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  • bluecheese4u bluecheese4u Feb 26, 2008 8:36 AM Flag

    El Paso Corporation Reports Fifth Consecutive Year of Improved Earnings and Financial Strength

    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.

    -- 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: