UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
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El Paso Corporation
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[COMPANY LOGO]
NEWS
For Immediate Release
EL PASO CORPORATION SUBSIDIARIES AND CALIFORNIA PARTIES FILE STRUCTURAL
SETTLEMENT TO RESOLVE CLAIMS RELATING TO WESTERN ENERGY CRISIS
HOUSTON, TEXAS, JUNE 4, 2003--El Paso Corporation (NYSE:EP) today announced
that its subsidiaries El Paso Natural Gas Company, El Paso Merchant Energy
Company, and El Paso Merchant Energy - Gas, L.P., together with the Public
Utilities Commission of the State of California, Southern California Edison
Company, Pacific Gas & Electric Company, and the City of Los Angeles, filed
with the Federal Energy Regulatory Commission for approval of a Structural
Settlement reached among them in complete resolution of Chief Judge Curtis
Wagner's decisions of October 9, 2001 and September 23, 2002 relating to
the energy crisis in the Western United States.
The Structural Settlement is one part of an overall settlement between El
Paso Corporation and numerous public and private parties in California,
Nevada, Oregon, and Washington to resolve claims that El Paso's actions
caused the prices of natural gas and electricity to increase in the Western
United States. The remaining portions of the settlement are in final stages
of preparation. The company expects that all related documents will be
approved by the parties and executed within the next two weeks.
"El Paso and the other parties have worked night and day to resolve their
differences in these complicated proceedings, and the filing of the
Structural Settlement is the first critical step to put these issues to
rest so that El Paso and its stakeholders can move forward with certainty,"
said Ronald L. Kuehn, Jr., chairman and chief executive officer of El Paso
Corporation. "We hope that the Federal Energy Regulatory Commission will
promptly review the settlement and approve it as being in the public
interest."
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 pipelines, production, and midstream services. Rich in assets, El Paso
is committed to developing and delivering new energy supplies and to
meeting the growing demand for new energy infrastructure. 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. 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
release, including, without limitation, our ability to attract and retain
qualified members of the Board of Directors; the successful recruitment and
retention of a qualified CEO; the successful implementation of the 2003
operational and financial plan; the successful implementation of the
settlement related to the Western Energy Crisis; material and adverse
impacts from our proxy contest with Selim Zilkha/Oscar Wyatt; 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;
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.
ADDITIONAL IMPORTANT INFORMATION
To the extent that individual customers, independent industry researchers,
financial analysts, or El Paso commissioned research are quoted in this
document, 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.
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