El Paso has reported fourth quarter and full-year 2008 financial and operational results for the company.
"We had very solid results in 2008, despite a challenging business environment during the second half of the year," said Doug Foshee, president and chief executive officer of El Paso Corporation. "We were successful on the pipeline expansion front, increasing our committed project backlog to $8 billion and placing seven pipeline projects in service. At the same time, we recorded our best-ever safety performance. On the E&P side, we had success with the drill bit. Prior to revisions, we added 595 Bcfe to our proved reserves and reduced our reserve replacement costs to $2.87 per Mcfe."
Foshee added, "We also acted aggressively to meet the challenges of the current economic environment by adding $1.9 billion of liquidity over the past several months primarily through debt offerings, a new revolving credit facility, and non-core asset sales."
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