News Release
Aug. 11, 2000


DENVER -- Duke Energy Field Services (DEFS) announced today it will issue an aggregate of $1.7 billion of notes in three tranches. The offering is scheduled to close on August 16.

DEFS will issue:

The notes are redeemable in whole or in part at any time. Lead underwriters are Merrill Lynch & Co. and J.P. Morgan & Co.

DEFS, headquartered in Denver, Colo., is a midstream energy company that gathers, processes, transports, markets and stores natural gas and produces, transports and markets natural gas liquids (NGLs). The company is one of the nation's largest natural gas gatherers, the largest producer of NGLs and one of the largest NGL marketers. DEFS operates in 11 states and across five of the largest natural gas producing regions in North America. The company owns and operates 71 plants and 57,000 miles of pipeline, and its operating territory extends from western Canada to the Gulf Coast. DEFS also owns the general partner of TEPPCO Partners, L.P., a publicly traded master limited partnership.

Duke Energy Field Services, LLC was formed by combining the Duke Energy and Phillips Petroleum natural gas gathering and processing businesses. Duke Energy, a diversified multinational energy company, owns approximately 70 percent of the joint venture and Phillips Petroleum owns about 30 percent.

Contact: Phyllis Hammond
Phone: 303/605-1606
24 Hour Phone: 704/382-8333