Offshore staff
(Houston, Texas)-El Paso Corp. has agreed to sell its Javelina midstream interests to MarkWest Energy Partners, L.P. for $142 million. The sale includes El Paso's 40% interest in the Javelina complex, which consists of a natural gas processing and fractionation facility and associated natural gas pipelines located in Corpus Christi, Texas.
The transaction is subject to regulatory approval, other closing conditions, and post-closing adjustments. El Paso expects to report a pre-tax gain of $100 million on this sale.
With the recently announced sale of South Louisiana processing plants, this transaction will conclude the sale of El Paso's midstream assets. This transaction supports the company's plan to reduce debt, net of cash, to $15 billion by the end of 2005. Since March 2005, the company has closed $1.4 billion of its targeted $1.2 billion to $1.6 billion of asset sales.
09/20/05
