El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Opens New Energy Trading Floor
HOUSTON, TEXAS, February 5, 2001-El Paso Corporation (NYSE:EPG), the world's leading natural gas company,
announced today the opening of its new 80,000 square foot energy trading
facility. The new trade floor, adjacent to the company's headquarters
in Houston, is equipped with the most advanced risk management technology in
the energy industry. The facility supports more than 500 commercial,
trading, risk management, and administrative staff. The Merchant Energy
Group will manage the company's marketing and trading activities-including
natural gas, power, natural gas liquids, crude oil, refined products, weather
derivatives, and other related commodities-by leveraging its flexible, large
scale asset portfolio and capitalizing on the company's applied real option
Merchant Energy asset portfolio is one of the largest in the world and
includes natural gas transportation capacity, natural gas storage, refineries,
liquefied natural gas terminal rights, products terminals, tankers, shipping
rights, and merchant power generation. In addition to physical assets,
Merchant Energy possesses proprietary valuation and risk assessment tools
along with the deep talent pool necessary to continue achieving
industry-leading growth rates and exceptional returns.
of our new trading facility and the full deployment of our next generation
trading platform, THERMs, propels us to a leadership position in the energy
marketing and trading arena," said Ralph Eads, president of the Merchant
Energy Group. "We now have the best technology and information
available to manage the company's assets effectively and provide value-added
solutions for customers."
trade floor is equipped with two 104-foot data screens providing real-time
commodity pricing, two 10-foot picture walls to chart pricing trends, and
three 100-inch television screens and four 50-inch plasma screens broadcasting
the latest news and weather reports. A staff meteorologist also advises
traders on weather patterns and trends that may affect commodity prices in
specific regions around the world.
stadium-style floor structure enhances communication on the trade floor by
enabling traders to analyze current market conditions and quickly share that
information with appropriate staff members. A custom-designed acoustic
system consisting of microphones and speakers mounted in the ceiling releases
high-frequency tones to buffer noise generated on the trade floor.
station is outfitted with at least three adjustable 18-inch flat-panel
monitors capable of receiving direct digital feeds from broadcast stations.
Traders also are equipped with an advanced telephone system that allows direct
access to other exchange markets and the ability to receive television audio
for breaking news reports.
"computer farm" houses all servers and desktops outside the trading area,
giving traders more room at their workspace. This unique setup also
guarantees reliable connections and virtually uninterrupted operations.
An advanced switching system allows instant data recovery and immediate
support to each trading station. In addition, a 1,200-horsepower diesel
generator is dedicated to providing the trading floor backup power
capabilities for one full day.
El Paso Corporation, the world's leading natural gas company, spans the
energy value chain from wellhead to electron. With an enterprise value
in excess of $50 billion, El Paso is a leader in every phase of the
natural gas industry. The company owns and operates a significant
portion of the North American natural gas delivery grid, operates the fastest
growing, most sophisticated energy merchant group, and is the nation's third
largest natural gas producer. El Paso, a leader in real options
valuation and risk management techniques, is focused on maximizing shareholder
value, transforming existing markets, and speeding the development of new
markets. Visit El Paso at www.epenergy.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.