August 8th, 2007, filed by Megan Davies
El Paso Corp. , the natural gas and pipeline company, is going to great lengths to keep Chief Executive Officer Doug Foshee (left) from talking during the company’s “quiet period” for its offering of a master limited partnership (MLP).
On its second-quarter earnings call on Tuesday, Foshee told investors he had to limit answers about the MLP because “our general counsel is standing over my shoulder with a piece of duct tape to put over my mouth.”
Later, during the question and answer part of the call, Foshee again invoked the “duct tape rule” and declined to answer a question about the MLP.
The Houston-based company said on Monday it is planning to offer $500 million common units to investors in an IPO during the fourth quarter.
MLPs are a popular way for energy to extract value from assets. The partnerships pay no corporate taxes and distribute nearly all their profits to shareholders.
(By Anna Driver in Houston)
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