El Paso Corporation provides an overview of its business, which includes owning North America's largest natural gas pipeline system and being one of North America's largest independent natural gas producers. The document discusses the company's two business segments - Pipelines and Exploration & Production. For the Pipelines segment, it provides details on the company-owned and partner pipeline systems including miles of pipeline. For Exploration & Production, it outlines the company's acreage positions and proved natural gas reserves. It also discusses trends in the U.S. natural gas market and the infrastructure investment needed to meet growing demand.
This annual report from Devon Energy Corporation provides information about the company's performance in 2001 and vision for the future. Some key points:
- Devon completed two major acquisitions in 2001, purchasing Mitchell Energy and Anderson Exploration, nearly doubling its proved oil and gas reserves.
- Total revenues reached $3 billion for the first time, though lower oil and gas prices led to a non-cash impairment charge and declining net earnings.
- The chairman discusses how Devon aims to build long-term success through a balanced strategy of concentrating high-quality assets, internal growth opportunities, and positioning in strong markets.
- Going forward, Devon will focus on integrating its new acquisitions while continuing to optimize its portfolio
Marathon Oil Corporation reported financial results for the first quarter of 2007, with net income of $717 million compared to $784 million in the same period of 2006. Earnings per share were $2.07 compared to $2.13 the prior year. Segment income totaled $749 million, down from $792 million in 2006. Exploration and production income decreased to $385 million due to lower natural gas prices and volumes. Refining and marketing income increased to $345 million on higher gasoline margins. Construction continued on major projects and the company increased its dividend.
The document provides an overview of Exelon Corporation's operating performance and financial projections for 2007 and 2008. Some key points:
- Exelon is projecting 2007 operating earnings between $2.8-2.9 billion and EPS of $4.15-4.30. For 2008, projections are $2.6-2.9 billion in operating earnings and $4.00-4.40 in EPS.
- Exelon has over $44 billion in assets and $13 billion in total debt. The credit rating for senior unsecured debt is BBB.
- Exelon's business segments include Illinois Utility, Pennsylvania Utility, and Exelon Generation power markets. Financial projections are provided for
The document is a presentation of BG Group's 2012 results. It provides highlights such as a 4% increase in total operating profit to $8.047 billion, with upstream profit of $5.464 billion. It discusses financial results, strategic priorities for 2013 including production delivery and major project milestones. Key capital expenditure projects are outlined along with a $10.4 billion cash capex budget and $8.1 billion in portfolio rationalization by end of 2013. Safety and operational performance are reviewed along with 2013 production outlook of 630-660 kboed.
Teekay Offshore Partners Third Quarter 2012 Earnings PresentationAltera Infrastructure
- Teekay Offshore generated distributable cash flow of $38.6 million in Q3 2012 and declared a cash distribution of $0.5125 per unit.
- They agreed to acquire the Voyageur Spirit FPSO from Teekay Corporation for $540 million, which is expected to generate $70 million in annual cash flow and increase cash distributions in Q1 2013.
- They also agreed to acquire a HiLoad DP offshore loading unit from Remora AS for $55 million, subject to securing a 10-year charter with Petrobras, which would be accretive to distributable cash flow per share.
El Paso Corporation provides natural gas and related energy products safely and reliably. The company focuses on developing a positive culture as the place to work, neighbor to have, and company to own. El Paso's interstate pipelines are the cornerstone of its business, with the largest franchise in the U.S., $2.2 billion in new projects, and expected 4-6% annual growth. The company plans to launch an MLP IPO for part of its pipeline business in the fourth quarter of 2007.
Marathon Oil Corporation reported strong financial results for the second quarter of 2005, with net income of $673 million compared to $352 million in the second quarter of 2004. Key drivers of improved performance included higher oil and gas prices and sales volumes. Production averaged 353,000 barrels per day, with Equatorial Guinea liquids production reaching full capacity. Refining operations also performed well with record throughput. Marathon expects continued strong performance in the third quarter but at slightly lower production levels.
This annual report from Devon Energy Corporation provides information about the company's performance in 2001 and vision for the future. Some key points:
- Devon completed two major acquisitions in 2001, purchasing Mitchell Energy and Anderson Exploration, nearly doubling its proved oil and gas reserves.
- Total revenues reached $3 billion for the first time, though lower oil and gas prices led to a non-cash impairment charge and declining net earnings.
- The chairman discusses how Devon aims to build long-term success through a balanced strategy of concentrating high-quality assets, internal growth opportunities, and positioning in strong markets.
- Going forward, Devon will focus on integrating its new acquisitions while continuing to optimize its portfolio
Marathon Oil Corporation reported financial results for the first quarter of 2007, with net income of $717 million compared to $784 million in the same period of 2006. Earnings per share were $2.07 compared to $2.13 the prior year. Segment income totaled $749 million, down from $792 million in 2006. Exploration and production income decreased to $385 million due to lower natural gas prices and volumes. Refining and marketing income increased to $345 million on higher gasoline margins. Construction continued on major projects and the company increased its dividend.
The document provides an overview of Exelon Corporation's operating performance and financial projections for 2007 and 2008. Some key points:
- Exelon is projecting 2007 operating earnings between $2.8-2.9 billion and EPS of $4.15-4.30. For 2008, projections are $2.6-2.9 billion in operating earnings and $4.00-4.40 in EPS.
- Exelon has over $44 billion in assets and $13 billion in total debt. The credit rating for senior unsecured debt is BBB.
- Exelon's business segments include Illinois Utility, Pennsylvania Utility, and Exelon Generation power markets. Financial projections are provided for
The document is a presentation of BG Group's 2012 results. It provides highlights such as a 4% increase in total operating profit to $8.047 billion, with upstream profit of $5.464 billion. It discusses financial results, strategic priorities for 2013 including production delivery and major project milestones. Key capital expenditure projects are outlined along with a $10.4 billion cash capex budget and $8.1 billion in portfolio rationalization by end of 2013. Safety and operational performance are reviewed along with 2013 production outlook of 630-660 kboed.
Teekay Offshore Partners Third Quarter 2012 Earnings PresentationAltera Infrastructure
- Teekay Offshore generated distributable cash flow of $38.6 million in Q3 2012 and declared a cash distribution of $0.5125 per unit.
- They agreed to acquire the Voyageur Spirit FPSO from Teekay Corporation for $540 million, which is expected to generate $70 million in annual cash flow and increase cash distributions in Q1 2013.
- They also agreed to acquire a HiLoad DP offshore loading unit from Remora AS for $55 million, subject to securing a 10-year charter with Petrobras, which would be accretive to distributable cash flow per share.
El Paso Corporation provides natural gas and related energy products safely and reliably. The company focuses on developing a positive culture as the place to work, neighbor to have, and company to own. El Paso's interstate pipelines are the cornerstone of its business, with the largest franchise in the U.S., $2.2 billion in new projects, and expected 4-6% annual growth. The company plans to launch an MLP IPO for part of its pipeline business in the fourth quarter of 2007.
Marathon Oil Corporation reported strong financial results for the second quarter of 2005, with net income of $673 million compared to $352 million in the second quarter of 2004. Key drivers of improved performance included higher oil and gas prices and sales volumes. Production averaged 353,000 barrels per day, with Equatorial Guinea liquids production reaching full capacity. Refining operations also performed well with record throughput. Marathon expects continued strong performance in the third quarter but at slightly lower production levels.
This document is Burlington Northern Santa Fe Corporation's annual investors' report for 2005. Some key points:
- BNSF achieved record quarterly and annual revenue and earnings per share in 2005. Fourth quarter earnings were $1.13 per share, up 24% from 2004. Annual earnings were a record $4.01 per share.
- Freight revenues for the fourth quarter of 2005 increased 18% to $3.45 billion compared to 2004. For the full year, freight revenues increased 17% to $12.6 billion.
- Operating income for the fourth quarter was $800 million, up 20% from 2004. For 2005, operating income increased 73% to $2.92
Marathon Oil Corporation reported first quarter 2008 net income of $731 million, slightly lower than the first quarter of 2007. Adjusted net income excluding special items was $767 million, up 9% from the prior year. Upstream and integrated gas segments performed strongly due to higher hydrocarbon prices and production volumes. Downstream results were negatively impacted by lower refining margins and planned maintenance. The company continued share repurchases and major project work during the quarter.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2004. Some key points:
- BNSF reported record quarterly earnings of $0.91 per share for Q4 2004, up 49% from $0.61 per share in Q4 2003. Revenues also reached a record at $2.92 billion for the quarter.
- Freight revenues increased 19% year-over-year for Q4 driven by double-digit growth across all four business groups.
- Operating expenses grew 15% for the quarter due to a 10% increase in volumes and higher fuel prices.
- The operating ratio improved to 77.1% for Q4
el paso 09_04LehmanBrothersConference_FINALfinance49
El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. The company focuses on developing a culture where it is the best place to work, a good neighbor, and a company worth owning. El Paso has leading positions in interstate pipelines and exploration and production. The interstate pipelines are the cornerstone of the company and provide stable earnings growth. El Paso is also improving its exploration and production business through portfolio upgrades and increased drilling activity. The company is making financial progress through debt reduction and expects an excellent outlook.
Burlington Northern Santa Fe Corporation's 2000 Annual Report summarizes the company's performance for the year. Key points include:
- Revenues grew to $9.2 billion while operating expenses only increased 1% despite a $230 million rise in fuel costs.
- Intermodal revenues increased 6% to a record level while safety and efficiency improvements were made.
- However, weak coal demand, high fuel prices, and a slow US economy impacted results for the year.
