ChevronTexaco
announces sale of Canadian Midstream Company
Posted: 20 May 2004
ChevronTexaco Corp announced its wholly owned subsidiary Chevron
Canada Resources (CCR) has reached an agreement to sell its EnerPro
Midstream Co. to KeySpan Facilities Income Fund for approximately
$190 million plus certain working capital adjustments.
The company expects to record a gain to income upon close of the
sale, which is anticipated to occur during the third quarter of
this year.
EnerPro owns and operates natural gas and oil facilities located
throughout Alberta, Canada, as well as natural gas liquids fractionation
facilities located at Fort Saskatchewan, Alberta. The transaction
is part of plans announced last December by ChevronTexaco to improve
the competitive performance and operating efficiency of its North
America exploration and production portfolio.
"Our ongoing portfolio rationalization effort will make us
more efficient and improve our competitive position," said
ChevronTexaco Vice Chairman Peter Robertson. "Our goal is to
maximize the value of our base business," he added. "By
divesting nonstrategic assets, we can apply a more intense focus
on those parts of our portfolio that we believe will deliver the
most value to our stockholders."
The portfolio optimization program does not affect strategically
significant Canadian assets, which include: the Athabasca Oil Sands
Project; Mackenzie Delta gas; Canadian east coast exploration, development
and production activities; or the company's refining and marketing
operations.
Currently celebrating its 125th anniversary, ChevronTexaco is the
second-largest U.S.-based energy company and the fifth largest in
the world, based on market capitalization. More than 50,000 ChevronTexaco
employees work in approximately 180 countries around the world,
producing and transporting crude oil and natural gas, and marketing
and distributing fuels and other energy products. ChevronTexaco
is based in San Ramon, Calif.
More information on ChevronTexaco www.chevrontexaco.com
More information on EnerPro www.enerpro.ca
Posted by Richard Price,
Editor Pipeline Magazine
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