El Paso ( EP) is trying out a new strategy. The company, attacked for concealing too much information in the past, is exposing more of its problem areas. And the new disclosures aren't exactly flattering. In an unusually blunt address to analysts Tuesday, El Paso shared some ugly details about its merchant energy division, its enormous debt load and its earnings outlook going forward. The company admitted that energy trading has hurt its bottom line more than expected, that its debt burden is roughly twice what it should be, and that promises for a break-even year will probably be broken. The market -- clearly hungry for a frank update from the company -- showed it could stomach the news. El Paso shares, which tumbled nearly 6% to $7.21 ahead of Tuesday's earnings call, pushed into green territory after the call ended. The stock ended down 16 cents at $7.50. Prudential analyst Carol Coale, who has remained surprisingly bullish on El Paso through its many missteps, was quick to compliment the company. "You had a very thorough call," Coale said. "It looks like a better-than-expected quarter."