- Over the past five years since the Burlington Northern and Santa Fe merger, significant progress has been made in safety, service, efficiency and financials.
Holly Corporation is an independent petroleum refiner and marketer that operates refineries in New Mexico and Utah. In 2005, Holly delivered record earnings of $167.7 million, significantly higher than its 2004 earnings of $83.9 million, due to favorable refining margins. Key accomplishments for Holly in 2005 included repurchasing $100 million of its own stock, completing a $17 million project to upgrade production at its New Mexico refinery, and selling its intermediate pipelines to Holly Energy Partners. Looking ahead, Holly plans further expansion projects at its refineries and is considering new growth opportunities.
Nexen delivered solid first quarter results in 2009 despite low oil prices. Highlights include $557 million in cash flow, production of 252,000 boe/d which was 9% higher than the previous quarter, and exploration success in the UK North Sea. The Long Lake upgrader started production of Premium Synthetic Crude and reservoir performance is improving. Nexen's financial position remains strong with $3.3 billion in liquidity. Development continues on projects such as Long Lake, Ettrick, Longhorn and Usan, which are economic in the current price environment.
Marathon Oil Corporation reported strong financial results for the fourth quarter and full year of 2005. Net income for Q4 2005 was $1.265 billion, up significantly from $429 million in Q4 2004. For the full year, net income was $3.032 billion compared to $1.261 billion in 2004. The company reinvested over 95% of its net income back into capital projects. Key events and achievements in 2005 included acquiring full ownership of its downstream business, progress on major projects like the Equatorial Guinea LNG expansion, and setting a new safety record.
The document summarizes Chevron's third quarter 2008 earnings conference call. It discusses Chevron's Q3 2008 earnings of $7.9 billion, an update on upstream production including impacts from hurricanes, the status of major capital projects, and other highlights in upstream operations. Representatives from Chevron's executive team presented on topics such as earnings components, production by region, and progress on key projects.
Hess Corporation reported record financial results for 2006 with net income of $1.9 billion, up 54% from 2005. Worldwide oil and gas production grew 7% to an average of 359,000 barrels per day. Key events included starting production at four new fields and making a significant oil discovery in the Gulf of Mexico. Marketing and Refining operations performed solidly despite margin pressures. The company expects 2007 production of 370,000 to 380,000 barrels per day.
Q4 2008 Financial results for SpareBank 1 Gruppen presented by acting CEO Kir...SpareBank 1 Gruppen AS
- The pre-tax loss for SpareBank 1 Gruppen in 2008 was MNOK -724, down from a profit of MNOK 1,179.8 in 2007, largely due to losses at SpareBank 1 Livsforsikring from negative investment results and one-off write-downs.
- Bank 1 Oslo had an underlying profit but overall pre-tax profit of MNOK 4 due to write-downs of securities and increased loan losses.
- Capital adequacy and core ratios remain solid at 12.0% and 9.0% respectively.
This annual report summarizes Burlington Northern Santa Fe Corporation's financial and operational performance in 1998. Some key highlights include:
- Revenues reached a record $8.94 billion, a 6.8% increase over 1997.
- Adjusted operating income grew 16% to a record $2.16 billion.
- Adjusted net income exceeded $1.12 billion, a 19% improvement over 1997.
- The operating ratio improved to 75.9%, nearly 2 points better than 1997's adjusted ratio.
- Safety continued to improve, with reductions in reportable injuries and rail accidents.
Burlington Northern Santa Fe Corporation's 1999 Annual Report summarizes the company's performance in 1999 and compares it to 1994, the year before the BNSF merger. Key points:
1) BNSF achieved record results in safety, customer service, efficiency and financial performance in 1999 compared to 1994.
2) Safety metrics like lost workdays and injuries dropped significantly. Customer service improved with 91% on-time performance. Operating expenses per ton-mile dropped 20-25%.
3) Financial results were also much stronger, with operating income reaching a record $2.24 billion, up 14% annually from 1994. The operating ratio improved 9 points to 75.4%.
This document summarizes the financial performance of Burlington Northern Santa Fe Corporation for the years 1992-1996. It reports that in 1996:
- Operating income increased 14% to $1.75 billion compared to 1995 on a comparable basis.
- Revenues reached $8.19 billion despite a drop in agricultural commodities revenues.
- Operating expenses were $178 million below 1995 levels, lowering the operating ratio to 78.6%.
- Net income grew 21% to $889 million, or $5.70 per share, compared to $733 million in 1995.
Hess Corporation's 2007 Annual Report summarizes the company's performance in 2007. Key points include:
- Exploration and Production earned $1.8 billion, with production growing to 377,000 barrels of oil equivalent per day due to projects like Okume Complex in Equatorial Guinea. Proved reserves grew 7% to 1.33 billion barrels.
- Marketing and Refining contributed $300 million in earnings, with refining generating solid performance despite challenging environment. Energy marketing saw strong growth in sales.
- The company invested $3.9 billion in capital expenditures and exploration, with a focus on projects like Bakken Shale, Shenzi field, and Ujung Pangkah field in Indonesia
El Paso Corporation provides natural gas and related energy products across North America. It has two core businesses: interstate pipelines and exploration and production. The company has a $3 billion growth backlog for its pipeline business and expects 6-8% annual EBIT growth. Its E&P business is focused on resource plays in the US and exploration internationally. El Paso expects 8-12% annual production growth through high-grading its portfolio and $1.7 billion capital investment in 2008. It enters the year with solid hedge positions on natural gas and oil.
Spectra Energy reported ongoing earnings per share of $0.38 for the third quarter of 2007, up 32% from the third quarter of 2006. Key drivers of earnings growth included excellent results from U.S. Transmission, Distribution, and Western Canada Transmission and Processing segments. The company is confident it will achieve its 2007 financial goals and remains committed to delivering 8-10% total shareholder return through steady growth and an attractive dividend.
The 2003 annual report summarizes Jarden Corporation's financial and operating results for the year. It discusses record financial performance with revenues surpassing $500 million and cash flow from operations exceeding $70 million. It also highlights the acquisitions of Diamond Brands and Lehigh Consumer Products, which added over $250 million in annual revenue. The Chairman expresses optimism that 2004 will be another record year as the company continues executing its strategy of building a portfolio of market-leading consumer brands.
This document is Holly Corporation's 1999 Annual Report. It provides an overview of Holly's financial performance and operations for fiscal year 1999. Some key details include:
- Net income increased to $19.9 million in 1999 from $15.2 million in 1998, driven by improved refining margins and increased contributions from Holly's growing transportation business.
- Sales and other revenues were $598 million for 1999. Holly's refineries in New Mexico and Montana refined a total of 70,700 barrels per day.
- Holly's transportation business more than doubled its pipeline network over the past three years and continues pursuing growth opportunities in this segment.
- The report provides financial data, operating highlights, and information about Holly's
The document discusses the proposed Ruby Pipeline project, which would transport natural gas from Wyoming to California. It notes that Canadian gas exports are declining while Rocky Mountain gas production is increasing, creating a need for additional pipeline capacity. The Ruby Pipeline is presented as a project that could meet this need by transporting 1.2 Bcf/d of gas starting in 2011. The presentation provides updates on development progress, including open houses, surveys along the proposed route, and anticipated regulatory approval timelines.
erie insurance group 2004-first-quarter-reportfinance49
- Erie Indemnity Company reported a net income increase of 8.1% to $49.6 million for Q1 2004 compared to $45.9 million for Q1 2003.
- Management fee revenue increased 7.1% to $221.9 million for Q1 2004, while income from management operations decreased 5.3% to $56.2 million for the same period.
- Insurance underwriting operations reported an underwriting loss of $1.5 million for Q1 2004, an improvement from a $5.7 million loss in Q1 2003, as rate increases and underwriting initiatives began realizing benefits.
This investor presentation provides an overview of Jarden Corporation. In 3 sentences: Jarden is a diversified global consumer products company with a portfolio of over 100 brands across multiple segments. It has established resilient business platforms and market-leading brands. Jarden's growth strategy focuses on organic growth through increased investment and acquisitions of core, tuck-in businesses that strategically fit with its international focus.
This document is Burlington Northern Santa Fe Corporation's annual investors' report for 2005. Some key points:
- BNSF achieved record quarterly and annual revenue and earnings per share in 2005. Fourth quarter earnings were $1.13 per share, up 24% from 2004. Annual earnings were a record $4.01 per share.
- Freight revenues for the fourth quarter of 2005 increased 18% to $3.45 billion compared to 2004. For the full year, freight revenues increased 17% to $12.6 billion.
- Operating income for the fourth quarter was $800 million, up 20% from 2004. For 2005, operating income increased 73% to $2.92
Marathon Oil Corporation reported first quarter 2008 net income of $731 million, slightly lower than the first quarter of 2007. Adjusted net income excluding special items was $767 million, up 9% from the prior year. Upstream and integrated gas segments performed strongly due to higher hydrocarbon prices and production volumes. Downstream results were negatively impacted by lower refining margins and planned maintenance. The company continued share repurchases and major project work during the quarter.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2004. Some key points:
- BNSF reported record quarterly earnings of $0.91 per share for Q4 2004, up 49% from $0.61 per share in Q4 2003. Revenues also reached a record at $2.92 billion for the quarter.
- Freight revenues increased 19% year-over-year for Q4 driven by double-digit growth across all four business groups.
- Operating expenses grew 15% for the quarter due to a 10% increase in volumes and higher fuel prices.
