US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.
4Q06OpStats_FNAL_022307
1. EL PASO CORPORATION
Operating Statistics
Fourth Quarter 2006
Table of Contents
Page
Consolidated Statements of Income 2
Consolidated Operating Results
Consolidated Net Income 3
Segment Information 4
Business Segment Results
Pipelines
Earnings Before Interest Expense and Income Taxes 5
Throughput 6
Exploration and Production
Earnings Before Interest Expense and Income Taxes 7
Average Daily Volumes, Realized Prices and Costs Per Unit 8
Marketing
Earnings Before Interest Expense and Income Taxes 9
Operating Data 10
Power
Earnings Before Interest Expense and Income Taxes 11
Field Services
Earnings Before Interest Expense and Income Taxes 12
Corporate and other
Earnings Before Interest Expense and Income Taxes 13
Schedule of 2005 Significant Items 14
1
2. EL PASO CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per common share amounts)
(UNAUDITED)
Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2005 2006 2005
Operating revenues $ 913 $ 814 $ 4,281 $ 3,359
Operating expenses
Cost of products and services 37 33 238 245
Operation and maintenance 377 732 1,319 1,861
Depreciation, depletion and amortization 281 253 1,047 1,006
Loss on long-lived assets 3 64 18 74
Taxes, other than income taxes 52 65 232 234
750 1,147 2,854 3,420
Operating income (loss) 163 (333) 1,427 (61)
Equity earnings and other income 86 234 323 519
Earnings (losses) before interest expense,
income taxes, and other charges 249 (99) 1,750 458
Interest and debt expense 287 325 1,228 1,286
Preferred interests of consolidated subsidiaries - - - 9
Income (loss) before income taxes (38) (424) 522 (837)
Income taxes (benefit) (23) (122) (9) (331)
Income (loss) from continuing operations (15) (302) 531 (506)
Discontinued operations, net of income taxes (151) 144 (56) (96)
Cumulative effect of accounting changes, net of income taxes - (4) - (4)
Net income (loss) (166) (162) 475 (606)
Preferred stock dividends 9 10 37 27
$ $ (633)
Net income (loss) available to common stockholders $ (175) $ (172) 438
Earnings (losses) per common share
Basic
Income (loss) from continuing operations $ (0.03) $ (0.47) $ 0.73 $ (0.82)
Discontinued operations, net of income taxes (0.22) 0.22 (0.08) (0.15)
Cumulative effect of accounting changes, net of income taxes - (0.01) - (0.01)
Net income (loss) per common share $ (0.25) $ (0.26) $ 0.65 $ (0.98)
Diluted
Income (loss) from continuing operations $ (0.03) $ (0.47) $ 0.72 $ (0.82)
Discontinued operations, net of income taxes (0.22) 0.22 (0.08) (0.15)
Cumulative effect of accounting changes, net of income taxes - (0.01) - (0.01)
Net income (loss) per common share $ (0.25) $ (0.26) $ 0.64 $ (0.98)
Weighted average common shares outstanding
Basic 693 655 678 646
Diluted 693 655 739 646
Dividends declared per common share $ 0.04 $ 0.04 $ 0.16 $ 0.16
2
3. EL PASO CORPORATION
CONSOLIDATED NET INCOME
(UNAUDITED)
2006 2005 Year-to-Date
(In millions, except per common share amounts) First Second Third Fourth First Second Third Fourth 2006 2005 2004
Operating revenues $ 1,337 $ 1,089 $ 942 $ 913 $ 882 $ 1,036 $ 627 $ 814 $ 4,281 $ 3,359 $ 4,783
Operating expenses
Cost of products and services 62 70 69 37 76 45 91 33 238 245 1,168
Operation and maintenance 285 338 319 377 371 345 413 732 1,319 1,861 1,565
Depreciation, depletion and amortization 250 256 260 281 244 261 248 253 1,047 1,006 962
Loss on long-lived assets - - 15 3 7 - 3 64 18 74 1,077
Taxes, other than income taxes 57 62 61 52 57 50 62 65 232 234 197
Total operating expenses 654 726 724 750 755 701 817 1,147 2,854 3,420 4,969
Operating income (loss) 683 363 218 163 127 335 (190) (333) 1,427 (61) (186)
Equity earnings and other income 73 75 89 86 204 31 50 234 323 519 560
