"GulfTerra Energy Partners is a new name that reflects the increased size and scope of the partnership's midstream operations, both offshore and onshore, and is an important element in our publicly stated plan to improve our corporate governance model," said Robert G. Phillips, chairman and chief executive officer of El Paso Energy Partners. "In February 2003, we announced a number of initiatives designed to position the partnership as a stand-alone entity including early compliance with new requirements established by the NYSE and the Sarbanes-Oxley Act of 2002 regarding corporate governance. Many of the initiatives we are in the process of implementing are more fully described in our 2002 Form 10-K and include, among other things: expanding the number of independent board members, reorganizing our structure, and changing our name. We are pleased to complete this important step in our strategy to enable investors to more clearly distinguish the partnership's assets, businesses, and growth opportunities from our indirect general partner, El Paso Corporation"
Additionally, Mr. Phillips stated, "The GulfTerra name and logo symbolize both the origins of the partnership in the Gulf of Mexico on our ten-year anniversary and the expanded nature of our industry-leading midstream assets in key onshore supply basins across the United States. GulfTerra also signifies the partnership's geographic diversity, financial strength, and fully integrated midstream service portfolio that will allow us to capitalize on growth opportunities and deliver superior performance in the future."
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