El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Announces Executive Management ChangesHOUSTON, Sep 30, 2002 /PRNewswire-FirstCall via COMTEX/ -- El Paso Corporation
(NYSE: EP) today announced that its Board of Directors has named Ronald L. Kuehn
as Lead Director, in conformance with recently published guidelines from the New
York Stock Exchange. Mr. Kuehn, formerly chairman, president, and chief
executive officer of Sonat before it was merged into El Paso, will consult with
management as a representative of the Board of Directors on important matters
and will regularly report to the Board of Directors.
"Ron's exceptional experience and expertise will be invaluable to this company
as we work to deflect the erroneous conclusion revealed by the Federal Energy
Regulatory Commission Administrative Law Judge Curtis Wagner," said William A.
Wise, chairman, president, and chief executive officer of El Paso Corporation.
"Ron's participation will help us continue to lead the industry, operate world
class pipeline, production, midstream, power, and trading businesses and
confront the current financial, credit, regulatory, and legal environment."
The El Paso Board of Directors also elected H. Brent Austin, currently executive
vice president and chief financial officer of El Paso, as president and chief
operating officer. In this position, Mr. Austin will report to Mr. Wise and will
be responsible for all non-regulated businesses as well as the financial
function of the company. Ralph Eads, who will continue to have responsibility
for the company's power, trading, and production businesses, will report to Mr.
Austin. Gregory G. Jenkins, who will continue to have responsibility for the
company's petroleum and liquefied natural gas businesses, also will report to
Mr. Austin. D. Dwight Scott, presently senior vice president-finance, will be
promoted to executive vice president and chief financial officer and will report
to Mr. Austin.
Robert G. Phillips, president El Paso Field Services; John W. Somerhalder,
president El Paso Pipeline Group; Joel Richards, executive vice president-
administration; Peggy Heeg, executive vice president and general counsel; and
Norma Dunn, senior vice president-communications and government affairs, will
continue to report to Mr. Wise.
Mr. Wise added, "The management team and Mr. Kuehn, which together have
approximately 200 years experience as senior energy executives, are the most
capable team in the industry and will follow through on the company's early and
aggressive actions to accommodate the changing environment."
El Paso Corporation is the leading provider of natural gas services and the
largest pipeline company in North America. The company has leading positions in
natural gas production, gathering and processing, and transmission, as well as
liquefied natural gas transport and receiving, petroleum logistics, power
generation, and merchant energy services. El Paso Corporation, rich in assets
and fully integrated across the natural gas value chain, is committed to
developing new supplies and technologies to deliver energy. For more
information, visit www.elpaso.com .
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements and projections, made in
reliance on the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The Company has made every reasonable effort to ensure that
the information and assumptions on which these statements and projections are
based are current, reasonable, and complete. However, a variety of factors could
cause actual results to differ materially from the projections, anticipated
results or other expectations expressed in this release, including, without
limitation, changes in commodity prices for oil, natural gas, and power; general
economic and weather conditions in geographic regions or markets served by El
Paso Corporation and its affiliates, or where operations of the Company and its
affiliates are located; the uncertainties associated with governmental
regulation; political and currency risks associated with international
operations of the Company and its affiliates; inability to realize anticipated
synergies and cost savings associated with mergers and acquisitions or
restructurings on a timely basis; difficulty in integration of the operations of
previously acquired companies; competition; the successful implementation of the
Balance Sheet Enhancement Program and the Strategic Repositioning Plan; and
other factors described in the Company's (and its affiliates') Securities and
Exchange Commission filings. While the Company makes these statements and
projections in good faith, neither the Company nor its management can guarantee
that anticipated future results will be achieved. Reference should be made to
those filings for additional important factors that may affect actual results.
The Company assumes no obligation to publicly update or revise any
forward-looking statements made herein or any other forward-looking statements
made by the Company, whether as a result of new information, future events, or
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SOURCE El Paso Corporation
CONTACT: Communications and Government Affairs, Norma F. Dunn, Senior
Vice President, +1-713-420-3750, or fax, +1-713-420-3632, or Investor
Relations, Bruce L. Connery, Vice President, +1-713-420-5855, or fax,
+1-713-420-4417, both of El Paso Corporation
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