Weekapaug,
I bought with a two year time frame in mind. I think it will triple during the two years.
NW
Conoco, Columbia Energy Expand Services Offering at LPG Terminal
HOUSTON, Jan. 12 /PRNewswire/ -- Greater supply security, more competitively priced propane imports and expanded services have resulted from the recent propane capacity expansion at Atlantic Energy's Chesapeake Bay marine terminal near Norfolk, Va.
Owned by units of Conoco (NYSE: COC) and Columbia Energy Group (NYSE: CG), the Atlantic Energy terminal has doubled propane capacity to 20 million gallons. The terminal is the Mid-Atlantic region's only point for receiving imported propane and one of only three facilities on the East Coast importing liquefied petroleum gas (LPG).
"The greater capacity means we can be more competitive, creative and flexible in our service offerings," said George Lipford, Conoco's propane sales coordinator for the southeast United States. "The expansion has enabled us to increase supply security and attract more competitively priced imports this year, even considering the warmer weather. Those benefits are part of the 'win-win' outcome that we had envisioned for our customers and our operations when we planned our expansion."
Atlantic Energy offers a variety of supply contract alternatives to meet each customer's individual needs, including an incentive contract for additional winter volumes based on annual contract performance. And Atlantic Energy plans to offer wholesale and retail customers the opportunity to purchase "winter-only" propane supplies. "That way, customers can receive guaranteed winter propane supply without being concerned about product allocations during times of industry supply shortages and without being required to take deliveries during the off-peak summer season," Lipford said.
In addition, the expanded terminal capacity lowers the risk of disrupting customer deliveries when refilling the terminal's two storage tanks because only one, large LPG tanker is required to service the terminal now instead of multiple, smaller-capacity tankers used in the past.
Conoco is a major, integrated energy company based in Houston and active in 40 countries. The fourth-largest producer of natural gas liquids in the United States, Conoco is a leading wholesale marketer of propane. As operator of 18 gas processing plants, three fractionators, four domestic refineries and a variety of product terminals, Conoco offers its customers security of supply and the ability to secure product from a variety of locations.
Columbia Energy Group, headquartered in Herndon, Va., is one of the nation's leading energy companies, with assets of more than $6 billion.
NOTE: This news release contains forward-looking statements about Conoco's capital expenditures, production and other operating results. These statements are not guarantees of future performance, involve certain risks, uncertainties, assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Therefore, actual outcomes and results may differ materially from what is expressed herein. Among the factors that could cause such differences are crude oil and natural gas prices; refining and marketing margins; potential failure to achieve, and potential delays in achieving, expected production from existing and future oil and gas development projects; and potential disruption or interruption of the Company's production facilities due to accidents or political events. Such matters are detailed in Conoco's publicly available filings with the Securities and Exchange Commission.
SOURCE Conoco Inc.
CO: Conoco Inc.; Columbia Energy Group; Atlantic Energy
ST: Texas, Virginia
IN: OIL
SU:
01/12/99 10:32 EST prnewswire.com
|
