El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Corporation Names Lisa A. Stewart President, Production and Non regulated Operations
HOUSTON, TEXAS, January 12, 2004—El Paso Corporation (NYSE:EP) announced today that Lisa A. Stewart has accepted the position of president, Production and Non regulated Operations, which includes the company's production, midstream, power, marketing, and petroleum businesses. Stewart, who will assume her position on February 1, 2004, is currently executive vice president, Business Development and E&P Services for Apache Corporation (NYSE:APA).
"I'm thrilled to bring someone of Lisa's talent and depth of experience to El Paso," said Doug Foshee, president and chief executive officer of El Paso. "She has a 20-year track record of success with one of the leading independents in the business, she has outstanding technical and financial skills, and she's a great leader. I look forward to working with Lisa and the rest of the El Paso non-regulated team to deliver the kind of performance our shareholders expect and deserve."
"I am excited to join El Paso and play an important role in the execution of the company's long-range plan," Stewart said. "The company's production business has exceptional deep-drilling skills, strong acreage positions in key domestic natural gas basins, and a talented group of employees. In short, it has everything necessary to return it to its position among North America's top independent producers. I also look forward to working with the highly skilled employees of the other non-regulated businesses as we work to maximize value for our shareholders."
Ms. Stewart earned a Bachelor of Science degree in petroleum engineering from the University of Tulsa in 1981 and went to work for Cities Service Company as a reservoir engineer. Since 1984 she has worked for Apache and has steadily progressed through various management positions. In her current role, she is responsible for strategic business activities, including acquisitions.
El Paso Corporation's purpose is to provide natural gas and related energy products in a safe, efficient, dependable manner. The company owns North America's largest natural gas pipeline system and one of North America's largest independent natural gas producers. For more information, visit www.elpaso.com.
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 ability to implement and achieve our objectives in the long-range plan; the successful implementation of the settlement related to the western energy crisis; actions by the credit rating agencies; the successful close of our financing transactions; our ability to successfully exit the energy trading business; our ability to divest of certain assets; changes in commodity prices for oil, natural gas, and power; inability to realize anticipated synergies and cost savings associated with restructurings and divestitures on a timely basis; changes in reserves estimates based upon internal and third party reserve analyses; 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 the outcome of governmental investigations; the outcome of pending litigation including shareholder derivative and class actions; political and currency risks associated with international operations of the company and its affiliates especially due to the instability in Brazil and economic conditions in Mexico; 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. 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.