Business Services Industry
El Paso Stock Tumbles after Revision of Natural Gas, Oil Reserve Estimates.
Knight Ridder/Tribune Business News, February, 2004
By Laura Goldberg, Houston Chronicle Knight Ridder/Tribune Business News
Feb. 19--Shares in El Paso fell more than 17 percent Wednesday after the company said it had significantly reduced its proven natural gas and oil reserve estimates.
Proven reserves, a key number used in the industry for predicting the potential of oil and gas production, gained attention after last month's announcement by Royal Dutch/Shell Group that it was cutting its proven reserve base by 20 percent.
Others, including Houston-based El Paso, followed Shell with downward revisions. El Paso reduced its proven reverse base by 41 percent.
Proven reserves typically represent what a company can reasonably expect to produce based on economic conditions and...
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