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Kinder Morgan to purchase El Paso for approximately $38B to form largest natural gas pipeline network and largest midstream energy enterprise in North America

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KMI) and El Paso Corporation on Sunday announced a definitive agreement whereby KMI will acquire all of the outstanding shares of EP in a transaction that will create the largest midstream and the fourth-largest energy company in North America with an enterprise value of approximately $94 billion and 80,000 miles of pipelines.

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Record $86B in 2011 US oil and gas upstream deals, led by unconventional sector with $62B

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United States M&A activity for upstream oil and gas deals set records in 2011 for both deal values and deal counts, according to PLS, Inc., a provider of information, marketing and advisory services for the oil and gas industry. We expect continued strong activity in oil and liquids-rich resource plays in 2012. —Ronyld W.

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Sunoco Idles Eagle Point Refinery; Will Evaluate Feasibility of Using it to Produce Alternative Fuels in the Future

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Sunoco owns and operates four refineries, including Eagle Point, with a combined crude oil processing capacity of 825,000 barrels per day. Sunoco purchased the Eagle Point Refinery in January 2004 from El Paso Corporation. Sunoco, Inc. The acquisition increased Sunoco’s total refinery processing capacity by 20%.