El Paso Energy to purchase Coastal Corp. for $16 billion

Click here to enlarge imageEl Paso Energy Corp. is acquiring Coastal Corp. for $16 billion, expanding what is already the largest gas pipeline network in the US.The Houston-based firms claimed the united company would be the world's largest gas transporter. Their combination would create a firm with 56,600 miles of interstate pipelines and 20.7 bcfd of capacity. It would be the nation's second largest gas gatherer and third largest gas producer (after BP Amoco PLC and ExxonMobil Corp.), with reserves of more than 5 tcf of proved gas equivalent.The combined firm is also poised to take advantage of the converging gas and power markets. Together the companies control more than 12,0...

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