El Paso Corporation is providing today fourth quarter and full-year 2006 financial results for the company. Results for ANR Pipeline Company and associated assets (ANR), which were sold on February 22, 2007, are included in discontinued operations for all periods.
"2006 was a year of major accomplishments for El Paso," said Doug Foshee, president and chief executive officer. "We reported a swing in profitability of more than $1 billion; our pipeline business reported record earnings and laid the foundation for future expansion-driven growth; our E&P business delivered organic production growth and replaced production through the drill bit; we reduced debt by $2.8 billion; and we eliminated numerous legacy issues. Finally, in December we announced, and last week we closed, the sale of ANR, which is a transformational event for our company as we regain our financial strength and flexibility while maintaining our earnings outlook. We look forward to additional progress in 2007."
complete this report click here
Your Ads At Here
