El Paso Completes Acquisition of Peoples Energy

El Paso has completed the acquisition of Peoples Energy Production Company for a total purchase price of $879.1 million in cash, which reflected customary closing adjustments.

"We're pleased with the rapid completion of this acquisition, and we are also very pleased that many of the Peoples employees have chosen to join Team El Paso," said Brent Smolik, president of El Paso Exploration and Production Company. "The Peoples properties are an excellent strategic and operational fit for our company. In combination with our existing portfolio, they will improve the predictability of our future performance and add meaningfully to our inventory of future drilling projects."

El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. El Paso owns North America's largest interstate natural gas pipeline system and one of North America's largest independent natural gas producers.