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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by
Rule14a-6(e)(2))
[ ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[X] Soliciting Material Pursuant to Rule 14a-12
EL PASO CORPORATION
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(Name of Registrant as Specified in its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
(1) Title of each class of securities to which transaction applies:
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(2) Aggregate number of securities to which transaction applies:
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(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which
the filing fee is calculated and state how it was determined):
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(4) Proposed maximum aggregate value of transaction:
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(5) Total fee paid:
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[ ] Fee paid previously with preliminary materials:
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
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(2) Form, Schedule or Registration Statement No.:
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(3) Filing Party:
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(4) Date Filed:
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EL PASO CORPORATION ANNOUNCES
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40 PERCENT OF 2003 PLANNED ASSET SALES HAVE BEEN CLOSED OR ARE
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UNDER CONTRACT
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HOUSTON, TEXAS, MARCH 3, 2003--El Paso Corporation (NYSE:EP) today
announced the completion of two additional transactions that result in
a total of $1.35 billion of asset sales that have been completed or
announced since January 1 of this year. This total represents
approximately 40 percent of the company's recently expanded asset
sales goal of $3.4 billion for calendar year 2003. The sales of these
assets support El Paso's previously announced 2003 five-point business
plan, which includes exiting non-core businesses quickly but
prudently, and strengthening and simplifying the balance sheet while
maximizing liquidity.
El Paso received $289 million for Valero Energy Corporation's
(NYSE:VLO) purchase of El Paso's Corpus Christi refinery and South
Texas refined petroleum product pipeline system and terminal assets.
Valero is exercising a purchase option that was part of a June 2001
lease agreement between the companies.
El Paso Corporation also closed the previously announced sale of
its Florida petroleum terminals and tug and barge operations to
TransMontaigne Inc. (AMEX:TMG) for approximately $155 million. El Paso
acquired these assets through its merger with The Coastal Corporation
in 2001. The Florida petroleum terminal business provides bunker fuel
for the maritime industry and is a major supplier of residual fuel,
diesel, and gasoline throughout Florida.
El Paso Corporation is the leading provider of natural gas
services and the largest pipeline company in North America. The
company has core businesses in production, pipelines, midstream
services, and power. El Paso Corporation, rich in assets and fully
integrated across the natural gas value chain, is committed to
developing new supplies and technologies to deliver energy. For more
information, visit www.elpaso.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
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This release includes forward-looking statements and projections, made
in reliance on the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. El Paso Corporation 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 release, including, without limitation, the
successful implementation of the Balance Sheet Enhancement Program and the
Strategic Repositioning Plan; the successful implementation of the 2003
operational and financial plan; the successful completion of the plan to
exit non-core businesses; the positive acceptance of the exit plan by the
credit rating agencies; the accounting and financial consequences of the
plan to exit non-core businesses; changes in commodity prices for oil,
natural gas, and power; the uncertainties associated with governmental
regulation; regulatory proceedings, appeals from regulatory proceedings,
and any related litigation, including those related to the pending FERC
proceeding; inability to realize anticipated synergies and cost savings
associated with restructurings on a timely basis; 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
should 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.
ADDITIONAL IMPORTANT INFORMATION
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Prior to its 2003 annual meeting, El Paso will furnish to its
shareholders El Paso's definitive proxy statement relating to this meeting,
together with a WHITE proxy card. Shareholders are strongly advised to read
this proxy statement when it becomes available, as it will contain
important information.
Shareholders will be able to obtain El Paso's proxy statement, any
amendments or supplements to the proxy statement and any other documents
filed by El Paso with the Securities and Exchange Commission for free at
the Internet website maintained by the Securities and Exchange Commission
at www.sec.gov. Copies of the proxy statement and any amendments and
supplements to the proxy statement will also be available for free at El
Paso's Internet Web site at www.elpaso.com or by writing to El Paso
Corporation, Investor Relations, PO Box 2511, Houston, TX 77252. In
addition, copies of the proxy materials may be requested by contacting our
proxy solicitor, MacKenzie Partners, Inc. at (800) 322-2885 Toll-Free or by
email at proxy@mackenziepartners.com.
To the extent that individual customers, independent industry
researchers, financial analysts,or El Paso commissioned research, are
quoted herein, it is El Paso's policy to use reasonable efforts to verify
the source and accuracy of the quote. El Paso has not, however, sought or
obtained the consent of the quoted source to the use of such quote as proxy
soliciting material. This document may contain expressions of opinion and
belief. Except as otherwise expressly attributed to another individual or
entity, these opinions and beliefs are the opinions and beliefs of El Paso.
Information regarding the names, affiliation and interests of
individuals who may be deemed participants in the solicitation of proxies
of El Paso's shareholders is contained in a Schedule 14A filed by El Paso
with the Securities and Exchange Commission on February 18, 2003.
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CONTACTS:
Communications and Government Affairs Investor
Relations
Norma F. Dunn Bruce L. Connery
Senior Vice President Vice President
Office: (713) 420-3750 Office: (713) 420-5855
Fax: (713) 420-3632 Fax: (713) 420-4417