El Paso Energy EPG Message Board

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Gold/Mining/Energy : El Paso Energy EPG

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To: Jack Hartmann who started this subject	10/5/2001 10:54:16 AM
From: Jack Hartmann	Read Replies (1) of 10

GS on EPG EPS (FY Dec): 2001E US$3.30, 2002E US$3.60 Market Outperformer El Paso Corp. EPG, $48.85 We are reducing 02 EPS est for EPG to $3.60 from $3.80 to reflect (1) lower gas & oil prices of $2.50/Mcf and $18bbl and (2) lower assumed production and capex in E&P. We believe the company remains on track to meet our 3Q01 and 01 EPS ests of $0.75 and $3.30. EPG continues to execute well in its pipeline, field svs, and merchant energy bizs and we view mgmt' s capex reduct at E&P as a logical response to the current depressed price environment. We view positively the additional gas production hedges put in place for 02(70%) & 03(39%) at favorable prices. We continue to rate the shs MO and believe that El Paso is well positioned to benefit from xpctd major sustained grwth in marketing and view EPG as a 15% LT grower Jack

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