<PAGE>
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)
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June 6, 1996
TENNECO INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-9864 76-0233548
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1275 King Street, Greenwich, Connecticut 06831
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 863-1000
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ITEM 5. OTHER EVENTS.
1(a) On June 6, 1996, Tenneco Energy Inc., an operating division of Tenneco
Inc., issued a press release announcing it has agreed to sell its 13.2
percent interest in the Iroquois Gas Transmission System to a
subsidiary of ANR Pipeline Company for approximately $30 million. The
transaction is subject to certain governmental approvals and other
conditions which are expected to be met within the next 30 days.
1(b) At the end of May 1996, Newport News Shipbuilding and Dry Dock Company
("NNS") received a subpoena from the Inspector General of the
Department of Defense requesting documents in connection with an
investigation being conducted by the Department of Defense in
conjunction with the Civil Division of the Department of Justice. The
investigation appears to focus on whether information supplied by NNS
to the U. S. Navy during negotiations for the RONALD REAGAN (CVN-76)
was current, accurate and complete. NNS is cooperating in the
investigation.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
99 Press release issued June 6, 1996 by Tenneco Energy Inc.
announcing it has agreed to sell its 13.2 percent interest
in the Iroquois Gas Transmission System to a subsidiary of
ANR Pipeline Company for approximately $30 million.
2
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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.
TENNECO INC.
Registrant
By M. W. MEYER
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M. W. Meyer, Vice President
and Deputy General Counsel
DATE: June 12, 1996
3
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Exhibit 99
NEWS RELEASE
[Tenneco Energy Logo Appears Here]
Media contact: Christine LeLaurin
(7l3) 757-3325
TENNECO ENERGY TO SELL IROQUOIS PIPELINE INTEREST TO ANR
HOUSTON, June 6, 1996 -- Tenneco Energy announced today it has agreed
to sell its 13.2 percent interest in the Iroquois Gas Transmission System to a
subsidiary of ANR Pipeline Company for approximately $30 million. The
transaction is subject to certain governmental approvals and other conditions
which are expected to be met within the next 30 days.
The Iroquois Gas Transmission System is a partnership of ten U. S. and
Canadian energy companies. ANR currently holds a 9.4 percent interest in the
375-mile pipeline that brings natural gas from Canada to the northeastern United
States.
"Tenneco Energy remains committed to its strong market presence in the
northeastern United States," said Stephen D. Chesebro', chairman and chief
executive officer of Tenneco Energy. "The sale of our interest in Iroquois will
allow us to focus our efforts on activities that offer us greater project
control and strengthen our market presence."
ANR is a subsidiary of Coastal Corporation (NYSE:CGP), a Houston-based
energy holding company. Coastal has consolidated assets of more than $10
billion and subsidiary operations in natural gas marketing, transmission and
storage, petroleum refining and marketing, oil and gas exploration and
production, chemicals, independent power production, and coal.
Tenneco Energy, headquartered in Houston, is one of the nation's
largest natural gas pipeline companies. It transports or markets more than 3.2
trillion cubic feet of gas annually, approximately 15 percent of total U. S.
consumption, through its 18,300-mile domestic pipeline system.
-more-
<PAGE>
NEWS RELEASE
TENNECO ENERGY TO SELL IROQUOIS PIPELINE INTEREST TO ANR
PAGE TWO
Tenneco Energy's natural gas transmission operations are complemented
by related businesses in natural gas storage, marketing, trading, gathering and
processing. The company is also rapidly expanding into electricity marketing
and trading, power generation, and oil and gas exploration, production and
financing. Internationally, Tenneco Energy is active in energy infrastructure
projects in Australia, Latin America, Central Europe and East Asia.
Tenneco Energy is an operating division of Tenneco (NYSE:TEN), a major
diversified industrial corporation headquartered in Greenwich, Conn. With 1995
sales of $8.9 billion, the company's other major business interests include
packaging (Tenneco Packaging), automotive parts (Tenneco Automotive), and ship
design, construction and repair (Newport News Shipbuilding).
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