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Jim Cleary
President
El Paso Western Pipelines
Rockies Pipeline Infrastructure
Growth
August 3, 2005
Cautionary Statement Regarding
Forward-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, the successful
implementation of the 2003 operational and financial plan; the successful implementation of the
settlement related to the western energy crisis; actions by the credit rating agencies; the
successful close of financing transactions; our ability to successfully exit the energy trading
business; our ability to divest of certain non-core assets; changes in commodity prices for oil,
natural gas, and power; general economic and weather conditions in geographic regions or
markets served by El Paso Corporation and its affiliates, or where operations of the company
and its affiliates are located; the uncertainties associated with governmental regulation; the
uncertainties associated with the outcome of governmental investigations; political and currency
risks associated with international operations of the company and its affiliates; inability to realize
anticipated synergies and cost savings associated with restructurings and divestitures on a
timely basis; difficulty in integration of the operations of previously acquired companies,
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.


                                                                                                     2
El Paso Western Pipelines
                    Big Horn
                                                  Powder River
                Wind River

               Green River
                                                     Denver-Julesburg

                       Uinta

                    Piceance


                                                                 Anadarko
                                          Raton

                               San Juan


                                                        Permian
  WIC
  CIG
  EPNG
  Mojave
  Cheyenne Plains
                                                                            3
Natural Gas Production
                              7
                                                        Projected
                              6                                            Intermountain West
T rillio n C u b ic F e e t




                              5
                                                                                     Gulf Coast
                              4
                              3                                                   Mid-Continent
                              2                                                       Southwest

                              1                                                     Northeast
                                                                                     West Coast
                              0
                                  1990   1995   2000   2005         2010   2015      2020       2025

            Source: Energy Information Administration; Released Jan 2005


                                                                                                       4
Northern Rockies
Net Export Supply vs. Capacity
                                                                           MMcf/d
 6,000                                                                         $2.20

            CIG to Mid-Continent Basis
 5,000      CIG to Henry Hub Basis
                                                                               $1.70
            Pipeline Export Capacity
            Net Supply for Export
 4,000
            Capacity Surplus
                                                                               $1.20

 3,000

                                                                               $0.70
 2,000


                                                                               $0.20
 1,000


    0                                                                         -$0.30
    1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


                                                                                       5
Rocky Mountain Supply
(Volumes are Wellhead – Measured in MMcfd)
10,000

                        Big Horn                      Wind River
 9,000
                        Green River                   Overthrust
 8,000
                        Powder River                  Uinta
 7,000
                        Piceance                      Denver
 6,000

 5,000

 4,000
                                                                                                                  Forecast by 2010:
 3,000
                                                                                                                  High Case 13,000
 2,000                                                                                                            Mid Case 9,500
                                                                                                                  Low Case 7,200
 1,000

    0
    90

           91

                  92

                         93

                                94

                                       95

                                              96

                                                     97

                                                            98

                                                                   99

                                                                          00

                                                                                 01

                                                                                        02

                                                                                               03

                                                                                                      04

                                                                                                             05

                                                                                                                    06

                                                                                                                           07

                                                                                                                                  08

                                                                                                                                         09

                                                                                                                                                10
  19

         19

                19

                       19

                              19

                                     19

                                            19

                                                   19

                                                          19

                                                                 19

                                                                        20

                                                                               20

                                                                                      20

                                                                                             20

                                                                                                    20

                                                                                                           20

                                                                                                                  20

                                                                                                                         20

                                                                                                                                20

                                                                                                                                       20

                                                                                                                                              20
                                                   1990-2002: Wellhead total data from IHS database
                                                   2003: Estimate
                                                                                                                                                     6
                                                   2004-2010: CIG forecast
Rocky Mountain Region Production vs.
Local Demand*
                                                                                  MMcf/d
9,000
8,000
7,000
6,000
                                             Incremental 1,749
5,000                                                                                    6,392
                                            MMcf/d of supply used
4,000                        4,643               for exports
3,000
2,000
1,000                                                   1674                      1712
                                  1,617         1628                1623   1652
                     1591

      0
      2003          2004         2005           2006   2007     2008       2009   2010

                                Rocky Mtn. Production      Local Demand
Source: El Paso; * Local Demand is CO, UT, WY


                                                                                            7
Northern Rockies Export Capacity
  with Recent Expansions*        East
                                                                       Trailblazer           850
                                                                       KMI                   400
  Approximately 6.2 Bcf/d
                                                           265         CIG*                  330
                                                                       C. Plains**           730
                                                                       Southern Star         180
                            650
                                                                       WBI                   265
                                                                       Total               2,755
        West
NWP North         650
NWP South         360
                                                                                     850
Kern            2,000
                                                                                   400
TransColorado     435               360                                      180
Total           3,445                                              330 730
                        2,000
                                                  435




                   * Excludes capacity from Raton
                                                                                              8
                   ** Includes 2005 power-up expansion of 170 MDth/d
Cheyenne Basis to Henry Hub
versus Export Load Factors
                                                                                Jan 1995 – July 2005
                       3.50


