Duke Energy Field Services to Acquire Canadian Midstream Services Ltd.; DEFS to More Than Double Natural Gas Processing Capacity In Western Canada

Apr 26, 2001, 01:00 ET from Duke Energy Corporation

    DENVER, April 26 /PRNewswire/ -- Duke Energy Field Services (DEFS), a
 leading gatherer and processor of natural gas in the United States, today
 announced plans to significantly strengthen its midstream asset base in
 western Canada.
     DEFS, through its wholly-owned subsidiary Duke Energy Midstream Services
 Canada, Ltd., disclosed it has entered into a definitive agreement to acquire
 the outstanding shares of Canadian Midstream Services, Ltd. (CMSL).  Following
 the completion of the proposed transaction, DEFS' net natural gas processing
 capacity in western Canada will increase from 205 million cubic feet per day
 (MMcf/d) to 555 MMcf/d and it will have an ownership interest in eight
 gathering and processing facilities.  Terms of the proposed transaction were
 not disclosed.
     "The acquisition of CMSL continues DEFS' strategy of investing in
 strategic North American midstream assets," said Jim Mogg, chairman,
 president, and chief executive officer of DEFS.  "The CMSL facilities come
 with distinct competitive advantages coupled with significant growth
 opportunities in three geographically diverse operating areas.  This
 acquisition is an excellent means to increase our Canadian midstream asset
 base."
     In addition to DEFS' existing assets in the Peace River Arch area, DEFS
 will now own midstream operations in three new core areas:  the Brazeau River
 area in the foothills of Alberta, the Nevis/Fenn area in central Alberta and
 the Pesh Peggo region of northeastern British Columbia.
     The successful completion of the proposed acquisition is subject to the
 approval of Investment Canada.
     DEFS is a premier North American midstream energy company that leads or is
 among the nation's leaders in the gathering, processing, transportation,
 marketing and storage of natural gas and the production, transportation and
 marketing of natural gas liquids (NGLs).  DEFS' 2,600 employees operate in 11
 states and across five of the largest natural gas producing regions in North
 America, extending from western Canada to the Gulf Coast.  The company owns
 and operates 65 plants and 57,000 miles of pipeline.  The Denver-based company
 had revenues of $9.1 billion and assets of $6.1 billion in 2000.  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 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.  Headquartered in Bartlesville, Oklahoma, the company has 12,400
 employees and $20.5 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 of Duke Energy Field Services, 303-605-1731, or
 24-Hour, 704-382-8333.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X38324056
 
 

SOURCE Duke Energy Corporation
    DENVER, April 26 /PRNewswire/ -- Duke Energy Field Services (DEFS), a
 leading gatherer and processor of natural gas in the United States, today
 announced plans to significantly strengthen its midstream asset base in
 western Canada.
     DEFS, through its wholly-owned subsidiary Duke Energy Midstream Services
 Canada, Ltd., disclosed it has entered into a definitive agreement to acquire
 the outstanding shares of Canadian Midstream Services, Ltd. (CMSL).  Following
 the completion of the proposed transaction, DEFS' net natural gas processing
 capacity in western Canada will increase from 205 million cubic feet per day
 (MMcf/d) to 555 MMcf/d and it will have an ownership interest in eight
 gathering and processing facilities.  Terms of the proposed transaction were
 not disclosed.
     "The acquisition of CMSL continues DEFS' strategy of investing in
 strategic North American midstream assets," said Jim Mogg, chairman,
 president, and chief executive officer of DEFS.  "The CMSL facilities come
 with distinct competitive advantages coupled with significant growth
 opportunities in three geographically diverse operating areas.  This
 acquisition is an excellent means to increase our Canadian midstream asset
 base."
     In addition to DEFS' existing assets in the Peace River Arch area, DEFS
 will now own midstream operations in three new core areas:  the Brazeau River
 area in the foothills of Alberta, the Nevis/Fenn area in central Alberta and
 the Pesh Peggo region of northeastern British Columbia.
     The successful completion of the proposed acquisition is subject to the
 approval of Investment Canada.
     DEFS is a premier North American midstream energy company that leads or is
 among the nation's leaders in the gathering, processing, transportation,
 marketing and storage of natural gas and the production, transportation and
 marketing of natural gas liquids (NGLs).  DEFS' 2,600 employees operate in 11
 states and across five of the largest natural gas producing regions in North
 America, extending from western Canada to the Gulf Coast.  The company owns
 and operates 65 plants and 57,000 miles of pipeline.  The Denver-based company
 had revenues of $9.1 billion and assets of $6.1 billion in 2000.  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 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.  Headquartered in Bartlesville, Oklahoma, the company has 12,400
 employees and $20.5 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 of Duke Energy Field Services, 303-605-1731, or
 24-Hour, 704-382-8333.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X38324056
 
 SOURCE  Duke Energy Corporation