El Paso Posts Loss, Restates Earnings
- Share via
El Paso Corp., the largest U.S. pipeline company, reported a 2003 loss of $1.93 billion and restated 2001 and 2002 earnings lower by $826 million after an audit stemming from overstatements of energy reserves.
Last year’s net loss was $1.03 a share, compared with a restated 2002 loss of $1.75 billion, or $2.38 a share, Houston-based El Paso said in a public filing. The company previously reported a 2002 loss of $1.47 billion. El Paso had a 2001 loss of $447 million, not the $93-million profit reported previously.
The company also restated results for 1999 and 2000. El Paso in February slashed its reserves by 41%, triggering an audit that delayed the company’s financial reports.
Shares of El Paso rose 49 cents to $9.19 on the New York Stock Exchange.
From Bloomberg News
* Plains Exploration & Production Co., a Houston-based energy company, said it would sell 11 oil-producing platforms off the California coast for $112.5 million to privately held Dos Cuadras Offshore Resources of Dallas.
* ChevronTexaco Corp. and BP said some oil wells shut in the Gulf of Mexico because of Hurricane Ivan would remain closed for weeks. Some Royal Dutch/Shell Group wells won’t resume production until the end of the year.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
