The Federal Energy Regulatory Commission (FERC) has approved Texas Eastern Transmission Corp.'s (TET) proposed revisions of its monthly imbalance cash-out mechanism (Docket No. RP96-142-000).
been consistent with expectations, and the company's liquidity remains strong."
The liquidity consists of $1.3 billion in cash, $3 billion from a 364-day bank facility, and $1 billion from a multi-year facility, totaling $5.3 billion. The company has used $1.5 billion toward a 364-day facility and $400 million toward multi-year letters of credit. At press time, El Paso Corp. says that in 2002 it closed on more than $3.6 billion in asset sales. El Paso expects to complete another approximately $1.4 billion in non-core asset sales by the end of the first quarter and $1 billion during the rest of 2003.
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