El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
1-Mar-2006
El Paso Corporation Provides 2005 Financial ResultsMar 01, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- El Paso Corporation (NYSE: EP)
is providing today fourth quarter and full-year 2005 financial results for the
company.
2005 Highlights
- For the 12 months ended December 31, 2005, El Paso reported a net loss
available to common stockholders of $633 million, or $0.98 per diluted
share, compared with a net loss of $947 million, or $1.48 per diluted
share, for 2004. Results in both years were impacted by a number of
impairments, gains and losses associated with asset sales, restructuring
costs and other significant items, non-cash mark-to-market losses, and
litigation charges. EBIT for the 12 months ended December 31, 2005 was
$398 million versus $817 million for 2004.
- El Paso's two core businesses of pipelines and exploration and
production generated earnings before interest expense and taxes (EBIT)
of $1.92 billion in 2005.
* The company's natural gas pipeline business generated $1.23 billion
of EBIT. During the year, El Paso put into service a number of
system-wide expansions, the largest being its Cheyenne Plains
pipeline system that serves the growing Rockies region.
* El Paso's exploration and production business completed its
turnaround and generated $696 million of EBIT. For the year,
production volumes averaged 743 million cubic feet equivalent per
day (MMcfe/d), excluding unconsolidated affiliate volumes of 24
MMcfe/d. Hurricane-related shut-ins reduced average production by
34 MMcfe/d.
- Results for 2005 were impacted by:
* Significant items, including:
-- $968 million of losses and impairments on assets and investments, of which $177 million related to international power assets included in discontinued operations;
-- $875 million of gains from the sales of assets and investments, of which $394 million relates to a gain from the sale of El Paso's South Louisiana gathering and processing assets included in discontinued operations;
* Other developments, including:
-- $436 million of non-cash mark-to-market losses on derivatives intended to manage the price risk of the company's natural gas and oil production resulting from the sharp rise in commodity prices; and
-- $352 million of charges in the fourth quarter resulting from an unfavorable decision associated with a retiree medical benefits lawsuit.
- In 2005, the company generated cash flow from operations of $0.3
billion; invested $2.7 billion of capital, including $1 billion for
acquisitions, primarily in its two core businesses; generated $2.0
billion of cash through asset sales, including $0.6 billion of cash from
discontinued assets sold; and paid $0.1 billion in dividends.
- El Paso reduced debt, net of cash, by $1 billion to $16.1 billion at
December 31, 2005. The company maintains a strong liquidity position
with approximately $2.3 billion of available cash and borrowing capacity
as of December 31, 2005.
"With El Paso's turnaround complete, we enter 2006 with a great deal of
opportunity and momentum," said Doug Foshee, El Paso's president and chief
executive officer. "No company is better positioned to develop the natural
gas infrastructure that will be needed in the United States and Mexico. Our
E&P business has a solid multi-year inventory of projects that are economic at
$5.50 per MMBtu natural gas prices and position us to grow reserves and
production organically. We look forward to delivering on the 2006 plan we
announced on January 18."
Three Months Ended December 31, 2005
For the three months ended December 31, 2005, El Paso reported a net loss
available to common stockholders of $172 million, or $0.26 per diluted share,
compared with a net loss of $542 million, or $0.85 per diluted share, for the
same period in 2004. Results for the fourth quarter of 2005 were impacted by
a number of factors:
* Significant items, including:
-- $215 million of losses and impairments on assets and investments of
which $74 million related to Nejapa power assets in Central America
included in discontinued operations; and
-- $550 million of gains from the sales of assets and investments of
which $394 million relates to the gain from the sale of the South
Louisiana gathering and processing assets included in discontinued
operations.
* Other developments, including:
-- $352-million charge from an unfavorable decision associated with a
retiree medical benefits lawsuit, and
-- $72 million of non-cash mark-to-market gains on derivatives intended
to manage the price risk of its natural gas and oil production.