- The operating ratio improved to 77.1% for Q4
el paso 09_04LehmanBrothersConference_FINALfinance49
El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. The company focuses on developing a culture where it is the best place to work, a good neighbor, and a company worth owning. El Paso has leading positions in interstate pipelines and exploration and production. The interstate pipelines are the cornerstone of the company and provide stable earnings growth. El Paso is also improving its exploration and production business through portfolio upgrades and increased drilling activity. The company is making financial progress through debt reduction and expects an excellent outlook.
Burlington Northern Santa Fe Corporation's 2000 Annual Report summarizes the company's performance for the year. Key points include:
- Revenues grew to $9.2 billion while operating expenses only increased 1% despite a $230 million rise in fuel costs.
- Intermodal revenues increased 6% to a record level while safety and efficiency improvements were made.
- However, weak coal demand, high fuel prices, and a slow US economy impacted results for the year.
- Over the past five years since the Burlington Northern and Santa Fe merger, significant progress has been made in safety, service, efficiency and financials.
Holly Corporation is an independent petroleum refiner and marketer that operates refineries in New Mexico and Utah. In 2005, Holly delivered record earnings of $167.7 million, significantly higher than its 2004 earnings of $83.9 million, due to favorable refining margins. Key accomplishments for Holly in 2005 included repurchasing $100 million of its own stock, completing a $17 million project to upgrade production at its New Mexico refinery, and selling its intermediate pipelines to Holly Energy Partners. Looking ahead, Holly plans further expansion projects at its refineries and is considering new growth opportunities.
Nexen delivered solid first quarter results in 2009 despite low oil prices. Highlights include $557 million in cash flow, production of 252,000 boe/d which was 9% higher than the previous quarter, and exploration success in the UK North Sea. The Long Lake upgrader started production of Premium Synthetic Crude and reservoir performance is improving. Nexen's financial position remains strong with $3.3 billion in liquidity. Development continues on projects such as Long Lake, Ettrick, Longhorn and Usan, which are economic in the current price environment.
Marathon Oil Corporation reported strong financial results for the fourth quarter and full year of 2005. Net income for Q4 2005 was $1.265 billion, up significantly from $429 million in Q4 2004. For the full year, net income was $3.032 billion compared to $1.261 billion in 2004. The company reinvested over 95% of its net income back into capital projects. Key events and achievements in 2005 included acquiring full ownership of its downstream business, progress on major projects like the Equatorial Guinea LNG expansion, and setting a new safety record.
The document summarizes Chevron's third quarter 2008 earnings conference call. It discusses Chevron's Q3 2008 earnings of $7.9 billion, an update on upstream production including impacts from hurricanes, the status of major capital projects, and other highlights in upstream operations. Representatives from Chevron's executive team presented on topics such as earnings components, production by region, and progress on key projects.
Hess Corporation reported record financial results for 2006 with net income of $1.9 billion, up 54% from 2005. Worldwide oil and gas production grew 7% to an average of 359,000 barrels per day. Key events included starting production at four new fields and making a significant oil discovery in the Gulf of Mexico. Marketing and Refining operations performed solidly despite margin pressures. The company expects 2007 production of 370,000 to 380,000 barrels per day.
Q4 2008 Financial results for SpareBank 1 Gruppen presented by acting CEO Kir...SpareBank 1 Gruppen AS
- The pre-tax loss for SpareBank 1 Gruppen in 2008 was MNOK -724, down from a profit of MNOK 1,179.8 in 2007, largely due to losses at SpareBank 1 Livsforsikring from negative investment results and one-off write-downs.
- Bank 1 Oslo had an underlying profit but overall pre-tax profit of MNOK 4 due to write-downs of securities and increased loan losses.
- Capital adequacy and core ratios remain solid at 12.0% and 9.0% respectively.
This annual report summarizes Burlington Northern Santa Fe Corporation's financial and operational performance in 1998. Some key highlights include:
- Revenues reached a record $8.94 billion, a 6.8% increase over 1997.
- Adjusted operating income grew 16% to a record $2.16 billion.
- Adjusted net income exceeded $1.12 billion, a 19% improvement over 1997.
- The operating ratio improved to 75.9%, nearly 2 points better than 1997's adjusted ratio.
- Safety continued to improve, with reductions in reportable injuries and rail accidents.
Burlington Northern Santa Fe Corporation's 1999 Annual Report summarizes the company's performance in 1999 and compares it to 1994, the year before the BNSF merger. Key points:
1) BNSF achieved record results in safety, customer service, efficiency and financial performance in 1999 compared to 1994.
2) Safety metrics like lost workdays and injuries dropped significantly. Customer service improved with 91% on-time performance. Operating expenses per ton-mile dropped 20-25%.
3) Financial results were also much stronger, with operating income reaching a record $2.24 billion, up 14% annually from 1994. The operating ratio improved 9 points to 75.4%.
This document summarizes the financial performance of Burlington Northern Santa Fe Corporation for the years 1992-1996. It reports that in 1996:
- Operating income increased 14% to $1.75 billion compared to 1995 on a comparable basis.
- Revenues reached $8.19 billion despite a drop in agricultural commodities revenues.
- Operating expenses were $178 million below 1995 levels, lowering the operating ratio to 78.6%.
- Net income grew 21% to $889 million, or $5.70 per share, compared to $733 million in 1995.
Hess Corporation's 2007 Annual Report summarizes the company's performance in 2007. Key points include:
- Exploration and Production earned $1.8 billion, with production growing to 377,000 barrels of oil equivalent per day due to projects like Okume Complex in Equatorial Guinea. Proved reserves grew 7% to 1.33 billion barrels.
- Marketing and Refining contributed $300 million in earnings, with refining generating solid performance despite challenging environment. Energy marketing saw strong growth in sales.
- The company invested $3.9 billion in capital expenditures and exploration, with a focus on projects like Bakken Shale, Shenzi field, and Ujung Pangkah field in Indonesia
El Paso Corporation provides natural gas and related energy products across North America. It has two core businesses: interstate pipelines and exploration and production. The company has a $3 billion growth backlog for its pipeline business and expects 6-8% annual EBIT growth. Its E&P business is focused on resource plays in the US and exploration internationally. El Paso expects 8-12% annual production growth through high-grading its portfolio and $1.7 billion capital investment in 2008. It enters the year with solid hedge positions on natural gas and oil.
Spectra Energy reported ongoing earnings per share of $0.38 for the third quarter of 2007, up 32% from the third quarter of 2006. Key drivers of earnings growth included excellent results from U.S. Transmission, Distribution, and Western Canada Transmission and Processing segments. The company is confident it will achieve its 2007 financial goals and remains committed to delivering 8-10% total shareholder return through steady growth and an attractive dividend.
The 2003 annual report summarizes Jarden Corporation's financial and operating results for the year. It discusses record financial performance with revenues surpassing $500 million and cash flow from operations exceeding $70 million. It also highlights the acquisitions of Diamond Brands and Lehigh Consumer Products, which added over $250 million in annual revenue. The Chairman expresses optimism that 2004 will be another record year as the company continues executing its strategy of building a portfolio of market-leading consumer brands.
This document is Holly Corporation's 1999 Annual Report. It provides an overview of Holly's financial performance and operations for fiscal year 1999. Some key details include:
- Net income increased to $19.9 million in 1999 from $15.2 million in 1998, driven by improved refining margins and increased contributions from Holly's growing transportation business.
- Sales and other revenues were $598 million for 1999. Holly's refineries in New Mexico and Montana refined a total of 70,700 barrels per day.
- Holly's transportation business more than doubled its pipeline network over the past three years and continues pursuing growth opportunities in this segment.
- The report provides financial data, operating highlights, and information about Holly's
The document discusses the proposed Ruby Pipeline project, which would transport natural gas from Wyoming to California. It notes that Canadian gas exports are declining while Rocky Mountain gas production is increasing, creating a need for additional pipeline capacity. The Ruby Pipeline is presented as a project that could meet this need by transporting 1.2 Bcf/d of gas starting in 2011. The presentation provides updates on development progress, including open houses, surveys along the proposed route, and anticipated regulatory approval timelines.
erie insurance group 2004-first-quarter-reportfinance49
- Erie Indemnity Company reported a net income increase of 8.1% to $49.6 million for Q1 2004 compared to $45.9 million for Q1 2003.
- Management fee revenue increased 7.1% to $221.9 million for Q1 2004, while income from management operations decreased 5.3% to $56.2 million for the same period.
- Insurance underwriting operations reported an underwriting loss of $1.5 million for Q1 2004, an improvement from a $5.7 million loss in Q1 2003, as rate increases and underwriting initiatives began realizing benefits.
This investor presentation provides an overview of Jarden Corporation. In 3 sentences: Jarden is a diversified global consumer products company with a portfolio of over 100 brands across multiple segments. It has established resilient business platforms and market-leading brands. Jarden's growth strategy focuses on organic growth through increased investment and acquisitions of core, tuck-in businesses that strategically fit with its international focus.
el paso 2E961AE6-D8CD-4328-9657-89A97FED03C0_Howard_Weil_032409finance49
El Paso Corporation provides natural gas and related energy products in North America. It has raised its liquidity to $3.3 billion and reduced capital spending thoughtfully in response to market challenges. The company has set 2009 financial targets including EPS of $0.85-1.05 and EBITDA of $3.1-3.3 billion. El Paso has a substantial pipeline backlog of around $8 billion that is expected to generate $1.2 billion in additional EBITDA. The company also has a significant exploration and production portfolio focused on lower-risk programs in its key areas.