Earnings (loss) before interest expense, income taxes and other charges 756 438 307 249 331 366 (140) (99) 1,750 458 374
Interest and debt expense 331 316 294 287 325 315 321 325 1,228 1,286 1,497
Preferred interests of consolidated subsidiaries - - - - 6 3 - - - 9 25
Income (loss) before income taxes 425 122 13 (38) - 48 (461) (424) 522 (837) (1,148)
Income taxes (benefit) 124 (12) (98) (23) (42) 19 (186) (122) (9) (331) (116)
Income (loss) from continuing operations 301 134 111 (15) 42 29 (275) (302) 531 (506) (1,032)
Discontinued operations, net of income taxes 55 16 24 (151) 64 (267) (37) 144 (56) (96) 85
Cumulative effect of accounting changes, net of income taxes (1) - - - - - - - (4) - (4) -
Consolidated net income (loss) 356 150 135 (166) 106 (238) (312) (162) 475 (606) (947)
Preferred stock dividends 10 9 9 9 - 8 9 10 37 27 -
Net income (loss) available to common stockholders $ 346 $ 141 $ 126 $ (175) $ 106 $ (246) $ (321) $ (172) $ 438 $ (633) $ (947)
Basic earnings (losses) per common share $ 0.53 $ 0.21 $ 0.18 $ (0.25) $ 0.17 $ (0.38) $ (0.50) $ (0.26) $ 0.65 $ (0.98) $ (1.48)
Diluted earnings (losses) per common share $ 0.49 $ 0.21 $ 0.18 $ (0.25) $ 0.17 $ (0.38) $ (0.50) $ (0.26) $ 0.64 $ (0.98) $ (1.48)
Basic average common shares outstanding 656 671 693 693 640 641 648 655 678 646 639
Diluted average common shares outstanding 724 732 697 693 642 643 648 655 739 646 639
(1)
$4 million in 2005 resulting from the adoption of FIN No. 47, Accounting for Conditional Asset Retirement Obligations.
3
4. EL PASO CORPORATION
SEGMENT INFORMATION
(UNAUDITED)
2006 2005 Year-to-Date
(In millions) First Second Third Fourth First Second Third Fourth 2006 2005 2004
Operating revenues
Pipelines $ 643 $ 580 $ 582 $ 597 $ 561 $ 520 $ 521 $ 569 $ 2,402 $ 2,171 $ 2,145
Exploration and Production 466 462 456 470 439 452 449 447 1,854 1,787 1,735
Marketing 205 18 (105) (176) (175) (21) (389) (211) (58) (796) (508)
Power 1 2 3 - 23 54 2 3 6 82 402
Field Services (1) - - - - 48 28 45 2 - 123 1,097
Corporate and other, including eliminations 22 27 6 22 (14) 3 (1) 4 77 (8) (88)
Consolidated total $ 1,337 $ 1,089 $ 942 $ 913 $ 882 $ 1,036 $ 627 $ 814 $ 4,281 $ 3,359 $ 4,783
Depreciation, depletion and amortization
Pipelines $ 93 $ 93 $ 92 $ 92 $ 86 $ 85 $ 86 $ 86 $ 370 $ 343 $ 329
Exploration and Production 146 156 163 180 146 157 153 156 645 612 548
Marketing 1 1 1 1 1 1 1 1 4 4 13
Power - 1 - 1 1 - 1 - 2 2 13
Field Services (1) - - - - 1 1 1 - - 3 8
Corporate and other 10 5 4 7 9 17 6 10 26 42 51
Consolidated total $ 250 $ 256 $ 260 $ 281 $ 244 $ 261 $ 248 $ 253 $ 1,047 $ 1,006 $ 962
Operating income (loss)
Pipelines $ 321 $ 251 $ 221 $ 270 $ 247 $ 207 $ 172 $ 153 $ 1,063 $ 779 $ 927
Exploration and Production 191 161 138 135 180 175 167 149 625 671 726
Marketing 200 8 (113) (186) (186) (32) (404) (233) (91) (855) (562)
Power (15) (17) (14) (15) (25) 26 (20) (44) (61) (63) (562)
Field Services (1) - - - - 2 (5) (26) 13 - (16) (501)
Corporate and other (14) (40) (14) (41) (91) (36) (79) (371) (109) (577) (214)
Consolidated total $ 683 $ 363 $ 218 $ 163 $ 127 $ 335 $ (190) $ (333) $ 1,427 $ (61) $ (186)
Earnings (loss) before interest expense and income taxes (EBIT)
Pipelines $ 346 $ 286 $ 253 $ 302 $ 280 $ 237 $ 224 $ 183 $ 1,187 $ 924 $ 1,059
Exploration and Production 199 163 141 137 183 176 169 168 640 696 734
Marketing 208 13 (108) (184) (185) (30) (398) (224) (71) (837) (539)
Power 3 10 38 31 (39) (2) (46) (2) 82 (89) (747)
(1)
Field Services - - - - 182 (3) (22) 128 - 285 84
Corporate and other - (34) (17) (37) (90) (12) (67) (352) (88) (521) (217)
Consolidated total $ 756 $ 438 $ 307 $ 249 $ 331 $ 366 $ (140) $ (99) $ 1,750 $ 458 $ 374
(1)
By the end of 2005, we sold or transferred to other segments substantially all of our Field Services assets.
