--   The company announced the sale of its asphalt business to Trigeant
          EP, Ltd. for an estimated purchase price of $63 million, including
          approximately $28 million for the business's inventory.  The
          consideration includes a $23 million secured note, with the balance
          in cash at closing.  The transaction involves the sale of an asphalt
          refinery in Alabama, terminaling facilities, and associated sales
          and marketing divisions, plus assumption of certain Kansas Asphalt
          operations under a long-term lease.  El Paso acquired the Asphalt
          business through its merger with The Coastal Corporation in 2001.

     --   El Paso sold its 17.8-percent interest in the ECK Generating project
          and affiliated businesses to a Swiss energy company.  The project,
          located near Prague, Czech Republic, is a 343-megawatt power
          generating station that provides approximately 3 percent of the
          country's total electricity demand.  Financial terms were not
          disclosed.

     --   El Paso completed the sale of its remaining 2.1-percent equity
          interest in the Alliance Pipeline to affiliates of Enbridge Inc.
          (NYSE: ENB) and Fort Chicago Energy Partners L.P. (Toronto: FCE.UN)
          for $24.4 million.  In November 2002, Fort Chicago and Enbridge
          acquired the majority of El Paso's interests in the Alliance
          Pipeline and all of El Paso's interest in the Aux Sable natural gas
          liquids plant and Alliance Canada Marketing.

     --   El Paso also closed the sale of its Drumheller, Alberta area oil and
          natural gas assets, production facilities, gas plants and
          undeveloped lands to Canadian Superior Energy Inc. for
          $36.1 million.

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 pipelines, production, 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; the successful recruitment and retention of a qualified CEO; the successful implementation of the 2003 operational and financial plan; actions by the credit rating agencies; the successful close of financing transactions; 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 restructurings and divestitures on a timely basis; difficulty in integration of the operations of previously acquired companies, competition, 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 proxy@mackenziepartners.com .

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 Schedule 14A filed by El Paso with the Securities and Exchange Commission on February 18, 2003, as amended by a Schedule 14A filed by El Paso on March 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, both for El Paso Corporation

URL:              http://www.elpaso.com 
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