Doug Foshee, President and CEO of El Paso Corporation, presented at the Lehman Energy Conference on September 7, 2005. El Paso has made significant progress in asset sales and debt reduction ahead of schedule and is narrowing its focus to pipelines and exploration and production. The company's pipeline business is performing well, and a turnaround is imminent for the exploration and production segment. Recent discoveries in the Gulf of Mexico and success of lower risk prospects in Texas point to production growth and increased reserves and cash flow from exploration and production areas.
Hovnanian Enterprises reported strong financial results for fiscal year 2004. Total revenues increased to $4.16 billion, up 30% from the prior year. Net income grew 35% to $348.7 million. Earnings per share increased 36% to $5.35. Stockholders' equity surpassed $1 billion for the first time, increasing 45% to $1.192 billion. The company benefited from leadership positions in expanding housing markets, a diverse product portfolio, and continuous process improvements. Hovnanian aims to continue growing revenues and profits through these strategies.
John Hopper presented at the Deutsche Bank High Yield Conference on September 28, 2005. The presentation summarized El Paso Corporation's progress in its turnaround, including significant debt reduction, asset sales exceeding targets, and stabilization of production. It highlighted the strength of El Paso's pipeline network and opportunities for growth projects. The production business was discussed as having completed its turnaround with a shift toward more predictable onshore assets. El Paso was positioned for substantial leverage to higher natural gas prices in 2006.
- PETsMART reported strong financial results for 2004, with net sales increasing 12.6% to $3.36 billion and net income increasing 27% to $171.2 million.
- The company operates over 725 pet stores in the US and Canada, as well as PETsHOTELs, a pet supply catalog, and online pet products retailer petsmart.com.
- Several customers wrote letters praising PETsMART employees for providing excellent customer service and going above and beyond to solve customer issues.
- El Paso Corporation reported financial results for the third quarter of 2006 with EBIT of $359 million compared to a loss of $92 million in the third quarter of 2005.
- The Pipelines segment continued its strong performance with EBIT up 12% from the third quarter of 2005, driven by increased throughput. Exploration and Production also had a solid quarter with production volumes up.
- Significant progress was made on legacy issues, including exiting the domestic power business and downsizing the gas trading book. Debt was also reduced by $3.1 billion through the end of the third quarter.
el paso D7A9D355-197F-480A-8FF4-86834B0DD876_EP_4Q_2008_Earnings_FINAL(Color...finance49
El Paso Corporation provides natural gas and related energy products. In 2008, it accomplished several key projects including placing 7 pipeline projects in service. However, it faces challenges from low commodity prices and uncertain capital markets. Key priorities are constructing its pipeline backlog on time and budget, and focusing exploration and production investments to preserve opportunities and maximize returns. El Paso increased its liquidity position and reduced borrowing costs through several financing transactions. It has excellent hedges for 2009 natural gas production and established initial hedges for 2010. Guidance for 2009 assumes $2.7-3.1 billion in capital spending and targets EPS of $0.85-1.05, EBIT of $2.0-2.3 billion,
Hovnanian Enterprises had its most profitable year in fiscal 1999, with net income increasing 18% to $30.1 million. The company focused on improving profitability and made two acquisitions that strengthened its position in existing markets and added a new market. Looking ahead, Hovnanian Enterprises will continue growing revenue while maintaining profit progress, with a delivery forecast of over 700 homes in both California and North Carolina and over 900 homes in Texas for fiscal 2000. The company will also work to balance its quarterly home deliveries at higher volumes going forward.
El Paso Corporation provides a third quarter 2008 financial and operational update. Key points include:
- Earnings were higher driven by growth in the pipeline and E&P businesses. However, results were impacted by $63 million from changes in fair value of power contracts.
- Cash flow from operations was over $2 billion for the first nine months of 2008.
- Capital expenditures totaled $1.9 billion through September 2008, with a planned $3 billion budget for 2009 focused on pipelines and E&P.
- Pipeline throughput increased 5% from 2007, and three expansion projects were placed in service. However, earnings were impacted by $12 million from hurricanes.
El Paso Corporation reported higher third quarter 2008 earnings compared to third quarter 2007, driven by growth in its pipeline and exploration and production businesses. Earnings were impacted by unrealized mark-to-market gains and losses on derivatives, as well as changes in the fair value of power contracts and legacy indemnifications. While earnings were strong, El Paso also outlined plans to maintain liquidity through asset sales to preserve its future growth opportunities and weather current market conditions.
The document discusses Spectra Energy Corp's non-GAAP financial measures that will be discussed in their May 6, 2008 earnings release call. It includes reconciliations of ongoing diluted EPS, ongoing net income, ongoing EBIT, funds from operations, and interest coverage ratio to the most comparable GAAP measures. The non-GAAP measures adjust for special items that management believes are not recurring in order to evaluate underlying operating performance.
The document is a letter inviting El Paso stockholders to attend the company's 2005 Annual Meeting. It provides details about the meeting such as the date, time, and location. It informs stockholders that there will be votes on electing directors, approving compensation plans, and ratifying the appointment of an auditing firm. The letter urges stockholders to vote and participate in corporate governance matters.
The document is a notice from El Paso Corporation inviting stockholders to attend its 2007 Annual Meeting of Stockholders on May 24, 2007. Stockholders will be asked to vote on the election of directors, ratification of the appointment of Ernst & Young LLP as the independent registered public accounting firm, and two stockholder proposals. The notice provides information on admission requirements for the meeting and parking availability.
The document summarizes CenterPoint Energy's annual report for shareholders. It discusses the company's solid financial performance in 2007, with operating income growing 13.5% and dividends increasing 13%. It highlights achievements and growth across the company's various energy delivery businesses, including natural gas distribution, interstate pipelines, and field services. It also covers the company's focus on meeting future energy needs through investments in infrastructure, energy efficiency, and renewable energy while creating long-term shareholder value.
The annual report summarizes Corning's financial performance in 2002, a challenging year due to the downturn in the telecommunications industry. Corning reported a net loss of $1.3 billion on sales of $3.2 billion, down significantly from 2001. In response, Corning restructured operations, cutting costs and jobs to preserve its financial position. It aims to return to profitability in 2003 by focusing on growing its display glass, environmental, and semiconductor businesses within Corning Technologies. While telecommunications remains weak, Corning maintains its leadership in optical fiber and intends to benefit when the market rebounds.
Oceaneering International reported record first quarter earnings for the period ending March 31, 2009. Revenue was $435 million and net income was $44.3 million, or $0.80 per share. This was an increase from the same period in 2008 due to growth in ROV and Subsea Projects operating profits. While first quarter results exceeded guidance, earnings are expected to decline for the rest of the year relative to 2008 due to anticipated decreases in demand, though the ROV business is expected to achieve profit growth. Full year 2009 EPS guidance was raised to a range of $3.10 to $3.60.
This document is Valero Energy Corporation's 2005 Summary Annual Report. It discusses Valero's 25-year history of growth and success, including becoming the largest refiner in North America through strategic acquisitions. In 2005, Valero achieved record earnings of $3.6 billion and strong total shareholder returns. The report attributes Valero's success to its strategy of investing in refineries capable of processing heavy sour crude oil, and to its caring corporate culture that prioritizes employees and communities.
John Hopper, Vice President and Treasurer of Merrill Lynch, presented at the Leveraged Finance Conference on November 14, 2006. The presentation focused on El Paso Corporation's strong financial results in the third quarter of 2006, significant progress on legacy issues, continued debt reduction, growth in the pipeline business, drilling success in exploration and production, and risk management strategies. El Paso aims to provide natural gas and related energy products in a safe, efficient, and dependable manner.
John Hopper, Vice President and Treasurer of Merrill Lynch, presented at the Leveraged Finance Conference on November 14, 2006. The presentation focused on El Paso Corporation's strong financial results in the third quarter of 2006, significant progress on legacy issues, continued debt reduction, growth in the pipeline business, drilling success in exploration and production, and risk management strategies. El Paso aims to provide natural gas and related energy products in a safe, efficient, and dependable manner.
This document provides a summary of Fannie Mae's 2005 10-K investor report. It highlights that Fannie Mae saw increased net income of $6.3 billion in 2005, up 28% from 2004. Their single-family business saw revenue growth of 13% and net income growth of 15%. Their capital markets business generated $3 billion in net income, up 42% from 2004 levels. The summary also provides financial results and income statements for each of Fannie Mae's business segments for 2005 compared to 2004 and 2003.
Lockheed Martin achieved a high level of mission success in 1998 but faced some setbacks. Sales increased modestly while earnings per share grew slightly after adjusting for non-recurring items. The company aims to improve performance in 1999 through management accountability and productivity increases in order to enhance shareholder value over the long run.
Valero Energy Corporation reported record financial results for 2003 compared to 2002. Operating revenues in 2003 were $37.9 billion compared to $29 billion in 2002. Net income in 2003 was $622 million compared to $92 million in 2002. Earnings per share in 2003 were $5.09 compared to $0.83 in 2002. The chairman attributed the record results to strong refining margins and discounts on sour crude oil, as well as contributions from acquisitions and expansion projects. The chairman expects even stronger performance in 2004 due to projections of higher refining margins, wider discounts on sour crude, and increased throughput from assets acquired in 2003.
CenterPoint Energy's annual report summarizes its performance in 2006. The company reported $432 million in net income and delivered strong returns for shareholders. It operates electric transmission and distribution utilities serving millions, as well as natural gas distribution, interstate pipelines, field services, and competitive gas sales businesses across several states. In 2006 it invested in infrastructure and pursued rate agreements to support future growth and regulatory certainty across its diverse energy delivery operations.
