1. El Paso Corporation
Doug Foshee
President & Chief Executive Officer
Raymond James 30th Annual
Institutional Investor Conference
March 10, 2009

2. Cautionary Statement
Regarding Forward-looking Statements
This presentation includes certain forward-looking statements and projections. 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, changes in unaudited and/or unreviewed financial information; our ability to meet our 2009 debt maturities; volatility in, and access to, the
capital markets; our ability to implement and achieve our objectives in our 2009 plan, including achieving our earnings and cash flow targets; the effects of
any changes in accounting rules and guidance; our ability to meet production volume targets in our Exploration and Production segment; our ability to
comply with the covenants in our various financing documents; our ability to obtain necessary governmental approvals for proposed pipeline and E&P
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; actions by the credit rating agencies; the successful close of our financing
transactions; our ability to close asset sales, as well as transactions with partners on one or more of our expansion projects that are included in the plan
on a timely basis; credit and performance risk of our lenders, trading counterparties, customers, vendors and suppliers ;changes in commodity prices and
basis differentials for oil, natural gas, and power; our ability to obtain targeted cost savings in our businesses; inability to realize anticipated synergies
and cost savings on a timely basis or at all; 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, including the risk of a global recession and negative impact on natural gas
demand; the uncertainties associated with governmental regulation; political and currency risks associated with international operations of the company
and its affiliates; 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.
Certain of the production information in this presentation include the production attributable to El Paso’s 49 percent interest in Four Star Oil & Gas
Company (“Four Star”). El Paso’s Supplemental Oil and Gas disclosures, which are included in its Annual Report on Form 10-K, reflect its proportionate
share of the proved reserves of Four Star separate from its consolidated proved reserves. In addition, the proved reserves attributable to its proportionate
share of Four Star represent estimates prepared by El Paso and not those of Four Star.
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 that the SEC's guidelines strictly prohibit us from
including in filings with the SEC. U.S. Investors are urged to consider closely the disclosures regarding proved reserves in this presentation and the
disclosures contained in our Form 10-K for the year ended December 31, 2007, File No. 001-14365, available 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.
Non-GAAP Financial Measures
This presentation includes certain Non-GAAP financial measures as defined in the SEC’s Regulation G. More information on these Non-GAAP financial
measures, including EBIT, EBITDA, and the required reconciliations under Regulation G, are set forth in this presentation or in the appendix hereto. El
Paso defines Resource Potential or Resource Inventory as subsurface volumes of oil and natural gas the company believes may be present and eventually
recoverable. The company utilizes a net, geologic risk mean to represent this estimated ultimate recoverable amount.
2

3. Our Purpose
El Paso Corporation provides
natural gas and related energy
products in a safe, efficient, and
dependable manner
3

4. Our Vision & Values
the place to work
the neighbor to have
the company to own
4

5. Meeting Challenges,
Preserving Opportunities
Today Longer-Term
Raised liquidity to Delivering pipeline
$3.3 billion backlog
On-time, on-budget
Reduced capital
thoughtfully Preserving E&P
inventory
Reviewing capital
and financing options Improving credit
continuously metrics
5

6. 2009 Financial Targets
$ Billions, Except EPS
EPS*: $0.85–$1.05
EBIT* total: $2.0–$2.3
Pipelines: $1.4; E&P: $0.8–$0.9
EBITDA*: $3.1–$3.3
Pipelines: $1.8; E&P: $1.4–$1.6
Cash flow from operations: $1.7–$2.0
Capex: $2.7–$3.1
Pipelines: $1.7; E&P: $0.9–$1.3
Note: 2009 Plan assumes natural gas price of $5.00 per MMBtu (NYMEX) and oil prices of $40.00 per Bbl (WTI)
6
*Excludes MTM changes on hedge derivatives and includes cash proceeds on settlements based on Plan prices

7. Substantial Increase in Liquidity
$ Billions
$3.3
$2.5
$2.2 $1.9
$1.9
$1.2
$1.0
$1.2
$1.4
$1.3
$1.2
$0.7
Sep. 30, Dec. 31, Jan. 31, Feb. 28,
2008 2008 2009 2009
Bank Lines Cash
7

