Restatements to El Paso Corp.’s oil and natural gas reserves will slice $2.7 billion off the value of production assets, and the resulting restatements to hedge accounting will cut shareholder equity by $1 billion, the company announced Monday. However, as it overcomes the 41% downward revision to its reserves, CEO Doug Foshee said the company’s core businesses, led by its pipeline group, remain solid.
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Pipelines, Producers Argue Investments, Returns
Producers are eating a bigger slice of the revenue pie,pipelines claim. Pipelines, however, are piling up a much greaterreturn for a much smaller investment, producers retort. And that’sjust the beginning of the arguments spawned by FERC’s probing thepossibility of lighter-handed regulation of pipelines, includingnegotiated terms and conditions.
April 22, 1999
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