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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: October 9, 2002
(Date of Earliest Event Reported: October 9, 2002)
EL PASO CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 1-14365 76-0568816
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
El Paso Building
1001 Louisiana Street
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 420-2600
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Item 5. Other Events
We are filing this Current Report on Form 8-K to update our five-year historical
selected financial data which includes operating results data for each of the
years in the five-year period ended December 31, 2001, and financial position
data as of the end of each fiscal year during that same period. The operating
results data and the financial position data were derived from our 2001 Annual
Report on Form 10-K and include reclassifications for the following:
(1) In June 2002, we adopted several provisions of Emerging Issues
Task Force (EITF) Issue No. 02-3, Accounting for Contracts
Involved in Energy Trading and Risk Management Activities. EITF
Issue No. 02-3 requires that we report all physical sales of
energy commodities in our energy trading operations, net of the
cost of those products. Previously, these items were reported
separately. We included these net sales as a component
of revenues.
(2) In June 2002, we announced the discontinuance of our coal mining
operations. As a consequence, we have reclassified those
activities in our historical financial statements as discontinued
operations.
This selected financial data should be read in conjunction with our 2001 Annual
Report on Form 10-K, and our Quarterly Report on Form 10-Q for the period ended
June 30, 2002.
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Item 7. Financial Statements and Exhibits
SELECTED FINANCIAL DATA
Year Ended December 31,
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2001 2000 1999 1998 1997
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(IN MILLIONS, EXCEPT PER COMMON SHARE AMOUNTS)
Operating Results Data:(1)(2)
Operating revenues(3) $13,699 $13,071 $ 9,902 $ 9,627 $12,856
Restructuring and merger-related
costs and asset impairments(4) 1,841 117 557 15 50
Ceiling test charges(5) 135 -- 352 1,035 --
Income from continuing operations
before preferred stock dividends 72 1,246 251 176 796
Income from continuing operations
available to common stockholders 72 1,246 251 170 779
Basic earnings per common share
from continuing operations $ 0.14 $ 2.52 $ 0.51 $ 0.35 $ 1.58
Diluted earnings per common share
from continuing operations $ 0.14 $ 2.45 $ 0.51 $ 0.34 $ 1.57
Cash dividends declared per common share $ 0.85 $ 0.82 $ 0.80 $ 0.76 $ 0.73
Basic average common shares outstanding 505 494 490 487 492
Diluted average common shares outstanding 516 513 497 495 497
As of December 31,
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2001 2000 1999 1998 1997
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(In millions)
Financial Position Data:(2)
Total assets(3) $48,171 $46,320 $32,090 $26,759 $26,424
Long-term debt and other financing
obligations 12,816 11,603 10,021 7,691 7,067
Non-current notes payable to
unconsolidated affiliates 368 343 -- -- --
Company-obligated preferred securities
of consolidated trusts 925 925 625 625 --
Preferred stock of consolidated
subsidiaries 3,088 2,782 1,819 374 380
Stockholders' equity
9,356 8,119 6,884 6,913 7,203
(1) Our coal mining operations have been reclassified as discontinued
operations in all periods presented. During 2001, 2000, 1999, 1998 and
1997, income (loss) from these operations, net of income taxes, was $(5)
million, $(10) million, $6 million, less than $1 million and $8 million.
(2) Our operating results and financial position data reflect the acquisitions
of PG&E's Texas Midstream operations in December 2000 and DeepTech
International (the company that owned the general partner of El Paso
Energy Partners, L.P.) in August 1998. These acquisitions were accounted
for as purchases, and therefore operating results are included in our
results prospectively from the purchase date.
(3) In June 2002, we adopted the EITF Issue No. 02-3, Accounting for Contracts
Involved in Energy Trading and Risk Management Activities, and reported
all physical sales of energy commodities in our energy trading activities,
net of the cost of these sales as a component of revenues. We applied this
guidance to the periods presented in this selected data. Our adoption had
no impact on previously reported net income or stockholders' equity. Our
operating revenues and total assets reflect the significant growth in our
Merchant Energy operations during 2001 and 2000 as well as the
consolidation of the U.S. operations of Coastal Merchant Energy in
September 2000.
(4) Our 2001 costs relate primarily to our merger with The Coastal
Corporation, and our 1999 costs relate primarily to our merger with Sonat,
Inc.
(5) Ceiling test charges are reductions in earnings that result when
capitalized costs of natural gas and oil properties exceed the upper
limit, or ceiling, on the value of these properties.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
EL PASO CORPORATION
By: /s/ Jeffrey I. Beason
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Jeffrey I. Beason
Senior Vice President and Controller
(Principal Accounting Officer)
Date: October 9, 2002
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