El Paso Corp. restated its 2003 and 2004 financial results on Wednesday, resulting in a $46 million reduction in its previously reported net losses. The company also said that it made some changes to enhance the effectiveness of its internal controls over its financial reporting process. The company said the financial restatements were associated with currency translation adjustments. The impact of the restatements was a $45 million reduction of the company’s net loss in 2003 and a $1 million reduction in 2004. The company said it determined that its currency translation adjustment (CTA) balances contained amounts related to businesses and investments that had been previously sold or abandoned. The CTA balances related to these entities should have been reclassified to earnings upon the sale or abandonment of these entities. El Paso also identified an issue related to the manner in which it initially recorded U.S. deferred income taxes related to foreign entities that had CTA balances. As restated, El Paso reported that it had a net loss of $947 million last year and a net loss of $195 million in 2003. The loss from continuing operations was increased to $833 million last year from the previously reported $802 million, and the loss from continuing operations in 2003 was changed to $595 million from $605 million. The net loss per share remained the same for 2004 but was reduced in 2003 to $3.15.
FERC on Wednesday approved a 75 MMcf/d expansion of Alliance Pipeline LP’s border-crossing facilities in North Dakota at the United States-Canadian border [CP07-169].
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