Liquids Pipeline, L.P. owns and operates two interstate common carrier natural gas liquids (NGL) pipeline systems and one carbon dioxide (CO2) pipeline system. The Partnership also owns and operates a rail-to-barge coal transfer terminal and a natural gas processing facility and holds an indirect interest in an NGL fractionator.
Enron Corp., one of the world's largest integrated natural gas companies with approximately $13 billion in assets, operates the largest natural gas transmission system in the Western Hemisphere and the second largest system in the world; is the largest purchaser and marketer of natural gas and the largest non-regulated marketer of electricity in North America; produces and markets natural gas liquids worldwide; owns 59 percent of Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns 59 percent of Enron Global Power & Pipelines L.L.C., which is owner and manager of operating power plants and natural gas pipelines around the world; and is one of the largest independent developers and producers of electricity in the world. Enron Corp. is traded under the ticker symbol, "ENE."
For additional information please contact:
Elaine Thomas
713-853-6814
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