Enbridge Energy Partners, L.P. Closes Sale of Natural Gas Companies
HOUSTON, TX -- (Marketwire) -- 11/04/09 -- Enbridge Energy Partners, L.P. (NYSE: EEP)
(NYSE: EEQ) today announced that its wholly owned affiliate, Enbridge
Midcoast Energy, LP, has sold several natural gas pipeline companies to
Denver-based American Midstream Partners, LP. The sale closed today,
effective Nov. 1, and is valued at approximately $151 million.
Included in the sale are two interstate gas pipeline companies -- Enbridge
Pipelines (Midla) LLC, whose pipelines are located in Louisiana and
Mississippi, and Enbridge Pipelines (AlaTenn) LLC, whose pipelines are
located in Alabama and Tennessee -- as well as 10 additional intrastate
gathering or transmission pipeline companies with facilities located
primarily in Louisiana, Mississippi, Alabama and Tennessee.
"With the funds generated by this sale of non-core assets, the Partnership
greatly reduces the need to issue equity to fund its current expansion
program through 2010," said Terrance L. McGill, president of the
Partnership's management company and of its general partner.
PARTNERSHIP INFORMATION
Enbridge Energy Partners, L.P. (www.enbridgepartners.com) owns and operates
a diversified portfolio of crude oil and natural gas transportation systems
in the United States. Its principal crude oil system is the largest
transporter of growing oil production from western Canada. The system's
deliveries to refining centers and connected carriers in the United States
account for approximately 11 percent of total U.S. oil imports; while
deliveries to Ontario, Canada satisfy approximately 60 percent of refinery
demand in that region. The Partnership's natural gas gathering, treating,
processing and transmission assets, which are principally located onshore
in the active U.S. Mid-Continent and Gulf Coast area, deliver approximately
3 billion cubic feet of natural gas daily.
Enbridge Energy Management, L.L.C. (www.enbridgemanagement.com) manages the
business and affairs of the Partnership and its sole asset is an
approximate 13 percent interest in the Partnership. Enbridge Energy
Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. of
Calgary, Alberta (NYSE: ENB) (TSX: ENB) (www.enbridge.com) is the general
partner and holds an approximate 27 percent interest in the Partnership.