With its restructuring efforts essentially complete, El Paso Corp. has simplified its corporate structure and renamed its production holding company to El Paso Exploration & Production Co. to reflect a stronger focus on producing domestic oil and natural gas. Lisa Stewart, president of El Paso Production and Non-regulated Operations, will continue to lead the unit.
At the end of 2005, all of the domestic assets in the former El Paso Production Holding Co. were transferred to the revamped E&P unit. El Paso also restructured its CGP Co. and exchanged or assumed all of the company's outstanding notes. El Paso CGP, formerly Coastal Corp., intends to deregister with the Securities and Exchange Commission and cease its public reporting. El Paso completed a merger with Coastal in late January 2001 (see Daily GPI, Jan. 30, 2001).
"These restructuring activities significantly simplify El Paso's corporate structure and contribute to our ongoing effort to reduce expenses," said CEO Doug Foshee. "By combining all of our domestic exploration and production assets into one company, we've taken another important step toward focusing on our core pipeline and production businesses and providing greater simplicity and clarity for our investors."
An abbreviated corporate structure reflecting the new organization may be found in the Investors section of the company's website at www.elpaso.com .
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