El Paso 1Q Net Up 39%; El Paso Pipeline Income Up 17%

Date : 05/03/2012 @ 9:19AM
Source : Dow Jones News
Stock : EL Paso Corp. (Holding Co.) (EP)
Quote : 28.75  0.0 (0.00%) @ 2:05AM

El Paso 1Q Net Up 39%; El Paso Pipeline Income Up 17%

El Paso (NYSE:EP)
Historical Stock Chart

5 Years : From Apr 2012 to Apr 2017

Click Here for more El Paso Charts.

El Paso Corp.'s (EP) first-quarter earnings rose 39%, while the natural gas and oil producer's El Paso Pipeline Partners L.P. (EPB) reported 17% higher income.

El Paso, which operates a network of interstate natural-gas pipelines in North America, last year agreed to sell itself to Kinder Morgan Inc. (KMI) for $21 billion, a deal which is expected to close late this month.

For the latest period, El Paso posted a profit of $86 million, or 11 cents a share, from $62 million, or 8 cents a share, a year earlier. Excluding derivatives impacts, merger-related costs and other items, earnings were 20 cents a share, down from 30 cents.

Analysts surveyed by Thomson Reuters expected earnings of 29 cents a share.

Meanwhile, El Paso Pipeline reported earnings of $135 million, up from $115 million a year earlier. Per-share earnings dropped to 54 cents from 57 cents due to more shares outstanding in the latest period. Operating revenue dropped 0.8% to $363 million. Analysts expected earnings of 61 cents a unit on revenue of $392 million.

El Paso Pipeline is a so-called master limited partnership, a tax-advantaged structure in which most of the company's earnings are paid out to shareholders in the form of dividend-like distributions. A separate "general partner," which is owned by El Paso, oversees day-to-day operations.

Shares and units of El Paso and El Paso Pipeline Partners were inactive in premarket trading after closing Wednesday at $30.29 and $33.77, respectively.

-By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com




Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.