A summary of financial results for the three and 12 months ended December
31, 2005 and 2004 are as follows:
Financial Results Three Months Ended Twelve Months Ended
December 31, December 31,
($ in millions, 2005 2004 2005 2004
except per share
amounts)
Loss from continuing
operations $(283) $(526) $(702) $(829)
Discontinued operations,
net of income taxes 125 (16) 100 (118)
Cumulative effect of
accounting changes,
net of income taxes (4) - (4) -
Net loss (162) (542) (606) (947)
Preferred stock dividends (10) - (27) -
Net loss available to
common stockholders $(172) $(542) $(633) $(947)
====== ====== ====== ======
Basic and diluted per share amounts
Loss from continuing
operations per
share $(0.45) $(0.82) $(1.13) $(1.30)
Discontinued
operations per share 0.20 (0.03) 0.16 (0.18)
Cumulative effect of
accounting changes
per share (0.01) - (0.01) -
Loss per share $(0.26) $(0.85) $(0.98) $(1.48)
====== ====== ====== ======
Significant items that impacted EBIT reported in continuing operations for
these periods are summarized below and schedules are attached to this release.
Significant Items
Impacting EBIT
($ in millions) Three Months Ended Twelve Months Ended
December 31, December 31,
2005 2004 2005 2004
Losses and impairments
on assets and
investments $(136) $(611) $(790) $(1,532)
Gains on sales of assets
and investments 153 29 478 577
Western energy settlement - - (59) -
Restructuring costs and
other items (1) (53) (59) (118)
Total significant items
impacting EBIT $16 $(635) $(430) $(1,073)
====== ====== ====== ========
Business Unit Financial Update
Pipeline Group The Pipeline Group's EBIT for the three months ended
December 31, 2005 was $233 million, compared with $369 million for the same
period in 2004. Results for the fourth quarter 2005 period include $46
million of impairments for the Blue Atlantic, Seafarer, and Bahamas LNG
projects. In addition, results in fourth quarter 2005 were unfavorably
impacted by Hurricanes Katrina and Rita, which reduced overall EBIT by $42
million, and higher environmental and legal reserves that impacted EBIT by $19
million. Throughput was up from 2004 levels primarily due to recent
expansions.
Pipeline Group Results Three Months Ended December 31,
($ in millions) 2005 2004
Reported EBIT $233 $369
DD&A $110 $105
Significant items $(46) $16
Total throughput (BBtu/d)(1) 21,274 20,398
(1) Includes proportionate share of jointly owned pipelines
Exploration and Production
The Exploration and Production segment's EBIT for the three months ended
December 31, 2005 was $168 million compared with $176 million for the same
period in 2004. Fourth quarter 2005 production volumes averaged 686 MMcfe/d,
excluding unconsolidated affiliate volumes of 73 MMcfe/d, which is down 11
percent from 2004 levels. The decrease is due to hurricane impacts, which
reduced quarterly production by 97 MMcfe/d. The realized price for natural
gas during the three months ended December 31, 2005 was $6.55 per thousand
cubic feet (Mcf), compared with $6.18 per Mcf for the same period in 2004.
Oil, condensate, and natural gas liquids (NGL) realized prices were $50.27 per
barrel in fourth quarter 2005, up 27 percent compared with the same period in
2004. Total per-unit cash costs increased to an average of $2.05 per Mcfe in
fourth quarter 2005 compared with $1.69 per Mcfe for the same 2004 period
primarily due to higher production taxes resulting from higher prices and
higher corporate and division overhead.
Exploration and Production Results
($ in millions) Three Months Ended
December 31,
2005 2004
Reported EBIT $168 $176
DD&A $156 $141
Significant items $(1) $(10)
Consolidated volumes:
Natural gas sales volumes (MMcf) 53,064 58,341
Oil, condensate, and NGL sales volumes (MBbls) 1,672 2,158
Total equivalent sales volumes (MMcfe) 63,096 71,292
Four Star equity volumes(1)
Natural gas sales volumes (MMcf) 5,084 -
Oil, condensate, and NGL sales volumes (MBbls) 267 -
Total equivalent sales volumes (MMcfe) 6,688 -
Weighted average realized prices including
hedges(2, 3)
Natural gas ($/Mcf) $6.55 $6.18
Oil, condensate, and NGL ($/Bbl) $50.27 $39.44
Per-unit costs ($/Mcfe)(3)
Unit of production depletion costs $2.25 $1.81
Cash costs(4) $2.05 $1.69
Total costs $4.30 $3.50
(1) Four Star is an equity investment acquired in the Medicine Bow
transaction. Amounts disclosed represent the company's proportionate
share in Four Star.
(2) Prices are stated after transportation costs
(3) Price and costs per unit do not include the company's proportionate
share of Four Star volumes, revenues, or cost.
