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El Paso slashes dividend to conserve cash
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HOUSTON - Natural gas producer El Paso Corp. on Tuesday slashed its dividend and announced several other measures to save or raise cash.
The company said its quarterly dividend will be cut to a penny from 5 cents. The move will save about $112 million a year in cash, it said.
The dividend is payable Jan. 4 to shareholders of record as of Dec. 4.
El Paso will also take cost-cutting actions aimed at saving $150 million a year, and said it plans to sell between $300 million and $500 million in assets next year.
The measures came as the company posted an 89 percent decline in third-quarter profit.
In aftermarket electronic trading, El Paso shares fell 44 cents, or 4.5 percent, to $9.36, after closing Tuesday's regular session at $9.80.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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