El Paso Posts 1Q Loss, But Still Tops Estimates

HOUSTON (AP) — Natural gas distributor El Paso Corp. on Friday posted a first-quarter loss on noncash charges, but its adjusted earnings beat Wall Street expectations.

The Houston-based company reported a net loss of $978 million, or $1.41 per share, compared with first-quarter 2008 earnings of $200 million, or 29 cents per share.

Excluding one-time noncash charges of $1.3 billion, adjusted earnings amounted to 47 cents per share versus 33 cents in the same period last year. The company attributed the year-over-year rise to realized gains on oil and natural gas hedges and continued pipeline growth. ...