4
5. PIPELINES
EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES
(Excludes Intrasegment Transactions)
2006 2005 Year-to-Date
(In millions) First Second Third Fourth First Second Third Fourth 2006 2005 2004
Operating revenues $ 643 $ 580 $ 582 $ 597 $ 561 $ 520 $ 521 $ 569 $ 2,402 $ 2,171 $ 2,145
Operating expenses
Operation and maintenance 194 201 218 205 200 197 227 255 818 879 772
Depreciation, depletion and amortization 93 93 92 92 86 85 86 86 370 343 329
(Gain) loss on long-lived assets - - 15 - (7) (3) - 45 15 35 (1)
Taxes, other than income taxes 35 35 36 30 35 34 36 30 136 135 118
Total operating expenses 322 329 361 327 314 313 349 416 1,339 1,392 1,218
Operating income 321 251 221 270 247 207 172 153 1,063 779 927
Equity earnings and other income 25 35 32 32 33 30 52 30 124 145 132
Earnings before interest expense and income taxes (EBIT) $ 346 $ 286 $ 253 $ 302 $ 280 $ 237 $ 224 $ 183 $ 1,187 $ 924 $ 1,059
Discontinued Operations - ANR
Operating revenues $ 194 $ 125 $ 120 $ 142 $ 207 $ 133 $ 125 $ 147 $ 581 $ 612 $ 506
Operating expenses and other income 62 76 68 65 75 61 77 97 271 310 234
EBIT $ 132 $ 49 $ 52 $ 77 $ 132 $ 72 $ 48 $ 50 $ 310 $ 302 $ 272
5
6. PIPELINES
THROUGHPUT
(Excludes Intrasegment Volumes)
(BBtu/d)
2006 2005 Year-to-Date
First Second Third Fourth First Second Third Fourth 2006 2005 2004
Tennessee Gas Pipeline 4,936 4,508 4,500 4,201 5,026 4,315 4,146 4,298 4,534 4,443 4,469
Southern Natural Gas 2,151 2,064 2,307 2,146 2,243 1,735 2,005 1,955 2,167 1,984 2,163
El Paso Natural Gas (1) 4,094 4,093 4,484 4,343 4,055 4,089 4,332 4,374 4,255 4,214 4,235
Colorado Interstate Gas (2) 3,807 4,142 4,579 4,665 3,500 3,752 3,869 3,812 4,301 3,734 2,808
El Paso Gas Transmission Mexico, S. de R.L. 50 50 50 50 50 50 50 50 50 50 50
15,038
Total 14,857 15,920 15,405 14,874 13,941 14,402 14,489 15,307 14,425 13,725
Equity Investments (Ownership Percentage)
Citrus (50%) 892 1,103 1,148 892 952 959 1,080 840 1,009 958 1,007
Samalayuca & Gloria a Dios (50%) 215 223 227 220 209 214 217 207 221 212 216
San Fernando (50%) 475 475 475 475 475 475 475 475 475 475 475
1,582
Total 1,801 1,850 1,587 1,636 1,648 1,772 1,522 1,705 1,645 1,698
Total throughput 16,658 17,770 16,992 16,510 15,589 16,174 16,011 17,012 16,070 15,423
16,620
Discontinued Operations
ANR Pipeline 4,527 3,521 3,677 4,100 4,947 3,686 3,705 4,074 3,954 4,100 4,067
ANR - Great Lakes investment (50%) 1,250 1,087 1,086 1,069 1,223 1,140 1,109 1,281 1,122 1,188 1,100
(1)
Including Mojave Pipeline Company (MPC)
(2)
Including Wyoming Interstate Company (WIC) and Cheyenne Plains Gas Pipeline (CPG)
6
7. EXPLORATION AND PRODUCTION
EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES
(Excludes Intrasegment Transactions)
2006 2005 Year-to-Date
(In millions) First Third Fourth First Third Fourth 2006 2005 2004
Second Second
Operating revenues
Natural gas $ 366 $ 326 $ 357 $ 357 $ 353 $ 354 $ 354 $ 359 $ 1,406 $ 1,420 $ 1,428
Oil, condensate and natural gas liquids (NGL) 90 118 119 103 85 96 105 85 430 371 305
(1)
