El Paso Posts Loss on Write-Downs
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From Bloomberg News
El Paso Corp., the largest owner of U.S. natural-gas pipelines, had its fourth straight quarterly loss after writing down the value of assets that have been sold, including a power plant and a New Jersey oil refinery.
The net loss in the first quarter was $394 million, or 66 cents a share, compared with net income of $383 million, or 72 cents, a year earlier, the company said. Revenue rose 6.7% to $4.02 billion.
El Paso’s stock fell 16 cents to $7.50 on the NYSE.
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