El Paso: Pipeline, Drilling to Grow
Thursday October 4, 2:49 pm ET
El Paso Expects to Meet Natural Gas Target in 2007, Grow Pipeline Business As MLP
NEW YORK (AP) -- El Paso Corp. said Thursday it is "on track" to meet its natural-gas production target this year and that investors should expect further growth in its pipeline business and its drilling operations in Brazil.
El Paso reiterated its 2007 target of 820 to 860 million cubic feet of average daily oil equivalent production per day in a presentation its chief executive, Doug Foshee, gave to investors at a Deutsche Bank conference.
The company plans to start operating a limited partnership in the fourth quarter. El Paso Pipeline Partners LP will be involved in natural-gas asset acquisitions and filed an initial public offering of 25 million shares on Aug. 31.
El Paso has undergone a massive restructuring in the past few years, shedding billions in assets outside its pipeline and exploration and production businesses. It closed its acquisition of Peoples Energy Production Co. for $879.1 million in cash on Friday, adding to its inventory of drilling projects.
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