ChevronTexaco sells midstream company

ChevronTexaco announced yesterday that its subsidiary, Chevron Canada Resources, has reached an agreement to sell its EnerPro Midstream Company to KeySpan Facilities Income Fund for $190 million.

ChevronTexaco announced yesterday that its wholly owned subsidiary Chevron Canada Resources (CCR) has reached an agreement to sell its EnerPro Midstream Company to KeySpan Facilities Income Fund for approximately $190 million.

EnerPro owns and operates natural gas and oil facilities located throughout Alberta, Canada, as well as natural gas liquids fractionation facilities located at Fort Saskatchewan, Alberta.

The transaction is part of plans announced in December, 2003 by ChevronTexaco to improve the competitive performance and operating efficiency of its North America exploration and production portfolio.

“Our ongoing portfolio rationalisation effort will make us more efficient and improve our competitive position,” said ChevronTexaco Vice Chairman Peter Robertson.

“Our goal is to maximise the value of our base business,” he added. “By divesting nonstrategic assets, we can apply a more intense focus on those parts of our portfolio that we believe will deliver the most value to our stockholders.”