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NEW MAJOR NATURAL GAS SERVICES COMPANY TO BE FORMED BY THE COASTAL CORPORATION

 HOUSTON, Jan. 19 /PRNewswire/ -- The Coastal Corporation (NYSE: CGP) announced today the planned formation of Coastal Gas Services Company, which is expected to become one of the largest unregulated natural gas service organizations in North America.
 The resulting organization will handle natural gas volumes in excess of 1.2 trillion cubic feet (tcf) and 226 million gallons of natural gas liquids annually.
 Headed by Charles M. Oglesby, president and chief executive officer, Coastal Gas Services Company will combine the existing operations of Coastal Gas Marketing Company with Coastal's natural gas gathering and processing and international and domestic natural gas project development activities. There will also be a newly created division responsible for utility services.
 With this new organization, the Coastal Corporation will be better aligned to capture opportunities created by the continued deregulation of the natural gas industry in North America," said James R. Paul, president and chief executive officer of the Coastal Corporation.
 "Our customers have said they need these services, and we have created a comprehensive natural gas organization which provides that focus."
 Coastal Gas Services Company will join ANR Pipeline Company (ANR), Colorado Interstate Gas Company (CIG) and Coastal's 50 percent interest in Great Lakes Gas Transmission Company as the major units making up the Coastal Corporation's Natural Gas Group.
 Merchant activities of ANR and CIG will be separated from their parent pipelines in compliance with Federal Energy Regulatory Commission (FERC) Orders 497 and 636. However, the pipeline merchant activities will continue to offer marketing and gas supply services to existing customers and producers.
 Meanwhile, ANR and CIG will continue to provide regulated transportation, gathering and storage services to customers in new as well as established areas.
 Coastal Gas Marketing Company, already one of North America's largest natural gas marketing operations, will continue as a separate subsidiary headed by its president, Clark C. Smith. Coastal Gas Marketing will also expand its commercial operations to provide expanded natural gas pricing options and transportation related services to utilities.
 Coastal Gas Services Company will combine Coastal's natural gas gathering and gas processing assets into a new unit, which will operate existing facilities as well as acquire additional gathering and processing assets. Natural gas processing operations previously resided with Coastal's exploration and production group.
 Another division of Coastal Gas Services Company, Coastal Gas Services Project Development, will supervise natural gas projects, both domestic and international, which are not directly related to activities of the ANR and CIG systems. These projects could include construction of new pipelines and storage facilities, sales and management services for power generation ventures, and the acquisition of natural gas reserves. The Coastal Gas Services Project Development Division will be directed by R. Allen Bradley, vice president of project development.
 Coastal Gas Services Company will be a wholly owned subsidiary of the Coastal Corporation, a Houston-based energy holding company. Coastal has consolidated assets of more than $9 billion and subsidiary operations in natural gas marketing, transmission and storage, refining and marketing, oil and gas exploration and production, coal, chemicals, trucking and independent power production.
 -0- 1/19/93
 /CONTACT: Dave Scott of Coastal Corporation, 713-877-3839/
 (CGP)


CO: Coastal Corporation ST: Texas IN: OIL SU:

TS-PS -- NY053 -- 6358 01/19/93 12:39 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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