HOUSTON, TEXAS, June 21, 2002—El Paso Corporation (NYSE:EP) announced today that it has priced offerings of 45 million shares of common stock at a public offering price of $19.95 per share and 10 million 9-percent equity security units at a public offering price of $50 per unit. El Paso has granted the underwriters customary over-allotment options to purchase an additional 6.75 million shares of common stock and 1.5 million equity security units. The equity security units will be listed on the New York Stock Exchange under the symbol "EP PrA." The offerings are expected to close on or about June 26, 2002.

Net proceeds from the offerings will total approximately $1,355,750,000 and will be used to repay short-term borrowings and other financing obligations and for general corporate purposes.

The equity security units will consist of a $50 El Paso senior note and a contract obligating the owner of the equity security unit to purchase, at a purchase price of $50, shares of common stock in the future. El Paso will make quarterly contract adjustment payments to the holder of the purchase contract at an annual rate of 2.86 percent of the stated amount of $50 per purchase contract. The purchase contract requires the investor to purchase El Paso common stock based on a price per share range of $19.95 to $23.94 at the settlement date of August 16, 2005. This price range reflects a premium of 20 percent over the NYSE closing price of El Paso common stock on June 20, 2002.

The joint book running managers for the offering were Credit Suisse First Boston Corporation and JP Morgan Securities Inc. Copies of the prospectuses relating to the offerings may be obtained from Credit Suisse First Boston Corporation, Prospectus Department, Eleven Madison Avenue, New York, NY 10010-3629, phone (212) 325-2580 or from JP Morgan Securities Inc, Prospectus Department, attention Daniel Boncic, 277 Park Avenue, New York, NY 10017, phone (212) 622-5221.

El Paso Corporation is North America's leading provider of natural gas services. The company has core businesses 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 to communities around the world. For more information, visit www.elpaso.com.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that the anticipated future results will be achieved. Reference should be made to the company's (and its affiliates') Securities and Exchange Commission filings for additional important factors that may affect actual results.