ConocoPhillips to own 50% of Duke unit

ConocoPhillips agreed to increase its ownership in Duke Energy Field Services LLC (DEFS) to 50% from 30.3% through a series of transactions with Duke Energy Corp.

Feb. 25, 2005

By OGJ editors

HOUSTON, Feb. 24 -- ConocoPhillips agreed to increase its ownership in Duke Energy Field Services LLC (DEFS) to 50% from 30.3% through a series of transactions with Duke Energy Corp.

Duke Energy expects to receive, directly and indirectly through its ownership interest in DEFS, a combination of assets and cash worth $1.1 billion. After closing, DEFS would be a 50:50 joint venture between ConocoPhillips and Duke Energy.

The restructuring, subject to regulatory approvals, is expected to close during the second quarter. DEFS is one of the largest natural gas and gas liquids gathering, processing, and marketing companies in the US.