Doug FosheePresident & Chief Executive Officer

Bank of AmericaInvestment Conference

September 19, 2006

the place to workthe neighbor to havethe company to own

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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, changes in unaudited and/or unreviewed financial information; our ability to implement and achieve our objectives in the 2006 plan, including achieving our debt-reduction, earnings and cash flow targets; the effects of any changes in accounting rules and guidance; our ability to meet production volume targets in our Exploration and Production segment despite delays in resuming production shut-in due to hurricanes Rita and Katrina; uncertainties and potential consequences associated with the outcome of governmental investigations, including, without limitation, those related to the reserve revisions and natural gas hedge transactions; the outcome of litigation, including shareholder derivative and class actions related to reserve revisions and restatements; our ability to comply with the covenants in our various financing documents; 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; actions by the credit rating agencies; our ability to successfully exit the energy trading business; our ability to close our announced asset sales on a timely basis; changes in commodity prices for oil, natural gas, and power and relevant basis spreads; inability to realize anticipated synergies and cost savings associated with restructurings and divestitures on a timely basis; 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 actualresults. 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.

Non-GAAP Financial MeasuresEl Paso uses the non-GAAP financial measure “earnings before interest expense and income taxes” or “EBIT” to assess the operating results and effectiveness of the company and its business segments. The company defines EBIT as net income (loss) adjusted for (i) items that do not impact its income (loss) from continuing operations, such as extraordinary items, discontinued operations, and the impact of accounting changes; (ii) income taxes; (iii) interest and debt expense; and (iv) distributions on preferred interests of consolidated subsidiaries. The company defines EBITDA as EBIT plus Depreciation, Depletion and Amortization.

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Our Purpose

El Paso Corporation provides natural gas and related energy

products in a safe, efficient, and dependable manner

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Leading Natural Gas Pipelines

TennesseeGas Pipeline

Elba IslandLNG

Florida GasTransmission (50%)

SouthernNatural Gas

ANR Pipeline

Great Lakes GasTransmission (50%)

ColoradoInterstate Gas

Wyoming Interstate

El PasoNatural Gas

MojavePipeline

Mexico Ventures

Cheyenne Plains Pipeline

► 26% total U.S. interstate pipeline mileage

► 1/3 of daily U.S. throughput

► Best market connectivity

► Best supply access

► Leading pipeline integrity program

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Overview

■ Pipelines having terrific year

• EBIT up 13% for first six months

• Despite positive items last year, hurricane costs this year

■ Expansion inventory continues to build

■ 4%–6% EBITDA growth over next 3–5 years

■ But, equally focused on safety, integrity of pipelines

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El Paso PipelinesTotal Integrity Management Program (TIM)

■ Developed TIM in 2001, before Pipeline Safety Act

■ Adopted best practices of El Paso, Sonat, and Coastal inspection and maintenance programs

■ Combined operations into one organization

■ Program approved by Board of Directors

■ Regular reviews by Health, Environmental, & Safety BOD committee

Industry-leading program

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Total Integrity Management Program

Lines installed from 2003 forward are not counted in the mileage; they will be ILI’dwithin 10 years of in-service

613New lines

47,361Total

Area site-specific plans direct assessment1,517< 6"

Storage Integrity Program373Storage

Offshore Integrity Program2,060Offshore

In-line Inspection Program42,798Onshore ≥ 6"

Total IntegrityManagement ProgramMileageCategory

As of August 2006

8

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

Pre-2001 2001 2002 2003 2004 2005 2006E

In-line Inspection Program Status42,798 ILI Program Miles

42%46%

52%58%

63%

Mile

s

Cumulative 1st ILICumulative repeat ILI

Annual 1st time ILIAnnual repeat ILI

66%72%

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In-Line Inspection Costs—O&M and Capital

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,00020

01

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

$ T

ho

usa

nd

s

Base—ILI Capital Capital—RepairsCapital—Supplemental O&M—ILI & Repairs

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Pipeline Safety Improvement Act

■ Signed by President Bush December 17, 2002 ■ Key points:

• Identify high consequences areas (HCAs)• Develop integrity management program (IMP for HCAs)• Perform ongoing assessments of pipeline integrity (ILI,

hydro-testing, direct assessment)• Data integration and risk assessment• Implement additional preventive and mitigated action

■ Program completion Milestones• Top 50% HCAs: December 17, 2007• Remaining 50%: December 12, 2012

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Comparison of Rule andTotal Integrity Management Program

TIMRule

Original focus internal and external corrosion

■ External corrosion■ Internal corrosion■ Stress corrosion cracking■ Manufacturing■ Construction■ Operator error■ Third party damage■ Weather and outside forces■ Equipment

Threats

Primarily ILI and site specific plansILI, Hydro, Direct AssessmentAssessments

100%: December 201250%: December 2007100%: December 2012

Timing

All facilitiesILI >6" onshore (42,798 miles)

Limited to HCA’s(1,902 sites andapprox. 1,234 miles)

Scope

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How Do We Perform the In-line Inspection?

