NORTHERN BORDER PARTNERS, L.P.
COMPLETES ACQUISITION OF MIDWESTERN GAS TRANSMISSION
FOR IMMEDIATE RELEASE: Monday, May 7, 2001
OMAHA, Neb. -- Northern Border Partners, L.P. (NYSE-NBP) announced it completed on April 30, 2001 its previously announced acquisition of Midwestern Gas Transmission (Midwestern) from El Paso Corporation for approximately $100 million. The purchase closed following the approval of the Federal Trade Commission.
The Midwestern system, a 350-mile natural gas pipeline extending from Portland, Tenn. to Joliet, Ill., provides interconnections to seven major pipeline systems in the Chicago market area, including the Northern Border Pipeline.
“We look forward to working with the customers of Midwestern. The Midwestern and Northern Border Pipeline systems are very complementary,” said Bill Cordes, chairman and chief executive officer of Northern Border Partners. “We believe we can create value for customers on both systems by providing better access to new supplies and markets.”
Northern Border Partners, L.P. owns a 70 percent general partner interest in Northern Border Pipeline Company, a 1,214-mile pipeline system that transports natural gas from the Montana-Saskatchewan border to markets in the Midwestern U. S. The Partnership also has gathering systems and processing plants in the Powder River, Wind River and Williston Basins in the U.S.; owns and operates processing plants and gathering pipelines in Alberta, Canada; and transports coal-water slurry via a pipeline in the Southwestern U.S. The general partners of NBP are owned by Enron Corp. (NYSE: ENE), one of the world’s leading electricity, natural gas and communications companies and by The Williams Companies, Inc. (NYSE: WMB) who, through its subsidiaries, connects businesses to energy, delivering innovative, reliable products and services. Northern Border Partners, L.P. information may be found at http://www.northernborderpartners.com.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. Although Northern Border Partners, L.P. believes that its expectations are based on reasonable assumptions, it can give no assurance that such expectations will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements include competitive conditions in the price, transportation and distribution of natural gas; continued growth in the area of gas-fired power generation and receipt of all necessary regulatory and governmental approvals.
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For additional information please contact:
Public Relations Contact:
Beth Jensen
(402) 398-7806
Investor Relations Contact:
Ellen Konsdorf
(402) 398-7840
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