UNITED STATES
Securities and Exchange Commission
Washington, D.C. 20549
____________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report - March 15, 2001
(Date of earliest event reported: February 28, 2001)
EL PASO ENERGY PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
Delaware 1-11680 76-0396023
(State or other jurisdiction (Commission File Number)(I.R.S. Employer
of incorporation) Identification Number)
El Paso Building
1001 Louisiana Street
Houston, Texas 77002
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (713) 420-2131
Item 2. Acquisitions or Dispositions of Assets.
On February 28, 2001, we completed our $133 million
acquisition of the south Texas fee-based natural gas liquids
(NGLs) transportation and fractionation assets from a
subsidiary of El Paso Corporation. A copy of our press
release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(a) Pro forma financial statements and required audited
financial statements will be included by amendment.
(b) Exhibits
Exhibit number Description
99.1 Press release dated March 7, 2001.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
Date: March 15, 2001 EL PASO ENERGY PARTNERS, L.P.
By: /s/ D. Mark Leland
---------------------------------
D. Mark Leland
Sr. Vice President and
Controller
(Chief Accounting Officer)
Exhibit Index
Exhibit No. Description
- ----------- ------------
99.1 Press release dated March 7, 2001.
EXHIBIT 99.1
[El Paso Energy Partners,L.P. Logo] PRESS RELEASE
El Paso Energy Partners, L.P. Completes Purchase of South
Texas Midstream Assets
- -----------------------------------------------------------
HOUSTON, TEXAS, March 7, 2001-El Paso Energy Partners, L.P.
(NYSE:EPN) announced today that it completed its $133
million acquisition of South Texas fee-based natural gas
liquids (NGLs) transportation and fractionation assets from
El Paso Field Services on February 28, 2001. In conjunction
with the closing of the last of the announced redeployment
transactions, the Partnership has increased its May 15,
2001 distribution payable to common unitholders to $0.575
per unit.
The assets include more than 600 miles of NGL gathering and
transportation pipelines and three fractionation plants
located in South Texas. The NGL pipeline system is
comprised of 379 miles of y-grade pipeline used to gather
and transport unfractionated NGLs from various processing
plants to the Shoup Plant, located in Corpus Christi, the
largest of the three fractionators acquired. The system
also includes 177 miles of pipelines that deliver
fractionated products such as ethane, propane, and butane
to refineries and petrochemical end-users along the Texas
Gulf Coast and to common carrier NGL pipelines. The three
fractionation facilities consist of approximately 96,000
barrels per day of capacity that operated at more than 90
percent of capacity during 2000. These transportation and
fractionation assets receive deliveries of NGLs from
El Paso Field Services' extensive South Texas gathering and
processing infrastructure, which includes seven processing
plants with capacity of 1.3 billion cubic feet of natural
gas per day.
"This acquisition completes the redeployment transactions
that we announced in January," said Robert G. Phillips,
chief executive officer of the Partnership. "The addition
of these transportation and fractionation assets further
solidifies the Partnership's asset base while both
diversifying and increasing its cash flow. We have
established an aggressive growth plan for the partnership
over the next five years, and I am pleased to report that
we have already completed about fifty percent of our
targeted $500 million in growth capital investments for
2001."
El Paso Energy Partners, L.P. is a publicly owned master
limited partnership. The partnership owns and operates a
diversified set of midstream assets including five offshore
natural gas and oil pipelines and five production handling
platforms located in the Gulf of Mexico, a strategically
located salt dome storage facility with 7.2 billion cubic
feet of current storage capacity in Mississippi, and a 450-
mile coal bed methane gathering system in Alabama. Visit
El Paso Energy Partners on the Web at
www.elpasopartners.com.
This release includes forward-looking statements and
projections, made in reliance on the safe harbor
provisions of the Private Securities Litigation Reform
Act of 1995. The company has made every reasonable effort
to ensure that the information and assumptions on which
these statements and projections are based are current,
reasonable, and complete. However, a variety of factors
could cause actual results to differ materially from the
projections, anticipated results or other expectations
expressed in this release. While the company makes these
statements and projections in good faith, neither the
company nor its management can guarantee that the
anticipated future results will be achieved. Reference
should be made to the company's (and its affiliates')
Securities and Exchange Commission filings for additional
important factors that may affect actual results.