During 2003, definitive sales agreements were signed for the following assets: Rocky Mountain System, Michigan Crude Oil Gathering System, Capline/Capwood System and the Cushing/Ozark/Woodpat/Osage System. Transactions have already closed for the Rocky Mountain and Michigan Gathering Systems.
"We have therefore made excellent progress this year in our ongoing program of divesting from non-strategic U.S. assets, in support of reaching our external targets," added Elsenhans.
The Cushing/Ozark/Woodpat/Osage System forms an integrated network of approximately 700 miles of pipeline, connecting the industry's hub in Cushing, OK. to Patoka, IL. and El Dorado, KS. The Cushing terminals consist of eighty-three crude oil tanks and are connected to 13 pipeline companies. Woodpat is an undivided interest pipeline system of which Shell Pipeline owns 60 percent. Osage is a stock company in which Shell Pipeline has 58.8 percent ownership and is the operator. 8. HOUSTON, Dec. 22 /PRNewswire-FirstCall/ -- Grant Prideco, Inc. (NYSE: GRP) announced today the appointment of Matthew Fitzgerald as Senior Vice President and Chief Financial Officer. Mr. Fitzgerald is currently Executive Vice President, Chief Financial Officer and Treasurer of Veritas DGC Inc. Prior to joining Veritas DGC in 2001, Mr. Fitzgerald was Vice President and Controller of BJ Services Company where he was employed since 1989. Previously, Mr. Fitzgerald was Director of Corporate Audit at Baker Hughes, Inc. and was with Ernst and Whinney from 1981 to 1987. Mr. Fitzgerald is a Certified Public Accountant and is active in various industry and charitable organizations. Chairman, President and Chief Executive Officer Michael McShane commented, "I am quite pleased to once again have the opportunity to work with Matt. He brings extensive industry and technical knowledge and skills to Grant Prideco and he will be a great addition to our senior management team."
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