El Paso Corporation Plans Approximately $3 Billion of Capital Expenditure in 2009

SUGAR LAND--March 3, 2009--Researched by Industrial Info Resources (Sugar Land, Texas)--Natural gas producer and distributor El Paso Corporation (NYSE:EP) (Houston, Texas) recently announced earnings results for the 2008 fiscal year. While the majority of 2008 was quite successful for the company, the drastic decline in natural gas prices during the fourth quarter of 2008 forced El Paso to write down large losses, resulting in an overall loss in net income for the year. "We expect to spend between $2.7 billion and $3.1 billion of capital," said Chief Financial Officer Mark Leland discussing planned spending in 2009.