Low Natural Gas Prices Diminish El Paso Corporation's Exploration and Production Earnings, an Industrial Info News Alert
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SUGAR LAND, TX -- (MARKET WIRE) -- 11/05/09 -- Researched by Industrial Info Resources (Sugar Land, Texas) -- Natural gas production and transmission company El Paso Corporation (NYSE: EP) (EPC) (Houston, Texas) recently reported earnings for the company's third fiscal quarter of 2009, which ended September 30. Net income for the company was down 85% year over year, moving from $445 million in 3Q08 to $67 million in 3Q09. Lower natural gas prices caused a substantial drop in EBIT (earnings before interest and taxes) in the company's Exploration and Production business unit.
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Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy related markets. For more than 26 years, Industrial Info has provided plant and project opportunity databases, market forecasts, high resolution maps, and daily industry news. For more information send inquiries to oilandgasproductiongroup@industrialinfo.com or visit our website at www.industrialinfo.com.
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