Other 10 18 (20) 10 1 2 (10) 3 18 (4) 2
Total operating revenues 466 462 456 470 439 452 449 447 1,854 1,787 1,735
Operating expenses
Depreciation, depletion and amortization 146 156 163 180 146 157 153 156 645 612 548
Production costs 64 79 92 96 55 59 72 75 331 261 210
Cost of products and services 22 22 23 20 13 12 11 11 87 47 54
General and administrative expenses 42 41 38 35 41 43 45 56 156 185 173
Taxes, other than production and income taxes 1 3 2 3 4 4 1 (1) 9 8 2
Other (2) - - - 1 - 2 - 1 1 3 22
Total operating expenses 275 301 318 335 259 277 282 298 1,229 1,116 1,009
Operating income 191 161 138 135 180 175 167 149 625 671 726
Equity earnings and other income 8 2 3 2 3 1 2 19 15 25 8
Earnings before interest expense and income taxes (EBIT) $ 199 $ 163 $ 141 $ 137 $ 183 $ 176 $ 169 $ 168 $ 640 $ 696 $ 734
(1)
Includes mark-to-market earnings/(losses) on derivatives not designated as hedges.
(2)
Includes restructuring costs, loss on long-lived assets and ceiling test charges.
7
8. EXPLORATION AND PRODUCTION
AVERAGE DAILY VOLUMES, REALIZED PRICES AND COSTS PER UNIT
2006 2005 Year-to-Date
First Second Third Fourth First Second Third Fourth 2006 2005 2004
Natural Gas Sales Volumes from Continuing Operations (MMcf/d)
Onshore 297 303 308 312 226 267 288 290 305 268 213
Gulf of Mexico and South Louisiana 91 112 138 154 164 146 107 80 124 124 205
Texas Gulf Coast 164 155 152 150 186 182 164 166 155 174 235
International 26 19 19 14 48 40 42 41 20 43 19
Total Natural Gas Sales Volumes from Continuing Operations 578 589 617 630 624 635 601 577 604 609 672
(1)
- - - - 5 1 - - - 2 14
Total Natural Gas Sales Volumes from Discontinued Operations
Total Natural Gas Sales Volumes 578 589 617 630 629 636 601 577 604 611 686
Oil, Condensate and NGL Sales Volumes from Continuing Operations (MBbls/d)
Onshore 6 7 7 7 4 5 6 6 7 5 3
Gulf of Mexico and South Louisiana 7 9 8 9 11 12 9 5 8 9 12
Texas Gulf Coast 5 5 5 5 7 6 6 5 5 6 8
International 1 1 1 1 2 2 1 2 1 2 1
Total Oil, Condensate and NGL Sales Volumes from Continuing Operations 19 22 21 22 24 25 22 18 21 22 24
Total Oil, Condensate and NGL Sales Volumes from Discontinued Operations - - - - - - - - - - -
Total Oil, Condensate and NGL Sales Volumes 19 22 21 22 24 25 22 18 21 22 24
Equivalent Sales Volumes from Continuing Operations (MMcfe/d)
Onshore 334 345 349 354 247 294 324 332 345 300 231
189 209 232 218 161 107 174 179 276
Gulf of Mexico and South Louisiana 133 165
Texas Gulf Coast 195 187 183 182 228 222 200 196 187 211 283
International 32 22 23 17 59 50 51 51 24 53 24
Total Equivalent Sales Volumes from Continuing Operations 694 719 744 762 766 784 736 686 730 743 814
(1)
Total Equivalent Sales Volumes from Discontinued Operations - - - - 5 1 - - - 1 15
Total Equivalent Sales Volumes 694 719 744 762 771 785 736 686 730 744 829
Unconsolidated Affiliate Volumes (Four Star Investment)
Natural Gas (MMcf/d) 50 49 48 52 - - 17 55 50 18 -
Oil, Condensate and NGL (MBbls/d) 3 3 3 3 - - 1 3 3 1 -
Total Equivalent Sales Volumes (MMcfe/d) 71 66 66 68 - - 23 73 68 24 -
