El Paso Loss More Than Doubles in 3rd Quarter
From Associated Press
El Paso Corp.’s loss more than doubled in the third quarter, reflecting the pinch of asset sales and write-downs and disappointing exploration and production results.
The nation’s largest natural gas pipeline company lost $146 million, or 24 cents a share, compared with a loss of $69 million, or 12 cents, in the third quarter of 2002. Excluding one-time items, Houston-based El Paso lost $6 million, or a penny a share, disappointing analysts who expected a profit of 2 cents. Revenue fell 8% to $1.54 billion.
El Paso shares fell 19 cents to $7.01 on the NYSE.
From Associated Press
