HOUSTON, Texas - First-quarter profit at El Paso Corp. (NYSE: EP) fell 84 percent, while the natural-gas and oil producer's El Paso Pipeline Partners LP (NYSE: EPB) reported earnings lower, but not as precipitously.
El Paso on May 4 reported a profit of $62 million, or $0.08 a share, down from $388 million, or $0.51 cents a share a year earlier. Excluding items such as derivatives impacts, earnings fell to $0.30 from $0.33. Analysts polled by Thomson Reuters expected 28 cents.
El Paso Pipeline Partners posted earnings of $115 million, or $0.57 a share, down from $116 million, or $0.53 a share a year earlier. Operating revenue rose 9.9 percent to $366 million. Analysts had projected $0.58 and $356 million, respectively.
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