Weighted Average Realized Prices
Natural gas including hedges ($/Mcf) $ 7.03 $ 6.08 $ 6.30 $ 6.15 $ 6.28 $ 6.13 $ 6.40 $ 6.76 $ 6.38 $ 6.39 $ 5.83
Natural gas excluding hedges ($/Mcf) $ 7.77 $ 6.34 $ 6.31 $ 6.21 $ 5.71 $ 6.35 $ 7.74 $ 10.54 $ 6.64 $ 7.53 $ 5.90
Oil, condensate and NGL including hedges ($/Bbl) $ 51.25 $ 60.64 $ 60.81 $ 50.58 $ 39.86 $ 42.39 $ 50.77 $ 50.86 $ 55.90 $ 45.60 $ 34.61
Oil, condensate and NGL excluding hedges ($/Bbl) $ 52.60 $ 60.64 $ 60.81 $ 50.58 $ 40.20 $ 43.07 $ 51.88 $ 52.22 $ 56.21 $ 46.43 $ 34.75
Transportation cost
Natural gas ($/Mcf) $ 0.24 $ 0.22 $ 0.23 $ 0.24 $ 0.18 $ 0.17 $ 0.18 $ 0.21 $ 0.23 $ 0.18 $ 0.17
Oil, condensate and NGL ($/Bbl) $ 1.25 $ 0.80 $ 0.71 $ 0.58 $ 0.75 $ 0.59 $ 0.60 $ 0.59 $ 0.82 $ 0.63 $ 1.12
Production cost ($/Mcfe)
Average lease operating cost $ 0.73 $ 0.87 $ 1.03 $ 1.12 $ 0.61 $ 0.76 $ 0.74 $ 0.76 $ 0.95 $ 0.72 $ 0.60
Average production taxes $ 0.29 $ 0.33 $ 0.32 $ 0.24 $ 0.19 $ 0.07 $ 0.32 $ 0.42 $ 0.29 $ 0.24 $ 0.11
$ $ 1.35 $ 1.36 $ 0.80 $ 0.83 $ 1.06 $ 1.18 $ 1.24 $ 0.96 $ 0.71
Total production cost $ 1.02 1.20
Average general and administrative cost ($/Mcfe) $ 0.67 $ 0.62 $ 0.57 $ 0.50 $ 0.59 $ 0.61 $ 0.65 $ 0.90 $ 0.59 $ 0.68 $ 0.58
Unit of production depletion cost ($/Mcfe) $ 2.20 $ 2.24 $ 2.27 $ 2.45 $ 2.00 $ 2.05 $ 2.11 $ 2.25 $ 2.29 $ 2.10 $ 1.69
(1)
Includes Hungary
8
9. MARKETING
EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES
(Excludes Intrasegment Transactions)
2006 2005 Year-to-Date
(In millions) First Second Third Fourth First Second Third Fourth 2006 2005 2004
Gross margin and other revenue $ 205 $ 18 $ (105) $ (176) $ (175) $ (21) $ (389) $ (211) $ (58) $ (796) $ (508)
Operating expenses
Operation and maintenance 3 9 6 10 10 9 14 21 28 54 53
Depreciation, depletion and amortization 1 1 1 1 1 1 1 1 4 4 13
Taxes, other than income taxes 1 - 1 (1) - 1 - - 1 1 (12)
Total operating expenses 5 10 8 10 11 11 15 22 33 59 54
Operating income (loss) 200 8 (113) (186) (186) (32) (404) (233) (91) (855) (562)
Other income 8 5 5 2 1 2 6 9 20 18 23
Earnings (loss) before interest expense and income taxes (EBIT) $ 208 $ 13 $ (108) $ (184) $ (185) $ (30) $ (398) $ (224) $ (71) $ (837) $ (539)
9
10. MARKETING
OPERATING DATA
2006 2005 Year-to-Date
($ in millions) First Second Third Fourth 2006 2005 2004
First Second Third Fourth
Price Risk Management Statistics
Forward Trading Book $ (540) $ (523) $ (609) $ (433) $ 46 $ 36 $ (270) $ (753) $ (433) $ (753) $ (61)
(1)
Average VAR $ 11 $ 9 $ 6 $ 4 $ 11 $ 13 $ 21 $ 30 $ 7 $ 19 $ 38
Physical Gas Delivery (BBtu/d) 1,230 1,194 1,252 1,217 1,534 1,597 1,564 1,185 1,223 1,469 1,831
Physical Power Sales (MMWh) 10,392 7,991 3,500 1,957 15,096 14,505 15,457 13,773 23,840 58,832 95,473
Financial Settlements (BBtue/d) 5,759 5,517 5,313 5,173 8,081 7,595 6,810 6,716 5,439 7,295 19,703
Analysis of Price Risk Management Activities and Forward Book
Trading Portfolio Value at Risk (VAR) (1)
One Day VAR-95% Confidence Level at 12/31/06 $ 6
Average VAR-95% Confidence Level during 2006 $ 7
