WRAPUP 2-Williams, El Paso, Petrohawk, Continental Q3 profits up

jueves 6 de noviembre de 2008 21:51 CET

* Williams, El Paso, Spectra profits beat estimates * Williams, Continental trim capex

* Continental, Petrohawk earnings below Wall Street

* Fall in crude oil prices weighs on the stocks (Recasts; adds details, analyst comments, byline, updates share movement)

By Shradhha Sharma

BANGALORE, Nov 6 (Reuters) - Natural gas production and pipeline companies El Paso Corp EP.N and Williams Companies Inc's (WMB.N: Cotización) quarterly profits surged, but both warned the global economic crisis would hurt their outlook.

A 6 percent dip in U.S. light crude CLc1, after the Bank of England announced an unprecedented interest rate cut of 150 basis points also weighed on the stocks of these companies.

Shares of Williams fell as much as 10 percent, while El Paso stock dived nearly 18 percent.

Higher net realized average prices and strong growth in domestic natural gas production volumes helped William's third-quarter net income jump 62 percent to $366 million. [ID:nWNAB8998]

El Paso, the only U.S. company to operate a coast-to-coast natural gas pipeline system, benefited from higher natural gas prices and a gain in the value of trading positions, which nearly tripled its net income, exceeding Wall Street expectations. [ID:nWNAB9046] [ID:nN06177631]   Continuación...