In a telephone conference call today August 17, 2007, Michael Erman of the Reuters news agency reported that El Paso Corp said on Friday it would buy the natural gas production unit of utility holding company Integrys Energy Group Inc. for $875 million, bulking up its holdings in two of its core operating areas.
El Paso Corporation, one of the largest natural gas companies in the world, is adding 305 billion cubic feet equivalent of proved reserves with current production of 72 million cubic feet equivalent per day and it also stated that 94 percent of the reserves are natural gas.
Most of the natural gas assets are on the Texas Gulf Coast and in the region where Arkansas, Louisiana and Texas intersect it was reported by the El Paso Corporation.
Integrys is shedding the natural gas unit, Peoples Energy Production Co., as it focuses on its core utility and power sales businesses, rather than on the supply of natural gas.
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