Aug 4, 2011
El Paso (NYSE:EP) reported Q2 EPS of $0.34, ahead of consensus estimates of $0.24 per share.
Doug Foshee, chairman, president, and chief executive officer of El Paso Corporation said, "We are very pleased with our financial and operational performance. With the completion of our Ruby Pipeline, we have placed three major projects into service this year and will complete two more by year end. And with natural gas likely to be the cornerstone for growth in electric power development, we continue to see exciting growth opportunities on the horizon. Execution in our E&P business is outstanding, with oil programs ramping up with results that are equal to or better than expectations. We are very encouraged by the completion of our first 7,000 foot plus lateral in the Wolfcamp Shale, and we see this program delivering many years of very profitable development across our large acreage position. On the financial front, we continue to make excellent progress, improving our balance sheet primarily through drop downs to El Paso Pipeline Partners. This progress has put us in position to separate into two outstanding companies by year end. We believe this is a great time to be a shareholder of El Paso."
El Paso has a potential upside of 27.7% based on a current price of $19.49 and an average consensus analyst price target of $24.89.
Oil & Gas Post
Promote Your Page Too
LINK
No comments:
Post a Comment