(4) Includes lease operating costs, production-related taxes, G&A
expenses, and other taxes
Other Operations
Marketing and Trading
The Marketing and Trading segment reported an EBIT loss of $224 million
for the three months ended December 31, 2005 compared with a loss of $85
million for the same period in 2004. The 2005 loss was a result of mark-to-
market losses in the power book and previously announced transactions intended
to assign to third parties a substantial portion of the company's power
contracts, including the Cordova tolling agreement. Also included in the
fourth quarter 2005 power book loss were locational power price differences
between eastern PJM and the west PJM hub. These losses were partially offset
by mark-to-market gains during the quarter relating to production-related swap
and options contracts where lower natural gas prices reversed a portion of
losses taken in earlier quarters of 2005.
Power
El Paso's Power segment reported an EBIT loss of $59 million for the three
months ended December 31, 2005 compared with a loss of $494 million for the
same period in 2004. During the fourth quarter of 2005, El Paso recorded a
$57-million impairment at the Macae plant in Brazil as a result of the
memorandum of understanding reached with Petrobras for the sale of that
facility, an impairment of $20 million on Central American power assets based
on ongoing negotiations to sell those plants, and losses on the sales of
several power turbines totaling $12 million. These losses were partially
offset by a $39-million gain on the sale of a portion of the company's
interests in Intercontinental Exchange. Fourth quarter 2004 results were
negatively impacted by impairments of Cedar Brakes I and II restructured power
contracts of $227 million, investments in Asian power plants of $182 million,
and an investment in Midland Cogeneration Venture of $161 million.
Field Services
Reported EBIT in the Field Services segment during the fourth quarter of
2005 was $128 million compared with a loss of $12 million during the same
period in 2004. EBIT was higher in the fourth quarter of 2005 primarily due
to the sale of the Javelina investment, which produced a gain of $111 million.
Other Operations Results
($ in millions) Three Months Ended December 31,
2005 2004
Marketing and Trading Results
Reported EBIT (loss) $(224) $(85)
DD&A $1 $3
Power Results
Reported EBIT (loss) $(59) $(494)
DD&A $4 $9
Significant Items $(49) $(581)
Field Services Results
Reported EBIT (loss) $128 $(12)
DD&A - -
Significant items $112 $(4)
Corporate and Other Activities
Corporate and Other reported an EBIT loss of $352 million during the
fourth quarter of 2005 compared with a loss of $196 million in 2004. The
fourth quarter 2005 loss was principally a result of an unfavorable court
decision associated with a retiree medical benefits lawsuit mentioned
previously.
Detailed operating statistics for each of El Paso's businesses will be
posted at http://www.elpaso.com in the Investors section.
Webcast Information
El Paso Corporation has scheduled a live webcast of its 2005 results on
March 1, 2006 beginning at 10:00 a.m. Eastern Time, 9:00 a.m. Central Time,
which may be accessed online through El Paso's Web site at
http://www.elpaso.com in the Investors section. 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. A limited number of telephone lines will also be available to
participants by dialing (973) 935-2981 ten minutes prior to the start of the
webcast.
A replay of the webcast will be available online through the company's Web
site in the Investors section. A telephone audio replay will be also
available through March 8, 2006 by dialing (973) 341-3080 (access code
7038433). 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. Per-unit total
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, 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, changes in unaudited and/or unreviewed
financial information; our ability to implement and achieve our objectives in
the 2006 plan as set forth in this release, including achieving our debt-
reduction targets, earnings and cash flow targets; changes in reserve
estimates based upon internal and third party reserve analyses; the effects of
any changes in accounting rules and guidance; our ability to meet production
volume targets in our Production segment; 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; 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.
Schedule of 2005 Significant Items
12 Months Ended December 31, 2005
($ in millions and pre-tax)*
Continuing Discontinued
Operations Operations Total
Losses and impairments on
long-lived assets and investments:
Macae $(351) $- $(351)
Midland Cogeneration Venture (163) - (163)
Asia power (87) - (87)
Central America (76) - (76)
Pipeline and LNG projects (46) - (46)
International power assets - (177) (177)
Other (67) (1) (68)
------ ------ ------
$(790) $(178) $(968)
Gains on sales of long-lived
assets and investments
South Louisiana midstream $- $394 $394
Enterprise Products interests 183 - 183
Javelina midstream interests 111 - 111
Korean power plant 108 - 108
Intercontinental Exchange 39 - 39
Other 37 3 40
------ ------ ------
$478 $397 $875
Other items
Western energy settlement $(59) $- $(59)
Restructuring costs and other
items (59) - (59)
------ ------ ------
$(118) $- $(118)
Total $(430) $219 $(211)
====== ====== ======
* Does not include a $352-million charge from an unfavorable decision
associated with a retiree medical benefits lawsuit or $436 million in
mark-to-market losses on derivatives intended to manage natural gas and
oil production price risks.
