ConocoPhillips Completes Acquisition of Interest in Rockies Express Pipeline
HOUSTON, June 30, 2006 --- ConocoPhillips [NYSE:COP] today announced it has completed the acquisition of a partial interest in the planned 1,663-mile Rockies Express Pipeline (REX) project.
The over-$4 billion pipeline, a joint venture of Kinder Morgan Energy Partners, Sempra Pipelines and Storage and ConocoPhillips will be one of the largest natural gas pipelines ever constructed in North America, according to Randy L. Limbacher, executive vice president, exploration and production—Americas, for Houston-based ConocoPhillips.
“We believe this project is a strategic addition to our natural gas business and will provide ConocoPhillips and others a long-term outlet for delivering Rocky Mountain production to the upper Midwest and Eastern United States,” Limbacher said.
ConocoPhillips today acquired a 24 percent interest in the project with an additional one percent interest scheduled to be acquired after pipeline construction completion.
Limbacher said the planned route of the pipeline will run from the Cheyenne Hub in Weld County, CO to the Clarington Hub in eastern Ohio. ConocoPhillips will move natural gas production on the pipeline in addition to being an interest owner.
Interim service has begun on the first phase of the four-segment pipeline. Pending regulatory approvals, the next two segments are expected to be in service by January 2007 and January 2008, respectively. The final segment is expected to be in interim service as early as January 2009 and fully completed by June 2009.
ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to www.conocophillips.com.
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