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                                                                     EXHIBIT 4.5

                                 TRUST AGREEMENT
                                       OF
                              DEFS CAPITAL TRUST I


         THIS TRUST AGREEMENT is made as of April 30, 2002 (this "Declaration"),
by and among Duke Energy Field Services, LLC, a Delaware limited liability
company, as depositor (the "Depositor"), and Chase Manhattan Bank USA, National
Association, as trustee (the "Trustee"). The Depositor and the Trustee hereby
agree as follows:

                  1. The trust created hereby shall be known as "DEFS Capital
         Trust I" (the "Trust"), in which name the Trustee or the Depositor, to
         the extent provided herein, may conduct the business of the Trust, make
         and execute contracts, and sue and be sued.

                  2. The Depositor hereby assigns, transfers, conveys and sets
         over to the Trust the sum of $10. Such amount shall constitute the
         initial trust estate. It is the intention of the parties hereto that
         the Trust created hereby constitute a business trust under Chapter 38
         of Title 12 of the Delaware Code, 12 Del. C. Section 3801, et seq. (the
         "Business Trust Act"), and that this document constitute the governing
         instrument of the Trust. The Trustee is hereby authorized and directed
         to execute and file a certificate of trust with the Delaware Secretary
         of State in such form as the Trustee may approve.

                  3. The Depositor and the Trustee will enter into an amended
         and restated Trust Agreement or Declaration satisfactory to each such
         party to provide for the contemplated operation of the Trust created
         hereby and the issuance of the Preferred Securities and Common
         Securities referred to therein. Prior to the execution and delivery of
         such amended and restated Trust Agreement or Declaration, the Trustee
         shall not have any duty or obligation hereunder or with respect of the
         trust estate, except as otherwise required by applicable law or as may
         be necessary to obtain prior to such execution and delivery any
         licenses, consents or approvals required by applicable law or
         otherwise. Notwithstanding the foregoing, the Trustee may take all
         actions deemed proper as are necessary to effect the transactions
         contemplated herein.

                  4. The Depositor is hereby authorized, in its sole discretion,
         (i) to file with the Securities and Exchange Commission (the
         "Commission") and to execute, in the case of the 1933 Act Registration
         Statement and 1934 Act Registration Statement (as herein defined), on
         behalf of the Trust, (a) a Registration Statement on Form S-3 or other
         appropriate form (the "1933 Act Registration Statement") (including
         all pre-effective or post-effective amendments thereto) relating to the
         registration under the Securities Act of 1933, as amended (the "1933
         Act"), of the Preferred Securities of the Trust, (b) any preliminary
         prospectus or prospectus or supplement thereto relating to the
         Preferred Securities required to be filed under the 1933 Act, and (c)
         if required, a Registration Statement on Form 8-A or other appropriate
         form (the "1934 Act Registration Statement") (including all
         pre-effective and post-effective amendments thereto) relating to the
         registration of the Preferred Securities of the Trust under the
         Securities Exchange Act of 1934, as amended; (ii) to file with the New
         York Stock Exchange or any other exchange (collectively, the
         "Exchange") and execute on behalf of the Trust a listing application
         and all other applications, statements, certificates,





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         agreements and other instruments as shall be necessary or desirable to
         cause the Preferred Securities to be listed on the Exchange; (iii) to
         file and execute on behalf of the Trust such applications, reports,
         surety bonds, irrevocable consents, appointments of attorney for
         service of process and other papers and documents as shall be necessary
         or desirable to register the Preferred Securities under the securities
         or "Blue Sky" laws of such jurisdictions as the Depositor, on behalf of
         the Trust, may deem necessary or desirable; (iv) to execute, deliver
         and perform on behalf of the Trust, an underwriting agreement with the
         Depositor and the underwriter or underwriters of the Preferred
         Securities of the Trust; (v) to execute, deliver and perform a
         depository agreement with the initial clearing agency, relating to the
         Preferred Securities; and (vi) to apply for and obtain a tax
         identification number for the Trust.

                  In the event that any filing referred to in this Section 4 is
         required by the rules and regulations of the Commission, PORTAL or
         state securities or Blue Sky laws to be executed on behalf of the Trust
         by the Trustee, the Trustee, in its capacity as trustee of the Trust,
         is hereby authorized and directed to join in any such filing and to
         execute on behalf of the Trust any and all of the foregoing, it being
         understood that Chase Manhattan Bank USA, National Association, in its
         capacity as trustee of the Trust, shall not be required to join in any
         such filing or execute on behalf of the Trust any such document unless
         required by the rules and regulations of the Commission, PORTAL or
         state securities or Blue Sky laws. In connection with all of the
         foregoing, the Depositor hereby constitutes and appoints Rose M.
         Robeson and Thomas E. Long, or either of them, as its true and lawful
         attorney-in-fact and agent, with full power of substitution and
         resubstitution for the Depositor or in the Depositor's name, place and
         stead, in any and all capacities, to sign any and all amendments
         (including all pre-effective and post-effective amendments) to the 1933
         Act Registration Statement and any 1934 Act Registration Statement and
         to file the same, with all exhibits thereto, and any other documents in
         connection therewith, with the Commission, granting unto said
         attorney-in-fact and agent full power and authority to do and perform
         each and every act and thing requisite and necessary to be done in
         connection therewith, as fully to all intents and purposes as the
         Depositor might or could do in person, hereby ratifying and confirming
         all that said attorney-in-fact and agent or his respective substitute
         or substitutes, shall do or cause to be done by virtue hereof.

                  5. This Declaration may be executed in one or more
         counterparts.

                  6. The number of trustees of the Trust initially shall be one
         and thereafter the number of trustees of the Trust shall be such number
         as shall be fixed from time to time by a written instrument signed by
         the Depositor which may increase or decrease the number of trustees of
         the Trust; provided, however, that to the extent required by the
         Business Trust Act, one trustee of the Trust shall either be a natural
         person who is a resident of the State of Delaware or, if not a natural
         person, any entity which has its principal place of business in the
         State of Delaware. Subject to the foregoing, the Depositor is entitled
         to appoint or remove without cause any trustee of the Trust at any
         time. Any trustee of the Trust may resign upon thirty days' prior
         notice to the Depositor.



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                  7. This Declaration shall be governed by, and construed in
         accordance with, the laws of the State of Delaware (with regard to
         conflict of laws principles).

         IN WITNESS WHEREOF, the parties hereto have caused this Declaration to
be duly executed as of the day and year first above written.


                                        DUKE ENERGY FIELD SERVICES, LLC,
                                        as Depositor


                                        By:   /s/ ROSE M. ROBESON
                                           -------------------------------------
                                           Name:  Rose M. Robeson
                                           Title: Vice President and Chief
                                                  Financial Officer


                                        CHASE MANHATTAN BANK
                                        USA, NATIONAL ASSOCIATION, not in its
                                        individual capacity but solely as
                                        trustee of the Trust


                                        By:   /s/ JOHN J. CASHIN
                                           -------------------------------------
                                           Name:  John J. Cashin
                                           Title: Vice President




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