DUKE ENERGY AND CONOCOPHILLIPS NAME MICHAEL J. BRADLEY AS CEO OF NEW MLP VENTURE

DENVER – Duke Energy and ConocoPhillips today announced the naming of Michael J. Bradley to lead their efforts to form a new energy master limited partnership (MLP).  Additionally, Jim Mogg, chief development officer of Duke Energy, will serve as chairman of the new venture.

“I am pleased that Mike Bradley has agreed to become chief executive officer of our new company to re-enter the energy MLP arena,” said Jim Mogg. “Mike’s track record at acquiring and operating energy assets coupled with the depth of experience at Duke Energy Field Services (DEFS), the general partner of the new company, gives us the ingredients to launch a successful venture.”

Bradley, 50, was formerly group vice president, gathering and processing of DEFS. He was responsible for commercial management, business development and operations for the northern, western and southern regions and Canada. Included in these regions were TEPPCO’s Jonah and Val Verde Gas gathering systems.  He joined the company in 1979 as an engineer with Panhandle Eastern Pipeline Company and held a variety of engineering and management positions.

Previously Bradley worked for Marley Cooling Tower Company and the U.S. Geological Survey. He earned a bachelor of science in civil engineering from the University of Kansas.  He is a former member of the board of directors and served on the executive committee of the American Cancer Society.  Until its sale earlier this year, Bradley served on the board of directors of TEPPCO Partners LP.

DEFS is a premier North American midstream energy company that leads or is among the nation’s leaders in the gathering, compression, treating and processing of natural gas; and fractionation, transportation, marketing and trading of NGLs.  Other services include the transportation, marketing and storage of natural gas.  DEFS operates in 16 states and two 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 57 plants and 59,000 miles of pipeline.  Current handled volumes are 7.3 TBtu/d of natural gas and 363,000 Bbls/d of NGLs. 

DEFS was formed by combining the Duke Energy and ConocoPhillips natural gas gathering and processing businesses. DEC owns approximately 70 percent of the venture and ConocoPhillips owns about 30 percent. As previously announced, the partners intend to move to a 50-50 structure during 2005.

Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in the Americas. Headquartered in Charlotte, N.C., Duke Energy 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: http://www.duke-energy.com.

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