USA: El Paso Q4 Net Profit Spikes

El Paso Corporation today reported net income of $185 million for the fourth quarter of 2011, compared with $62 million, for the fourth quarter 2010.

For the 12 months ended December 31, 2011, El Paso reported net income of $141 million, compared with $721 million, for the full-year 2010.

Highlights

— $0.28 adjusted diluted earnings per share (EPS) for fourth quarter 2011, a 40 percent increase from $0.20 per share for fourth quarter 2010

— $1.00 adjusted diluted EPS and $2.1 billion cash flow from operations for full-year 2011

— Fourth quarter 2011 E&P production volumes were 880 million cubic feet equivalent per day (MMcfe/d), up 11 percent from the fourth quarter of 2010; the year-end production exit rate exceeded 900 MMcfe/d –

– Oil production rose to 22.3 thousand barrels per day (MBbls/d) a 50 percent increase from the fourth quarter of 2010

— The Federal Energy Regulatory Commission (FERC) approved Tennessee Gas Pipeline’s (TGP) uncontested rate case settlement. The settlement provides higher base tariff rates and includes multi-year contract extensions with customers

— The TGP 300 Line expansion and the Gulf LNG regasification terminal were placed in-service during the fourth quarter, on-time and on-budget, completing El Paso’s original $8 billion backlog of pipeline growth projects

— Delivered 93 percent total shareholder return for 2011, making El Paso the second highest returning stock in the Standard & Poor’s 500 Index.

[mappress]

LNG World News Staff, February 27, 2012