News Release
December 17, 2003

NEW CHAIRMAN, PRESIDENT AND CEO NAMED FOR DUKE ENERGY FIELD SERVICES

CHARLOTTE, N.C. – Duke Energy today announced the appointment of ConocoPhillips executive Bill Easter as chairman, president and chief executive officer of Duke Energy Field Services (DEFS), a joint venture of the two companies.

Easter replaces Jim Mogg, who has been promoted to group vice president and chief development officer for Duke Energy and becomes a member of the company’s six-member Executive Committee. The change is effective Jan. 1.

Duke Energy President and Chief Operating Officer Fred Fowler praised Easter’s broad expertise in the natural gas industry.

“Bill Easter has had a distinguished career in the areas of natural gas purchasing, transportation, refining and marketing. He brings strong customer, government relations and marketing experience to the position, as well as exceptional commercial and management skills,” Fowler said.

Easter is currently vice president, state government affairs, for ConocoPhillips. Prior to that assignment, he served as general manager of Conoco’s Gulf Coast business unit, directing petroleum products refining, transportation and marketing operations in a nine-state area.

Fowler said the fact that a ConocoPhillips executive was tapped for the top DEFS job reflects the strength of the partnership, which has built DEFS into one of the nation’s largest natural gas gatherers, the largest producer of natural gas liquids and one of the largest marketers of natural gas liquids. The company was formed in March 2002 with the combination of the natural gas gathering and processing businesses of Duke Energy and ConocoPhillips. Duke Energy owns approximately 70 percent of DEFS and ConocoPhillips approximately 30 percent.

Easter has a bachelor’s degree from the University of Houston and a master of science in management from the Stanford Graduate School of Business.

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 North America and in key markets around the world. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 500 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: Peter Sheffield
Phone: 704/373-4503
24-Hour Phone: 704/382-8333
e-mail: pvsheffield@duke-energy.com