Weathers

In a letter to employees last Monday, which was later filed with the Securities and Exchange Commission (SEC), El Paso Corp. Chairman William Wise attempted to dispel any fears that the energy giant was in danger of crumbling, assuring workers it had about $1.5 billion of readily available cash, a balance sheet and credit profile that were “strong and improving,” an investment grade credit rating, and “adequate financial resources” to meet all of the company’s obligations and to maintain “profitable operations” during the current crisis facing the industry. Although the company was tested with the rest of the merchant energy sector last week, El Paso weathered the storm better than many others.