8. Liquidity Outlook
$ Billions
$0.2
$0.9
$1.9
$0.2
$2.7–
$1.1 $3.1
$2.2 $1.2–
$1.6
E&P Capex
12/31/08 YTD Net OCF Remaining May Dividends Capex YE
Financings Asset Maturity & Minority Liquidity
& Asset Sales Interest
Sales
Ample liquidity for 2009
Note: Forecast assumes most of $500 MM LC facility replaced and EPEP $300 MM facility renewed 8

9. Premier Pipeline Franchise
Tennessee
Wyoming Gas Pipeline
Colorado
Interstate
Interstate Gas
Cheyenne
Mojave
Plains Pipeline
Pipeline
Southern
Natural Gas
Elba Island
El Paso
LNG
Natural Gas
Mexico
Gulf LNG Florida Gas
Ventures
Transmission (50%)
(50%)
19% of total U.S. interstate pipeline mileage
26 Bcf/d capacity (15% of total U.S.)
19 Bcf/d throughput (30% of gas delivered to U.S. consumers)
Source: El Paso Corporation 2008 data
Note: Includes El Paso Corporation and El Paso Pipeline Partners, L.P. 9

10. Committed Growth Backlog:
Large, Profitable
~$8 billion capex; construct at 7x run rate EBITDA
Ruby Pipeline
$3 Billion TGP Concord
TGP 300 Line Project
2011 $21 MM
$750 MM
1.3–1.5 Bcf/d Nov 2009
2011 30 MMcf/d
290 MMcf/d
WIC System Expansion
$71 MM
2010–2011 Elba Expansion III & Elba
320 MMcf/d Express
CIG Totem Storage
$1.1 Billion
$154 MM (100%)
2010–2014
WIC Piceance Lateral July 2009
8.4 Bcf / 0.9 Bcf/d & 1.2 Bcf/d
$62 MM 200 MMcf/d
4Q 2009
220 MMcf/d
SNG Cypress Phase III
$86 MM
2011
CIG Raton 2010
160 MMcf/d
Expansion
$146 MM
2Q 2010
SNG South System III/
TGP Carthage
130 MMcf/d
SESH Phase II
Expansion
$352 MM / $69 MM
$39 MM
2011–2012
May 2009
Gulf LNG 370 MMcf/d / 350 MMcf/d
100 MMcf/d
$1+ Billion (100%)
2011
El Paso Pipeline Partners, LP FGT Phase VIII
6.6 Bcf / 1.3 Bcf/d
Expansion
$2.4 Billion (100%)
El Paso Pipeline 2011
800 MMcf/d
Note: As of February 26, 2009; El Paso Pipeline Partners owns 25% of SNG & 40% of CIG 10

11. Financing the Pipeline Backlog
$ Billions
$1.3
$7.8
$1.0
$1.3
$2.4
$1.8
Backlog Spent to Date 2009 Funded Remaining 2010-2013
Gulf LNG/
Expected FGT Capital Ruby Remaining
Financing Backlog
Backlog expected to generate
$1.2 billion of incremental EBITDA*
*EBITDA run-rate on proportional basis 11

12. Construction Risk Management
El Paso Capital
($ Billions) Steel Construction
Elba Expansion Fixed-Price EPC Contract
$ 1.1
Elba Express Fixed Unit-Priced
Gulf LNG (50%) Fixed-Price EPC Contract
$ 0.5
Ruby Fixed Incentive-Based
$ 3.0
FGT Phase VIII (50%) Fixed Unit-Priced
$ 1.2
TGP 300 Line Fixed Negotiating
$ 0.8
Backlog has been significantly de-risked
12

13. Pipeline Outlook
Stability from demand-based revenues
Highly focused on execution of project backlog
Significant risk mitigation in place
Committed to grow El Paso Pipeline Partners
$3.0 B NOL offsets potential gains on drop downs
Selectively review future opportunities
Mitigate potential financing and steel costs
13

14. Top 10 Domestic Independent
Nile Delta
Brazil
Egypt
Rio de
Janeiro
Brazil Egypt
2 significant development Onshore conventional
projects exploration
Additional exploration 1.05 MM net acres
potential First drilling January 09
Domestic
Low to medium-risk repeatable
plays
98% drilling success rate
Growing unconventional inventory
Note: Based on 2008 data except Egypt acres include January 2009 transaction with RWE 14

