El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
9-Aug-2005
El Paso Corporation Provides Second Quarter 2005 Financial ResultsHOUSTON, Aug 09, 2005 /PRNewswire-FirstCall via COMTEX/ -- El Paso Corporation (NYSE: EP)
is providing today second quarter 2005 financial and operational results for
the company.
Quarterly Highlights
* For the three months ended June 30, 2005, El Paso reported a net loss
available to common stockholders of $246 million, or $0.38 per diluted
share, compared with net income of $5 million, or $0.01 per diluted
share, for the same period in 2004.
* Second quarter 2005 earnings results include $489 million of pre-tax
impairments and restructuring costs. The impairments include
$294 million of impairments of the Macae power project in Brazil as a
result of ongoing negotiations with Petrobras. The company also
incurred $161 million of impairments related to power assets primarily
in Asia and Central America. El Paso expects to report gains on the
sales of its Korean power plant and its midstream assets in South
Louisiana that are expected to close in the third or fourth quarter.
* The company's regulated natural gas pipeline business generated
$309 million of earnings before interest and taxes (EBIT). It
continues to identify significant organic growth opportunities ranging
from supply-driven projects in the Rockies to market-driven expansions
in the Northeast and Midwest.
* El Paso's production business generated $176 million of EBIT. In
July, it made its second deep-shelf discovery in 2005 at West Cameron
(WC) Block 62, which is adjacent to its WC Block 75 discovery,
announced in the first quarter of this year.
* El Paso's debt, net of cash, was $15.9 billion at June 30, 2005, a
decrease of $2.7 billion from a year earlier and $1.1 billion from
December 31, 2004.
* During the first six months, the company completed $918 million of
asset sales and expects to meet or exceed its debt-reduction targets,
inclusive of the financing of the Medicine Bow Energy Corporation
acquisition.
"We continue to strengthen our financial position while growing our two
core businesses," said Doug Foshee, president and chief executive officer of
El Paso. "Our pipelines delivered great financial results and continued to
grow the franchise through significant expansions. Our production business is
making good progress and the pending acquisition of Medicine Bow will further
our efforts to increase reserve life and enhance drilling inventory."
Summary Financial Information
Unaudited financial results for the three months ended June 30 are as
follows:
Financial Results Three Months
($ in millions, except per share amounts) Ended June 30,
2005 2004
Net income (loss) ($238) $5
Preferred stock dividends (8) ---
Net income/(loss) available to common stockholders $(246) $5
Earnings/(loss) from continuing operations (233) 34
Discontinued operations, net of income taxes $(5) $(29)
Income/(loss) per share - diluted $(0.38) $0.01
Income/(loss) - continuing operations per share (0.37) 0.05
Discontinued operations per share $(0.01) $(0.04)
EBITDA
Regulated - pipelines $417 $409
Non-regulated - production 333 335
Non-regulated - marketing & trading (29) (149)
Non-regulated - power (371) 114
Non-regulated - field services (2) 31
Other 5 21
-------- ---------
Total $353 $761
======== =========
EBIT
Regulated - pipelines $309 $308
Non-regulated - production 176 204
Non-regulated - marketing & trading (30) (152)
Non-regulated - power (381) 102
Non-regulated - field services (3) 27
Other (12) 9
-------- ---------
Total $59 $498
======== =========
Significant items affecting EBIT and EBITDA $(489) $(39)
Cash flow from operations $(41) $(333)
Selected Balance Sheet Items
($ in millions) As of As of
June 30, 2005 December 31, 2004
Total assets $29,676 $31,383
Cash and cash equivalents 1,540 2,117
Debt and obligations 17,478 19,196
Minority and preferred interests 59 367
Preferred stock 750 ---
Common equity 3,050 3,438
Significant Items Impacting EBIT
Significant items that impacted the reported periods are summarized
below, and a complete schedule of significant items can be found in the
company's detailed operating statistics at http://www.elpaso.com in the
Investors section.
Three Months
($ in millions) Ended June 30,
2005 2004
Impairments, gain/(loss) on sales of assets and
investments (460) (33)
Restructuring costs (29) (6)
---------------------
Total significant items impacting EBIT $(489) $(39)
====== ======
Review of Financial Results
For the three months ended June 30, 2005, El Paso reported a net loss
available to common stockholders of $246 million, or $0.38 per diluted share,
compared with net income of $5 million, or $0.01 per diluted share, for the
same period in 2004. Significant items reduced second quarter 2005 EBIT by
$489 million and primarily related to impairments of certain assets in the
company's international power portfolio, including the Macae power plant in
Brazil. Impairments on asset sales and restructuring costs reduced second
quarter 2004 EBIT by $39 million.