The document is Occidental Petroleum Corporation's 2006 Annual Report. It provides selected financial data and highlights of the company's results of operations, financial position, market capitalization, and cash flow for the years 2002-2006. It also briefly describes Occidental Petroleum as a leading oil and natural gas exploration and production company, as well as a major North American chemical manufacturer, with operations around the world.
el paso 02_274Q2006Earnings_FINAL_FINAL_bbfinance49
This document provides an investor update from El Paso Corporation for the fourth quarter and full year 2006. Key highlights include:
- The company reduced gross debt by $2.8 billion in 2006 and had $1 billion year-over-year swing in profits.
- Pipelines segment saw record earnings and a 22% increase in earnings from 2005. E&P segment replaced 108% of production primarily through drilling.
- For full year 2006, the company reported $1.75 billion in EBIT and $475 million in net income.
- The company used $2.5 billion in cash for debt reduction in 2006 and reduced net debt to $14.1 billion at the end of the year.
el paso 02_274Q2006Earnings_FINAL_FINAL_bbfinance49
This document provides an investor update from El Paso Corporation for the fourth quarter and full year 2006. Key highlights include:
- The company reduced gross debt by $2.8 billion in 2006 and had a $1 billion year-over-year swing in profits.
- Pipelines saw a 22% increase in earnings from 2005 and set a record. Exploration and production replaced 108% of production.
- For the fourth quarter, earnings were adjusted upwards by $122 million due to an alliance capacity buyout.
- For the full year, earnings were adjusted upwards by $122 million due to the buyout but adjusted downwards by $159 million due to income tax settlements and $172 million due to production hed
Cooper Cameron Corporation is an international manufacturer of oil and gas equipment. In 2004, the company achieved record revenues of over $2 billion. Key highlights included highest-ever backlog and orders, 40% increase in earnings per share, and over $170 million spent on acquisitions. While industry conditions were stable with modest growth, the company believes it is well-positioned for various market scenarios through its financial strength and diverse business segments.
Cooper Cameron Corporation is an international manufacturer of oil and gas equipment. In 2004, the company achieved record revenues of over $2 billion. Key highlights included highest-ever backlog and orders, 40% increase in earnings per share, and over $170 million spent on acquisitions. While industry conditions were stable with modest growth, the company believes it is well-positioned for various market scenarios through its financial strength and diverse business segments.
The document discusses The Shaw Group's 2002 annual report. It describes how in 2002 Shaw significantly expanded its capabilities through the acquisition of The IT Group, adding environmental, infrastructure, and homeland security services. This made Shaw a stronger competitor able to handle more issues for more customers. The acquisition helped drive record financial results in 2002, with revenues increasing 106% to over $3.2 billion and net income up 61% to $98.4 million. Looking ahead, Shaw aims to continue growing in areas like power sector maintenance and environmental markets as well as expanding internationally, especially in China.
The Shaw Group is a leading provider of engineering, construction, environmental remediation, and facilities management services to government and private sector clients. In fiscal year 2003, the company increased revenues to $3.3 billion despite adverse market conditions. The document discusses Shaw's evolution into a more diversified organization with capabilities in areas such as power, process industries, environmental remediation, and infrastructure. It provides an overview of Shaw's financial performance, backlog composition, and strategies for future growth.
- El Paso Corporation reported a net loss of $321 million for Q3 2005, impacted by $80 million in significant items including asset impairments and a contract termination.
- Regulated pipelines continue to perform solidly, while non-regulated businesses such as production, power, and field services faced challenges from hurricanes and commodity price volatility.
- Restoration of gas flows following hurricanes Katrina and Rita is progressing, but full recovery is not expected until year-end due to dependencies on third-party infrastructure and production.
- El Paso Corporation provides natural gas and related energy products. In Q3 2005 it reported a net loss of $321 million compared to a $214 million loss in Q3 2004.
- Significant items negatively impacting results included $162 million in asset impairments and a $28 million contract termination charge, partially offset by a $110 million gain on asset sales.
- Cash flow from operating activities was negative $398 million for the first nine months of 2005, compared to positive $799 million for the same period in 2004, largely due to working capital changes.
- Total debt increased to $17.9 billion as of September 30, 2005, up from $17.5 billion as of June 30,
shaw group 8C04E297-E3DD-4F1E-8BB2-56C5BB51CEDA_SGR_AnnualShareholdersMeeting...finance36
The document summarizes The Shaw Group Inc.'s annual meeting for fiscal year 2008. It provides key financial results including record revenue, EBITDA, net income, and EPS. It also discusses major projects, growth in backlog to $15.6 billion, and guidance for fiscal year 2009 revenues of $7.1-7.3 billion and EPS of $2.50-2.70 per share.
This investor presentation provides an overview of Jarden Corporation. In 3 sentences: Jarden is a diversified global consumer products company with a portfolio of over 100 brands across multiple segments. It has established processes for continuous improvement to drive organic growth and integrate acquisitions. The presentation discusses Jarden's strategy, brand strengths, growth approach, operating culture, and framework for ongoing process improvement.
Alltrista Corporation is a leading provider of niche consumer products used for home food preservation. In 2001, Alltrista undertook strategic initiatives to focus on its core consumer products business, including the divestiture of non-core businesses. As a result, Alltrista reported a net loss of $85.4 million for 2001 due to special charges associated with divestitures and restructuring costs. However, the divestitures and restructuring positioned Alltrista to focus on growing its consumer products business through the planned acquisition of Tilia International, which would make Alltrista the market leader in home vacuum packaging systems.
Alltrista sold off non-core businesses in 2001 to focus on consumer products, especially those related to home food preservation. This included brands for canning and vacuum packaging. The divestitures removed financial burdens and generated tax refunds. Alltrista also closed an office to reduce costs. Going forward, the strategy is to leverage leadership in niche consumer product markets to drive growth, with an acquisition of Tilia planned to expand into vacuum packaging.
This document is Jarden Corporation's 2002 Annual Report. It provides an overview of the company's performance in 2002 including financial highlights and summaries of its main business segments: branded consumables, home vacuum packaging, plastic consumables, and other. It discusses the company's acquisition of Tilia and strategic direction to build a world-class consumer products company with leading market shares in niche branded consumable products.
This document is Jarden Corporation's 2002 Annual Report. It provides an overview of the company's performance in 2002 including financial highlights and summaries of its main business segments: branded consumables, home vacuum packaging, plastic consumables, and other. It discusses the company's acquisition of Tilia and strategic direction to build a world-class consumer products company with leading market shares in niche branded consumable products.
The 2003 annual report summarizes Jarden Corporation's financial and operating results for the year. It discusses record financial performance with revenues surpassing $500 million and cash flow from operations exceeding $70 million. It also highlights the acquisitions of Diamond Brands and Lehigh Consumer Products, which added over $250 million in annual revenue. The Chairman expresses optimism that this is just the beginning and that Jarden will continue executing its strategy to deliver strong growth.
The document summarizes Jarden Corporation's 2004 annual report. It discusses record financial results in 2004, including 5% organic sales growth and 18% EBITDA margins. It also highlights acquisitions of The United States Playing Card Company and American Household, Inc., owner of brands like Coleman and Sunbeam. The acquisition of American Household tripled Jarden's revenue base and provides opportunities for margin expansion and earnings growth.
The document is Jarden Corporation's 2004 annual report. It discusses Jarden's record financial results in 2004, including organic sales growth of 5% and EBITDA margins of 18% excluding non-cash charges. It also summarizes two acquisitions completed in 2004 - The United States Playing Card Company and American Household, Inc. - and how they will help Jarden expand its business and drive margin improvement towards a target of 15% over five years. The report highlights the company's focus on innovation through new product introductions and maintaining financial flexibility.
This annual report summarizes Jarden Corporation's financial performance in 2005. It discusses the company's acquisition of American Household and The Holmes Group, which expanded its consumer solutions segment. It also highlights initiatives across its various business segments, including new product introductions, employee programs, and efforts to improve operations. The Chairman expresses pride in the company's strong growth and record results in 2005, with revenues reaching $3.2 billion, nearly halfway to its goal of doubling EPS within 3 to 5 years.
This annual report summarizes Jarden Corporation's financial performance in 2005. It discusses the company's acquisition of American Household and The Holmes Group, which expanded its consumer solutions segment. It also highlights initiatives across its various business segments, including new product introductions, employee programs, and efforts to improve operations. The Chairman expresses pride in the company's strong growth and record results in 2005, with revenues reaching $3.2 billion, nearly halfway to its goal of doubling EPS within 3 to 5 years.
Jarden Corporation reported record financial performance in 2006, with net sales increasing 21% to $3.85 billion and consolidated segment earnings growing 23% to $442 million. The annual report provides an overview of the company's three business segments - Branded Consumables, Consumer Solutions, and Outdoor Solutions - and their financial contributions. It also highlights new products, operational efficiencies, and initiatives around veterans hiring, outdoor recreation, and sustainability. Chairman Martin Franklin expressed confidence that the company is on track to double adjusted earnings per share within three to five years.
Chiquita Brands experienced a difficult year in 1999 due to severe banana price declines in Europe resulting from an overallocation of EU banana import licenses. Weak economies in Eastern Europe and Russia also negatively impacted pricing. Operating income declined compared to 1998. However, the company's Processed Foods business saw improved earnings. Chiquita completed a workforce reduction to streamline operations and generate annual savings. The EU banana import regime remains in noncompliance with international trade laws and continues to be challenged at the WTO.
