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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. )
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Filed by a Party other than the Registrant [ ]
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[ ] 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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EL PASO PRODUCTION OIL & GAS COMPANY ANNOUNCES SALE OF INTEREST IN ROSA UNIT
HOUSTON, TEXAS, MARCH 11, 2003--El Paso Production Oil & Gas Company, a
unit of El Paso Corporation (NYSE:EP), announced today that it has agreed
to sell its interest in the Rosa Federal Unit located in San Juan and Rio
Arriba Counties, New Mexico to Sacramento Municipal Utility District for
$135 million. The sale consists of El Paso's interest in 275 coal bed
methane and conventional wells with current net production of approximately
16 million cubic feet per day and total proved reserves of 163.4 billion
cubic feet equivalent. The Rosa Unit is operated by Williams Production
Company LLC. The sale is expected to close on or before March 31, 2003.
This sale supports 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.
With this announcement, El Paso has now either closed or announced sales
under contract of approximately $1.5 billion for 2003, approximately 45
percent of the company's asset sales goal of $3.4 billion for calendar year
2003.
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 ability to successfully close financing transactions; the successful
completion of the plan to exit non-core businesses; the actions 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
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.
CONTACTS
Communications and Government Affairs
Norma F. Dunn, Senior Vice President
Office: (713) 420-3750
Fax: (713) 420-3632
Investor Relations
Bruce L. Connery, Vice President
Office: (713) 420-5855
Fax: (713) 420-4417
Alternate Contacts
Joele Frank/Dan Katcher
Joele Frank, Wilkinson Brimmer Katcher
Office: (212) 355-4449
Fax: (212) 355-4554