HOUSTON, Nov. 21 /PRNewswire-FirstCall/ -- El Paso Corporation (NYSE: EP) today announced it has agreed to sell its remaining coal operations and businesses to subsidiaries of Alpha Natural Resources, LLC, an affiliate of First Reserve Corporation, for $53 million. Alpha Natural Resources will acquire all of Coastal Coal's remaining mining operations, businesses, properties and reserves in Kentucky, West Virginia, and Virginia. The transaction, which is dependent on completion of certain conditions precedent, follows El Paso's November 7, 2002 announcement regarding the sale of certain coal reserves and coal properties to an affiliate of Natural Resource Partners, L.P. (NYSE: NRP).

With this transaction, El Paso completes its previously announced strategy to exit its non-core coal business to further its initiative to strengthen the company's balance sheet and reduce debt.

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 .

Based in Greenwich, Connecticut, First Reserve Corporation is an independently owned private equity firm that invests exclusively in the energy and energy related sectors of the world economy. First Reserve is the leading private equity firm specializing in the energy industry with $2.6 billion under management. It is currently the largest shareholder of Dresser, Inc., Chicago Bridge & Iron, Pride International, and Superior Energy Services. For more information on First Reserve Corporation, visit www.frcorp.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; the uncertainties associated with regulatory proceedings, appeals from regulatory proceedings, and any related litigation; 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 otherwise.

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SOURCE El Paso Corporation

-0- 11/21/2002

/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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