El Paso Posts Profit on Gain From Sale of Stake
From Bloomberg News
El Paso Corp., owner of the largest U.S. network of natural gas pipelines, posted first-quarter net income of $106 million as the company profited on the sale of its stake in Enterprise Products Partners.
Per-share profit was 17 cents, contrasted with a loss of $206 million, or 32 cents, a year earlier, the Houston-based company said in a Securities and Exchange Commission filing. Revenue fell 22% to $1.21 billion.
El Paso had a $183-million gain from the sale in January of its stake in Enterprise, a pipeline partnership.
