El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
11-Oct-2005
El Paso Corporation Provides Production Business Update HOUSTON, Oct. 11 /PRNewswire-FirstCall/ -- El Paso Corporation (NYSE: EP)
is providing a status report on the effects of hurricanes Katrina and Rita on
its production operations in the Gulf of Mexico and affected onshore Texas
Gulf Coast and Arklatex areas.
El Paso's Gulf of Mexico net production currently totals approximately
64 million cubic feet equivalent per day (MMcfe/d) and is expected to continue
to increase during the remainder of 2005. El Paso's net production from the
Gulf of Mexico totaled 205 MMcfe/d prior to Hurricane Katrina and 170 MMcfe/d
prior to Hurricane Rita. The company expects that Gulf of Mexico production
levels will be at approximately 90 MMcfe/d by November 1, 2005 and will
approach 115 MMcfe/d to 120 MMcfe/d by December 1, 2005. The majority of the
remaining Gulf of Mexico production is expected to come back online during the
first quarter of 2006. Approximately 40 MMcfe/d of production that is
currently shut-in is operated by companies other than El Paso.
Initial production from El Paso's two recent discoveries, West Cameron
blocks 75 and 62, may be delayed into early 2006 due to storm damage affecting
a third-party pipeline and processing facilities.
In the Texas Gulf Coast and Arklatex areas onshore, damage from Hurricane
Rita to third-party processing facilities initially impacted approximately
60 MMcfe/d. Repairs to these facilities have been completed, and the shut-in
production is back on stream.
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, the ultimate extent of the damages to our
pipeline and production facilities and of other producers, the ability to
repair any damage to such pipeline and production facilities and to restore
transportation services and oil and gas production deliveries on a timely
basis; the costs of effectuating such repairs and replacement facilities; the
receipt of any related necessary governmental approvals 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.
SOURCE El Paso Corporation
10/11/2005
CONTACT: investor and public relations, Bruce L. Connery, Vice
President, 1-713-420-5855, or media relations, Richard Wheatley, Manager,
1-713-420-6828, both of El Paso Corporation
1858 10/11/2005 16:00 EDT http://www.prnewswire.com
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