El Paso Cuts Profit Forecast, Reports Loss
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Bloomberg News
El Paso Corp., the largest U.S. owner of natural-gas pipelines, slashed its profit forecast for the second time since May and said the business has enough cash to avoid a dividend cut during an energy-trading slump.
The Houston company said its second-quarter loss narrowed to $45 million, or 8 cents a share, from $93 million, or 18 cents, a year earlier. Revenue fell 20%, to $2.99 billion from $3.76 billion. El Paso shares rose 14 cents to $14.89 on the NYSE.
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