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Article: El Paso Corp. Lays Out Plan to Cut Debt.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- December 16, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Laura Goldberg, Houston Chronicle Knight Ridder/Tribune Business News
Dec. 16--The goals in a long-term strategic plan El Paso Corp. rolled out Monday sounded good to investors and analysts, though some questioned whether the Houston company could hit its targets.
El Paso, which has the nation's largest natural gas pipeline system, said it would reduce debt by about 30 percent over the next two years, in part by selling assets. It unveiled one such sale deal Monday related to its interest in GulfTerra Energy Partners that's slated to bring it $1 billion in proceeds.
"By 2006, we'll have the balance sheet back in shape to allow us to be ...