El Paso posts big 3Q profit plunge, cuts dividend

Nov 3rd, 2009 - Boston

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HOUSTON—Natural gas distributor El Paso Corp. on Tuesday posted an 87 percent plunge in third-quarter profit, hurt by lower natural gas.

The company also announced cost-cutting measures and slashed its dividend, sending shares down in after-hours trading.

After paying preferred stock dividends, El Paso reported net income of $58 million, or 8 cents per share, compared with profit of $436 million, or 58 cents per share, in the year-ago quarter.

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