15. Exploration & Production
Significant progress in 2008
595 Bcfe of reserves adds in 20081
195% domestic reserve replacement ratio2
27% inventory growth in 2008
$0.9 B–$1.3 B capital for 2009
Focused on: value creation, inventory preservation,
low-risk programs
Highly flexible capital plan
725–815 MMcfe/d production3
1Prior to revisions; does not include Four Star
2Prior to price-related revisions; does not include Four Star
3 Includes Four Star
15

16. Improving Domestic Reserve Metrics
Reserve Replacement Costs Reserve Replacement Ratio
(RRC, $/Mcfe) (RRR)
255%
$3.26
$3.92
195%
$3.22
$2.87 129%
109%
2006 2007 2008 2006 2007 2008
Reflects acquisitions
Note: 2008 RRC and RRR do not include price revisions. Prior years RRC and RRR include proved reserves
additions, acquisitions, price, and performance revisions. Results do not include Four Star 16

17. 2009 Capital Program
Focused on Lower-Risk Programs
$0.9 billion–$1.3 billion
Capital Spending ($ MM)
capital program
Flexible capital program $1,742
focusing on value creation
$1,300
Increased focus on low-risk
programs with significant
inventory and repeatability
Haynesville
Cotton Valley Horizontal
Altamont Oil
2008 2009
Black Warrior CBM
International completing Central Western TGC
development of Camarupim GOM Intl Acq.
17

18. Preserving Significant Resource
Inventory*
Additional shale gas potential (Raton, Haynesville)
Upside
International exploration success
Potential
3.5 Tcfe 6.6 Tcfe unrisked non-proved resources
Risked
2.8 Tcfe risked unconventional and low risk
Unproved
Infill drilling (Raton CBM, Altamont oil)
Inventory
Heavily weighted to U.S. Onshore (75%)
2.5 Tcfe
Proved 645 Bcfe Proved Undeveloped Reserves
Reserves R/P of 8.6
* As of 12/31/08 and includes interest in Four Star 18

19. Raton Basin: CBM
Production
CO
(MMcfe/d)
Vermejo Park Ranch
76
75
76
NM
2006 2007 2008
Key Plays Upside
Vermejo & Raton Coals 80-acre CBM in-fills
Depth of 2,000' – 2,500’ Cost reductions
2008 Production: 76 MMcfe/d 606 M net fee and
mineral acres
R/P of 20.5 years
19

20. Altamont
Production
WY
(MMcfe/d)
UT
20% CAGR before
2008 acquisition
Altamont-Bluebell
32
26
22
2006 2007 2008
Key Plays—Wasatch, Upside
Green River Workovers and recompletions
Depth of 9,000' – 14,000’ Infill
2008 Production: 32 MMcfe/d Secondary recovery
20

21. Arklatex
Production
AK (MMcfe/d)
12% CAGR
Vacherie Dome/
Bear Creek
152
TX 136
Minden/SE
122
Brachfield
LA
Holly/Bethany 2006 2007 2008
Longstreet/Logansport
Key Plays—Hosston/Cotton Upside
Valley, Haynesville Horizontal Cotton Valley
Depth of 7,500' – 12,800’ Haynesville
2008 Production: 152 MMcfe/d Infill drilling
R/P of 10 years
21

22. Improving Results in Arklatex Program
Haynesville Shale
(currently producing 27 MMcfe/d
as of February 21, 2009)
120 4,000
4 Wells Producing IP (MMcfe/d)
3,500
Spud to First Sales (Days)
100
Miller Land Co 10H #1 4.5 3,000
80
Travis Lynch GU #4-H 8.0
$/Lateral Ft.
2,500
RF Gamble 24H #1 14.6 60 2,000
Blake 10H #1 20.3 1,500
40
1,000
20
2009 Activity 500
Spud in March: Hamilton 12H #1 and 0 0
Miller Travis R.F. Blake
Annette Green 22H #1 Land Co. Lynch Gamble 10H #1
10H #1 GU #4-H 24H #1
J R Gamble will TD in March with
first sales in April Drilling Completion $/Lateral Ft.
2–4 rigs running during 2009
22

23. Brazil to Become a
Meaningful Contributor
Pinaúna (100%)
15–20 MBOE/d peak production
Environmental permitting has
slowed pace
Brazil
Copaiba Well (18%)
Drilled, testing and currently evaluating
Rio de
Janeiro
Camarupim (24%)
50-60 MMcfe/d peak rate
Tot Well (35%)
First production 2Q 2009
Drilled and
currently
evaluating
23

