Duke, Phillips to form midstream gas firm

Duke Energy Corp., Charlotte, NC, and Phillips Petroleum Co., Bartlesville, Okla., have reached a definitive agreement to merge Duke's gas gathering and processing business-Duke Energy Field Services (DEFS)-with Phil- lips's gas processing and marketing unit, GPM.The resulting midstream company will retain the Duke Energy Field Services name. It will be headquartered in Denver and will have an enterprise value of $5-6 billion.The new company will seek to arrange $2.4 billion of debt financing and, upon closing of the transaction, will make a cash distribution of $1.2 billion to each partner.The existing NGL arrangements between Phillips Petroleum and its gas processing and marketi...

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