El Paso Profit, Sales Drop Amid Kinder Morgan Buyout
Oil and natural gas explorer El Paso (EP) missed first-quarter estimates as operating expenses jumped 26% to $866 million. The company also disclosed a deal to sell all of its oil and gas fields in Egypt to an unnamed buyer. El Paso, which is being bought by rival Kinder Morgan (KMI), is shuffling assets to meet challenges posed by explosive growth in oil and natgas sales as new drilling technology comes further into play. El Paso's first-quarter
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