September 5, 2006 |
When Douglas Foshee became El Paso Corp.'s chief executive three years ago, he had a mess on his hands. Now he's running a much slimmer company out of crisis mode. Gone are more than $7 billion in assets, including two refineries, El Paso's natural gas processing business and a slew of power plants. Gone with much of those assets are nearly two-thirds of its former workforce of 15,000. And gone is the specter of failure as Foshee looks toward growth, not restructuring.
October 28, 2005 |
Sempra Energy Chief Executive Stephen Baum said Thursday that he could not recall that a meeting took place in 1996 between subordinates and El Paso Corp. executives, as testimony began in the trial of a lawsuit accusing the two companies of plotting to limit natural gas supplies in California. "I don't have an independent recollection of this meeting," Baum said under questioning by Pierce O'Donnell, a lawyer for utility customers.
October 27, 2005 |
Sempra Energy, owner of the largest U.S. natural gas utility, was accused in a class-action trial that began Wednesday of sparking California's energy crisis by conspiring to limit the state's gas supplies. Pierce O'Donnell, a lawyer for utility customers, said Sempra agreed with El Paso Corp. in 1996 to prevent the construction of pipelines that would have brought more natural gas into the state.
May 11, 2005 |
El Paso Corp., owner of the largest U.S. network of natural gas pipelines, posted first-quarter net income of $106 million as the company profited on the sale of its stake in Enterprise Products Partners. Per-share profit was 17 cents, contrasted with a loss of $206 million, or 32 cents, a year earlier, the Houston-based company said in a Securities and Exchange Commission filing. Revenue fell 22% to $1.21 billion.
December 28, 2004
* El Paso Corp., owner of the largest U.S. network of interstate natural-gas pipelines, said a court in Arizona approved a settlement with the state over litigation stemming from the Western energy crisis in 2000 and 2001. As part of the settlement, El Paso will provide grants totaling $3.4 million for programs in the state. * Gartner Inc., which sells technology industry research, agreed to buy Meta Group Inc. for $162 million to add to its research capabilities and sales staff.
October 1, 2004 |
El Paso Corp., the largest U.S. pipeline company, reported a 2003 loss of $1.93 billion and restated 2001 and 2002 earnings lower by $826 million after an audit stemming from overstatements of energy reserves. Last year's net loss was $1.03 a share, compared with a restated 2002 loss of $1.75 billion, or $2.38 a share, Houston-based El Paso said in a public filing. The company previously reported a 2002 loss of $1.47 billion.