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a meaningful company doing meaningful work delivering meaningful results Presentation to Delegation from Brazil June 14, 2007

A meaningful company doing meaningful work delivering meaningful results Presentation to Delegation from Brazil June 14, 2007

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a meaningful companydoing meaningful workdelivering meaningful results

Presentation to Delegation from BrazilJune 14, 2007

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Cautionary Statement RegardingForward-looking Statements

This presentation 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 presentation, including, without limitation, our ability to implement and achieve our objectives in the 2007 plan; changes in reserve estimates based upon internal and third party reserve analyses; our ability to meet production volume targets in our E&P segment; our ability to obtain necessary governmental approvals for proposed pipeline projects and our ability to successfully construct and operate such projects; the risks associated with recontracting of transportation commitments by our pipelines; regulatory uncertainties associated with pipeline rate cases; our ability to successfully exit the energy trading business; changes in commodity prices for oil, natural gas, and power and relevant basis spreads; general economic and weather conditions in geographic regions or markets served by the company and its affiliates, or where operations of the company and its affiliates are located; the uncertainties associated with governmental regulation; political and currency risks associated with international operations of the company and its affiliates; competition; and other factors described in the company’s (and its affiliates’) Securities and Exchange Commission filings. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. The company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise.Certain of the production information in this presentation include the production attributable to El Paso’s 43 percent interest in Four Star Oil & Gas Company (“Four Star”). El Paso’s Supplemental Oil and Gas disclosures, which are included in its Annual Report on Form 10-K, reflect its proportionate share of the proved reserves of Four Star separate from its consolidated proved reserves. In addition, the proved reserves attributable to its proportionate share of Four Star represent estimates prepared by El Paso and not those of Four Star.

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Antonio Pinho

Vice President, International E & P

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Defining Our Purpose

El Paso Corporation provides natural gas and related energy products in a safe, efficient, and

dependable manner

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the the place place to workto workthe the neighbor neighbor to haveto havethe the company company to ownto own

Creating a New Culture

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Core Business Units

Pipelines Exploration & Production

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Pipelines

7a meaningful company doing meaningful work delivering meaningful results

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El Paso Pipeline System

El PasoNatural Gas

Mexico Ventures

MojavePipeline

ColoradoInterstate Gas

Wyoming Interstate

Cheyenne Plains

Pipeline

TennesseeGas Pipeline

SouthernNatural Gas

Florida GasTransmission (50%)

Elba IslandLNG

• Approximately 30,000 miles of interstate pipelinesApproximately 30,000 miles of interstate pipelines• 19% of total U.S. interstate pipeline mileage19% of total U.S. interstate pipeline mileage• 23 Bcf/d capacity (16% of total U.S.)23 Bcf/d capacity (16% of total U.S.)• 16 Bcf/d throughput (28% of U.S. consumption)16 Bcf/d throughput (28% of U.S. consumption)• Best market connection and supply accessBest market connection and supply access• Leading pipeline integrity programLeading pipeline integrity program

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Many Value Added Projects

WIC Medicine Bow Expansion—2008

$18 MMJuly 2008

205 MMcf/d

CP Shell Expansion$21 MM

April 200870 MMcf/d

CIG Raton Expansion$12 MM

December 200729 MMcf/d

TGP Carthage Expansion

$35 MMMay 2009

100 MMcf/d

TGP LA Deepwater Link

$55 MMJuly 2007

850 MMcf/d

TGPEugene Island 371

$33 MMSeptember 2007

200 MMcf/d

FGT Phase VII$63 MM

May 200760 MMcf/d

More than $2 billion of committed growth

WIC Kanda Lateral$141 MM

2008January 2008

Up to 410 MMcf/d

CIG High Plains Pipeline$145 MM (50%)

December 2008/July 2009965 MMcf/d

FERC Certificated/ Under ConstructionFERC Certificated/ Under Construction

Signed PA’sSigned PA’s Expected PA’sExpected PA’s

SESH Interest $170 MM

June 2008/October 2010137 MMcf/d/ 490 MMcf/d

SNG Elba Expansion III & Elba Express

$930 MM2010–2012

8.4 Bcf / 900 MMcfd

SNG Cypress Phase I / II$244 MM/$19 MM

May 2007/May 2008220 MMcf/d/116 MMcf/d

TGP NE ConneXion New England

$103 MMNovember 2007

136 MMcf/d

TGP Essex-Middlesex

$47 MMNovember 2007

82 MMcf/d

Mexico JV—LPG Reynosa

$53 MM (50%)July 2007

30,000 Bbl/d

SNG South System III $133 MM–$286 MMOct 2010–Apr 2012

245 MMcf/d–367 MMcf/d

EPNGMexico Lateral Loop

$36 MMNovember 2008

127 MMcf/d

Strong PositionsStrong Positions

Exploration &Production Company

10a meaningful company doing meaningful work delivering meaningful results

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El Paso E&P: Top 10 IndependentTotal Company

