DUKE ENERGY COMPLETES SALE OF INTEREST IN FOOTHILLS PIPE LINES
CHARLOTTE, N.C. – Duke Energy announced today it has completed the sale of its interest in Foothills Pipe Lines Ltd. to TransCanada PipeLines Limited.
The sale, announced in May, totaled $181 million (Cdn$254 million) representing Duke Energy’s interest in Foothills Pipe Lines Ltd. The cash proceeds from the transaction, net of unconsolidated debt, amount to $75 million (Cdn$105 million).
“By completing the sale of our interest in Foothills Pipe Lines, Duke Energy continues to deliver on its plan for 2003,” said Richard B. Priory, chairman and chief executive officer of Duke Energy. “This transaction helps further strengthen Duke Energy’s financial position and is consistent with our overall North American portfolio management strategy.”
Duke Energy acquired a non-controlling interest in the physical and financial operations of Foothills through its acquisition of Westcoast Energy in 2002.
Duke Energy is a diversified multinational energy company with an integrated network of energy assets and expertise. The company manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses -- meeting the energy needs of customers throughout
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although Duke Energy believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include legislative and regulatory developments; the outcomes of litigation and regulatory proceedings or inquiries; general economic conditions, including any potential effects arising from terrorist attacks and any consequential hostilities or other hostilities; the effectiveness of the company's risk management and internal controls systems; the timing and extent of changes in commodity prices for oil, natural gas, coal, electricity and interest rates; the extent of success in connecting natural gas supplies to gathering and processing systems and in connecting and expanding natural gas and electric markets; the performance of electric generation, pipeline and natural gas processing facilities; the timing and success of efforts to develop domestic and international power, pipeline, gathering, processing and other infrastructure projects; conditions of the capital markets and equity markets during the periods covered by the forward-looking statements; and other factors discussed in Duke Energy's filings with the Securities and Exchange Commission.