El Paso 3Q profit skyrockets on high energy prices

For the period ended Sept. 30, the company posted net income after paying preferred dividends of $436 million, or 58 cents per share, compared with $146 million, or 20 cents per share, in the year-ago period.

Excluding production-related derivatives and other one-time items, net income was 35 cents per share.

Revenue rose 37 percent to $1.6 billion from $1.17 billion.

Analysts polled by Thomson Reuters expected, on average, earnings of 31 cents per share on revenue of $1.3 billion. Analysts typically exclude one-time charges.

El Paso said about 41 million cubic feet equivalent per day of production was lost in the third quarter due to the storms.

About 80 million cubic feet equivalent per day of Gulf Coast production remains shut-in due to repairs, though it should be back online by December, the company said.

"We have taken steps to maintain our already strong liquidity position as we enter 2009 so that we can execute on our pipeline backlog and meet our financial obligations, even if current capital market constraints persist," Doug Foshee, chief executive, said in a statement.

Shares fell $1.53, or 16.1 percent, to $8 in midday trading. The stock has traded between $6.58 and $22.47 in the past 52 weeks.