El Paso Renames Unit

The energy company wants to simplify.
Author:
Publish date:

El Paso

(EP)

completed the simplification of its corporate structure and renamed its exploration and production business.

The Houston-based energy company changed the name of its exploration and production business to El Paso Exploration & Production from El Paso Production Holding. It also completed the restructuring of El Paso CGP and successfully exchanged or assumed all of the outstanding El Paso CGP notes. Upon completing the redemption of preferred securities, which is expected to occur around Feb. 8, El Paso CGP intends to deregister with the

Securities and Exchange Commission

and cease its public reporting.

"These restructuring activities significantly simplify El Paso's corporate structure and contribute to our ongoing effort to reduce expenses," said CEO Doug Foshee. "By combining all of our domestic exploration and production assets into one company, we've taken another important step toward focusing on our core pipeline and production businesses and providing greater simplicity and clarity for our investors."

On Thursday, El Paso shares fell 17 cents to $12.62.