Second quarter 2005 results also were negatively impacted by a non-cash,
$12-million mark-to-market loss on the $6.00 per MMBtu floors that El Paso
purchased and the $9.50 per MMBtu ceilings that El Paso sold to manage price
risk for its 2005-2007 natural gas production volumes. The company will
continue to highlight the earnings impact of these positions, which had no
remaining mark-to-market value at June 30, 2005.
Cash flow from operations for the first six months of 2005 was lower than
a year ago by approximately $0.3 billion primarily due to differences in
working capital utilization. Results for 2005 include a $0.4-billion
prepayment of the western energy settlement, a $0.2-billion payment to assign
derivative contracts associated with Cedar Brakes I and II, and $0.2 billion
for the settlement of production hedges. In the first six months of 2004, the
company experienced a $0.6-billion use of working capital, primarily due to a
payment for the western energy settlement. Results for 2004 also included a
$0.2-billion contribution from discontinued operations. The company's
liquidity position at June 30, 2005 remained strong at approximately
$1.7 billion, compared with $0.9 billion in maturities over the next
12 months.
Business Unit Results
Regulated - Pipelines
Three Months
($ in millions, except as indicated) Ended June 30,
2005 2004
EBIT $309 $308
Depreciation, depletion, and amortization 108 101
Significant items 2 (1)
Throughput (BBtu/d) 20,316 19,935
Capital expenditures $192 $222
The pipeline segment reported a $1-million increase in EBIT in the second
quarter of 2005 compared with the same period last year primarily due to the
contribution from the Cheyenne Plains pipeline, which was placed into service
in December 2004, and the favorable impact of a contract settlement on ANR
Pipeline. These increases were offset by higher corporate allocated costs.
The pipeline segment generally performed above the company's expectations
for the second quarter of 2005, and El Paso currently anticipates that the
pipeline segment will continue to meet its expectations for the remainder of
2005.
Non-Regulated - Production
Three Months Ended
($ in millions, except as indicated) June 30,
2005 2004
EBIT $176 $204
Depreciation, depletion, and amortization 157 131
Significant items (2) (2)
Natural gas sales volumes (MMcf) 57,790 61,535
Oil, condensate, and natural gas liquids sales
volumes (MBbls) 2,260 1,937
Total equivalent sales volumes (MMcfe) 71,351 73,157
Weighted average realized prices including hedges:
Natural gas ($/Mcf) $5.96 $5.76
Oil, condensate, and natural gas liquids
($/Bbl) $41.80 $32.57
Per-unit costs ($/Mcfe):
Unit of production depletion costs $2.05 $1.64
Cash costs (A) $1.50 $1.13
------- -------
Total costs $3.55 $2.77
Capital expenditures (B) $229 $182
(A) Includes lease operating costs, production-related taxes, G&A
expenses, and other taxes
(B) Assumes cash basis. 2005 and 2004 include acquisitions of
$20 million and $22 million respectively.
The production segment reported lower EBIT in the second quarter of 2005
than in the same period last year, primarily due to decreased production
volumes and increased costs, partially offset by higher realized commodity
prices. The production segment's unit-of-production depletion rate was higher
than the 2004 level due to higher finding and development costs and the cost
of acquired reserves. Per-unit cash costs also rose from a year ago due to
lower volumes and an increase in transportation costs, salt water disposal
expenses, utilities, and workover activities, which were expensed in the
current period. Capital expenditures were higher for the second quarter of
2005 compared with a year ago due to an increased level of drilling.
The production segment performed slightly above the company's expectations
for the second quarter of 2005. Higher-than-expected commodity prices more
than offset lower-than-expected production volumes and higher costs. Average
daily production volumes during the second quarter of 2005 were approximately
2 percent higher than in the first quarter of 2005. El Paso currently
anticipates that the production segment will meet its earnings and cash flow
expectations for the remainder of 2005.
The company updated its guidance for 2005 average daily production to be
at least 810 MMcfe. This includes approximately 775 MMcfe/d from base
operations, approximately 10 MMcfe/d from consolidated Medicine Bow
production, and approximately 25 MMcfe/d from Medicine Bow equity volumes.