                       3.00

                                    Historical Relationship
                       2.50
                                       Load Factor ~83%
                                     HH Hub Basis ~ $0.53
   Dollars per MMBtu




                       2.00


                       1.50


                       1.00


                       0.50


                       0.00
                          60.0%   65.0%     70.0%       75.0%   80.0%   85.0%   90.0%   95.0%   100.0%
                       -0.50

Source: El Paso

                                                                                                         9
Cheyenne to Henry Hub Basis
                      2.00
                                         Time Period        HH - Chy
                                         1999 – Present      $0.74
                                         Over 2004           $0.64
                                         Since Chy Plains    $0.57
                      1.50               Forecast            $0.54
  Dollars per MMBtu




                      1.00




                      0.50




                      0.00




                      -0.50
                      Se 4
                      M4




                                5
                              04




                              05
                               4




                               4




                               5
                              04




                               4




                              05




                               5
                              04

                               4




                      M5
                               5
                              04




                               4
                               4
                             -0
                             -0




                             -0
                            -0




                            -0
                           l-0




                           l-0
                            -0




                              0

                            -0
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                            -0
                          n-




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                          n-




                          n-
                         b-




                         b-
                         p-
                        ug
                         pr




                         pr
                        ay




                        ay
                        ov
                        ar




                        ar
                        ct




                        ec
                       Ju




                       Ju
                      Ju




                      Ju
                      Ja




                      Ja
                      Fe




                      Fe
                      A




                      A
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                      M




                      M
                      A




                      N

                      D




                              HH - CHY
Source: El Paso

                                                                       10
Rockies Supply vs.
Regional Export Capacity
                                                                                             MMcf/d
 8,000
                            Cheyenne Plains
                             170 expansion
          Cheyenne Plains
 7,000     560 expansion

                                                                                       Incremental
                                                                                         1,203 of
 6,000                                                                                Supply Growth
         100% LF
          90% LF                               Supply Available for Export
 5,000
         85% LF

                                                      Expansion needed:
 4,000
                                                       Q2, 2006 if 85% LF

 3,000                                                 Q2, 2007 if 90% LF

                                                      Q3, 2011 if 100% LF
 2,000
       2003 2004     2005       2006    2007   2008    2009    2010         2011   2012   2013        2014
Source: El Paso

                                                                                                        11
El Paso Track Record
Recent and Future Rockies Expansions
  Expansion Projects                                Capacity (Mdth)                  In Service
                                                      (Contracted Volumes)
  Raton Basin
            Raton Phase I                                      11                     Dec 1994
            Campo Lateral                                      81                     Sep 1998
            Raton Phase II                                    120                     Sep 2001
            Raton Phase III                                    45                     Sep 2002
            Raton Phase IV                                    105                     Oct 2005
  Power River
            Medicine Bow                                      260                     Dec 1999
            Medicine Bow II                                   120                     Aug 2000
            Medicine Bow Loop                                 655                     Dec 2001
  Uinta Basin
            Uinta Lateral                                     200                     Dec 1992
            Uinta – Kanda Lateral                             300                     Aug 2007
  Piceance Basin
            Parachute Creek Lateral                            37                     Oct 1996
            WIC Piceance                                      350                     Dec 2005
  Green River
            WIC – Overthrust                                  300                     Dec 2006
  Rockies Export
            Cheyenne Plains                                    560                    Dec 2004
            Cheyenne Plains Expansion                          170                    Jan 2006
            Rockies Access Pipeline                           1500                      ~ 2008

                                      Expansion Contracted,                                       12
                                                                 Future Expansions
                  Recent Expansions
                                      Construction Pending
Conclusion

