Mark Leland, Executive Vice President and CFO of El Paso Corporation, presented at the AGA Financial Forum on April 30, 2007. El Paso provides natural gas and related energy products in a safe, efficient, and dependable manner. El Paso's pipeline group has an unparalleled market presence and excellent expansion opportunities that will drive visible 4-6% EBITDA growth. The presentation highlighted El Paso's pipeline assets and growth projects, including opportunities in LNG and its strategy to form a master limited partnership for its pipeline business.
1. a meaningful company
doing meaningful work
delivering meaningful results
Mark Leland
Executive Vice President and
Chief Financial Officer
AGA Financial Forum
April 30, 2007
2. Cautionary Statement Regarding
Forward-looking Statements
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits oil and gas
companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual
production or conclusive formation tests to be economically and legally producible under existing economic and operating
conditions. We use certain terms in this presentation, such as net risked resource, that the SEC. U.S. Investors are urged
to consider closely the disclosures regarding proved reserves in this presentation and the disclosures that will be
contained in our Form 10-K for the year ended December 31, 2006, File No. 001-14365, available from by writing; Investor
Relations, El Paso Corporation, 1001 Louisiana St., Houston, TX 77002. You can also obtain this form from the SEC by
calling 1-800-SEC-0330. 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. Forward-looking statements include
statements regarding our plans for 2007 and our expected financial and operating results for 2007, as well as other
statements regarding matters other than historical fact. 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; 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
create, market and operate a master limited partnership and complete related financing transactions; changes in
commodity prices for oil, natural gas, and LNG; 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; 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. Defining Our Purpose
El Paso Corporation provides
natural gas and related energy
products in a safe, efficient, and
dependable manner
3
4. Creating a New Culture
the place to work
the neighbor to have
the company to own
4
6. El Paso Pipeline System
Tennessee
Wyoming Gas Pipeline
Interstate
Colorado
Interstate Gas
Cheyenne
Plains Pipeline
Mojave
Pipeline Southern
Natural Gas
Elba Island
El Paso LNG
Natural Gas
Mexico Florida Gas
Ventures Transmission (50%)
• 19% of total U.S. interstate pipeline mileage
• 23 Bcf/d capacity (16% of total U.S.)
• 16 Bcf/d throughput (28% of gas delivered to U.S. consumers)
6
7. Pipeline Group—What Sets Us Apart
• Best market presence
– Market centers
– Connectivity
• Best access to supply
– Gulf of Mexico
– LNG
– Rockies
• Disciplined growth
• Excellent project execution
7
8. Pipelines Well Aligned With
Demand & Supply Growth
2005–2015 Growth in Bcf/d
Canadian
LNG
+0.9
Rockies
Supply
Northeast
+3.8
Demand
+2.1
Southwest
Demand
+1.5
Elba
Southeast
LNG
Demand
+1.4
+4.9
Mexico
LNG Gulf of
+2.5 Mexico LNG
Mexico
+6.8
Demand
+2.6
8
Source: El Paso Corporation
9. Significant Connectivity
VT
ID
SD
NH
WY NE
Boston
MA
NY
RI
CT
Denver
UT New York
NJ
CO PA
• 63 supply meters in the Rockies
• 110 delivery meters along the Front Range • 97 delivery meters into 26 LDCs
UT
NV SC
Atlanta
Birmingham
CA AZ NM
Phoenix
GA
AL
FL
• 344 delivery meters in Arizona • 155 delivery meters into Alagasco and AGL
9
10. Organic Growth Opportunity:
Superior Supply Connectivity
Big Horn
Wind River Powder River
Green River
Denver-Julesburg
Uinta
Piceance
San Juan
Raton Anadarko
Permian
WIC
CIG
EPNG
Mojave
Cheyenne Plains
10
11. LNG Opportunities
Elba Island
LNG
$1.2 billion of
LNG-related
projects
El Paso has 28% of
Gulf of Mexico
takeaway capacity
Existing Terminal
Certificated Terminal
11
12. Value Added Projects
More than $2 billion of committed growth TGP Essex-
Middlesex
TGP NE ConneXion
$47 MM
New England
WIC Kanda Lateral November 2007
$103 MM
$141 MM 82 MMcf/d
November 2007
WIC Medicine Bow
2008 136 MMcf/d
Expansion—2008
January 2008
$18 MM
Up to 410 MMcf/d
July 2008
205 MMcf/d
CIG High Plains Pipeline
$145 MM (50%) CP Shell Expansion
December 2008/July 2009 $21 MM
965 MMcf/d April 2008
70 MMcf/d
SNG Elba Expansion III
CIG Raton Expansion & Elba Express
SESH Interest
$12 MM $930 MM
$170 MM
December 2007 2010–2012
June 2008/October 2010
29 MMcf/d 8.4 Bcf / 900 MMcfd
137 MMcf/d/ 490 MMcf/d
EPNG
Mexico Lateral Loop TGP Carthage
$36 MM Expansion SNG Cypress Phase I / II
November 2008 $35 MM $255 MM/$19 MM
127 MMcf/d May 2009 May 2007/May 2008
100 MMcf/d 220 MMcf/d/116 MMcf/d
Mexico JV—LPG
TGP
Reynosa SNG South System III
Eugene Island 371
$53 MM (50%) $133 MM–$286 MM
$33 MM
July 2007 Oct 2010–Apr 2012
September 2007
30,000 Bbl/d 245 MMcf/d–367 MMcf/d
200 MMcf/d
FGT Phase VII
TGP
$63 MM
LA Deepwater Link
May 2007
$55 MM
60 MMcf/d
July 2007
FERC Certificated/ Under Construction 850 MMcf/d
Signed PA’s Expected PA’s
Strong Positions
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13. Pipeline Valuations
• Valuations are increasing
• Most M&A in 10x – 12x EBITDA range
– Including ANR
• MLP creates additional opportunities
– Lower cost of capital
– Valuation
13
14. El Paso MLP Strategy
• Targeting fourth quarter 2007 for pipeline MLP
• $500 MM asset value
• El Paso pipelines are ideal MLP assets
– Stable cash flow
– Visible organic growth
• Tax treatment will dictate ultimate potential
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16. Revenue Stability
$2,500
$2,250
$2,000
2006 Revenue
$1,750
($ Millions)
$1,500
$1,250
$1,000 82%
$750
$500
91%
62%
$250 91% 94%
94%
$0
Total TGP SNG EPNG CIG FGT
Demand Revenue (% of total Revenue)
Demand as a % of total revenue increases over time
16
17. Contractual Certainty
As of January 1, 2007
(Thousands of Dth/d)
47%
13,000
10,026
12,000
11,000
10,000
9,000
8,000
7,000
6,000
14%
5,000 14%
3,545
10%
3,524
4,000 8%
2,698 7%
3,000 2,186
1,773
2,000
1,000
0
2007 2008 2009 2010 2011 Beyond
Average remaining contract term: 5.4 years
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18. a meaningful company
doing meaningful work
delivering meaningful results
Mark Leland
Executive Vice President and
Chief Financial Officer
AGA Financial Forum
April 30, 2007
