HOUSTON, Nov. 13 /PRNewswire-FirstCall/ -- El Paso (NYSE: EP) announced today that in response to an October 22, 2002 Federal Energy Regulatory Commission data request, it retained the law firm of Haynes & Boone to analyze the accuracy of the information that El Paso Merchant Energy reported to trade publications. Although the investigation is not yet complete, El Paso anticipates having preliminary results of the investigation in approximately two weeks.

To date, the company has identified at least one incident in which it appears that inaccurate pricing information may have been provided to a trade publication. At the conclusion of the investigation, the company will update its disclosures and take appropriate action as necessary.

El Paso Corporation is North America's leading provider of natural gas services. The company has core businesses 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 to communities around the world. 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, the outcome of the company review of pricing information reported to trade publications, and the FERC data request; the uncertainties associated with governmental regulation; the uncertainties associated with regulatory proceedings, appeals from regulatory proceedings, and any related litigation; 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 otherwise.

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SOURCE El Paso Corporation

-0- 11/13/2002

/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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