DALLAS--(BUSINESS WIRE)--Sep. 3, 2013--
Energy Transfer Partners (NYSE: ETP) today announced that
effective September 1, 2013, the sale of the assets of Missouri Gas
Energy (MGE) to Laclede Gas Company, a subsidiary of The Laclede Group,
Inc. (NYSE: LG), was completed for $975 million. MGE is a division of
Southern Union Company (Southern Union), a wholly-owned subsidiary of
ETP.
ETP expects the sale of the assets of Southern Union’s New England Gas
Company (NEG) natural gas distribution division for $60 million, less
assumed debt, will be completed during the fourth quarter of 2013,
pending receipt of required regulatory approval.
The sale by Southern Union of the MGE and NEG assets is another
important step in ETP’s efforts to streamline and integrate its asset
portfolio through the divestiture of non-core assets. The cash proceeds
from these sales will be utilized to repay debt, including borrowings
under ETP’s revolving credit facility.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master limited
partnership owning and operating one of the largest and most diversified
portfolios of energy assets in the United States. ETP currently has
natural gas operations that include approximately 33,000 miles of
gathering and transportation pipelines, treating and processing assets,
and storage facilities. ETP owns 100% of ETP Holdco Corporation, which
owns Southern Union Company and Sunoco, Inc., and a 70% interest in Lone
Star NGL LLC, a joint venture that owns and operates natural gas liquids
storage, fractionation and transportation assets. ETP also owns the
general partner, 100% of the incentive distribution rights, and
approximately 33.5 million common units in Sunoco Logistics Partners
L.P. (NYSE: SXL), which operates a geographically diverse portfolio of
crude oil and refined products pipelines, terminalling and crude oil
acquisition and marketing assets. ETP’s general partner is owned by
Energy Transfer Equity (NYSE: ETE). For more information, visit the
Energy Transfer Partners, L.P. website at www.energytransfer.com.
This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal law. Such forward-looking statements are subject to a
variety of known and unknown risks, uncertainties, and other factors
that are difficult to predict and many of which are beyond management’s
control. An extensive list of factors that can affect future results are
discussed in ETP’s Annual Report on Form 10-K and other documents filed
from time to time with the Securities and Exchange Commission. ETP
undertakes no obligation to update or revise any forward-looking
statement to reflect new information or events.
The information contained in this press release is available on our
website at www.energytransfer.com.
Source: Energy Transfer Partners, L.P.
Investor Relations:
Energy Transfer
Brent Ratliff,
214-981-0700
or
Media Relations:
Granado
Communications Group
Vicki Granado, 214-599-8785
214-498-9272
(cell)