Special Situation Report:
Date: June 02, 2004
Newsbreak !
Huge Spike in Stock Price Above Consolidation Signifies a Change in Trend ! On May 25, 2004, El Paso Corp. (NYSE: EP), had a huge spike on superb volume. The spike broke through resistance, which was defined by
a two to three month zone of consolidation that was trading on light volume. Normally, when this occurs, it signifies the stock is shifting gears,
and the beginning of a new trend. Regarding the technical picture for EP, there was a huge gap created back in mid-Feb. 04' from $8 to $8.6. We
really don't see a problem with this void being filled if a new trend is underway.
Our Feature Profile:
(NYSE: EP)
Company Profile
El Paso Corporation provides natural gas and related products in North America. The company conducts both regulated and nonregulated operations through five segments: Pipelines, Production, Marketing and Trading, Power, and Field Services. The Pipelines segment owns or has interests in approximately 56,000 miles of pipeline and approximately 420 billion cubic feet of storage capacity, providing customers with interstate natural gas transmission and storage services.
The Production segment had interests in approximately 3.6 million net developed and undeveloped acres; and approximately 2.2 trillion cubic feet of natural gas equivalents of proved natural gas and oil reserves worldwide, as of December 31, 2004. The Marketing and Trading segment markets its natural gas and oil production. The Power segment owns and operates international and domestic power generation facilities, as well as the restructured power contracts. The Field Services segment conducts midstream activities, which include gathering and processing of natural gas for natural gas producers, primarily in the south Louisiana production area.
Company History:
El Paso was founded in 1928. It was formerly known as El Paso Natural Gas Company and changed its name to El Paso Corporation in 2001. The company is headquartered in Houston, Texas.
Business Overview:
- Regulated Business: The company's regulated business consists of our interstate natural gas pipelines, organized into Southern Pipelines,
led by James C. Yardley; Western Pipelines, led by James J. Cleary; and Eastern Pipelines, led by Stephen C. Beasley. Their Southern Pipelines
include Southern Natural Gas, their 50-percent ownership interest in Florida Gas Transmission (Citrus Corp.), and the Elba Island liquefied natural
gas terminal located near Savannah, Georgia. El Paso's Western Pipelines consist of El Paso Natural Gas, Colorado Interstate Gas, Wyoming Interstate,
Cheyenne Plains Pipeline, and Mojave Pipeline. Their Eastern Pipelines include Tennessee Gas Pipeline, ANR Pipeline, 50-percent ownership interest
in Great Lakes Gas Transmission, and joint venture activities in Mexico.
Taken together, their pipeline systems span 56,000 miles and deliver natural gas to customers across the United States. The company is pursuing a variety of strategic expansions to meet increased natural gas demand while maintaining their focus on safe operations.
- Non-regulated Business: The company's non-regulated businesses consist principally of production and processing; marketing; their
integrated Brazilian business; and global power. Lisa A. Stewart is president of their production and non-regulated operations.
Their production company’s natural gas and oil production and exploration operations are organized around four geographic regions—Texas Gulf Coast; Gulf of Mexico and South Louisiana; Onshore, which includes North Louisiana, the Rockies, and coalbed methane fields in the Black Warrior, Arkoma, and Raton basins; and International, primarily in Brazil. The company has significant expertise in deep drilling, tight sand completions, and coalbed methane development.
Key Management:
- Mr. Douglas L. Foshee, Chief Exec. Officer, President
- Mr. D. Dwight Scott, Chief Financial Officer and Exec. VP
- Mr. D. Dwight Scott, Chief Financial Officer and Exec. VP
- Mr. Keith Forman, Sr. VP - Finance
- Mr. Robert W. Baker, Exec. VP and Gen. Counsel
SEC Filings:
SEC filings for El Paso Corp can be found at: http://finance.yahoo.com/q/sec?s=EP
Key Competitors:
Key competitors for El Paso Corp can be found at: http://finance.yahoo.com/q/co?s=EP
Share Information
| Exchange and Symbol | NYSE: EP |
| Recent Price | $7.36, June 02, 2004 |
| 52-week High - Low | $13.15 (high) - $5.97 (low) |
| Outstanding Shares | 645M |
| Market Capitalization | 4.75B |
| Industry Sector | Basic Materials Oil & Gas Pipelines |
| Web Site | www.elpaso.com |
Latest Press Releases
Contact Information
| El Paso, Corp. |
| El Paso Building |
| 1001 Louisiana Street |
| Houston, TX 77002 |
| Tel: 713-420-2600 |
| Fax: 713-420-4417 |
| E-mail: info@elpaso.com |
| Web Sites: www.elpaso.com |
Technical Analysis
Conclusion
Not only does company fundamentals look solid for future growth, but the stock has broken out on excellent volume above key resistance. This break above key resistance is possibly the mark of the initial stage of development for a new trend. We are glad we found this stock to present on our web site. We believe it is an exciting investment opportunity for subscribers, and could do well over the next six months!
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