Energy Transfer Partners, L.P. ( NYSE:ETP ) today announced that the sale of the assets of New England Gas Company ("NEG") to Liberty Utilities (New England Natural Gas Company) Corp. ("Liberty") was completed for a total purchase price of $60 million, with approximately $40 million in cash proceeds and the assumption by Liberty of approximately $20 million in debt. NEG is a division of Southern Union Company ("Southern Union"), a wholly-owned indirect subsidiary of ETP.
The sale by Southern Union of the NEG assets and sale of Missouri Gas Energy assets, which closed September 1, 2013, demonstrates ETP’s efforts to streamline and integrate its asset portfolio through the divestiture of non-core assets, and continue to deliver on its promise to simplify and to enhance unitholder value.
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 43,000 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, L.P. (NYSE:ETE).
Forward-Looking StatementsThis 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.