Ruby, Ruby, Ruby, Ruby

Ruby, Ruby, Ruby, Ruby
And do ya, do ya, do ya, do ya
Know what ya doing, doing to me?
Ruby, Ruby, Ruby, Ruby

The Kaiser Chiefs, an “English alternative rock band from Leeds,” by Wikipedia, had a number one single in the U.K. with their song “Ruby”

that the above and this:

Due to lack of interest tomorrow is cancelled
let the clocks be reset and the pendulums held
cos’ theres nothing at all cept’ the space in between
Finding out what you’re called and repeating your name

The Ruby Pipeline, L.L.C., a “wholly owned indirect subsidiary of El Paso Corporation” is a Delaware corporation based in Colorado Springs, Colorado that was “created” as a limited liability corporation on November 5, 2007, according to documents it filed with the Federal Energy Regulatory Commission (FERC) in January 2009, “in order to engage in open-access transportation services and to own and operate transmission facilities” in the states of “Wyoming, Idaho, Nevada, Utah and Oregon.”

Ruby, Ruby, Ruby, Ruby, what are you called and what is your name?

The El Paso Corporation is a Delaware corporation based in Houston, Texas.  El Paso was founded, according to Wikipedia and the company’s own website, in 1928 by a Texas lawyer named Paul Kayser, who thought the city of El Paso, Texas was a good potential market for natural gas from Mexico and convinced industrial customers in El Paso (and the city of El Paso) to convert their operations to run on natural gas.  The company survived the Great Depression, apparently kept afloat by contracts with the city of El Paso, expanded in the ’30’s, ’40’s and ’50’s, diversified in the ’60’s and ’70’s, shifted from re-seller to distributor in the ’80’s and 90’s and is now described as the “largest natural gas transmission system in North America.”

In 1983, El Paso Natural Gas Company was acquired by the Burlington Northern company and shortly spun off again in 1988.  El Paso Natural Gas went public in 1992 as the El Paso Energy Corporation.  In 1996, El Paso acquired Tenneco Energy and moved to Houston.

In 2001, El Paso Natural Gas merged with The Coastal Corporation and became El Paso Corporation.  El Paso Natural Gas moved to Colorado Springs and joined with Colorado Interstate Gas to become El Paso’s Western Pipeline Group.  Tennessee Gas Pipeline and ANR Pipeline consolidated operations in Houston to become El Paso’s Eastern Pipeline Group.  In 2003, El Paso Corporation hired Doug Foshee as President and CEO.  Foshee led a reorganization of El Paso that culminated in the sale, in 2006, of El Paso Corporation’s interest in ANR Pipeline (and other assets) to TransCanada Corporation for over $4 billion.

In 2007, El Paso formed El Paso Pipeline Partners, L.P. “to own and operate natural gas transportation pipelines, storage, and other midstream assets.”  The Ruby Pipeline, L.L.C. was formed the same year.  Although El Paso Natural Gas is said to have “ceased to exist as an independent corporation in 1983,” Ruby Pipeline, L.L.C. of 2007 and El Paso Natural Gas Company of 1928 appear to have the same DNA.  If it matters.

Ruby, Ruby, Ruby, Ruby, what are you called, what is your name, and do you know what you’re doing to me?

Douglas L. Foshee, Chairman, President and CEO of El Paso Corporation for the last seven years, is credited with leading a “stunning turnaround” of the company, according to a March 2006 article by writer Jeff Share in Pipeline and Gas Journal.  In the article, Share details Foshee’s credentials:

At the time he was hired by El Paso, Foshee was executive vice president and chief operating officer at Halliburton. He initially joined the oilfield services giant in 2001 as chief financial officer. Earlier, Foshee worked for several exploration and production companies, including Nuevo Energy, Torch Energy Advisors, and ARCO International Oil & Gas. He also spent seven years in commercial banking, primarily as an energy lender. That he had helped Halliburton make a turnaround following its disastrous asbestos case, understood E&P, and was a known commodity on Wall Street, appealed to [Ronald] Kuehn [El Paso’s Board Chairman at the time] and the [El Paso] board [of Directors].

In January, 2006, Share reports, Foshee told New York securities analysts that 40% of the company’s previous $25 million debt “was now off the books,” due in large part to the sale of assets, including the sale of ANR Pipeline to TransCanada.

Next:  The unholy trinity of PG & E, El Paso and the banks.

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