Chiquita Brands International announced a proposed restructuring of $862 million in publicly-held debt discussed in the annual report. If successful, the restructuring would convert a significant portion of the debt into common equity, diluting existing shareholders. The restructuring process is still in the early stages and will continue past the customary May date for the annual shareholder meeting, which has been rescheduled for September 12, 2001. Shareholders will receive proxy materials in advance of the September meeting. The company's website and SEC filings provide information on the restructuring, operations, and other developments.
This document provides an update on Chiquita's progress against its three-year strategic plan to focus on its core banana business, drive better performance through cost reductions, and strengthen its balance sheet. Some key updates include selling non-core assets to focus on bananas, implementing cost saving programs with a target of $70 million in annual savings by 2005, reducing debt by over $100 million in 2002, and plans to invest cash flow into new growth opportunities once debt targets are met.
This document is Chiquita Brands International's 2003 annual report. It summarizes the company's financial performance and operational highlights for 2003. The key points are:
- Operating income doubled to $140 million compared to previous periods, due in part to asset sales. Debt was reduced by $122 million, achieving a $400 million target early.
- Productivity increased 12% on owned banana farms and a new fresh cut fruit business was successfully launched. Labor and food safety certifications were also earned.
- The company aims to leverage its brand and expand into higher-margin fruit businesses, targeting 30% of revenues from new businesses in 5 years. Transformation will include a focus on marketing and new talent.
Chiquita Brands International is a leading marketer and producer of bananas and other fresh produce. In 2004, the company achieved several financial and operational goals including 18% sales growth to $3.1 billion, a 23% increase in operating cash flow to $92 million, and an 11% reduction in total debt. The CEO discusses the company's strategy to strengthen its core banana business, pursue profitable growth through new acquisitions and segments, build a high-performance organization, and improve profitability in North America. Key goals for 2005 include completing the acquisition of Fresh Express to diversify product offerings and integrating the new leadership team to execute the long-term strategy.
This document is Chiquita Brands International's 2005 Annual Report. Some key highlights include:
- Net sales grew 27% to a record $3.9 billion in 2005. Operating income increased 66% to $188 million and net income grew 138% to $131 million.
- The company continued strengthening its management team and board. It also acquired Fresh Express, the US market leader in value-added salads.
- In Europe, Chiquita reinforced its brand leadership in the face of a controversial new EU banana import regime. In North America, it achieved its first meaningful increase in banana pricing in over 15 years.
- Fresh Express accelerated its market leadership in retail value-added salads to a
This document is Chiquita Brands International's 2006 Annual Report. It summarizes the company's financial highlights for 2006, including a net loss of $96 million compared to a net income of $131 million in 2005. It also discusses challenges the company faced in 2006, such as higher EU tariffs on banana imports and an E. coli outbreak affecting the fresh-cut industry. The letter from the Chairman and CEO provides additional context on the company's operational and strategic progress in 2006 despite facing difficulties that impacted financial performance.
Chiquita Brands International reported its 2007 annual results. Key highlights included:
- Net sales increased to $4.7 billion from $4.5 billion in 2006, driven by higher banana prices in Europe and North America and favorable exchange rates, partly offset by lower volumes.
- Operating income was $31 million compared to an operating loss of $27 million in 2006.
- Cash flow from operations improved to $69 million from $15 million in 2006.
- Total debt was reduced to $814 million from $1 billion at the end of 2006 through repayment from proceeds from selling the company's shipping fleet.
- The company announced a restructuring in October 2007 to improve profitability through consolidation and
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
2. FINANCIAL AND OPERATING HIGHLIGHTS
($ in millions, except per share) For the Years Ended December 31,
2005 2004 2003
F I N A N C I A L R E S U LT S
Operating revenues $ 4,017 $ 5,539 $ 6,339
Operating income (187) 182 394
Loss from continuing operations (702) (829) (605)
Net loss available to common shareholders (633) (947) (1,883)
Basic and diluted earnings per share (0.98) (1.48) (3.15)
Total assets $ 31,838 $ 31,383 $ 36,968
Short-term financing obligations,
including current maturities 1,211 955 1,457
Long-term debt 17,023 18,241 20,275
Shareholders’ equity 3,389 3,438 4,346
Cash flow from operations 268 1,316 2,329
O P E R AT I N G R E S U LT S
Pipeline throughput volumes (Bbtu/d)
Company-owned pipeline systems 18,432 17,779 17,902
Equity investments 2,833 2,798 2,433
Total throughput 21,265 20,577 20,335
Exploration & Production (Bcfe)
Production 271.1 297.8 409.4
Unconsolidated affiliate production 8.8 – –
Reserves 2,415 2,181 2,474
Unconsolidated affiliate reserves 253 – –
The financial and operating highlights above are not necessarily indicative of results to be expected in the future and should be read
together with Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II,
Item 8, Financial Statements and Supplementary Data included in our 2005 Annual Report on Form 10-K.
3. LETTER TO SHAREHOLDERS
In December 2003, we launched an aggressive plan to return El Paso
to growth and profitability, laying out a series of mileposts along a two-year path. I’m
happy to report that going into 2006, El Paso’s turnaround is over. We’re living up to
the commitments we made in 2003. Last year I posed five criteria on which I thought
we would be judged: restoring our balance sheet through debt reduction; reducing costs;
turning around our exploration and production business; establishing businesses which
generate free cash flow after maintenance and growth capital; and creating a common
culture from our diverse histories. Each of these goals was accomplished.
the year with less than 25 percent of production coming
PIPELINES
Our pipeline franchise continued to “deliver the goods” from the onshore region and exited at 50 percent. Each
in 2005. In spite of dealing with the aftermaths of of these milestones demonstrates our efforts to lower risk
Hurricanes Ivan, Katrina, and Rita, we met profitability and increase predictability. We made several acquisitions
expectations while turning in an outstanding safety record. during the year, adding to reserves and creating a multi-
And, on time and on budget, we brought on new projects year inventory of drilling prospects that meets our return
in California, the Rockies, the Great Lakes, and at Elba requirements at prices substantially below current rates.
Island–our Georgia LNG terminal. We continued to Finally, we made two important Gulf of Mexico Deep
leverage our North American footprint by committing Shelf discoveries, which will come on stream early this
to new growth projects primarily in the Rockies, the year. All of this positions us to show significant growth
Mid-Continent, the Northeast, and at Elba Island. Already in 2006 and beyond.
fully contracted, these projects will provide lower-risk
earnings growth. In addition, Southern Natural Gas LEGACY ISSUES
Last year we put many of our legacy issues in the rearview
and Florida Gas Transmission concluded two important
mirror. We sold: the last of our power restructuring and
rate cases, and the first rate case in 10 years was filed for
most of our domestic power assets; our remaining mid-
El Paso Natural Gas.
stream business; and our turbine inventory. We announced
sales of power assets in Asia, Europe, Central America,
EXPLORATION AND PRODUCTION
2005 was a watershed year for our exploration and pro- and Brazil, some of which closed in 2005 with the balance
duction business. We entered the year after an extremely closing in the first half of 2006. We announced the sale of
challenging 2004 and exited with a great deal of momen- the bulk of our power trading book, the proceeds of which
tum that has us set for an outstanding 2006. Each operat- will come during the first half of 2006. And we sold our
ing region generated value for the capital spent. Early only remaining tolling agreement, Cordova. All told, we
poor performance in the Texas Gulf Coast region kept announced or closed $2.6 billion of non-strategic asset
the overall unit from achieving full-year production tar- sales in 2005. We continued to simplify our business:
gets, but this was turned around by year end. Reserves resolving litigation; concluding government investigations;
were up 22 percent; we replaced almost all of our produc- and delisting El Paso CGP stock, eliminating the cost
tion with the drillbit; our total finding and development of one public registrant which allowed us to move our
costs were $2.36 per Mcfe; and we increased our reserves- domestic oil and gas properties into a single company.
to-production ratio by more than 50 percent. We entered And we continued to focus on cost reductions: vacating
1
4. OUR
a location and renegotiating a significant obligation for energy supply back on stream, so our customers’ needs
rented Houston office space, consolidating into down- could be met. And meet them we did. Safely. Dependably.
town buildings that we own; significantly reducing our At the lowest cost possible. Because of the tireless efforts
insurance costs; and continuing the reduction of our of El Paso employees, we’re already back to 85 percent
holding company. of pre-hurricane capacity.
