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TRANSCO TO RECEIVE LIQUIDATING DISTRIBUTIONS FROM TXP

 TRANSCO TO RECEIVE LIQUIDATING DISTRIBUTIONS FROM TXP
 HOUSTON, June 23 /PRNewswire/ -- Transco Energy Company (NYSE: E)


expects to receive between $55 million and $60 million in cash distributions as a result of the liquidation of Transco Exploration Partners, Ltd. (TXP), based on TXP's announcement today of its agreement to sell its interest in the Chalkley Field. The company also expects to record an after-tax gain of between $7 million and $10 million on the receipt of the liquidating distributions from TXP.
 Transco Chairman, President and Chief Executive Officer John P. DesBarres said, "The cash distributions, along with amounts to be received upon closing of several other pending asset sales, will be used to reduce debt by some $150 million and interest expense by about $10 million annually." DesBarres noted that the final liquidating distribution should be received by the end of the year.
 Transco Energy Company transports natural gas through its interstate pipeline systems to markets in the eastern and midwestern United States, arranges for the transportation and sale of natural gas throughout the U.S., and is active in independent power generation and natural gas vehicle fueling services. Transco also maintains modest positions in other energy-related businesses.
 -0- 6/23/92
 /CONTACT: Katherine K. Putnam, 713-439-2455, or R. Dean Ayers, 713-439-2593, both of Transco Energy Company/
 (E) CO: Transco Energy Company ST: Texas IN: OIL SU:


LR -- NY078 -- 2971 06/23/92 16:02 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 23, 1992
Words:236
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