El Paso slashes its reserves estimates by 41%

02/23/2004
El Paso Corp. has reduced its proven oil and natural gas reserves estimate by 1.8 tcfe, or 41%, leaving the company with 2.64 tcfe as of Dec. 31, 2003. Of that total, 66% is proved developed reserves.Previously, El Paso had told investors that it expected to make a "material negative revision," but the revision was bigger than some analysts had expected."Overall, the write-down represents a huge disappointment and worse than even the 'worse-case scenario' in our view," said Anatol Feygin, analyst with JP Morgan Securities Inc. of New York. Previously, he had expected a reserve write-down of as much as 1.1 tcfe.The announcement marked the second major negative reserves revision thi...
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