El Paso to Beat 2Q Consensus

El Paso Corp. reported that it expects its second quarter earnings to come in between $0.77 and $0.79 per diluted share, net of non-recurring merger and other charges. The company's estimate compares to the current First Call consensus earnings of $0.76 per share and second quarter 2000 earnings of $0.58 per diluted share.

"Each of our businesses is performing very well, and the opportunities for future growth have never been better," said El Paso CEO William Wise. "Despite a weakened natural gas pricing environment, we fully expect to achieve our 2001 earnings goal of $3.30 per diluted share, net of non-recurring items, and to continue our earnings growth trajectory."

El Paso said its merchant energy business continues to achieve superior growth and returns from its natural gas and power asset position throughout the country. The company also attributed its strong results to activity in its long-term customer business, LNG merchant position in North America, and expanded financial services business. El Paso Production Co. said it will achieve 15% production growth in 2001 with very attractive finding and development costs. El Paso will report its second quarter earnings on July 25.

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