Financial Astrology of El Paso Corporation

FINANCIAL ASTROLOGY

First Trade Date for El Paso Corporation

Company Name	First Trade Date (yyyy-mm-dd)
El Paso Corporation	2001-12-31

Company Name	Symbol
El Paso Corporation	EP
History and Business of Company (this information may include date of incorporation)
We are an energy company originally founded in 1928 in El Paso, Texas. For many years, we served as a regional pipeline company conducting business mainly in the western United States. Since 1996, we have grown into an international energy company whose operations extend from natural gas production and extraction to power generation. Our growth during this period has been accomplished through several significant acquisitions and internal growth initiatives, each of which has expanded our competitive abilities in energy markets in the United States and abroad. Since the fourth quarter of 2001, our industry and business have been adversely impacted by a number of industry changing events, including: - The bankruptcy of Enron Corp.; - The decline in the energy trading industry; - Credit ratings downgrades of us and other industry participants by Moody's and Standard & Poor's to "below investment grade" status, and we remain on negative outlook; and - Regulatory and political pressure arising out of the western energy crisis of 2000 and 2001. Beginning in December 2001 and continuing throughout 2002 and the first quarter of 2003, we responded to these industry developments by focusing on activities that would enhance our liquidity and strengthen our capital structure. These activities involved: - selling marginally performing assets and businesses that were not core to our fundamental base business of natural gas and pipelines; - exiting complex areas that require higher credit support, such as energy trading, and focusing instead on core cash generating businesses; and - pursuing resolution of regulatory and litigation matters, which led to a March 2003 agreement in principle to settle our primary exposure to the western energy crisis (Western Energy Settlement). In February 2003 we announced what we refer to as our 2003 Operational and Financial Plan. This plan is based upon five key principles: - Preserving and enhancing the value of our core businesses; - Exiting non-core businesses quickly, but prudently; - Strengthening and simplifying our balance sheet while maximizing liquidity; - Aggressively pursuing additional cost reductions; and - Continuing to work diligently to resolve litigation and regulatory matters. Our ongoing critical areas of focus are: - Pipelines: Protecting and enhancing asset value in our natural gas transportation business through continuous efficiency gains and prudent and necessary capital spending. - Production: Developing production opportunities in North America that maximize volumes produced and minimize costs, thereby optimizing cash flow per unit produced. - Field Services: Optimizing stable cash flows from our investment in El Paso Energy Partners, L.P. - Global Power: Enhancing cash flows from existing projects, while selling non-strategic power generation facilities. We will also continue to focus on winding down our non-core businesses including energy trading and petroleum markets as well as other capital intensive businesses such as liquefied natural gas (LNG) operations.

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