El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
John Whitmire Joins El Paso Corporation Board Of DirectorsHOUSTON, Mar 13, 2003 /PRNewswire-FirstCall via COMTEX/ -- El Paso Corporation
(NYSE: EP) today announced that John L. Whitmire, chairman of CONSOL Energy,
Inc., former chairman and CEO of Union Texas Petroleum Holdings, Inc., and
former executive vice president of Worldwide E&P for Phillips Petroleum Company,
will join the Board of Directors of El Paso Corporation effective March 17,
2003. The Board of Directors voted unanimously to add Mr. Whitmire to the board.
"We welcome the addition of another strong independent leader to El Paso's
board," said Ronald L. Kuehn, Jr., chairman and chief executive officer of El
Paso. "Mr. Whitmire's extensive knowledge of the exploration and production
business will further enhance the leadership capacity of our highly qualified
board. We are confident that his more than 35 years of experience in the oil and
gas industry will bring great value to our world-class natural gas assets."
"I am pleased to join the board of a company that is taking aggressive steps to
address the challenges facing the industry," Mr. Whitmire said. "I look forward
to contributing as El Paso executes on its plan to focus on core businesses,
reduce expenses, strengthen the balance sheet, and enhance liquidity."
Mr. Whitmire is currently chairman of CONSOL Energy, Inc. and a member of the
boards of GlobalSantaFe and the National Audubon Society. He has served as
chairman and CEO of Union Texas Petroleum Holdings, Inc. from 1996 to 1998, and
spent over 30 years serving Phillips Petroleum Company in various positions
including executive vice president of Worldwide E&P from 1992 to 1996 and vice
president of North America E&P from 1988 to 1992. He also served as a member of
the Phillips Petroleum Company Board of Directors from 1994 to 1996. Mr.
Whitmire graduated from New Mexico State University with a Bachelor of Science
in Mechanical Engineering.
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, our ability to attract and retain qualified members of the Board of
Directors and senior management; our ability to successfully exit the energy
trading business; our ability to divest of certain non-core assets; 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 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.
Additional Important Information
Prior to its 2003 annual meeting, El Paso will furnish to its shareholders El
Paso's definitive proxy statement relating to this meeting, together with a
WHITE proxy card. Shareholders are strongly advised to read this proxy statement
when it becomes available, as it will contain important information.
Shareholders will be able to obtain El Paso's proxy statement, any amendments or
supplements to the proxy statement and any other documents filed by El Paso with
the Securities and Exchange Commission for free at the Internet website
maintained by the Securities and Exchange Commission at www.sec.gov . Copies of
the proxy statement and any amendments and supplements to the proxy statement
will also be available for free at El Paso's Internet Web site at www.elpaso.com
or by writing to El Paso Corporation, Investor Relations, PO Box 2511, Houston,
TX 77252. In addition, copies of the proxy materials may be requested by
contacting our proxy solicitor, MacKenzie Partners, Inc. at (800) 322-2885
Toll-Free or by email at firstname.lastname@example.org .
To the extent that individual customers, independent industry researchers,
financial analysts, or El Paso commissioned research, are quoted herein, it is
El Paso's policy to use reasonable efforts to verify the source and accuracy of
the quote. El Paso has not, however, sought or obtained the consent of the
quoted source to the use of such quote as proxy soliciting material. This
document may contain expressions of opinion and belief. Except as otherwise
expressly attributed to another individual or entity, these opinions and beliefs
are the opinions and beliefs of El Paso.
Information regarding the names, affiliation and interests of individuals who
may be deemed participants in the solicitation of proxies of El Paso's
shareholders is contained in a Schedule 14A filed by El Paso with the Securities
and Exchange Commission on February 18, 2003.
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; or Joele Frank or Dan Katcher,
both of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449, or fax,
+1-212-355-4554, for El Paso Corporation
Copyright (C) 2003 PR Newswire. All rights reserved.