El Paso Corporation Closes Sale of Midstream Assets for $642 Million

El Paso Corporation has closed the previously announced sale of its interests in two separate sets of midstream assets for a total of $642 million.

El Paso closed the sale of its Javelina midstream interests to MarkWest Energy Partners, L.P. for approximately $156 million, which includes adjustments to working capital of $14 million. The sale includes El Paso's 40-percent interest in the Corpus Christi, Texas-based Javelina natural gas processing and fractionation facility and associated natural gas pipelines.

El Paso also closed the sale of certain midstream facilities to Crosstex Energy, L.P. for $486 million. Final proceeds on the sale were reduced by $14 million to reflect adjustments to working capital and other items. This sale includes interests in several processing and fractionation facilities located in South Louisiana.

Since its March 17, 2005 long-range plan update, the company has announced or closed approximately $1.4 billion of its targeted $1.2 billion to $1.6 billion of asset sales that support the company's debt-reduction program.