Markets

U.S. open in 41 hrs, 48 mins
10,309.92
-154.48
 
1.48%
2,138.44
-37.61
 
1.73%
1,091.49
-19.14
 
1.72%
101.406
0.5625
 
0.56%
5,245.73
51.60
 
0.99%
9,081.52
-301.72
 
3.22%
21,134.50
-1,075.91
 
4.84%
-0.0047
 
0.31%
0.15
 
0.17%
1,177.80
-9.20
 
0.78%
75.97
-1.99
 
2.55%
Get Free Stock Chart for:

Enbridge Energy Partners, L.P. Closes Sale of Natural Gas Companies

Marketwire
posted: 23 DAYS 23 HOURS AGO

HOUSTON, TX -- (Marketwire) -- 11/04/09 -- Enbridge Energy Partners, L.P. (NYSE: EEP) (NYSE: EEQ) today announced that its wholly owned affiliate, Enbridge Midcoast Energy, LP, has sold several natural gas pipeline companies to Denver-based American Midstream Partners, LP. The sale closed today, effective Nov. 1, and is valued at approximately $151 million.

Included in the sale are two interstate gas pipeline companies -- Enbridge Pipelines (Midla) LLC, whose pipelines are located in Louisiana and Mississippi, and Enbridge Pipelines (AlaTenn) LLC, whose pipelines are located in Alabama and Tennessee -- as well as 10 additional intrastate gathering or transmission pipeline companies with facilities located primarily in Louisiana, Mississippi, Alabama and Tennessee.

"With the funds generated by this sale of non-core assets, the Partnership greatly reduces the need to issue equity to fund its current expansion program through 2010," said Terrance L. McGill, president of the Partnership's management company and of its general partner.

PARTNERSHIP INFORMATION

Enbridge Energy Partners, L.P. (www.enbridgepartners.com) owns and operates a diversified portfolio of crude oil and natural gas transportation systems in the United States. Its principal crude oil system is the largest transporter of growing oil production from western Canada. The system's deliveries to refining centers and connected carriers in the United States account for approximately 11 percent of total U.S. oil imports; while deliveries to Ontario, Canada satisfy approximately 60 percent of refinery demand in that region. The Partnership's natural gas gathering, treating, processing and transmission assets, which are principally located onshore in the active U.S. Mid-Continent and Gulf Coast area, deliver approximately 3 billion cubic feet of natural gas daily.

Enbridge Energy Management, L.L.C. (www.enbridgemanagement.com) manages the business and affairs of the Partnership and its sole asset is an approximate 13 percent interest in the Partnership. Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. of Calgary, Alberta (NYSE: ENB) (TSX: ENB) (www.enbridge.com) is the general partner and holds an approximate 27 percent interest in the Partnership.

Investor Relations Contact:
Douglas Montgomery
Toll-free: (866) EEP INFO
(866) 337-4636
E-mail: eep@enbridge.com

Media Contact:
Larry Springer
Toll-free media line: (877) 496-8142
E-mail: usmedia@enbridge.com

Bookmark:

Headlines From AOL Money & Finance Partners

CNBC
The Big Money
Smart Money
Kiplinger.com
The street

Visit Money & Finance for stock quotes, the web's best online portfolio manager and the latest business & financial news. Find out about every aspect of personal finance and money management, from finding the best mortgage rates and preventing identity theft to making money, saving money and investing money.