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Mr. Wise stated: "Having been with El Paso for 33 years and having had the privilege for almost a decade and a half of leading this company, I have witnessed first hand the deep strengths, resources, and outstanding people that make up El Paso. While the last year has been unprecedented in what our industry and our company has faced, we are aggressively implementing a business plan to preserve and enhance the value of our core operations. We are focused on creating value for our shareholders by generating stable earnings and cash flow in our core businesses, strengthening and simplifying our balance sheet, maximizing liquidity, reducing our debt, and resolving our other outstanding issues. I intend to continue to implement this plan while assisting the board in achieving a smooth and successful transition."

Ronald L. Kuehn, Jr., El Paso's lead director, stated: "Under Mr. Wise's direction, El Paso assembled North America's leading natural gas franchise and the largest U.S. natural gas pipeline network. We thank him for his dedication and leadership. We appreciate Mr. Wise's decision to remain in his role during this challenging period for the company as we move aggressively to address the issues affecting our business and move forward with our business plan."

The company reiterated its commitment to the business plan announced on February 5, 2003, which is based upon five key principles:

    -- Preserve and enhance the value of the company's core businesses
    -- Exit non-core businesses quickly, but prudently
    -- Strengthen and simplify the balance sheet while maximizing liquidity
    -- Aggressively pursue additional cost reductions
    -- Continue to work diligently to resolve litigation and regulatory
       matters

El Paso Corporation is the leading provider of natural gas services and the largest pipeline company in North America. The company has core businesses in production, pipelines, midstream services, and power. 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 successful completion of the plan to exit the energy trading business; the positive acceptance of the exit plan by the credit rating agencies; the accounting and financial consequences of the plan to exit the energy trading business; 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; regulatory proceedings, appeals from regulatory proceedings and any related litigation, including those related to the pending FERC proceeding; 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 2003 business 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 must be made to those filings for additional important factors that may affect actual results.

SOURCE El Paso Corporation

CONTACT:          Communications and Government Affairs, Norma F. Dunn, Senior
                  Vice President, +1-713-420-3750, fax, +1-713-420-3632, Investor Relations,
                  Bruce L. Connery, Vice President, +1-713-420-5855, Fax, +1-713-420-4417, both
                  of El Paso Corporation
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URL:              http://www.elpaso.com
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