FOR: EPCOR WATER (USA) INC.
Date issue: June 02, 2017
Time in: 5:02 PM e
Acquisition Expands EPCOR's Natural Gas Business to the United States
PHOENIX, ARIZONA--(Marketwired - June 2, 2017) - EPCOR Water (USA) Inc. (EPCOR USA), a wholly owned subsidiary of EPCOR Utilities Inc. (EPCOR), today announced that it has acquired Hughes Gas Resources Inc. (Hughes).
The acquisition of Hughes adds natural gas services to EPCOR USA's business platform and expands the company's Texas-based operations.
"Acquiring Hughes fits well with our growth strategy and our desire to grow and diversify our U.S. business platform," said Joe Gysel, President of EPCOR USA. "We are excited to bring natural gas into our U.S. operations and to expand our footprint in the state of Texas, and we look forward to delivering the high-quality service EPCOR is known for to our newest customers."
Hughes is located in Pinehurst, Texas, north of the Houston metropolitan area. EPCOR USA acquired 100 percent of the stock in Hughes and its subsidiaries. Hughes' regulated operations include natural gas utility service to approximately 4,300 connections and wholesale natural gas transmission services to local distribution utilities. Hughes is EPCOR USA's ninth acquisition since entering the United States in 2011.
"It has been a pleasure and an honor to develop Hughes into the business it is today and to provide natural gas service to the people and businesses in our area," said Frank Hicks, President of Hughes. "EPCOR has the same core values of providing service that is safe and reliable and they are committed to continuing the Hughes tradition of delivering these values to our customers, employees, and community."
Commenting on EPCOR USA's entry into the natural gas market, Gysel noted, "EPCOR has deep experience in utility system development and operations. Leveraging this expertise for our U.S. business platform is a natural next step and follows EPCOR's pending entry into Ontario, Canada's natural gas market as announced last year."
EPCOR's North American footprint includes 125 years of expertise in utility operations, distribution and transmission, delivering power and water service to more than 1.9 million people in 100 communities. In November 2016 the company announced the expansion of its business with an agreement to acquire a natural gas distribution utility in Ontario, Canada, which is anticipated to be completed later this year. Hughes is the company's first natural gas acquisition in the United States.
Today, EPCOR USA is among the largest private water utilities in the Southwest. In addition to natural gas operations in Texas, through its subsidiaries, EPCOR USA delivers regulated water and wastewater service to more than 350,000 people in Arizona and New Mexico and delivers wholesale water services to municipalities in the Austin metropolitan area.
Certain information in this news release is forward-looking within the meaning of Canadian securities laws as it relates to anticipated financial performance, events or strategies. When used in this context, words such as "will", "anticipate", "believe", "plan", "intend", "target" and "expect" or similar words suggest future outcomes. The purpose of forward-looking information is to provide investors with management's assessment of future plans and possible outcomes and may not be appropriate for other purposes. Forward looking information in this news release includes, or is related to, but is not limited to expectations regarding the completion of an acquisition of a natural gas utility in Ontario and the timing thereof.
These statements involve certain assumptions, inherent risks and uncertainties, including but not limited to the company's assessment of government and regulatory environments in which it operates. Readers are cautioned not to place undue reliance on forward-looking statements as actual results could differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements. These statements speak only as of the date of this media release and, except as required by law, EPCOR disclaims any intention and assumes no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason.
About EPCOR USA
EPCOR USA is an indirect, wholly owned subsidiary of EPCOR Utilities Inc. Headquartered in Phoenix, Arizona, EPCOR USA's wholly owned subsidiaries build, own and operate water, wastewater and natural gas facilities and infrastructure in the southwestern United States.
About EPCOR Utilities Inc.
EPCOR, through its subsidiaries, builds, owns and operates electrical transmission and distribution networks, and water and wastewater treatment facilities and infrastructure in Canada and the United States. The company also provides electricity, natural gas and water products and services to residential and commercial customers. EPCOR, headquartered in Edmonton, Alberta, is an Alberta Top 70 employer. EPCOR's website address is www.epcor.com.
- END RELEASE - 02/06/2017
For further information:
Director, Public & Government Affairs
EPCOR Water USA
FOR: EPCOR WATER (USA) INC.
INDUSTRY: Energy and Utilities - Utilities, Energy and Utilities -
RELEASE ID: 20170602CC0048
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