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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: jim_p who wrote (17847)	2/5/2003 7:09:18 AM
From: ItsAllCyclical	Read Replies (2) of 206199

EP News. Jim, nice call - Selling more assets, cutting dividend and taking lots of charges. El Paso to Sell $2.9 Billion in Assets Wednesday February 5, 6:52 am ET HOUSTON (Reuters) - El Paso Corp. (NYSE:EP - News), the largest U.S. pipeline company, on Wednesday announced several measures to cut costs and improve its cash position, including slashing its dividend, selling almost $3 billion in assets and reducing spending. ADVERTISEMENT The Houston company, which is already in the process of liquidating its trading portfolio and already sold $4 billion in assets last year to shore up its finances, has been grappling with the demise of the energy trading market in the wake of Enron Corp.'s (Other OTC:ENRNQ.PK - News) collapse. As part of the plan, it plans to sell $2.9 billion of non-core assets this year, lower its capital spending 35 percent from last year to $2.6 billion and cut its common stock dividend to 16 cents a share annually. El Paso also forecast earnings per share from ongoing operations in 2003 of $1 and a raft of fourth-quarter charges that will result in a loss for the fourth quarter and the full year. The consensus estimate of analysts polled by Thomson First Call for 2003 is $1.31.

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