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PANHANDLE EASTERN CORPORATION SUBSIDIARIES RECEIVE FINAL APPROVAL FOR MAJOR LNG SETTLEMENT

 PANHANDLE EASTERN CORPORATION SUBSIDIARIES RECEIVE FINAL APPROVAL
 FOR MAJOR LNG SETTLEMENT
 HOUSTON, Sept. 29 /PRNewswire/ -- Panhandle Eastern Corporation (NYSE: PEL) today announced that settlement agreements resolving all long-standing regulatory issues surrounding the corporation's liquefied natural gas (LNG) project, the Trunkline Gas Company (Trunkline) 1987 rate case and the Panhandle Eastern Pipe Line Company (PEPL) natural gas supply arrangements with Trunkline have become final.
 The agreements, which were filed July 15, were approved by the Federal Energy Regulatory Commission Aug. 28.
 Under the agreements, Trunkline and PEPL will collect approximately $243 million as a total settlement amount, with interest, over a five- year period. Net of certain accounting provisions, the company will report a one-time positive net income impact on the company's 1992 third quarter earnings of approximately $65 million.
 "Benefits from this settlement will extend well beyond the one-time impact on net income," said Paul M. Anderson, executive vice president of Panhandle Eastern Corporation. "Both Trunkline and PEPL are now more competitively positioned." Elimination of the LNG costs from Trunkline's rates will benefit PEPL as well, since it will no longer bear a portion of those costs through its supply contract with Trunkline.
 Trunkline Gas Company and Panhandle Eastern Pipe Line Company are subsidiaries of Panhandle Eastern Corporation, which operates one of the nation's largest interstate natural gas pipeline systems, providing gas to the Midwest and Northeast markets.
 -0- 9/29/92
 /CONTACT: media relations, John P. Barnett, 713-627-4072, or investor relations, Brad Porlier, 713-627-4600 or 800-347-3636, both of Panhandle Eastern/
 (PEL) CO: Panhandle Eastern Corporation ST: Texas IN: OIL SU:


KD -- NY059 -- 4446 09/29/92 14:30 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Sep 29, 1992
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