News Release
March 26, 2001

DUKE ENERGY FIELD SERVICES: MIKE PANATIER’S RETURN TO PHILLIPS

DENVER -- Duke Energy Field Services (DEFS) today announced Vice Chairman Mike Panatier will be returning to Phillips Petroleum effective April 1.

Panatier will retain a DEFS presence by becoming a member of the DEFS board of directors. He’ll move into a seat now held by Jim Mulva, chairman and chief executive officer of Phillips.

"Mike Panatier has been a terrific asset and contributor to DEFS since Duke Energy and Phillips formed our joint venture last April," said Jim Mogg, chairman, president and chief executive officer of DEFS. "While his unique skills and enthusiasm will be missed, we look forward to Mike joining our board and continuing to contribute to the rapid growth of DEFS."

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, with 2600 employees, $6.1 billion of assets and $9.1 billion of revenues in 2000, 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 68 plants and 57,000 miles of pipeline, and its operating territory extends from western Canada to the Gulf Coast.

DEFS was formed by combining the Duke Energy and Phillips Petroleum natural gas gathering and processing businesses. Duke Energy owns approximately 70 percent of the joint venture and Phillips Petroleum owns about 30 percent. More information is available about the company at www.defs.com.

Phillips is an integrated petroleum company with interests around the world. Founded in Bartlesville, Okla., in 1917, the company has 12,400 employees and $20.6 billion of assets, and had $21.2 billion of revenues in 2000.

Duke Energy, a diversified multinational energy company, creates value for customers and shareholders through an integrated network of energy assets and expertise. Duke Energy manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses -- generating revenues of more than $49 billion in 2000. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 100 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.

Contact: Tom Long
Phone: 303/605-1731
24 Hour Phone: 704/382-8333
Email: telong@duke-energy.com