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Article: Duke Energy and Phillips Petroleum Announce Definitive Agreement Forming Premier Gas Gathering and Processing Company.
- Article from:
- Business Wire
- Article date:
- December 16, 1999
CopyrightCOPYRIGHT 1999 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BARTLESVILLE, Okla.--(BUSINESS WIRE)--Dec. 16, 1999--
Duke Energy and Phillips Petroleum Each to Receive $1.2
Billion In Cash; IPO Planned For New Company
Phillips Petroleum (NYSE: P) and Duke Energy (NYSE: DUK) today announced that they have signed definitive agreements to combine Duke Energy's gas gathering and processing businesses and Phillips Petroleum's Gas Processing and Marketing (GPM) unit to form a new midstream company to be called Duke Energy Field Services (DEFS).
This new company will become the nation's largest midstream natural gas liquids business and the premier gatherer and processor of natural gas in the continental ...