Possible El Paso Price Inaccuracy Disclosed
El Paso Corp., which owns the largest U.S. natural gas pipeline, said an internal investigation has shown it may have provided inaccurate price information to a trade publication on at least one occasion.
The company hired the law firm of Haynes & Boone to analyze the accuracy of pricing provided by its El Paso Merchant Energy unit, according to a statement. Preliminary results are expected in about two weeks. A company spokesman didn’t return phone calls.
Energy traders are reviewing the accuracy of prices used to set energy contracts after Dynegy Inc. and American Electric Power Co. disclosed they provided false data to trade journals.
Shares of El Paso, which are down 84% in the last year, rose 86 cents to $8 in New York Stock Exchange composite trading. The announcement was made after markets closed.