High VAR-95% Confidence Level during 2006 $ 14
Low VAR-95% Confidence Level during 2006 $ 3
December 31, 2006
Risk Management Assets and Liabilities Forward Return of Cash Total Cash
(2)
Trading Book Collateral
Mark to Market Value and Cash Liquidation Expectations
2007 $ 52 $ (84) $ (32)
2008 (63) (111) (174)
2009 (62) (95) (157)
2010 (89) (12) (101)
2011 (92) 18 (74)
Remainder (179) 13 (166)
Total $ (433) $ (271) $ (704)
(1)
VAR was calculated using the historical simulation methodology at a 95% confidence level and includes all MtM based trading contracts except
for those trading contracts that relate to our E&P segment's forecasted sales volumes.
(2)
Return of cash collateral includes margin posted against our production hedge payables that are included in Exploration and Production segment's
non-trading book.
10
11. POWER
EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES
(Excludes Intrasegment Transactions)
2006 2005 Year-to-Date
(In millions) First Second Third Fourth First Second Third Fourth 2006 2005 2004
Gross margin and other revenue $ - $ - $ - $ (1) $ 10 $ 52 $ 1 $ - $ (1) $ 63 $ 274
Operating expenses
Operation and maintenance 14 16 14 10 20 25 19 25 54 89 240
Depreciation, depletion and amortization - 1 - 1 1 - 1 - 2 2 13
Loss on long-lived assets - - - 3 13 1 - 19 3 33 569
Taxes, other than income taxes 1 - - - 1 - 1 - 1 2 14
Total operating expenses 15 17 14 14 35 26 21 44 60 126 836
Operating income (loss) (15) (17) (14) (15) (25) 26 (20) (44) (61) (63) (562)
Equity earnings and other income 18 27 52 46 (14) (28) (26) 42 143 (26) (185)
Earnings (loss) before interest expense and income taxes (EBIT) $ 3 $ 10 $ 38 $ 31 $ (39) $ (2) $ (46) $ (2) $ 82 $ (89) $ (747)
EBIT by Region:
Domestic Power $ (6) $ (3) $ 11 $ 8 $ 12 $ 44 $ (161) $ (9) $ 10 $ (114) $ (457)
International Power 10 16 20 5 (30) (37) 122 (11) 51 44 (237)
Power G&A and Other (1) (3) 7 18 (21) (9) (7) 18 21 (19) (53)
Total Power $ 3$ 10 $ 38 $ 31 $ (39) $ (2) $ (46) $ (2) $ 82 $ (89) $ (747)
Discontinued operations
EBIT $ (15) $ 4 $ (3) $ (4) $ (11) $ (379) $ 5 $ (121) $ (18) $ (506) $ 148
11
12. FIELD SERVICES (1)
EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES
(Excludes Intrasegment Transactions)
2005 Year-to-Date
(In millions) First Second Third Fourth 2005 2004
Gross Margin $ 3 $ 7 $ 7 $ 8 $ 25 $ 93
Operating expenses
Operation and maintenance (1) 4 29 (5) 27 74
Depreciation, depletion and amortization 1 1 1 - 3 8
Loss on long-lived assets 1 6 3 - 10 507
Taxes, other than income taxes - 1 - - 1 5
Total operating expenses 1 12 33 (5) 41 594
Operating income (loss) 2 (5) (26) 13 (16) (501)
Equity earnings and other income 180 2 4 115 301 585
Earnings (loss) before interest expense and income taxes (EBIT) $ 182 $ (3) $ (22) $ 128 $ 285 $ 84
Discontinued operations - EBIT $ 9 $ 11 $ 9 $ 393 $ 422 $ 36
(1)
By the end of 2005, we sold or transferred to other segments substantially all of our Field Services assets; therefore, Field Services is
not reported as a segment in 2006.