The obvious benefits of this reduction in size and com- While our affected employees focused on our customers’
plexity are cost reductions and balance sheet improve- needs, the rest of us focused on theirs. El Paso helicopters
ment. But the more important, albeit less quantifiable, rescued our people and their families. Our pipeline crews
long-term benefits relate to our ability to focus exclusively used chainsaws to cut through debris in order to get people
on our two core businesses. Each of these businesses is to safety. We housed families and provided them with initial
blessed with significant growth opportunities, and ridding household basics. Around the country, our employees
ourselves of everything outside of the core will result in stepped forward and donated their time and their finan-
better execution on those opportunities and more share- cial resources. Then, systemwide, employees adopted
holder value. The effects of our efforts to continue to affected families, helping to meet their needs for the
simplify our business in 2005 were to create a significant longer term. Recovery did not happen in a few weeks or
amount of “noise” in our financial statements, as we even months. Our employees will feel the effects for years.
posted gains and losses on sales and mark-to-market And we will be here, helping them each step of the way.
earnings impacts from things like Cordova. This made Every once in a while an unplanned event becomes a
the performance of our underlying business units difficult defining moment. Our response to those hurricanes
to discern at best. This “noise factor” should be substan- says more about who we are and what we aspire to
tially reduced in 2006 as a result of necessary steps taken be than 100 slogans on 100 posters.
in 2005, thereby enhancing our investors’ ability to see
the true value of our two core businesses. 2006 AND BEYOND
Our 2006 goals are simple and straightforward: Earn
$1 a share; continue our two-year trajectory of debt
A STORY THAT NEEDS TO BE TOLD
We take our Purpose as a company very literally: To reduction to $14 billion net; fund our two core businesses
provide natural gas and related energy products safely, with adequate maintenance capital and significant growth
efficiently, and dependably. Approximately a third of capital; generate significant free cash flow after capital
the natural gas transported in the U.S. touches our spending; and return El Paso to its rightful position as
system. One of the biggest challenges to that purpose one of North America’s leading energy companies. I have
in our company’s 75-year plus history came in 2005. confidence that we will achieve each of these. In addition,
we’ll continue to create opportunities for growth against
While repairs for 2004 Hurricane Ivan were underway,
a backdrop of increasing demand for natural gas and
we were hit successively with Katrina and Rita. The
the infrastructure needed to transport it. The successful
devastation to the Gulf of Mexico coastline and to
completion of these objectives will create significant
the energy-related infrastructure was unimaginable.
shareholder value.
Damage to our physical facilities was extensive.
On behalf of all of us at El Paso, thank you for the trust
More than 300 El Paso employees and their families
you put in us every day as stewards of your investment.
were affected by the storms, a number of them losing
everything they possessed. What our employees did in
the aftermath of these storms was nothing short of heroic.
Having lost all of their worldly possessions–physically
displaced and emotionally wrecked–they worked
24 hours a day, seven days a week to put the nation’s DOUGLAS L. FOSHEE
President and Chief Executive Officer
2
5. El Paso Corporation strives to be the place to work by offering challenging
THE
PLACE TO opportunities, competitive benefits and compensation, and by providing the
WORK employees of Team El Paso with the chance to impact their communities.
Although we have operations across the United States and internationally
in Brazil and Mexico, the true strength of our company lies not in our scope,
but in our diversity. We believe that successfully executing our business
strategies depends upon contributions from people with dramatically
different experiences, backgrounds, education, and perspectives.
Being the neighbor to have means the employees of Team El Paso make a
THE
NEIGHBOR positive impact in areas where we operate. We maintain the highest levels
TO HAVE of safety for our employees, our facilities, and communities. As a company
responsible for finding and delivering natural resources, we are committed
to the highest levels of environmental stewardship. We’re also dedicated to
improving the quality of life in the towns and cities where we live and work
through financial and volunteer support for a variety of local causes, large
and small.
As the company to own, Team El Paso employees are committed to building
THE
COMPANY long-term value for our shareholders. Our employees are dedicated energy
TO OWN professionals. Their expertise is critical to the development and delivery of
vital new supplies of energy for the nation. Achieving that mission means
executing on a disciplined financial and operational plan, year in and year
out, to create value for our shareholders from each of our businesses.
6. 1
PIPELINES
THERE ARE 2 WAYS
55,500 1/
3
miles of pipeline
of daily U.S.
LARG EST of daily U.S.
throughput
throughput
U.S. pipeline
7. 2
E X P L O R AT I O N & P R O D U C T I O N
TO LOOK AT OUR COM PANY
2.7 TRILLION CUBIC
KEY NATURAL GAS FT. EQUIVALENT
BAS I NS of proved reserves
20
Onshore > U.S.
TOP
Offshore > Gulf of Mexico
> Brazil
among domestic independents
8. OVERVIEW El Paso provides natural gas and
U. S. N A T U R A L
GAS MARKET
Growth in the power generation
sector will drive natural gas demand We own North America’s largest natural gas
Over the next decade, new natural gas-
pipeline system and one of North America’s
fired power generation plants will drive
largest independent natural gas producers.
demand growth. These new power plants
are expected to require an additional
Key Data Highlights
3.6 trillion cubic feet of natural gas
Our Pipelines segment provides • Our systems connect the nation’s
annually by 2015.
natural gas transmission and premier natural gas supply regions
related services through eight to the largest consuming regions in
Consumption & Supply* wholly owned pipeline systems the United States: the Northeast, the
Demand Growth 2005–2015
and four 50%-owned systems. Midwest, the Southeast, the Southwest,
the Gulf Coast, and California.
APPROXIMATE
WHOLLY OWNED PIPELINES MILES OF PIPELINE
• Our pipelines provide access to
Power +3.6 Tcf Tennessee Gas Pipeline 14,200
supplies and markets in Mexico
El Paso Natural Gas 11,000
Residential +.08 Tcf and Canada.
ANR Pipeline 10,500
Commercial +0.5 Tcf
Southern Natural Gas 8,000 • The size, connectivity, and geographic
Industrial +0 Tcf
Colorado Interstate Gas 4,000 diversity of our pipeline system create
Wyoming Interstate 600 opportunities for growth through
*El Paso estimates Mojave Pipeline 400 major expansion projects or new
Cheyenne Plains Gas Pipeline 400 pipeline systems.
The Rockies and LNG will fill the
APPROXIMATE
supply gap 50%-OWNED PIPELINES MILES OF PIPELINE
Florida Gas Transmission 4,900
We expect the most significant addi-
Great Lakes Gas Transmission 2,100
tions to the U.S. natural gas supply will
San Fernando Pipeline 75
come from the Rockies and Mid-Continent Samalayuca Pipeline 25
producing regions. Additionally, new LNG
capacity will play an increasingly impor- Key Data Highlights
tant role in meeting the demand for Our Exploration & Production • We conduct a balanced program of
natural gas. segment owns substantial lease- development drilling, exploration, and
hold acreage in the United States, acquisitions, principally in the United
managed as three geographic States and Brazil.
Significant infrastructure
regions. We also have a major • We have a five-year drilling inventory that
investment required
presence offshore Brazil. provides solid returns using conservative
In order to satisfy growing demand for
natural gas price assumptions.
REGION TOTAL NET ACREAGE
natural gas, significant capital investment
• Our proved natural gas and oil reserves
Onshore 1,735,444
in exploration and production, pipelines, were about 2.7 trillion cubic feet equiv-
Texas Gulf Coast 188,680
storage, and new LNG facilities will be alent* at year end 2005, up 22 percent
Offshore 857,419
from the previous year.
required. El Paso Corporation will continue Brazil 364,030
* Includes reserves form unconsolidated subsidiaries.
to have opportunities in all of these areas.
6
9. related energy products in a safe, efficient, and dependable manner.
1
PIPELINES
Outlook
• Our national footprint means we are able
to capture significant infrastructure growth
opportunities as they occur; in 2006, we
will spend about $450 million on growth
projects in our Pipelines segment.
• Our commitment to LNG includes owner-
ship of one of four regasification terminals
in the continental United States. We are
continuing to expand our presence in this
growing market.
• We will continue to invest maintenance
capital to maintain the value and ensure
the safety of our pipeline systems; in
ANR Pipeline Elba Island LNG Great Lakes Southern Natural Gas
2006 we will invest about $575 million
Transmission (50%)
Cheyenne Plains Pipeline El Paso Natural Gas Tennessee Gas Pipeline
in pipeline maintenance. Mexico Joint Ventures
Colorado Interstate Gas Florida Gas Wyoming Interstate
Transmission (50%) Mojave Pipeline
2
EXPLORATION & PRODUCTION
Outlook
We will remain focused on creating value
through our drilling program and strategic
acquisitions. During 2006, we intend to:
• Deliver consistent returns on
invested capital.
• Increase our proved reserves by
5 to 10 percent.
• Raise annual production by Brazil
8 to 11 percent. Onshore Region
Texas Gulf Coast Region
• Continue to develop onshore areas
GOM/SLA Region
with longer-lived reserves.
7
10. 1
PIPELINES
The El Paso pipeline group’s 55,500-mile interstate pipeline
system connects the nation’s most prolific natural gas supply
regions with the largest consuming regions in the United States,
transporting about one-third of
daily natural gas consumption in
the country.
I NDUSTRY-LEADI NG PI PE LI NE FRANC H IS E
We are proud of our interstate pipeline franchise and El Paso is also an industry leader in the area of safe
operations and pipeline integrity. We continue invest-
our industry-leading position. Our pipeline system is
the largest in the country, representing about a quarter ing the capital necessary to be able to internally
of all U.S. natural gas pipeline capacity and mileage inspect all of our onshore pipelines greater than six
infrastructure. Just as importantly, our presence in inches in diameter across our entire system–from
key markets and access to superior natural gas supply coast to coast. That goes well beyond the require-
sources, combined with the scope of our operations, ments of the Pipeline Safety Act of 2005, but as
put us in a very strong competitive position for the the nation’s largest pipeline franchise we believe
future. And we are more than just pipes. that setting that standard is the right thing to do.
So we do.
We are a leading provider of underground natural gas
storage, as well as LNG storage and regasification.
This allows us to not only offer the depth and flex-
ibility of services that the market demands, but also
to participate in investment opportunities all along
the infrastructure value chain.
8
11. We are also a leading player in underground storage El Paso is a major player in LNG
• El Paso is the largest operator of working gas • During 2006, we will complete a major expansion of
storage in the U.S. Elba, doubling its size.
• We operate more than 400 Bcf of total underground • We have just announced another expansion to
storage, representing more than 10 percent of the double its size again by 2010–2012. Together with
total in the country. new pipelines away from Elba, this represents a
$1.1 billion investment.