Schedule of 2005 Significant Items
Three Months Ended December 31, 2005
($ in millions and pre-tax)*
Continuing Discontinued
Operations Operations Total
Losses and impairments on
long-lived assets and investments:
Macae $(57) $- $(57)
Central America $(20) $(20)
Nejapa - (74) (74)
Pipeline and LNG projects (46) - (46)
Other (13) (5) (18)
------ ------ ------
$(136) $(79) $(215)
Gains on sales of long-lived
assets and investments
South Louisiana $- $394 $394
Javelina midstream interests 111 - 111
Intercontinental Exchange 39 - 39
Other 3 3 6
------ ------ ------
$153 $397 $550
Other items $(1) $- $(1)
------ ------ ------
Total $16 $318 $334
====== ====== ======
* Does not include a $352-million charge from an unfavorable decision
associated with a retiree medical benefits lawsuit or $72 million of
mark-to-market gains on derivatives intended to manage natural gas and
oil production price risks.
EL PASO CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(UNAUDITED)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------ -------------------
2005 2004 2005 2004
------------------ -------------------
Operating revenues $957 $1,275 $4,017 $5,539
Operating expenses
Cost of products and services 64 103 323 1,218
Operation and maintenance 793 592 2,024 1,744
Western Energy Settlement --- --- 59 ---
Depreciation, depletion and
amortization 281 275 1,121 1,068
Loss on long-lived assets 121 240 407 1,077
Taxes, other than income taxes 59 56 270 250
--------- --------- -------- ---------
1,318 1,266 4,204 5,357
--------- --------- -------- ---------
Operating income (loss) (361) 9 (187) 182
Equity earnings and other income
(expense) 255 (251) 585 635
--------- --------- -------- ---------
Earnings (loss) before interest
expense, income taxes, and other
charges (106) (242) 398 817
Interest and debt expense 346 378 1,380 1,607
Return on preferred interests of
consolidated subsidiaries --- 7 9 25
---------- --------- -------- ---------
Loss before income taxes (452) (627) (991) (815)
Income taxes (benefit) (169) (101) (289) 14
---------- --------- -------- ---------
Loss from continuing operations (283) (526) (702) (829)
Discontinued operations, net of
income taxes 125 (16) 100 (118)
Cumulative effect of accounting
changes, net of income taxes (4) --- (4) ---
---------- --------- -------- ---------
Net loss (162) (542) (606) (947)
Preferred stock dividends 10 --- 27 ---
---------- --------- -------- ---------
Net loss available to common
stockholders $(172) $(542) $(633) $(947)
========== ========= ======== =========
Diluted income (loss) per common
share
Loss from continuing operations $(0.45) $(0.82) $(1.13) $(1.30)
Discontinued operations, net of
income taxes 0.20 (0.03) 0.16 (0.18)
Cumulative effect of accounting
changes, net of income taxes (0.01) --- (0.01) ---
---------- --------- -------- ---------
Net loss per common share $(0.26) $(0.85) $(0.98) $(1.48)
========== ========= ======== =========
Diluted average common shares
outstanding (000's) 655,390 639,320 646,130 638,948
========== ========= ======== =========
EL PASO CORPORATION
SEGMENT INFORMATION
(UNAUDITED)
2005
---------------------------------
(In millions) First Second Third Fourth
---------------------------------
Operating revenues
Pipeline Group $768 $653 $646 $716
Exploration & Production 439 452 449 447
Marketing and Trading (175) (21) (389) (211)
Power 43 69 18 (1)
Field Services 48 28 45 2
Other and eliminations (15) 3 (1) 4
--------------------------------
Consolidated total 1,108 1,184 768 957
--------------------------------
Depreciation, depletion and amortization
Pipeline Group 111 108 108 110
Exploration & Production 146 157 153 156
Marketing and Trading 1 1 1 1
Power 7 7 5 4
Field Services 1 1 1 ---
Other 9 17 6 10
--------------------------------
Consolidated total 275 291 274 281
--------------------------------
Operating income (loss)
Pipeline Group 362 262 207 188
Exploration & Production 180 175 167 149
Marketing and Trading (186) (32) (404) (233)
Power (24) (275) (23) (107)
