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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (69522)	7/12/2000 4:56:36 PM
From: Razorbak	Read Replies (1) \| Respond to of 95453

El Paso Energy Beats Street by 10 Cents "El Paso higher on strong 2Q" By Lisa Sanders, CBS.MarketWatch.com Last Update: 4:12 PM ET Jul 12, 2000 NewsWatch Latest headlines HOUSTON (CBS.MW) -- Shares of El Paso Energy edged higher Wednesday after beating Wall Street second-quarter profit estimates by 10 cents. Buoyed by strong growth in the company’s non-regulated businesses, El Paso (EPG: news, msgs) posted earnings of 69 cents a share, a 73 percent increase over the year-ago quarter figure of 40 cents a share. Sixteen analysts polled by First Call expected the energy company to earn an average of 59 cents a share. El Paso, which operates the largest U.S. gas pipeline system, noted that the most recent quarter excludes a one-time merger charge of 13 cents a share. Consolidated adjusted earnings before interest expense and income taxes rose 55 percent to $408 million from $263 million a year ago. El Paso said that EBIT from non-regulated businesses tripled in the quarter to $246 million, spurred primarily by growth in its merchant energy unit. Also during the quarter, revenue rose to $4.23 billion from $2.6 billion a year ago. Shares of El Paso added 3/16 to close at 51 3/16. Also Tuesday, El Paso said that El Paso Energy Partners would buy the company’s Crystal Gas Storage, which operates two natural gas storage facilities in Mississippi. The publicly owned master limited partnership will pay $170 million in new issue preference units. Following the close of the deal, El Paso Energy Partners plans to up its yearly dividend of $2.20 per common unit by 5 cents. The deal is part of the partnership’s plan to pursue $500 million a year in accretive, fee-based acquisitions and midstream growth opportunities. -------------------------------------------------------------------------------- Lisa Sanders is a reporter for CBS.MarketWatch.com. cbs.marketwatch.com