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SEC Probing El Paso Reserve Revisions

The company now expects to restate its results going back to 2001.

> > The El Paso Reserve revised its estimate of proven natural gas and oil reserves downward by 41% in February. Earlier this month El Paso announced that it would delay the release of its fourth-quarter 2003 earnings indefinitely; the company now expects to restate its results going back to 2001.
Doug Foshee, President and CEO of El Paso, said they will cooperate fully with the SEC or any other government agency conducting an investigation.

Source: CFO


Published:2004-03-29
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