• Total year production of 798 MMcfe/d

• Year-end reserves of 2,637 Bcfe*

• R/P: 9.1

*Includes our 43.1% share of Four Star; all data 2006 unless noted

Texas Gulf Coast

• Total year production of187 MMcfe/d

• Year-end reserves of406 Bcfe

• R/P: 6.0

Onshore*

• Total year production of 413 MMcfe/d

• Year-end reserves of 1,711 Bcfe

• R/P: 11.3

Brazil

• Total year productionof 24 MMcfe/d

• Year-end reserves of 248 Bcfe

• R/P: 28.7

Rio de Janeiro

Brazil

GOM/SLA

• Total year production of174 MMcfe/d

• Year-end reserves of272 Bcfe

• R/P: 4.3

Egypt

• 2 exploration blocks

Egypt

NileDelta

Sinai

EgyptGulf

ofSuez

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Pinaúna Exploration Upside—Cacau and Açai

• Current profile– Currently 12 MMBoe proved

reserves booked

– Estimate 37 MMBoe with conservative OWC

• Exploration upside– 2-well exploration program

underway

– Could add incremental100 MMBoe (Pc = 34%)

• El Paso currently 100% WI• Production to begin 4Q 2008

– 15,000 Boe/d–25,000 Boe/d

3D s

urv

ey o

utl

ine

3D s

urv

ey o

utl

ine

WW

PinaúnaPODarea

BAS-73BAS-73

22

33

1 3km

Sergi depthSergi depth

BAS-74BAS-74

BAS-64BAS-64BAS-64

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Rio de Janeiro

Brazil

2380 m OWC

-2420 m OWC

Açaí-1Açaí-1

Cacau-1Cacau-1

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Bia & BM-ES-5 Block Prospectivity

Light oil discoveries in Espírito Santo Basinnow total 700 MMBoe, all since 2003

New Discovery

Well: 4-ESS-164ADate: April 2006Operator: PetrobrásBlock: BES-100, area 1Reservoir: Upper Cretaceous sandsStatus: Discovery 280 MMbo

(source: www.petrobras.com)

Rio de Janeiro

Brazil

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Focus on Continued Improvement

• Solid foundation of people and assets

• Ability to replace reserves from identified inventory

• Organization executing at higher level of activity

• Build credibility on performance

• Provide visibility on future growth

• Improve capital and operating efficiency

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What is PVR (Present Value Ratio)

• Represents the present value of future after-tax cash flows discounted at 10.5% over total investment

• Target ratio is 1.15: Every $1.00 investedreturns $1.15 on an after-tax, discounted basisover the life of the project

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Tony Chovanec

Managing Director – Marketing and Trading

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Production Marketing

Sr. VP & CFODane Whitehead

Sr. VP & CFODane Whitehead

Gas & Crude MarketingTony Chovanec

Gas & Crude MarketingTony Chovanec

Financial Trading StrategyDennis Price

Financial Trading StrategyDennis Price

Gas Marketing Chuck Neutzler

Gas Marketing Chuck Neutzler

1-Manager1-Basis Trader1-Manager1-Basis Trader

Crude MarketingJerry Ross

Crude MarketingJerry Ross

4-Physical Traders 1-Sr. Marketer

4-Marketing Ops 5-Production Ops

4-Physical Traders 1-Sr. Marketer

4-Marketing Ops 5-Production Ops

1-Crude Manager 1-Senior Analyst

1-Crude Manager 1-Senior Analyst

22 Commercial Staff

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What We Do

• Sell E&P and partner production of approximately 0.9 Bcf/d and 25,000 Bbls/d of oil

• Fulfill EP Marketing Legacy sales obligations of approximately .5Bcf/d

• Provide price protection for EP production volumes using financial products such as collars, options, and swaps

• Provide Marketing Scheduling/Operations Services for both Marketing and E&P

• Monitor strategic transport and storage opportunities, and purchase capacity as appropriate

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Primary Risks

1. Significantly falling prices for our future production. A steep, prolonged decline in future price could impair our cash flows and severely limit our ability to pay down debt and grow

2. Significant Supply Losses or Inaccurate Production Forecasts. Could require that we purchase much higher priced replacement gas intramonth

3. Erosion of Transportation Value

4. Pipeline Constraints. Could impede our ability to get our equity gas moved from the production area

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Primary Risks

► Counterparty Credit. Will the people we sell to pay us?

► Employee Retention. Specialized skills sets

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Financial Markets

• Volatile commodity markets

• Significant credit risk

• Substantial cash or collateral requirements to support trading ventures

• Regulatory uncertainty and risk

• Impact of increased Hedge Fund activity

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2007 Natural Gas Hedge Program

54.8 Bcf$8.00 floor/

$16.89 ceiling

78.4 Bcf$7.70

fixed price

89.4 Bcf$7.50 floor

Balance atMarket Price

CeilingCeiling

FloorsFloors

■ Supports approximately 89%Supports approximately 89%** of 2007 domestic natural gas production of 2007 domestic natural gas production

133 BcfAverage cap $11.48 MMBtu

223 BcfAverage floor $7.69 MMBtu

Note: Assumes 1 Mcf = 1 MMBtu

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Questions