El Paso Corporation Reports Fifth Consecutive Year of Improved Earnings and Financial Strength
El Paso Corporation Reports Fifth Consecutive Year of Improved Earnings and Financial Strength Tuesday February 26, 7:30 am ET
HOUSTON, Feb. 26 /PRNewswire-FirstCall/ -- El Paso Corporation (NYSE: EP - News) is reporting today fourth quarter and full-year 2007 financial and operational results for the company.
Highlights: -- Earnings per share (EPS) $1.53 in 2007 versus $0.64 in 2006 - up 139% -- Quarterly EPS from continuing operations up significantly - $0.21 earnings per diluted share from continuing operations versus a loss of $0.03 in 2006 -- Pipeline earnings before interest expense and taxes (EBIT) and throughput up 2 percent and 11 percent, respectively, from fourth quarter 2006 -- E&P EBIT up 92 percent versus fourth quarter 2006 -- Production, including unconsolidated affiliate volumes, totaled 924 million cubic feet equivalent per day (MMcfe/d) - an 11 percent increase over fourth quarter 2006 -- Integrated Peoples Energy Production Company acquisition -- Successful IPO of El Paso Pipeline Partners, L.P.
"We are delighted to report our fifth consecutive year of improved earnings," said Doug Foshee, El Paso's president and chief executive officer. "During the year, our pipeline group placed more than $500 million of projects into service while expanding our committed project backlog to almost $4 billion. Our E&P business also had a very good year, with 8 percent production growth, as well an 18 percent increase in proved reserves and lower unit direct lifting costs. We enter 2008 with a strong balance sheet, visible multi-year growth in hand, and opportunities to add to our growth trajectory."
A summary of financial results for the three- and 12-month periods ended December 31, 2007 and 2006 is as follows:
El Paso Pipeline Partners Reports First Quarterly Results Following Successful Initial Public Offering Tuesday February 26, 7:45 am ET
HOUSTON, Feb. 26 /PRNewswire-FirstCall/ -- El Paso Pipeline Partners, L.P. (NYSE: EPB - News) is reporting today fourth quarter 2007 financial and operational results for the partnership.
Highlights: -- Highly successful initial public offering in November 2007 -- Net income of $19 million -- Earnings of $0.13 per common unit(1) -- Cash available for distribution of $11 million(1) -- Paid pro-rated cash distribution of $0.12813 per common unit on February 14, 2008(1)
(1) Based on the period from the IPO closing on November 21, 2007 to December 31, 2007.
"The fourth quarter of 2007 marked the beginning of an exciting new partnership," said Jim Yardley, president and chief executive officer of the general partner of El Paso Pipeline Partners. "Our partnership delivered solid results in its first reporting period as a public entity. We are committed to grow our business and continue to look for opportunities to add value for our unitholders."
On November 21, 2007, El Paso Pipeline Partners completed an initial public offering of limited partner units. Financial results for periods prior to the initial public offering are attributable to El Paso Pipeline Partners' predecessor, Wyoming Interstate Company (WIC), an indirect subsidiary of El Paso Corporation (NYSE: EP - News). Financial results from El Paso Pipeline Partners' 10 percent interests in Colorado Interstate Gas (CIG) and Southern Natural Gas (SNG) are included for the period November 21, 2007 through December 31, 2007.
A summary of financial results for the three months ended December 31, 2007 and 2006 are as follows: