Coastal States Gas Producing Company ( Now El Paso Energy Corporation )

Coastal States Gas Producing Company ( Now El Paso Energy Corporation )

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Coastal States Gas Producing Company ( Now El Paso Energy Corporation )
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Beautifully engraved certificate from the Coastal States Gas Producing Company issued in 1971. This historic document was printed by the American Banknote Company and has an ornate border around it with a vignette of a man holding a pipe. This item has the printed signatures of the Company’s President and Secretary and is over 31 years old.
Certificate Vignette The company canged its name to Coastal Corporation in 1980. HOUSTON, TEXAS, January 29, 2001—El Paso Energy Corporation (NYSE:EPG) announced today that it completed its $24 billion merger with The Coastal Corporation (NYSE:CGP) after the Federal Trade Commission cleared the way by approving for public comment the consent agreement governing the merger. With a total enterprise value of over $50 billion, El Paso Energy is now the fourth largest U.S. energy company. Both companies once again produced exceptionally strong financial results in 2000, and the combined company is expected to achieve 20-percent earnings per share growth in 2001. The implementation of El Paso's proven re-engineering and operational streamlining is expected to result in cost savings in excess of $200 million per year. "This merger is a transforming event for both El Paso Energy and Coastal," said William A. Wise, chairman, president, and chief executive officer of El Paso Energy. "The scale we now possess opens an even wider range of extraordinary opportunities. Our combination of assets, intellectual capital, and financial resources creates the largest and most broadly based natural gas company in the world. We are better positioned than at any other time to sustain 15-percent plus earnings growth from our existing businesses and from our portfolio of new business opportunities including telecommunications, LNG, and financial services." Reflecting El Paso's strong position across the natural gas value chain, the combined company has been organized into four reporting segments-the Pipeline Group, the Merchant Energy Group, Production, and Field Services. The El Paso Pipeline Group will manage El Paso's approximately 58,000 miles of interstate pipelines that move more natural gas than any other energy company in the world. El Paso's five interstate pipeline companies-ANR, Colorado Interstate Gas, El Paso Natural Gas, Southern Natural Gas, and Tennessee Gas Pipeline-will continue to operate as separate pipelines with separate tariffs. In order to achieve a proper balance between customer focus and operational efficiency, Tennessee Gas Pipeline and ANR will comprise the Eastern Pipeline group and will be headquartered in Houston, Texas; El Paso Natural Gas and Colorado Interstate Gas will comprise the Western Pipeline group and will be headquartered in Colorado Springs, Colorado; and Southern Natural Gas Company will continue to be headquartered in Birmingham, Alabama. These companies will continue to serve their growing markets efficiently and capitalize on the burgeoning opportunities to expand pipeline infrastructure. The Merchant Energy Group will manage the company's growing wholesale customer business and its extensive portfolio of natural gas, power, and petroleum assets on a worldwide basis, using El Paso's industry-leading trading and risk management platform. This segment, consisting of North America, Europe, International, and Petroleum Markets units, has experienced 250-percent growth over the last three years on a pro forma basis. Merchant Energy possesses the physical assets, the proprietary valuation and risk assessment tools, and the deep talent pool necessary to continue to achieve industry-leading growth rates and exceptional returns. The Production business unit will be one of the largest gas and oil producers in the United States. The segment has more than 6 trillion cubic feet equivalent (Tcfe) of natural gas reserves and controls in excess of 3 million net acres. Pro forma combined, Production added approximately 1.9 Tcfe of reserves in 2000 at a reserve replacement cost of approximately $1.07 per thousand cubic feet equivalent. With an extensive drilling inventory and demonstrated technological leadership, this segment will continue to deliver strong growth and excellent returns. El Paso Field Services, with its combined El Paso, Coastal, and recently acquired South Texas assets, will continue providing superior midstream services and will maintain its role as a critical link in El Paso's wellhead-to-wire organization. Together with the company's general partnership interest in El Paso Energy Partners, L.P. (NYSE:EPN), Field Services holds interests in 24,000 miles of intrastate pipeline and gathering systems, 35 processing and treating plants, and eight offshore platforms. Because of its strategic position in the most important gas producing basins, El Paso Field Services will continue its rapid growth trajectory, adding significantly to El Paso's overall earnings momentum. El Paso Global Networks Company, while not a reporting segment at present, is focused on developing a bandwidth merchanting platform to provide end-to-end liquidity in the commercially under-developed broadband industry. Modeled from its commercial and trading skills, the technology, systems, and people have been assembled to present a unique combination of broadband capacity and services to meet the expanding demand for real-time bandwidth. With the scale and intellectual capital of the corporation, Global Networks is well positioned to capitalize on the recent downturn in the telecommunications industry. "The company's proven skills in the acquisition and integration of companies and our unique merchant platform provide the underpinnings for sustained growth," said Wise. "Given strong natural gas fundamentals and our preeminent North American asset position, we have high confidence in our near-term earnings outlook. Further, our merchant platform, wi


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