El Paso ( EP) lost $45 million, or 8 cents a share, in the latest quarter, as weakness in energy trading and natural gas pricing accrued to the bottom line.

The company also said it will cut capital spending by $900 million to about $3 billion and sell up to $2 billion in nonstrategic production, pipeline and power assets to cut debt.

The company earned $234 million, or 44 cents a share, on a pro forma basis, down from $414 million, or 79 cents, a year ago and 2 cents better than analysts were expecting. Revenue fell to $2.99 billion from $3.76 billion.

El Paso also said it expects core earnings between $2.05 and $2.15 per diluted share in 2002 and $1.80 to $2.00 per share in 2003.

The company's CEO and CFO said they'll certify the financial reports next week.

If you liked this article you might like

Spain to Play Netherlands for World Cup

Spain to Play Netherlands for World Cup

Wal-Mart: Analysts' Upgrades, Downgrades

Wal-Mart: Analysts' Upgrades, Downgrades

Netherlands Advances to World Cup Final

Netherlands Advances to World Cup Final

Apple: Analysts' Upgrades, Downgrades

Apple: Analysts' Upgrades, Downgrades

World Markets Mostly Lower Monday

World Markets Mostly Lower Monday