El Paso Corp Expects $2.9 Billion-$3.1 Billion Adjusted Earnings In 2010
December 10 2009 - 9:10AM
Dow Jones News
El Paso Corp. (EP) expects $2.9 billion to $3.1 billion of
adjusted earnings, or 75 cents to 95 cents per diluted share, in
2010, the company said Thursday.
The Houston-based natural gas pipeline and production company
will spend $2.9 billion on capital projects for the pipeline group
and $1.1 billion on exploration and production. Much of the
pipeline budget will go to the $3 billion Ruby pipeline, which will
transport gas from the Rocky Mountain region to western markets,
while the bulk of the exploration and production expenses will be
for domestic initiatives.
El Paso expects to produce between 720 million and 760 million
cubic feet equivalent of gas per day in 2010. The company is
assuming a gas price of $5.50 a million British thermal units in
2010 and a West Texas Intermediate crude oil price of $60 a
barrel.
El Paso shares closed at $9.39 a share on Wednesday and were up
1.3% at $9.51 in premarket trading.
-By Christine Buurma, Dow Jones Newswires; 212-416-2143;
christine.buurma@dowjones.com
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