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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 16, 1998
EL PASO NATURAL GAS COMPANY
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
DELAWARE 1-2700 74-0608280
(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation) Identification No.)
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EL PASO ENERGY BUILDING
1001 LOUISIANA STREET
HOUSTON, TEXAS 77002
(Address of principal executive offices) (Zip Code)
(713) 420-2131
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
El Paso Energy Corporation ("El Paso Energy"), the corporate parent of
El Paso Natural Gas Company (the "Company") has recently received a ruling from
the Internal Revenue Service that would allow El Paso Energy to reorganize its
subsidiaries into a business structure in which the Company would transfer
substantially all of its subsidiaries (and their assets and operations) to El
Paso Energy or other entities owned by El Paso Energy. As a result, if El Paso
Energy completes this internal reorganization (the "Reorganization") the
Company's only assets will be its interstate pipeline systems known as the EPG
System and the MPC System which connects natural gas supply regions in New
Mexico, Texas, Oklahoma and Colorado to markets in California, Nevada, Arizona,
New Mexico, Texas and northern Mexico. Completion of the Reorganization will
cause the Company to dispose of, and to eliminate from its consolidated
financial statements: (i) its trading and marketing operations; (ii) its
international operations; (iii) its field services operations; and (iv) the TGP
System, Midwestern System, and East Tennessee System interstate pipeline
systems. If the Reorganization occurs, the Company does not anticipate that it
will occur before late 1998 or early 1999.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
None.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EL PASO NATURAL GAS COMPANY
By: /s/ JEFFREY I. BEASON
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Jeffrey I. Beason
Vice President and Controller
(Chief Accounting Officer)
Date: October 16, 1998
