News Release
March 01, 2004

DUKE ENERGY FIELD SERVICES COMPLETES ASSET SALE IN WEST TEXAS

DENVER – Duke Energy Field Services (DEFS) today announced it has completed the sale of certain assets in West Texas to an affiliate of Regency Gas Services LLC. The transaction is valued at $62 million, and DEFS expects to record a gain of less than $5 million.

The assets to be sold consist of a 125 MMcf per day natural gas processing plant and over 600 miles of gathering pipeline and associated compression.

DEFS is a premier North American midstream company that leads or is among the nation’s leaders in the gathering and processing of natural gas, production, transportation and marketing of NGLs. Other services include transportation, marketing and storage of natural gas. DEFS operates in 16 states and 2 provinces across the five largest natural gas producing regions in North America, extending from western Canada to the Gulf Coast. The Denver-based company owns and operates 56 plants, 58,000 miles of pipeline. Current handled volumes are 7.7 TBtu/d of natural gas and 365,000 Bbls/d of NGLs. DEFS also owns the general partner of TEPPCO Partners L.P., a publicly traded master limited partnership.

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

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