The guidance assumes that the Medicine Bow acquisition closes in the third
quarter.
Non-Regulated - Marketing and Trading
Three Months
($ in millions) Ended June 30,
2005 2004
EBIT (loss) $(30) $(152)
Depreciation, depletion, and amortization 1 3
Significant items --- ---
The marketing and trading segment reported a smaller loss in EBIT in the
second quarter of 2005 than in the same period last year. Second quarter 2005
results were significantly impacted by a $78-million mark-to-market loss on
the Cordova tolling agreement as natural gas futures prices increased more
than power prices during the quarter. Results in the same period in 2004 were
significantly impacted by losses on production hedges. The company currently
anticipates that results from this segment will remain volatile as El Paso
continues to scale back its trading activities to focus primarily on marketing
its equity production.
Non-Regulated - Power
Three Months
($ in millions) Ended June 30,
2005 2004
EBIT (loss) $(381) $102
Depreciation, depletion, and amortization 10 12
Significant items (461) (30)
The power segment reported an EBIT loss in the second quarter of 2005
compared with EBIT in the same period last year due to higher impairment
charges, primarily on the company's international investments. Operating
results for the second quarter of 2005 were lower than 2004 due to the impact
of domestic asset sales over the last year. In addition, the international
businesses performed below the company's expectations primarily due to the
decision to not recognize earnings from certain of El Paso's Asian power
assets in 2005 based on the planned sale of these assets and the decision to
postpone the recognition of revenues from the Macae plant in Brazil in 2005
pending resolution of the company's ongoing dispute with Petrobras.
Non-Regulated - Field Services
Three Months
($ in millions) Ended June 30,
2005 2004
EBIT $(3) $27
Depreciation, depletion, and amortization 1 4
Significant items (6) (8)
The field services segment reported an EBIT loss in the second quarter of
2005 compared with EBIT in the same period last year. Results from this
segment were lower in the second quarter of 2005 due to the disposition of a
significant portion of this segment's assets in 2004 and early 2005.
The field services segment generally performed consistently with the
company's expectations for the second quarter of 2005.
Corporate and Other
Corporate and other operations reported an EBIT loss of $12 million for
the second quarter of 2005, which is $21 million below the same period last
year. The EBIT decrease is primarily due to a $27-million charge related to
lease terminations.
Tax Rate
The company reported an 18-percent tax rate in the period due primarily to
impairments of certain foreign investments for which there was only a partial
corresponding income tax benefit as well as foreign income taxed at different
rates. Partially offsetting these items were tax benefits recorded on book
versus tax differences related to certain of El Paso's Asian power assets.
The company expects to report an ongoing effective book tax rate of between 35
and 38 percent.
Business Segment Operating Statistics
Detailed operating statistics for each of El Paso's businesses are posted
at http://www.elpaso.com in the Investors section.
Webcast Information
El Paso Corporation has scheduled a live webcast of its financial results
today beginning at 10:00 a.m. Eastern Daylight Time, 9:00 a.m. Central
Daylight Time, which may be accessed online through El Paso's Web site at
http://www.elpaso.com in the Investors section. A limited number of telephone
lines will also be available to participants by dialing (973) 935-8505 ten
minutes prior to the start of the webcast. The company requests that those
who do not intend to ask questions use the webcast option.
During the webcast, management will refer to slides that will be posted on
the Web site. The slides will be available one hour before the webcast and
can be accessed in the Investors section.
The webcast replay will be available online through the Web site in the
Investors section. A telephone audio replay also will be available through
August 16, 2005 by dialing (973) 341-3080 (access code 6319889). If you have
any questions regarding this procedure, please contact Margie Fox at
(713) 420-2903.
Disclosure of Non-GAAP Financial Measures
The SEC's Regulation G applies to any public disclosure or release of
material information that includes a non-GAAP financial measure. In the event
of such a disclosure or release, Regulation G requires (i) the presentation of
the most directly comparable financial measure calculated and presented in
accordance with GAAP and (ii) a reconciliation of the differences between the
non-GAAP financial measure presented and the most directly comparable
financial measure calculated and presented in accordance with GAAP. The
required presentations and reconciliations are attached. Additional detail
regarding non-GAAP financial measures can be reviewed in El Paso's full
operating statistics, which will be posted at http://www.elpaso.com in the
Investors section.
