El Paso Corp. plans to restate its 4Q2003 and year-end 2003 consolidated statement of income to reclassify a deferred tax benefit related to its discontinued Canadian exploration and production operations. The restatement will not impact 2003 net income, earnings before income and taxes or cash flow, and will have no impact on financial statements for 2002 and 2004. It does increase the loss per share from continuing operations to $1.01/share from 87 cents/share. The Canadian E&P operations were classified as discontinued operations in 2004, and under generally accepted accounting principles, the financial statements for 2003 and 2002 were revised to reclassify revenue and expenses for these operations from continuing to discontinued operations. The revision, said El Paso, should have included an additional $82 million of deferred tax benefits associated with the sale that was reported in continuing operations in El Paso’s recently filed 2004 annual report on Form 10-K.

Tractebel Energy Services, Inc., the U.S. retail energy business of Belgium-based SUEZ Energy International, has changed its name to SUEZ Energy Resources. “When discussing our company with customers and the public in general, referencing the global presence and financial strength of our parent company SUEZ was always part of the conversation,” said CEO Zin Smati. “It just makes sense that we would officially adopt the SUEZ brand and further align ourselves with the group’s depth of experience. When you have a lineage that’s more than 150 years old, you’d be wise to use it.” SUEZ employs 160,700 people worldwide and achieved revenues of EUR 40.7 billion (US$52.3 billion) in 2004, 89% of which were generated in Europe and in North America. Houston-based SUEZ Energy Resources NA provides electricity and risk management solutions to commercial and industrial customers in 12 markets (Texas, New York, New Jersey, Massachusetts, Maryland, Maine, Pennsylvania, Ohio, Rhode Island, Delaware, Connecticut and Washington, DC).

ConocoPhillips’ board declared a quarterly dividend of 62 cents/share, a 24% increase over the previous quarter’s rate of 50 cents/share. The board also declared a 2-for-1 stock split in the form of a 100% stock dividend, payable June 1 to stockholders of record as of May 16.

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