1. a meaningful company
doing meaningful work
delivering meaningful results
John Hopper
Vice President and Treasurer
Merrill Lynch
Leveraged Finance Conference
November 13, 2007

2. Cautionary Statement
Regarding Forward-looking Statements
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. 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, changes in unaudited and/or
unreviewed financial information; our ability to implement and achieve our objectives in the 2007 plan, including achieving our debt-reduction targets,
earnings and cash flow targets; changes in reserve estimates based upon internal and third party reserve analyses; the effects of any changes in
accounting rules and guidance; our ability to meet production volume targets in our E&P segment; uncertainties and potential consequences associated
with the outcome of governmental investigations, including, without limitation, those related to the reserve revisions; outcome of litigation; our ability to
comply with the covenants in our various financing documents; 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; actions by the credit rating agencies; the successful close of our financing
transactions; our ability to successfully form, market, and operate a master limited partnership, our ability to successfully exit the energy trading
business; our ability to close our announced asset sales on a timely basis; changes in commodity prices and basis differentials for oil, natural gas, and
power and relevant basis spreads; inability to realize anticipated synergies and cost savings associated with restructurings and divestitures on a timely
basis; 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; 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, 2006, 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
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, discontinued operations, and the impact of accounting changes; (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.
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. Leading Positions in Two Core Businesses
Interstate
Pipelines
Exploration &
Production
5

6. Pipeline Highlights
• Leading franchise
• $2+ billion committed
project inventory
• More opportunities
under development
• Visible 4%–6% EBIT
growth
6

7. El Paso Pipeline System
Premier pipeline franchise
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)
7
Source: El Paso Corporation

8. Changes in Gas Flows
Major Flow Changes 2006–2016
Canada
(Bcf/d)
Declining exports
-2.0
to U.S.
-0.4 0.7
-1.2
-1.0
-0.5
2.8 1.5
3.4 2.9
0.6
4.7
Rockies
Increasing supplies 4.0
leaving region
0.4 1.2
1.4
1.3
5.4 LNG
Expanding current
facilities, Gulf Coast
additions
0.8
8
Source: EEA/ICF International July 2007 Reference Case

9. Continued Throughput Increase
% Increase YTD 2007 vs. YTD 2006
Power loads
TGP 3%
Power loads
7%
SNG
Unchanged
EPNG
Rockies supply,
expansions,
16%
CIG
colder weather
6% overall increase
9

10. Revenue Stability
$2,500
$2,250
$2,000
2006 Revenue
$1,750
($ Millions)
$1,500
$1,250
82%
$1,000
$750
$500
$250 91%
62% 94%
91% 94%
$0
Total TGP SNG EPNG CIG FGT
Demand Revenue (% of Total Revenue)
Demand as a % of total revenue increases over time
10

11. Contractual Certainty
47%
13,000
10,026
12,000
11,000
Thousands of Dth/d
10,000
9,000
8,000
7,000
6,000
14%
14%
5,000
3,545
3,524 10%
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
11
Note: As of 12/31/06 and excludes ANR

12. Advancing $2 Billion of
Committed Growth Projects
$ Millions
2007 2008–2009 2010 & Beyond
In-service: WIC Kanda Lateral SNG SESH Phase II
SNG Cypress Phase I TGP Essex/Middlesex SNG South System III
TGP LA Deepwater Link Cheyenne Plains—Coral Elba Expansion III
& Elba Express
TGP Triple T CIG High Plains Pipeline
& Storage (50%)
CIG Raton Basin
WIC Medicine Bow
TGP Northeast ConneXion
SNG Cypress Phase II
SNG SESH Phase I
In-service by year-end:
LPG Burgos Pipeline (50%) TGP Carthage
$60* $580 $1,440
Total capital
*Projects not yet in-service 12

13. Pipeline Summary
• Pipelines continue to deliver excellent results
• Excellent inventory of committed growth projects
• Favorable macro-environment creating additional
growth opportunities
– Market connectivity
– Supply and LNG-related infrastructure
13

14. Rapidly Improving E&P Business
• Top 10 independent
domestic gas producer
• Balanced portfolio of
opportunities in U.S. and
international
• 5 years of project inventory
• Portfolio upgrade underway
• Successful Brazil exploration
14

