Texaco Press Release - Bridgeline Holdings Announces Agreement with Occidental Chemical Corporation
FOR RELEASE: SEPTEMBER 17, 2001
HOUSTON, Sept. 17 - Bridgeline Holdings, L.P. (Bridgeline) announced today that it has executed a definitive agreement with Occidental Chemical Corporation (Occidental) for the sale of natural gas to Occidental's 778-megawatt cogeneration facilities in Taft, La. This long-term agreement provides for the delivery of nearly 165 billion cubic feet (BCF) of gas at market-based rates over its five-year term.
This agreement builds on a long-term relationship between Bridgeline and Occidental at the Taft site. Bridgeline sees this agreement as a key element in building on its strength to serve the new electrical generation demand throughout the region. This market requires firm, high-volume and deep-swing natural gas service to effectively meet the needs of this new class of merchant electricity generators. "We are eager to commence natural gas deliveries to the Taft facility and feel our unique combination of assets and merchant capabilities are well-positioned to serve this growing market," stated Hugh H. Connett, Vice President of Marketing and Supply for Bridgeline.
Bridgeline was established last year as a limited partnership between Texaco and Enron North America. Bridgeline operates approximately 1,000 miles of pipeline from the Texas/Louisiana border to New Orleans serving industrial and utility industry customers. Bridgeline has 13 BCF of sdome storage capacity with broad access to significant Gulf of Mexico pipeline production and wellhead supply.
This press release contains a number of forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In particular, statements made concerning Bridgeline's expected performance and financial results in future periods are based upon Bridgeline's current expectations and beliefs and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
The following factors known to Bridgeline, among others, could cause Bridgeline's actual results to differ materially from those described in the forward-looking statements including decreased demand for natural gas, mechanical failures, above or below-average temperatures, pipeline failures, worldwide and industry economic conditions, inaccurate forecasts of natural gas, increasing price and product competition, price fluctuations, production restrictions and environmental, health and safety regulations. In addition, you are encouraged to review Bridgeline's latest reports filed with the SEC.
Updated: September 2001