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In-line Inspection Program

Year 1

Year 2

Year 3 and 4

Make piggable

In-line inspectImmediate repairs

Remediate

Annual overlap:■ Make piggable■ ILI previous year make piggable■ Address any immediate repairs from ILI run■ Remediate scheduled anomalies

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Make Piggable: Scope and Obstacles

Scope■ Install pig launchers and receivers■Replace main line valves as required

• Generally plug or reduced size

Address Obstacles■ An area where the tool cannot pass through■Managing outages

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Launcher/Receiver

A launcher/receiver is installed to insert, launch, and/or receive pigs/tools

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Most original valves will not allow pigs to pass—These must be replaced

Valve Setting

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■ Most river crossings were built with a header and multiple line crossings

■ These are replaced• Conventionally, or • Directional drill, or • Install traps at river

Obstacles: What about Rivers?

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■ Some lines cannot be taken out of service

• Important laterals and some mainlines

Obstacles: Gas Operations and Engineering

Use Stopple—Bypass

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High Resolution MFL Inspection Pig

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Loading Inspection Pig into Pig Launcher

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Each MagneScan tool carries powerful permanent magnets which are coupled to

the pipe wall by high-density

brushes, to induce a magnetic field in the

pipeline steel

Magnetic Flux Leakage Principle

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When the tool passes a location where the amount of metal in the pipe

wall has been decreased—by a corrosion pit, for

example—a leakage of magnetic flux

takes place

Magnetic Flux Leakage Principle

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Commitment to Integrity

■Committed to industry-leading program

■ Established accountabilities and continuous improvement objectives

■Developed aggressive and comprehensive strategy and programs to achieve our objectives

■Committed the resources to implement the program through a continuous program

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Appendix

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Unprecedented Growth

TGP NE ConneXion New England

$111 MMNovember 2007

136 MMcf/d

TGP Essex-Middlesex

$38 MMNovember 2007

82 MMcf/d

TGP NE ConneXionNY/NJ

$26 MMNovember 2006

42 MMcf/d

SNG Cypress Phase I / II$241 MM / $18 MM

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

SNG Elba Expansion II$158 MM

February 2006360 MMcf/d

FGT Phase VII – Part I and II$63 MM / $0 MM

May 2007 / May 200860 MMcf/d / 20 MMcf/d

SNG Elba Expansion III & Elba Express

$850 MM2010 - 2012

8.4 Bcf / 900 MMcfd

TGPLA Deepwater Link

$31 MMApril 2007

850 MMcf/d

TGP/ANREugene Island 371

$16 MMNov - Dec 2006

200 MMcf/d

Continental Connector

$TBD2008

850MMcf/d

ANR Wisconsin 2006 $47 MM

November 2006168 MMcf/d

ANR STEP$95 MM2007/08

27 Bcf / 412 MMcf/d

Mexico JV- LPG Reynosa

$53 MM (50%)July 2007

30,000 Bbl/d

Mexico JV - Sonora$406 MM (33%)

20101,000-1,250 MMcf/d

EPNG Sonora Lateral$91MM2009/10

800 MMcf/d

WIC Piceance Pipeline$134MM

March 2006333 MMcf/d

WIC Kanda LateralUp to $137 MMJanuary 2008

Up to 333 MMcf/d

EPNGArizona Storage

$115 MM2010

3.5Bcf / 350 MMcf/d

CPG Yuma Lateral$22 MM

November 200649 MMcf/d

CIG Raton BasinExpansions

$91MM2005-2008

170 MMcf/d

Front RangeMarket Delivery Infrastructure

$148 MM2008/2009

WIC/CP Opal to Cheyenne or Greensburg

$39–$63 MMJanuary 2008125 Mdth/d

SNG Cypress Phase III$61 MM

May 2010164 MMcf/d

Growth project portfolio approximately $3 Billion

FERC Certificated/Under Construction

Signed PA’s Future Projects

Doug FosheePresident & Chief Executive Officer

Bank of AmericaInvestment Conference

September 19, 2006

the place to workthe neighbor to havethe company to own