HOUSTON, March 18, 2003 — El Paso Corp. announced it has closed the sale of its interest in the San Juan Basin Rosa production properties to the Sacramento Municipal Utility District for $138 million.
El Paso also announced the retirement of $1 billion of notes associated with the Limestone Electron Trust financings. The notes were retired on schedule using cash on hand. El Paso has recently generated significant cash from asset sales and from its recently closed $1.2 billion secured loan financing. A portion of the secured loan proceeds were used to repay the $825 million Trinity River financing on March 13, 2003.
These successful transactions further demonstrate the significant progress that El Paso has made in executing its five-point business plan, which includes exiting non-core businesses quickly but prudently as well as strengthening and simplifying the balance sheet while maximizing liquidity.
El Paso Corporation is a provider of natural gas services and the largest pipeline company in North America. The company has core businesses in production, pipelines, midstream services, and power. El Paso Corporation, rich in assets and fully integrated across the natural gas value chain, is committed to developing new supplies and technologies to deliver energy. For more information, visit www.elpaso.com .