El Paso Corporation is reporting first quarter 2008 financial and operational results for the company.
"Our first quarter results provide a great start to the year," said Doug Foshee, president and chief executive officer for El Paso Corporation. "We achieved solid results from both our Pipeline and E&P businesses, as well as an 18 percent reduction in interest expense. Looking forward, we expect to realize sharply higher earnings than our $1.00 to $1.10 earnings guidance for 2008 as our hedging strategy has enabled us to participate in improved natural gas and oil prices."
Financial Results - Three Months Ended March 31, 2008
For the three months ended March 31, 2008, El Paso reported net income available to common stockholders of $200 million, or $0.29 per diluted share, compared with $620 million, or $0.89 per diluted share, for the first three months of 2007. Results for 2007 include $677 million, or $0.97 per diluted share, of income from discontinued operations, which includes a $651-million, or $0.94-per-diluted-share-gain from the sale of ANR Pipeline and related assets. The 2007 net loss from continuing operations to common stockholders was $ 48 million, or $0.08 per diluted share.
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