El Paso uses the non-GAAP financial measure "earnings before interest
expense and income taxes" or "EBIT" to assess the operating results and
effectiveness of the company and its business segments. The company defines
EBIT as net income (loss) adjusted for (i) items that do not impact its income
(loss) from continuing operations, such as extraordinary items, discontinued
operations, and the impact of accounting changes; (ii) income taxes; (iii)
interest and debt expense; and (iv) distributions on preferred interests of
consolidated subsidiaries. The company excludes interest and debt expense and
distributions on preferred interests of consolidated subsidiaries so that
investors may evaluate the company's operating results without regard to its
financing methods or capital structure. El Paso's business operations consist
of both consolidated businesses as well as substantial investments in
unconsolidated affiliates. As a result, the company believes that EBIT, which
includes the results of both these consolidated and unconsolidated operations,
is useful to its investors because it allows them to evaluate more effectively
the performance of all of El Paso's businesses and investments. El Paso
defines EBITDA as EBIT plus depreciation, depletion, and amortization. EBITDA
is a measure that indicates a company's ability to service interest expense
and capital expenditures. Net debt is defined as El Paso's total financing
obligations as disclosed on the company's consolidated balance sheet net of
cash and cash equivalents. Net debt is an important measure of the company's
total leverage. Per-unit cash expenses equal total operating expenses less
DD&A and other non-cash charges divided by total production. It is a valuable
measure of operating efficiency.
El Paso believes that the non-GAAP financial measures described above are
also useful to investors because these measurements are used by many companies
in the industry as a measurement of operating and financial performance and
are commonly employed by financial analysts and others to evaluate the
operating and financial performance of the company and its business segments
and to compare the operating and financial performance of the company and its
business segments with the performance of other companies within the industry.
These non-GAAP financial measures may not be comparable to similarly titled
measurements used by other companies and should not be used as a substitute
for net income, earnings per share, or other GAAP operating measurements.
El Paso Corporation provides natural gas and related energy products in a
safe, efficient, and dependable manner. The company owns North America's
largest natural gas pipeline system and one of North America's largest
independent natural gas producers. For more information, visit
http://www.elpaso.com .
Cautionary Statement Regarding Forward-Looking Statements
This release includes forward-looking statements and projections, made in
reliance on the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The company has made every reasonable effort to ensure
that the information and assumptions on which these statements and projections
are based are current, reasonable, and complete. However, a variety of
factors could cause actual results to differ materially from the projections,
anticipated results or other expectations expressed in this release,
including, without limitation, our ability to implement and achieve our
objectives in the long-range plan, including achieving our debt-reduction
targets; changes in reserve estimates based upon internal and third party
reserve analyses; our ability to meet production volume targets in our
Production segment; uncertainties associated with exploration and production
activities; our ability to successfully execute, manage, and integrate
acquisitions; uncertainties and potential consequences associated with the
outcome of governmental investigations, including, without limitation, those
related to the reserve revisions and natural gas hedge transactions; outcome
of litigation, including shareholder derivative and class actions related to
reserve revisions and restatements; our ability to comply with the covenants
in our various financing documents; our ability to obtain necessary
governmental approvals for proposed pipeline projects and our ability to
successfully construct and operate such projects; the risks associated with
recontracting of transportation commitments by our pipelines; regulatory
uncertainties associated with pipeline rate cases; actions by the credit
rating agencies; the successful close of our financing transactions, including
the issuance of equity; our ability to successfully exit the energy trading
business; our ability to close our announced asset sales on a timely basis;
changes in commodity prices for oil, natural gas, and power; inability to
realize anticipated synergies and cost savings associated with restructurings
and divestitures on a timely basis; general economic and weather conditions in
geographic regions or markets served by the company and its affiliates, or
where operations of the company and its affiliates are located; the
uncertainties associated with governmental regulation; political and currency
risks associated with international operations of the company and its
affiliates; competition; and other factors described in the company's (and its
affiliates') Securities and Exchange Commission filings. While the company
makes these statements and projections in good faith, neither the company nor
its management can guarantee that anticipated future results will be achieved.
Reference must be made to those filings for additional important factors that
may affect actual results. The company assumes no obligation to publicly
update or revise any forward-looking statements made herein or any other
forward-looking statements made by the company, whether as a result of new
information, future events, or otherwise.
EL PASO CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(UNAUDITED)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -----------------
2005 2004 2005 2004
------------------- -----------------
Operating revenues $1,224 $1,524 $2,366 $3,081
Operating expenses
Cost of products and services 60 435 159 825
Operation and maintenance 438 373 821 774
Loss on long-lived assets 360 17 381 255
Western Energy Settlement --- --- 59 ---
Depreciation, depletion and
amortization 294 263 574 538
Taxes, other than income taxes 65 66 136 130
--------- -------- -------- --------
1,217 1,154 2,130 2,522
--------- -------- -------- --------
Operating income 7 370 236 559
Equity earnings and other income 52 128 275 259
--------- -------- -------- --------
Earnings before interest expense,
income taxes, and other charges 59 498 511 818
Interest and debt expense 340 410 690 833
Return on preferred interests of
consolidated subsidiaries 3 6 9 12
--------- -------- -------- --------
Income (loss) before income taxes (284) 82 (188) (27)
Income taxes (benefits) (51) 48 (57) 58
--------- -------- -------- --------
Income (loss) from continuing
operations (233) 34 (131) (85)
Discontinued operations, net of
income taxes (5) (29) (1) (106)
Net income (loss) (238) 5 (132) (191)
Preferred stock dividends (8) --- (8) ---
--------- -------- -------- --------
Net income (loss) available to
common stockholders $(246) $5 $(140) $(191)
========= ======== ======== ========
Diluted earnings (loss) per common
share
Income (loss) from continuing
operations $(0.37) $0.05 $(0.22) $(0.13)
Discontinued operations, net of
income taxes (0.01) (0.04) --- (0.17)
--------- -------- -------- --------
Net income (loss) per common
share $(0.38) $0.01 $(0.22) $(0.30)
========= ======== ======== ========
Diluted average common shares
outstanding (000's) 640,898 639,119 640,260 638,650
========= ======== ======== ========
EL PASO CORPORATION
SEGMENT INFORMATION
(UNAUDITED)
2005
----------------------------
(In millions) First Second
--------------------------------------------------------------------------
Operating revenues
Pipeline Group $768 $653
------------- -----------
Non-regulated Group
Production 439 452
Marketing and Trading (175) (21)
Power 77 109
Field Services 48 28
Other non-regulated (A) 27 22
Non-regulated eliminations (A) (31) (13)
------------- -----------
Non-regulated Group Total 385 577
Corporate Group and eliminations (A) (11) (6)
--------------------------------------------------------------------------
Consolidated total 1,142 1,224
--------------------------------------------------------------------------
Depreciation, depletion and amortization
Pipeline Group 111 108
------------- -----------
Non-regulated Group
Production 146 157
Marketing and Trading 1 1
Power 12 10
Field Services 1 1
Other non-regulated (A) 2 1
------------- -----------
Non-regulated Group Total 162 170
Corporate Group and eliminations (A) 7 16
--------------------------------------------------------------------------
Consolidated total 280 294
--------------------------------------------------------------------------
Operating income (loss)
Pipeline Group 362 262
------------- -----------
Non-regulated Group
Production 180 175
Marketing and Trading (186) (32)
Power (38) (357)
Field Services 2 (5)
Other non-regulated (A) 9 12
------------- -----------
Non-regulated Group Total (33) (207)
Corporate Group and eliminations (A) (100) (48)
--------------------------------------------------------------------------
Consolidated total 229 7
--------------------------------------------------------------------------
Earnings (loss) before interest expense
and income taxes (EBIT)
Pipeline Group 412 309
------------- -----------
Non-regulated Group
Production 183 176
Marketing and Trading (185) (30)
Power (50) (381)
Field Services 182 (3)
Other non-regulated (A) 8 12
------------- -----------
Non-regulated Group Total 138 (226)
Corporate Group and eliminations (A) (98) (24)
--------------------------------------------------------------------------
Consolidated total $452 $59
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Total significant items impacting
EBIT $(31) $489
--------------------------------------------------------------------------
EL PASO CORPORATION
SEGMENT INFORMATION (Continued)
(UNAUDITED)
2004
(In millions) First Second Third Fourth
--------------------------------------------------------------------------
Operating revenues
Pipeline Group $721 $617 $604 $709
------- ------- ------- -------
Non-regulated Group
Production 446 430 400 459
Marketing and Trading (159) (141) (120) (88)
Power 207 236 181 171
Field Services 387 428 426 121
Other non-regulated (A) 43 28 31 28
Non-regulated eliminations (A) (78) (64) (72) (51)
------- ------- ------- -------
