El Paso Corp. subsidiary El Paso Field Services said Tuesday it sold 18 gathering systems in Wyoming to a Denver, CO-based gatherer and marketer, Western Gas Resources Inc., for an estimated $37 million. El Paso reported its net proceeds from the deal were $35 million.

The transaction, which closed Jan. 31, is a continuation of Houston-based El Paso’s efforts to shed assets to improve its cash flow and liquidity position. The energy company sold approximately $4 billion in assets last year and expects to sell $2 billion more in 2003.

The latest transaction includes approximately 550 miles of gathering pipeline with a gas throughput of 139 MMcf/d from an estimated 450 wells. El Paso Field said the assets, which are located in the Greater Green River Basin, Powder River Basin and Wind River Basin, are no longer strategic to its current business plans.

El Paso Corp. is the largest pipeline company in North America, with assets also in the production, midstream services and power sectors.

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