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UPDATE 1-El Paso third quarter net sharply lower

Tue Nov 3, 2009 4:59pm EST

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* Q3 adjusted shr 23 cts vs Street 22 cents

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* Q3 output 732 million cfe/day

HOUSTON, Nov 3 (Reuters) - Natural gas pipeline and production company El Paso Corp (EP.N) on Tuesday reported a sharp drop in net income, as a steep decline in gas prices hurt its exploration arm.

The company's third-quarter net income attributable to common shareholders fell to $58 million, or 8 cents per share, compared with $436 million or 58 cents per share a year earlier.

On an adjusted basis, El Paso had quarterly earnings of 23 cents per share.

Wall Street analysts on average had expected the Houston company to report earnings of 22 cents per share, according to Thomson Reuters I/E/B/S.

Output in the quarter was 732 million cubic feet equivalent per day. (Reporting by Anna Driver in Houston; editing by Carol Bishopric)

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