El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
30-Jun-2010
El Paso Corporation Issues 2009 Corporate Sustainability Report Report Demonstrates El Paso's Continuing Commitment to Building a Legacy of Sustainability as a Business Driver; Reflects the Company's Progress on a Variety of Sustainability Metrics
HOUSTON, TX, Jun 30, 2010 (MARKETWIRE via COMTEX) -- El Paso Corporation (NYSE: EP) today announced that it has
published its third annual corporate sustainability report (CSR),
which provides a comprehensive overview of the company's
sustainability efforts, programs, and initiatives.
"As we've done in past years, we took additional steps to enhance the
disclosures in our 2009 CSR, including additional information on El
Paso's hydraulic fracturing operations, cumulative recycled land, and
recycling activities associated with our downtown Houston
headquarters renovation," said Bob Baker, executive vice president
and General Counsel for El Paso Corporation. "Beyond telling our
sustainability story, El Paso's CSR provides a platform for us to
engage in an ongoing conversation with our neighbors, investors,
customers, employees, and other stakeholders on issues that are
important to all of us -- the company's social, environmental, and
economic impact."
In its CSR, El Paso reports on more than 30 Global Reporting
Initiative G3 profile disclosures and 13 performance indicators in
support of its vision to be the Place to Work, the Neighbor to Have,
and the Company to Own. Key sustainability highlights in each area
include the following:
The Place to Work
El Paso continued to execute on opportunities to
improve its workplace in 2009, delivering:
-- A year-over-year increase in total tuition reimbursements to employees
in support of a degree or certification program related to their work
responsibilities;
-- A year-over-year increase in total annual employee transportation
subsidies in support of workforce mobility and flexibility; and
-- A three-year trend of reductions in energy consumption related to the
remodeling of the company's downtown Houston headquarters.
In addition, in 2009 the company was named one of the Best
Adoption-Friendly Workplaces in America by the Dave Thomas Foundation
for Adoption and received the Alfred P. Sloan Award for Workplace
Flexibility for the third year in a row.
The Neighbor to Have
The company continued to make a positive
difference in communities where it operates and enhance its efforts
to minimize impact to the environment. Sustainability-related
accomplishments in this area included:
-- A 67 percent year-over-year increase in employee volunteer hours as a
result of an enhanced and focused corporate giving strategy;
-- An 82 percent year-over-year increase in donations of office
furniture, computers, and other surplus equipment to organizations in
need through the company's in-kind giving program; and
-- The California Climate Action Registry's (CCAR) approval and
registration of the company's total emissions for all applicable
greenhouse gas pollutants in the United States in 2009, making El Paso
the first natural gas company to obtain a complete CCAR approved
greenhouse gas emissions inventory.
In January 2009, as part of the Ruby Pipeline project, El Paso
initiated a first-of-its-kind agreement with the U.S. Forest Service
and the National Forest Foundation. Under the agreement, the
company's contribution will help to produce more than 117,000
seedlings to reforest 561 acres of fire-damaged forest in the Plumas
National Forest in California. The trees planted will mitigate up to
50,000 tons of carbon dioxide over their lifetime.
The Company to Own
El Paso's natural interstate gas pipeline system
and exploration and production business continued to provide a
platform for value for shareholders. In 2009, the company delivered:
-- Double-digit earnings growth at its Pipeline Group, while placing four
growth projects in service, securing a partner for the Ruby Pipeline
Project, announcing a new expansion for its Marcellus Shale business,
and continuing to grow El Paso Pipeline Partners, L.P..
-- Outstanding performance at its Exploration & Production Company,
further reducing its cost structure, delivering excellent reserve
growth and reserve replacement metrics, and substantially increasing
its inventory of low-risk, repeatable drilling opportunities.
-- Consistent execution on business strategies and programs focused on
producing, transporting, and selling natural gas, the most
environmentally friendly of all fossil fuels.
In the area of governance, RiskMetrics Group reported that, in the
categories of Board Structure, Compensation, Shareholder Rights and
Audit, El Paso's current governance practices and policies reflect a
"low" risk level of concern, with levels of risk categories of low,
medium, or high.
Consistent with the company's approach to minimizing the
environmental impact of its CSR, the report is available as an
interactive Web site at www.elpaso.com/csr/index.html and as a
downloadable file on the CSR page.
El Paso Corporation provides natural gas and related energy products
in a safe, efficient, and dependable manner. The company owns North
America's largest interstate natural gas pipeline system and one of
North America's largest independent natural gas producers. For more
information, visit www.elpaso.com.
Contacts:
Investor and Media Relations
Bruce L. Connery
Vice President
Office: (713) 420-5855
Media Relations
Robert C. Newberry
Principal
Office: (713) 420-7298
SOURCE: El Paso Corporation
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