HOUSTON, TEXAS, May 17, 2002—El Paso Corporation (NYSE: EP) today asked the New York Times to correct an error in its broadband trading story in today's business section. The paper mentions El Paso Energy Partners (NYSE: EPN) as a participant in the broadband trading market. El Paso Energy Partners has never engaged in the telecommunications business. El Paso Global Networks participated in that business.

El Paso Global Networks traded bandwidth in 2001 and early 2002. It no longer trades bandwidth and was never involved in any "wash sales."

The El Paso Corporation model—strong in assets, market expertise, valuation skills, and risk discipline—has proven itself year after year, resulting in a company with both financial strength and a reputation for integrity. El Paso has core businesses in natural gas production, gathering and processing, and transmission, as well as in international project development, energy financing, power generation, liquefied natural gas transport and receiving, and merchant energy services. The company is committed to developing new energy sources and technology to supply energy to communities around the world. For more information, please 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. 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.