El Paso Posts Loss, Restates Earnings
El Paso Corp., the largest U.S. pipeline company, reported a 2003 loss of $1.93 billion and restated 2001 and 2002 earnings lower by $826 million after an audit stemming from overstatements of energy reserves.
Last year’s net loss was $1.03 a share, compared with a restated 2002 loss of $1.75 billion, or $2.38 a share, Houston-based El Paso said in a public filing. The company previously reported a 2002 loss of $1.47 billion. El Paso had a 2001 loss of $447 million, not the $93-million profit reported previously.
The company also restated results for 1999 and 2000. El Paso in February slashed its reserves by 41%, triggering an audit that delayed the company’s financial reports.
Shares of El Paso rose 49 cents to $9.19 on the New York Stock Exchange.
From Bloomberg News
* Plains Exploration & Production Co., a Houston-based energy company, said it would sell 11 oil-producing platforms off the California coast for $112.5 million to privately held Dos Cuadras Offshore Resources of Dallas.
* ChevronTexaco Corp. and BP said some oil wells shut in the Gulf of Mexico because of Hurricane Ivan would remain closed for weeks. Some Royal Dutch/Shell Group wells won’t resume production until the end of the year.