• Much of our storage is in the market area, which
is particularly valuable in serving the increasing • All of the capacity at Elba, including the expansions,
power generation needs. is held under long-term contracts.
STRE NGTH
CONNECTIVITY
DIVERSE KEY
S U P P LY R E G I O N S MARKETS
• Strong presence in all major basins • Access all significant growth markets
• Most takeaway capacity in Gulf of Mexico • Highly integrated with major customers
OUTSTANDI NG PROS PECTS FOR G ROWTH
for pipelines, storage, and LNG regasification facili-
The demands for natural gas infrastructure going for-
ties, representing about $1.7 billion a year of required
ward are tremendous, and we are well-positioned to
play a key role in meeting that demand. An INGAA investment. We expect to get our share of that
(Interstate Natural Gas Association of America)- growth, as we plan to successfully invest $450 million
sponsored study expects $25 billion of natural gas or more of growth capital in our pipeline franchise
infrastructure to be invested over the next 15 years annually over the course of the next several years.
9
12. 2
E X P L O R AT I O N & P R O D U C T I O N
El Paso Exploration & Production Company operates in high-
quality basins across the United States and in Brazil. We’re gener-
ating solid returns on invested capital with a program balanced
between development drilling, exploration, and acquisitions.
deliver predictable
During 2006, we expect to
growth at attractive economic returns.
OUR PORTFOLIO OF BALANC E D OPPORTUNITI ES
Onshore Texas Gulf Coast Gulf of Mexico Brazil
The Onshore division is Our Texas Gulf Coast The Gulf of Mexico divi- Brazil provides El Paso
the foundation of our port- division has successfully sion is positioned to with significant exploration
folio, providing consistent refocused its operations provide stable production potential, and we expect
organic production and from deep, high-risk through its development to double our production
reserve growth through a exploration to medium- activities while providing here over the next four
low-risk drilling program. risk exploration and exposure to higher-risk, years. Our Brazilian team
A substantial portion of development in shallower higher-reward exploration. is accelerating an oil devel-
our drilling is in unconven- formations. We have El Paso has the industry’s opment in the Camamu
tional natural gas areas, substantial lease holdings fifth largest acreage posi- basin offshore Brazil. Over
and we are one of the in this area, as well as tion on the continental the next several years, we
largest coalbed methane significant seismic cover- shelf as well as one of will drill a number of high-
producers in the nation. age. We believe that the the industry’s most exten- impact projects that will
The future for this division geologic complexity of this sive seismic inventories. provide additional opportu-
is bright given a five-year area will provide us with nities and a solid organic
drilling inventory and solid drilling opportunities growth outlook.
an extensive lease- for many years.
hold position.
10
13. RESULTS
DE LIVE RI NG
Through the efforts of our technical staff we’ve built a low- to medium-risk program
for our exploration & production company that creates value for shareholders and
delivers predictable results. We monitor every aspect of our operation from our ability
to predict drilling success to achieving operating efficiencies such as reductions in
cycle time (the number of days from the start of a drilling operation to first sales
from a well). By aggressively focusing on cycle time in our onshore region in 2005,
we delivered 6,000 additional producing well days and helped to offset inflation in
drilling and service costs. We expect further progress in 2006.
2006
EXPLORATION % of Drilling Capital
HIGH RISK Gulf of Mexico
International
< 40%
Probability of Success
12%
EXPLORATION AND
DEVELOPMENT
Onshore
MEDIUM RISK
Texas Gulf Coast
Gulf of Mexico
International
20%
DEVELOPMENT
LOW RISK Onshore
Texas Gulf Coast
> 80%
68%
Probability of Success
BALANC E D DRI LLI NG PORTFOLIO TREATM E NT
We have built a multi-year inventory of drillable prospects that is economic using conservative natural gas price
During 2006, about 70 percent of our drilling capital will be spent on low-risk development
assumptions.
prospects, which are expected to replace production. The remaining capital is focused on medium- to high-risk
exploration and development drilling that provides additional growth potential.
Our ability to accurately evaluate risk is a key element of our success. On a monthly basis, we compare expected
success rates against actual results as well as pre-drill and post-drill reserve estimates. This discipline allows us to
ensure that our capital program is delivering value to shareholders.
11
14. BOARD OF DIRECTORS
Left to right: Anthony W. Hall, Jr.; John L. Whitmire; Thomas R. Hix; Robert F. Vagt; Joe B. Wyatt; Robert W. Goldman;
Ronald L. Kuehn, Jr.; Ferrell P. McClean; Juan Carlos Braniff; Douglas L. Foshee; James L. Dunlap; J. Michael Talbert;
Not pictured: William H. Joyce
Juan Carlos Braniff Thomas R. Hix J. Michael Talbert
Managing Partner, Business Consultant; Chairman of the Board,
Capital I Ltd. Partners Former Senior Vice President, Transocean Inc.
Finance and Chief Financial Officer,
James L. Dunlap Robert F. Vagt
Cooper Cameron Corporation
Business Consultant; President,
Former Vice Chairman, William H. Joyce Davidson College;
President and Chief Operating Officer, Chairman of the Board and Former President and
Ocean Energy/ Chief Executive Officer, Chief Operating Officer,
United Meridian Corporation Nalco Company Seagull Energy Corporation
Douglas L. Foshee Ronald L. Kuehn, Jr. John L. Whitmire
President and Chief Executive Officer, Chairman of the Board, Chairman of the Board,
El Paso Corporation El Paso Corporation CONSOL Energy, Inc.
Robert W. Goldman Ferrell P. McClean Joe B. Wyatt
Business Consultant; Business Consultant; Chancellor Emeritus,
Former Senior Vice President, Former Managing Director Vanderbilt University
Finance and Chief Financial Officer, and Senior Advisor,
Conoco Inc. J.P. Morgan Chase & Co.’s
Global Oil & Gas Group
Anthony W. Hall, Jr.
Chief Administrative Officer,
City of Houston, Texas
12
15. MANAGEMENT TEAM
Left to right: D. Mark Leland, Executive Vice President and Chief Financial Officer; Susan B. Ortenstone, Senior Vice President,
Human Resources & Administration; Stephen C. Beasley, President, Eastern Pipeline Group; James J. Cleary, President, Western
Pipeline Group; Robert W. Baker, Executive Vice President and General Counsel; Lisa A. Stewart, President, El Paso Exploration
& Production and Non-Regulated Operations; Daniel B. Martin, Senior Vice President, El Paso Pipeline Group Operations;
Douglas L. Foshee, President and Chief Executive Officer, El Paso Corporation; James C. Yardley, President, Southern Pipeline Group
Principal Corporate Office Cautionary Statement Regarding Forward-looking Statements
This report includes forward-looking statements and projections, made in reliance
El Paso Corporation
on the safe harbor provisions of the Private Securities Litigation Reform Act of
1001 Louisiana Street 1995. The company has made every reasonable effort to ensure that the informa-
Houston, Texas 77002 tion and assumptions on which these statements and projections are based are
current, reasonable, and complete. However, a variety of factors could cause actual
713-420-2600
results to differ materially from the projections, anticipated results or other expec-
tations expressed in this report, including, without limitation, changes in unaudited
Stock Transfer Agent, Registrar,
and/or unreviewed financial information; our ability to implement and achieve our
Dividend Reinvestment Agent, and
objectives in the 2006 plan as set forth in this report, including achieving our debt-
Continuous Odd-lot Stock Sales Program Agent reduction targets, earnings and cash flow targets; changes in reserve estimates
Computershare Trust Company, N.A. based upon internal and third party reserve analyses; the effects of any changes
in accounting rules and guidance; our ability to meet production volume targets in
P O. Box 43010
.
our Exploration and Production segment; uncertainties and potential consequences
Providence, Rhode Island 02940-3010 associated with the outcome of governmental investigations, including, without lim-
877- 453 -1503 itation, those related to the reserve revisions and natural gas hedge transactions;
outcome of litigation, including shareholder derivative and class actions related
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to reserve revisions and restatements; our ability to comply with the covenants
in our various financing documents; our ability to obtain necessary governmental
Stock Exchange Listing
approvals for proposed pipeline projects and our ability to successfully construct
New York Stock Exchange Symbol: EP and operate such projects; the risks associated with recontracting of transportation
commitments by our pipelines; regulatory uncertainties associated with pipeline
El Paso Corporation has filed its CEO and CFO certifica- rate cases; actions by the credit rating agencies; the successful close of our financ-
tions required by section 302 of the Sarbanes-Oxley Act ing transactions; our ability to successfully exit the energy trading business; our
ability to close our announced asset sales on a timely basis; changes in commodity
of 2002 as exhibits to its Annual Report on Form 10-K
prices for oil, natural gas, and power; inability to realize anticipated synergies and
filed with the SEC on March 7 2006.
,
cost savings associated with restructurings and divestitures on a timely basis; gen-
eral economic and weather conditions in geographic regions or markets served by
the company and its affiliates, or where operations of the company and its affiliates
are located; the uncertainties associated with governmental regulation; political and
currency risks associated with international operations of the company and its affili-
ates; competition; and other factors described in the company’s (and its affiliates’)
Securities and Exchange Commission filings. While the company makes these state-
ments and projections in good faith, neither the company nor its management can
guarantee that anticipated future results will be achieved. Reference must be made
to those filings for additional important factors that may affect actual results. The
company assumes no obligation to publicly update or revise any forward-looking
statements made herein or any other forward-looking statements made by the
company, whether as a result of new information, future events, or otherwise.