HOUSTON, Jan. 14 /PRNewswire-FirstCall/ -- El Paso Corporation (NYSE: EP) today announced the sale of its Florida petroleum terminals and tug and barge operations to TransMontaigne, Inc. (Amex: TMG). The transaction has an estimated value of $155 million, including an estimated $35 million of product inventory value at closing.

El Paso acquired these assets through its merger with The Coastal Corporation in 2001. The Florida petroleum terminal business provides bunker fuel for the maritime industry and is a major supplier of residual fuel, diesel and gasoline throughout Florida.

The sale of these assets supports El Paso's previously announced strategy to exit non-core businesses, which furthers its goal to strengthen the company's balance sheet and reduce debt. The transaction is expected to close in the first quarter of 2003 and is subject to customary regulatory approvals.

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, the uncertainties associated with governmental regulation; the uncertainties associated with regulatory proceedings, appeals from regulatory proceedings, and any related litigation; inability to realize anticipated synergies and cost savings associated with mergers and acquisitions or restructurings on a timely basis; 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. SOURCE El Paso Corporation

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/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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