El Paso Posts Fourth-Quarter Loss on Writedowns

HOUSTON -- El Paso Corp. (EP Quote) on Thursday swung to a fourth-quarter loss amid a sharp decline in natural gas prices.

The natural gas distributor reported a loss of $1.68 billion, or $2.43 per share, after a profit of $160 million, or 21 cents per share during the same period last year. Results include a charge of $2.02 billion, or $2.90 per share, related to the deteriorating price of natural gas. Excluding nonrecurring items, the company posted adjusted earnings of 21 cents per share.

Analysts surveyed by Thomson Reuters forecast a profit of 21 cents per share, on average. Analysts typically exclude one-time items. ...