Duke Energy sells its exploration and production unit

Duke Energy Corp., Charlotte, NC, has closed its sale of its exploration and production subsidiary Duke Energy Hydrocarbons LLC to a private firm for $83 million.

June 19, 2003

By OGJ editors

HOUSTON, June 19 -- Duke Energy Corp., Charlotte, NC, has closed its sale of its exploration and production subsidiary Duke Energy Hydrocarbons LLC to a private firm for $83 million. The buyer was not identified.

"The sale of our hydrocarbons business is consistent with our overall North American portfolio management strategy," said Richard B. Priory, Duke Energy chairman and CEO.

Duke Energy previously said its goal for 2003 is to sell $1.5 billion in assets.