    Gas is precious
►



    Transportation is cheap
►



    Connectivity is priceless
►




                                13
Jim Cleary
President
El Paso Western Pipelines
Rockies Pipeline Infrastructure
Growth
August 3, 2005

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el paso 0803ClearyCOGA

  • 1. Jim Cleary President El Paso Western Pipelines Rockies Pipeline Infrastructure Growth August 3, 2005
  • 2. Cautionary Statement Regarding Forward-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, the successful implementation of the 2003 operational and financial plan; the successful implementation of the settlement related to the western energy crisis; actions by the credit rating agencies; the successful close of financing transactions; our ability to successfully exit the energy trading business; our ability to divest of certain non-core assets; changes in commodity prices for oil, natural gas, and power; general economic and weather conditions in geographic regions or markets served by El Paso Corporation and its affiliates, or where operations of the company and its affiliates are located; the uncertainties associated with governmental regulation; the uncertainties associated with the outcome of governmental investigations; political and currency risks associated with international operations of the company and its affiliates; inability to realize anticipated synergies and cost savings associated with restructurings and divestitures on a timely basis; difficulty in integration of the operations of previously acquired companies, 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. 2
  • 3. El Paso Western Pipelines Big Horn Powder River Wind River Green River Denver-Julesburg Uinta Piceance Anadarko Raton San Juan Permian WIC CIG EPNG Mojave Cheyenne Plains 3
  • 4. Natural Gas Production 7 Projected 6 Intermountain West T rillio n C u b ic F e e t 5 Gulf Coast 4 3 Mid-Continent 2 Southwest 1 Northeast West Coast 0 1990 1995 2000 2005 2010 2015 2020 2025 Source: Energy Information Administration; Released Jan 2005 4
  • 5. Northern Rockies Net Export Supply vs. Capacity MMcf/d 6,000 $2.20 CIG to Mid-Continent Basis 5,000 CIG to Henry Hub Basis $1.70 Pipeline Export Capacity Net Supply for Export 4,000 Capacity Surplus $1.20 3,000 $0.70 2,000 $0.20 1,000 0 -$0.30 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 5
  • 6. Rocky Mountain Supply (Volumes are Wellhead – Measured in MMcfd) 10,000 Big Horn Wind River 9,000 Green River Overthrust 8,000 Powder River Uinta 7,000 Piceance Denver 6,000 5,000 4,000 Forecast by 2010: 3,000 High Case 13,000 2,000 Mid Case 9,500 Low Case 7,200 1,000 0 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 1990-2002: Wellhead total data from IHS database 2003: Estimate 6 2004-2010: CIG forecast
  • 7. Rocky Mountain Region Production vs. Local Demand* MMcf/d 9,000 8,000 7,000 6,000 Incremental 1,749 5,000 6,392 MMcf/d of supply used 4,000 4,643 for exports 3,000 2,000 1,000 1674 1712 1,617 1628 1623 1652 1591 0 2003 2004 2005 2006 2007 2008 2009 2010 Rocky Mtn. Production Local Demand Source: El Paso; * Local Demand is CO, UT, WY 7
  • 8. Northern Rockies Export Capacity with Recent Expansions* East Trailblazer 850 KMI 400 Approximately 6.2 Bcf/d 265 CIG* 330 C. Plains** 730 Southern Star 180 650 WBI 265 Total 2,755 West NWP North 650 NWP South 360 850 Kern 2,000 400 TransColorado 435 360 180 Total 3,445 330 730 2,000 435 * Excludes capacity from Raton 8 ** Includes 2005 power-up expansion of 170 MDth/d
  • 9. Cheyenne Basis to Henry Hub versus Export Load Factors Jan 1995 – July 2005 3.50 3.00 Historical Relationship 2.50 Load Factor ~83% HH Hub Basis ~ $0.53 Dollars per MMBtu 2.00 1.50 1.00 0.50 0.00 60.0% 65.0% 70.0% 75.0% 80.0% 85.0% 90.0% 95.0% 100.0% -0.50 Source: El Paso 9
  • 10. Cheyenne to Henry Hub Basis 2.00 Time Period HH - Chy 1999 – Present $0.74 Over 2004 $0.64 Since Chy Plains $0.57 1.50 Forecast $0.54 Dollars per MMBtu 1.00 0.50 0.00 -0.50 Se 4 M4 5 04 05 4 4 5 04 4 05 5 04 4 M5 5 04 4 4 -0 -0 -0 -0 -0 l-0 l-0 -0 0 -0 -0 -0 -0 n- n- n- n- b- b- p- ug pr pr ay ay ov ar ar ct ec Ju Ju Ju Ju Ja Ja Fe Fe A A O M M A N D HH - CHY Source: El Paso 10
  • 11. Rockies Supply vs. Regional Export Capacity MMcf/d 8,000 Cheyenne Plains 170 expansion Cheyenne Plains 7,000 560 expansion Incremental 1,203 of 6,000 Supply Growth 100% LF 90% LF Supply Available for Export 5,000 85% LF Expansion needed: 4,000 Q2, 2006 if 85% LF 3,000 Q2, 2007 if 90% LF Q3, 2011 if 100% LF 2,000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: El Paso 11
  • 12. El Paso Track Record Recent and Future Rockies Expansions Expansion Projects Capacity (Mdth) In Service (Contracted Volumes) Raton Basin Raton Phase I 11 Dec 1994 Campo Lateral 81 Sep 1998 Raton Phase II 120 Sep 2001 Raton Phase III 45 Sep 2002 Raton Phase IV 105 Oct 2005 Power River Medicine Bow 260 Dec 1999 Medicine Bow II 120 Aug 2000 Medicine Bow Loop 655 Dec 2001 Uinta Basin Uinta Lateral 200 Dec 1992 Uinta – Kanda Lateral 300 Aug 2007 Piceance Basin Parachute Creek Lateral 37 Oct 1996 WIC Piceance 350 Dec 2005 Green River WIC – Overthrust 300 Dec 2006 Rockies Export Cheyenne Plains 560 Dec 2004 Cheyenne Plains Expansion 170 Jan 2006 Rockies Access Pipeline 1500 ~ 2008 Expansion Contracted, 12 Future Expansions Recent Expansions Construction Pending
  • 13. Conclusion Gas is precious ► Transportation is cheap ► Connectivity is priceless ► 13
  • 14. Jim Cleary President El Paso Western Pipelines Rockies Pipeline Infrastructure Growth August 3, 2005