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13. CORPORATE AND OTHER (1)
EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES
(Excludes Intrasegment Transactions)
2006 2005 Year-to-Date
(In millions) First Second Third Fourth First Second Third Fourth 2006 2005 2004
Gross margin and other revenue $ 9 $ 8 $ (2) $ 8 $ 18 $ 16 $ 8 $ 11 $ 23 $ 53 $ 70
Operating expenses
Operation and maintenance 12 41 7 39 95 34 80 362 99 571 201
Depreciation, depletion and amortization 10 5 4 7 9 17 6 10 26 42 51
Gain on long-lived assets - - - - - (4) - - - (4) (6)
Taxes, other than income taxes 1 2 1 3 5 5 1 10 7 21 38
Total operating expenses 23 48 12 49 109 52 87 382 132 630 284
Operating loss (14) (40) (14) (41) (91) (36) (79) (371) (109) (577) (214)
Equity earnings and other income 14 6 (3) 4 1 24 12 19 21 56 (3)
Earnings (loss) before interest expense and income taxes (EBIT) $ - $ (34) $ (17) $ (37) $ (90) $ (12) $ (67) $ (352) $ (88) $ (521) $ (217)
EBIT by Business Unit:
Telecom $ 2$ 1$ (1) $ 3$ -$ 8$ (2) $ 2$ 5$ 8$ (1)
Corporate (2) (35) (16) (40) (90) (20) (65) (354) (93) (529) (216)
Total EBIT $ -$ (34) $ (17) $ (37) $ (90) $ (12) $ (67) $ (352) $ (88) $ (521) $ (217)
(1)
Includes our corporate businesses, our telecommunications business and residual assets and liabilities of previously sold or discontinued businesses.
13
14. EL PASO CORPORATION
SCHEDULE OF 2005 SIGNIFICANT ITEMS (1)
(UNAUDITED)
2005 Year-to-Date
(In millions) First Second Third Fourth 2005 2004
Restructuring costs
Employee severance, retention and transition costs $ 1 $ 2 $ - $ 1 $ 4 $ 38
Facility closures - 27 - - 27 80
Total restructuring costs 1 29 - 1 31 118
Impairments and net (gain) loss on sale of long-lived assets
Long-lived assets impairment 14 6 3 50 73 1,093
Long-lived assets net (gain) loss on sales - (5) - 14 9 (16)
Total (gain) loss on long-lived assets 14 1 3 64 82 1,077
Impairments and net (gain) loss on sale of investments
Equity investments impairment 85 88 159 15 347 397
Equity investments net (gain) loss on sales (204) (1) (110) (113) (428) (521)
Cost basis investments impairment and gain on sales - - - (40) (40) 6
Total (gain) loss on investments (119) 87 49 (138) (121) (118)
Western Energy Settlement 59 - - - 59 -
Gas supply contract termination - - 28 - 28 -
Total 2005 Significant Items impacting EBIT $ (45) $ 117 $ 80 $ (73) $ 79 $ 1,077
Significant Items impacting EBIT by segment:
$
Pipelines $ -$ (2) $ (1) $ 46 $ 43 (11)
Exploration and Production - 2 - 1 3 22
Marketing - - - - - 2
Power 74 89 50 (8) 205 968
Field Services (179) 6 31 (112) (254) 8
Corporate and other 60 22 - - 82 88
Total 2005 Significant Items impacting EBIT $ (45) $ 117 $ 80 $ (73) $ 79 $ 1,077
(1) Beginning with the first quarter of 2006, we are no longer reporting significant items in the Operating Statistics.
14