24. E&P Outlook
2009 capital program focused on
low-risk, value-adding programs
Plan is highly flexible
Capital pace slowed while seeking to
capture lower service costs
Preserving inventory while advancing
key programs
24

25. 2009 Hedge Positions
Full-Year 2009
151 TBtu
Ceiling Average cap $14.97/MMBtu
8 TBtu
143 TBtu
168 TBtu
2009 Gas $7.33
$15.41
$9.10
fixed price
ceiling
floor
176 TBtu Balance at
Floor
Average floor $9.02/MMBtu
Market Price
1.5 MMBbls
2009 Oil1 $45.00
fixed price
~75% of domestic natural gas2; gas hedges valued at $730 MM as of 12/31/08
$110/Bbl oil swaps monetized for $186 MM
Note: See full Production-related Derivative Schedule in Appendix
1Reflects positions after monetization of oil swaps
25
2Includes proportionate share of Four Star equity volumes

26. 2010 Hedge Positions
Positions as of March 3, 2009
45 TBtu
Ceiling Average cap $7.88/MMBtu
41.7 TBtu 19.8 TBtu 24.7 TBtu Balance at
2010 Gas $7.00 $9.45 $6.61 Market Price
floor ceiling fixed price
Floor 66 TBtu
Average floor $6.86/MMBtu
Note: See full Production-related Derivative Schedule in Appendix
Production-
26

27. Focus Going Forward
Execute on committed pipeline backlog
On time/budget
Majority of capital risk has been mitigated
Create value at E&P
Flexible capital expenditures
Preserve inventory of opportunities
Ensure adequate liquidity
27

28. El Paso Corporation
Doug Foshee
President & Chief Executive Officer
Raymond James 30th Annual
Institutional Investor Conference
March 10, 2009

29. Appendix
29

30. Disclosure of Non-GAAP
Financial Measures
The SEC’s Regulation G applies to any public disclosure or release of material information that includes a non-GAAP financial measure. In the event of
such a disclosure or release, Regulation G requires (i) the presentation of the most directly comparable financial measure calculated and presented in
accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly
comparable financial measure calculated and presented in accordance with GAAP. The required presentations and reconciliations are attached.
Additional detail regarding non-GAAP financial measures can be reviewed in El Paso’s full operating statistics, which will be posted at
www.elpaso.com in the Investors section.
El Paso uses the non-GAAP financial measure “earnings before interest expense and income taxes” or “EBIT” to assess the operating results and
effectiveness of the company and its business segments. The company defines EBIT as net income (loss) adjusted for (i) items that do not impact its
income (loss) from continuing operations, such as extraordinary items and discontinued operations; (ii) income taxes; and (iii) interest and debt
expense. The company excludes interest and debt expense so that investors may evaluate the company’s operating results without regard to its
financing methods or capital structure. EBITDA is defined as EBIT excluding depreciation, depletion and amortization. El Paso’s business operations
consist of both consolidated businesses as well as investments in unconsolidated affiliates. As a result, the company believes that EBIT, which
includes the results of both these consolidated and unconsolidated operations, is useful to its investors because it allows them to evaluate more
effectively the performance of all of El Paso’s businesses and investments. Adjusted EBITDA is defined as EBITDA including the proportional share of
EBITDA less our recorded equity earnings from our equity investments in Citrus and Four Star. The company believes that adjusted EBITDA is useful
to its investors because it allows them to evaluate more effectively the performance of our businesses regardless of the type of ownership structure.
Exploration and Production per-unit total cash costs or cash operating costs equal total operating expenses less DD&A, cost of products and services,
transportation costs, and ceiling test charges divided by total production. It is a valuable measure of operating efficiency. For 2008, Adjusted EPS is
earnings per share from continuing operations excluding the gain or loss related to the change in fair value of an indemnification from the sale of an
ammonia plant in 2005, the gain related to an adjustment of the liability for indemnification of medical benefits for retirees of the Case Corporation, the
gain related to the disposition of a portion of the company’s investment in its telecommunications business, changes in fair value of power contracts,
changes in fair value of the production-related derivatives in Marketing, impact of mark-to-market E&P derivatives, ceiling test charges and Four Star
impairment, other legacy litigation adjustments, legal restructuring benefit, and the effect of the change in the number of diluted shares. For 2007,
Adjusted EPS is earnings per share from continuing operations excluding changes in fair value of production-related derivatives in Marketing, the loss
related to Brazilian power impairments, the gain related to the crude oil trading liability, changes in the fair value of power contracts, the loss related to
an adjustment of the liability for indemnification of medical benefits for retirees of the Case Corporation, debt repurchase costs, and the effect of the
change in the number of diluted shares. Adjusted EPS is useful in analyzing the company’s on-going earnings potential.
El Paso believes that the non-GAAP financial measures described above are also useful to investors because these measurements are used by many
companies in the industry as a measurement of operating and financial performance and are commonly employed by financial analysts and others to
evaluate the operating and financial performance of the company and its business segments and to compare the operating and financial performance
of the company and its business segments with the performance of other companies within the industry.
These non-GAAP financial measures may not be comparable to similarly titled measurements used by other companies and should not be used as a
substitute for net income, earnings per share or other GAAP operating measurements.
30