Field Services 2 (5) (26) 13
Other (91) (36) (79) (371)
--------------------------------
Consolidated total 243 89 (158) (361)
--------------------------------
Earnings (loss) before interest
expense and income taxes (EBIT)
Pipeline Group 412 309 272 233
Exploration & Production 183 176 169 168
Marketing and Trading (185) (30) (398) (224)
Power (37) (306) (49) (59)
Field Services 182 (3) (22) 128
Other (90) (12) (67) (352)
--------------------------------
Consolidated total $465 $134 $(95) $(106)
--------------------------------
Total Significant Items impacting
EBIT $(45) $411 $80 $(16)
--------------------------------
EL PASO CORPORATION
SEGMENT INFORMATION
(UNAUDITED)
2004
----------------------------------
(In millions) First Second Third Fourth
----------------------------------
Operating revenues
Pipeline Group $721 $617 $604 $709
Exploration & Production 446 430 400 459
Marketing and Trading (159) (141) (120) (88)
Power 174 203 141 135
Field Services 313 363 366 55
Other and eliminations (23) (29) (42) 5
---------------------------------
Consolidated total 1,472 1,443 1,349 1,275
---------------------------------
Depreciation, depletion and amortization
Pipeline Group 100 101 104 105
Exploration & Production 140 131 136 141
Marketing and Trading 3 3 4 3
Power 11 9 9 9
Field Services 2 3 3 ---
Other 13 12 9 17
--------------------------------
Consolidated total 269 259 265 275
--------------------------------
Operating income (loss)
Pipeline Group 348 260 218 303
Exploration & Production 203 202 147 174
Marketing and Trading (175) (154) (139) (94)
Power (205) 55 (49) (197)
Field Services 2 (1) (489) (13)
Other 7 (1) (56) (164)
--------------------------------
Consolidated total 180 361 (368) 9
--------------------------------
Earnings (loss) before interest
expense and income taxes (EBIT)
Pipeline Group 386 308 268 369
Exploration & Production 204 204 150 176
Marketing and Trading (164) (152) (138) (85)
Power (173) 101 (10) (494)
Field Services 28 19 49 (12)
Other 27 9 (57) (196)
--------------------------------
Consolidated total $308 $489 $262 $(242)
--------------------------------
Total Significant Items impacting
EBIT $290 $39 $109 $635
--------------------------------
EL PASO CORPORATION
SEGMENT INFORMATION
(UNAUDITED)
Year-to-Date
--------------------------------
(In millions) 2005 2004 2003
--------------------------------
Operating revenues
Pipeline Group $2,783 $2,651 $2,647
Exploration & Production 1,787 1,735 2,141
Marketing and Trading (796) (508) (635)
Power 129 653 1,054
Field Services 123 1,097 1,283
Other and eliminations (9) (89) (151)
--------------------------------
Consolidated total 4,017 5,539 6,339
--------------------------------
Depreciation, depletion and amortization
Pipeline Group 437 410 386
Exploration & Production 612 548 576
Marketing and Trading 4 13 25
Power 23 38 76
Field Services 3 8 27
Other 42 51 67
--------------------------------
Consolidated total 1,121 1,068 1,157
--------------------------------
Operating income (loss)
Pipeline Group 1,019 1,129 1,063
Exploration & Production 671 726 1,073
Marketing and Trading (855) (562) (819)
Power (429) (396) (20)
Field Services (16) (501) (197)
Other (577) (214) (706)
--------------------------------
Consolidated total (187) 182 394
--------------------------------
Earnings (loss) before interest
expense and income taxes (EBIT)
Pipeline Group 1,226 1,331 1,234
Exploration & Production 696 734 1,091
Marketing and Trading (837) (539) (809)
Power (451) (576) (40)
Field Services 285 84 129
Other (521) (217) (852)
--------------------------------
Consolidated total $398 $817 $753
--------------------------------
Total Significant Items impacting
EBIT $430 $1,073 $1,268
--------------------------------
SOURCE El Paso Corporation
Investor and Public Relations, Bruce L. Connery, Vice President, +1-713-420-5855, or
Fax, +1-713-420-4417, Media Relations, Bill Baerg, Manager, +1-713-420-2906, or Fax,
+1-713-420-4417
http://www.prnewswire.com
|
El Paso Corp.
