El Paso Sees &#36;2.7 Bln Drop in Assets
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El Paso Corp. (EP.N) on Monday disclosed the full damage from its drastic cut in reserves earlier this year, saying a long-awaited restatement will slash the value of its oil and gas assets by &#36;2.7 billion.
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El Paso Corp., the natural gas pipeline giant, on Wednesday said it entered into an agreement to sell its interest in subsidiaries that supply power to Public Service Electric &amp; Gas Co.
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Morgan Stanley  on Wednesday  said it has suffered a $3.7 billion loss stemming from its U.S.  subprime mortgage exposure, which it expects will reduce  fourth-quarter earnings by about $2.5 billion.
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El Paso Corp. (EP.N: Quote, Profile, Research) on Monday disclosed the full damage from its drastic cut in reserves earlier this year, saying
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Despite another win, the armored vehicle maker's stock falls.
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Crude-oil futures gave back much of the previous session&#39;s gains today, dropping about 2 percent after seeing no further terrorist incidents in Saudi Arabia.
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Copper prices declined a further 2  percent on Thursday on selling by hedge funds that has toppled  the key industrial metal off 16-year peaks hit on Monday.
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Production at Mexicoâs giant Cantarell oil field will fall by 15 percent this year, JesÃºs Reyes HerÃ³les, left, the director general of PetrÃ³leos Mexicanos, Mexicoâs state-owned oil monopoly, said. Output dropped 13.1 percent last year. Mr. Reyes HerÃ³les, a former energy minister who took over at Pemex in December, said other projects would help make up for the shortfall at Cantarell, which last year accounted for about 55 percent of Pemexâs overall production of 3.26 million barrels a day. Mexico is a top supplier of imported oil to the United States. Mr. Reyes HerÃ³les said that the company needed additional investment of $8 billion to $10 billion a year to keep up production, develop new reserves, expand its refining capacity and modernize its storage and transport network. But Pemex is closed to private investment and cannot finance the investment itself. Last year, Pemex sales surpassed $100 billion but it paid $79 billion in taxes, which accounted for almost 40 percent of Mexicoâs federal budget.
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U.S. factory orders suffered the steepest drop in six years last month and an index of homes sales fell, according to data on Tuesday highlighting weak spots in the economy that could derail its recovery.
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MBIA said it has exposure to $30.6 billion of collateralized debt obligations it insures, including a large exposure to risky bonds, sending its stocks plummeting 22 percent in early trading.
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HARTFORD -- A Connecticut hedge fund that bet heavily on the natural gas market lost almost $6 billion over the past month, partly because it sold other assets at a loss to stay afloat while its gas investments plummeted, the fund told investors in a letter.
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Lone Star Funds will recoup almost a third of its original investment in a move that drew divided reaction.
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Assets of the nation's retail money market mutual funds fell by &#36;3.14 billion in the latest week to &#36;842.55 billion, the Investment Company Institute said Thursday.
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The nationâs number 2 buyer and backer of home mortgages saw a 45 percent drop in second-quarter profits after setting aside $300 million to account for bad loans.
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OMAHA, Neb. The October survey of nine-state business leaders has found a slight decline in the overall index of Mid-America economic indicators but continues to show growth.
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The relocation of thousands of soldiers to Fort Bliss over the next decade could revive the economy of El Paso, which has long been one of the nation's poorest cities.
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It was the third annual decline, though it was smaller than those seen in the previous two years. &quot;Nearly 7.4-million people reported just over $30.