El Paso EP set another year of growth goals for its exploration and production and pipeline units, with plans to invest $3.2 billion in 2011. Much of the firm's 2011 plans will continue with projects that were set in motion in 2010, warranting no changes to our model assumptions. However, we're encouraged by the firm's commitment to develop both its pipeline and E&P unit, while initiating development plans for its recently formed midstream joint venture with Kohlberg Kravis Roberts & Co. KKR. El Paso remains supportive of its MLP, El Paso Pipeline Partners EPB, with plans for two to three asset dropdowns this year, and to use dropdown proceeds for more debt reduction.[Read more]
Source: Morning Star
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