industrialinfo.com - Natural Gas Distributor El Paso Sees 194% Jump in 3Q Profit

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Natural Gas Distributor El Paso Sees 194% Jump in 3Q Profit

SUGAR LAND--November 10, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--Natural gas distributor El Paso Corporation (NYSE:EP) (Houston, Texas) has announced that its third-quarter 2008 earnings jumped to $455 million, up 194% from $155 million in the same quarter last year on hedging and increased sales. Revenues rose 37% to $1.6 billion. Growth and earnings were driven by high gas prices, which rose $1.90 per million cubic feet to $8.92 per million cubic feet, said Mark Leland, Chief Financial Officer and Executive Vice President. Industrial Info is tracking 30 projects worth more than $2.2 billion involving El Paso or one of its subsidiaries. The projects range from a $2.5 million compressor station control upgrade to a $375 million grassroot natural gas pipeline.

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Industry Segment: Transmission
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