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.

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