El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Corporation Responds to FERC, Denies it Engaged in "Round Trip" Trading Transactions
HOUSTON, TEXAS, May 31, 2002-El Paso Corporation (NYSE:EP) today responded to the Federal Energy
Regulatory Commission's (FERC) most recent request for statements of admission
or denial with respect to so-called "wash" or "round trip"
or "sell/buyback" transactions in the power trading sector. The
affidavit provided today by El Paso confirms that the company did not engage in
any such practices. A copy of the El Paso Merchant Energy affidavit is available
on the company's Internet web site.
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
the attached El Paso Merchant Energy affidavit by clicking here.
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