31. 31

32. 32

33. Committed Projects In-Service Timeline
$ Billions 2009 2010 2011 & Beyond
WIC Piceance Elba III Phase A Ruby
TGP Carthage Elba Express WIC System Expansion
TGP Concord CIG Raton 2010 TGP 300 Line Project
CIG Totem (50%) FGT Phase VIII (50%)
Gulf LNG (50%)
Elba III Phase B
SNG South System III
SNG SESH Phase II
Cypress III
Net project cost $0.2 $1.1 $6.5
Note: $ in each column represents total costs for each project, shown in year placed in service (actual spend over
multiple years). WIC is owned by El Paso Pipeline Partners 33

34. YE 2008 Reserves
Bcfe
582 Approx.
3.0 Tcfe at
$7/$70
299
2851
5602
3,109 2,547
YE 2007 Extensions & Production Purchases & Revisions YE 2008
Discoveries Sales
Commodity Prices Henry Hub WTI
YE07 $6.80/MMbtu $95.98/Bbl
YE08 $5.71/MMbtu $44.60/Bbl
Note: Includes proportionate share of Four Star equity volumes
1Includes (303) Bcfe of sales and 18 Bcfe of acquisitions
34
2Includes (490) Bcfe of price-related revisions and (70) Bcfe of performance-related revisions

35. Production-Related Derivatives Schedule
2009 2010 2011–2012
Notional Avg. Hedge Notional Avg. Hedge Notional Avg. Hedge
Volume Price Volume Price Volume Price
Natural Gas (TBtu) ($/MMBtu) (TBtu) ($/MMBtu) (TBtu) ($/MMBtu)
Economic—EPEP
Fixed price—Legacy 4.6 $ 3.56 4.6 $3.70 6.8 $3.88
Fixed price 3.6 $12.06 20.1 $7.28
Ceiling 142.9 $15.41 19.8 9.45
Floor 167.7 $ 9.10 41.7 $7.00
Avg. ceiling 151.1 $14.97 44.5 $7.88 6.8 $3.88
Avg. floor 175.9 $ 9.02 66.4 $6.86 6.8 $3.88
2009
Notional Avg. Hedge
Volume Price
Crude Oil (MMBbls) ($/Bbl)
Economic—EPEP
Fixed price 1.50 $45.00
35
Note: Positions are as of March 3, 2009 (Contract months: Jan 2009–Forward)

36. Reserves Update
(Bcfe) Int’l Subtotal Four Star Total E&P
Domestic
1/1/08 2,606 247 2,853 256 3,109
Production (268) (4) (272) (27) (299)
Extensions & Discoveries 577 – 577 5 582
Purchases 18 – 18 – 18
Sales (303) – (303) – (303)
Price Revisions (299) (177) (476) (14) (490)
Perform. Revisions (72) – (72) 2 (70)
12/31/08 2,259 66 2,325 222 2,547
36

37. Non-GAAP Reconciliation
2009 EBIT & EBITDA
$ Billions, Except EPS
EBITDA 3.1–3.3
Less: DD&A 1.0-1.1
EBIT 2.0–2.3
Less: Interest 1.0
Less: Taxes 0.4 – 0.5
Net Income 0.6–0.8
EPS $0.85–$1.05
Note: Numbers may not foot due to rounding 37