Non-regulated Group Total 846 917 846 640
Corporate Group and
eliminations (A) (10) (10) (21) 15
--------------------------------------------------------------------------
Consolidated total 1,557 1,524 1,429 1,364
--------------------------------------------------------------------------
Depreciation, depletion and
amortization
Pipeline Group 100 101 104 105
------- ------- ------- -------
Non-regulated Group
Production 140 131 136 141
Marketing and Trading 3 3 4 3
Power 16 12 14 12
Field Services 3 4 3 2
Other non-regulated (A) 2 2 2 3
------- ------- ------- -------
Non-regulated Group Total 164 152 159 161
Corporate Group and
eliminations (A) 11 10 7 14
--------------------------------------------------------------------------
Consolidated total 275 263 270 280
--------------------------------------------------------------------------
Operating income (loss)
Pipeline Group 348 260 218 303
------- ------- ------- -------
Non-regulated Group
Production 203 202 147 174
Marketing and Trading (175) (154) (139) (94)
Power (204) 56 (48) (228)
Field Services 10 7 (477) (5)
Other non-regulated (A) 17 (1) 4 5
------- ------- ------- -------
Non-regulated Group Total (149) 110 (513) (148)
Corporate Group and
eliminations (A) (10) --- (60) (169)
--------------------------------------------------------------------------
Consolidated total 189 370 (355) (14)
--------------------------------------------------------------------------
Earnings (loss) before interest
expense and income taxes (EBIT)
Pipeline Group 386 308 268 369
------- ------- ------- -------
Non-regulated Group
Production 204 204 150 176
Marketing and Trading (164) (152) (138) (85)
Power (169) 102 (7) (525)
Field Services 36 27 61 (4)
Other non-regulated (A) 18 (4) 5 8
------- ------- ------- -------
Non-regulated Group Total (75) 177 71 (430)
Corporate Group and
eliminations (A) 9 13 (62) (204)
--------------------------------------------------------------------------
Consolidated total $320 $498 $277 $(265)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Total significant items impacting
EBIT $290 $39 $109 $666
--------------------------------------------------------------------------
EL PASO CORPORATION
SEGMENT INFORMATION (Continued)
(UNAUDITED)
Year-to-Date
(In millions) 2005 2004
--------------------------------------------------------------------------
Operating revenues
Pipeline Group $1,421 $1,338
------------ -----------
Non-regulated Group
Production 891 876
Marketing and Trading (196) (300)
Power 186 443
Field Services 76 815
Other non-regulated (A) 49 71
Non-regulated eliminations (A) (44) (142)
------------ -----------
Non-regulated Group Total 962 1,763
Corporate Group and eliminations (A) (17) (20)
--------------------------------------------------------------------------
Consolidated total 2,366 3,081
--------------------------------------------------------------------------
Depreciation, depletion and amortization
Pipeline Group 219 201
------------ -----------
Non-regulated Group
Production 303 271
Marketing and Trading 2 6
Power 22 28
Field Services 2 7
Other non-regulated (A) 3 4
------------ -----------
Non-regulated Group Total 332 316
Corporate Group and eliminations (A) 23 21
--------------------------------------------------------------------------
Consolidated total 574 538
--------------------------------------------------------------------------
Operating income (loss)
Pipeline Group 624 608
------------ -----------
Non-regulated Group
Production 355 405
Marketing and Trading (218) (329)
Power (395) (148)
Field Services (3) 17
Other non-regulated (A) 21 16
------------ -----------
Non-regulated Group Total (240) (39)
Corporate Group and eliminations (A) (148) (10)
--------------------------------------------------------------------------
Consolidated total 236 559
--------------------------------------------------------------------------
Earnings (loss) before interest expense
and income taxes (EBIT)
Pipeline Group 721 694
------------ -----------
Non-regulated Group
Production 359 408
Marketing and Trading (215) (316)
Power (431) (67)
Field Services 179 63
Other non-regulated (A) 20 14
------------ -----------
Non-regulated Group Total (88) 102
Corporate Group and eliminations (A) (122) 22
--------------------------------------------------------------------------
Consolidated total $511 $818
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Total significant items impacting
EBIT $458 $329
--------------------------------------------------------------------------
(A) Included in Corporate results in SEC filings
SOURCE El Paso Corporation
Investor and Public Relations, Bruce L. Connery, Vice President, 1-713-420-5855
or
Media Relations, Bill Baerg, Manager, 1-713-420-2906
Both of El Paso Corporation
http://www.prnewswire.com
|
El Paso Corp.