15. E&P Geographic Portfolio
2.6 Tcfe proved reserves El Paso E&P:
9-year reserve life Top 10 Independent
Onshore
TGC
65%
16%
R/P: 11
R/P: 6
Brazil Nile
9% Delta
Sinai
Brazil
GOM R/P: 29 Gulf
Egypt of
10% Egypt Suez
Rio de
R/P: 4
Janeiro
15
Note: Reserves (as of 12/31/06) include proportionate share of Four Star equity volumes

16. Production Stability Greatly Improved
% Onshore Production
R/P Increases by 52% More Than Doubles
9.1 50%
52%
127%
6
22%
4Q 2003 3Q 2007
2003 2006
16
Note: 2006 and 2007 data includes interest in Four Star

17. Production on Target
MMcfe/d
848
857
830 820
810
14
14
17 16
23
202 206
182
209
189
202 205
189
182
183
433
422 423
439
415
3Q 2006 4Q 2006 1Q 2007 2Q 2007 3Q 2007
Onshore TGC GOM/SLA International
4Q 2007 estimate 840-850 excluding Peoples
17
Note: Includes proportionate share of Four Star equity volumes

18. Portfolio High-Grading Progress Update
• Peoples acquisition successfully closed
• Integration underway with high level of activity
• U.S. divestiture package to market
– Up to 300 Bcfe proved
– Bids due 4Q 2007 with closing expected 1Q 2008
• Brazil sell-down
– Sell up to 50% non-operated working interest in BM-CAL4
– Bids due 4Q 2007 with closing expected 1H 2008
18

19. Pinaúna Project Update
Pinaúna Field
(BAS-64)
1,350 acres
• Successfully
expanded field
BAS-64
Pinaúna
• Completed drilling
POD BAS-74
BAS-
and testing
-2,380 m OWC
area
BAS-73
• Unrisked resource
potential up to
90 MMBOE
Açaí-1
Cacau-1
-2,420 m OWC Brazil
Camamu
Sergi depth 1 3
km
19

20. Espirito Santo Bia/Camarupim Discovery
• Successfully finished and tested
6-ESS-168 well
Brazil
• Established connectivity to
4-ESS-164A well
Espirito
• Currently drilling 3-ESS-177
Santo
northern appraisal well
m
Petrobras oper WI 65%
m
El Paso WI 35% Petrobras oper WI 65%
El Paso WI 35%
Appraisal well
m
3-ESS-177
Bia discovery
6-ESS-168
Petrobras oper WI 100%
10 km
20

21. E&P Summary
• Production on target
Credibility
• Capital on track and creating value
• Added staff and key leadership
Capability
• Increased drilling activity
• Portfolio and inventory high-grading
Visibility
• Successful Brazil exploration
21

22. 2007 and 2008 Natural Gas
Hedge Program
Positions as of September 30, 2007
(Contract Months October 2007 – Forward)
36 TBtu
Ceiling Average cap $11.25/MMBtu
14 TBtu 22 TBtu 22 TBtu
2007 $8.00 floor/ $7.66 $7.50 floor
$16.89 ceiling fixed price
Floors
58 TBtu
Average floor $7.68/MMBtu
Balance at
Market Price
137 TBtu
Ceiling Average cap $10.06/MMBtu
104 TBtu 33 TBtu
2008 $8.00 floor/ $7.65
$10.82 ceiling fixed price
Floors 137 TBtu
Average floor $7.92/MMBtu
2008 position covers approximately 61% of volumes hedged for all of 2007
22
Note: See full Production-Related Derivative Schedule in Appendix

23. Continued Financing Progress
Interest Expense
Reducing Costs
$941
• Interest expense down 21% vs. 2006
$742
Adding Liquidity
• Upsized EPEP revolver
– $500 MM $1 billion
– Maturity: 2012
• Upsized unsecured L/C facility
– $150 MM $300 MM at 9/30
– $500 MM today
– Maturity: 2009 Sep. 30, Sep. 30,
2006 2007
23

24. Solid Finish to the Year
• 2007 5th consecutive year of improved earnings
• Growth in both businesses
– Organic
– Acquisitions
• Hitting targets
Building platform for sustainable growth
24

25. a meaningful company
doing meaningful work
delivering meaningful results
John Hopper
Vice President and Treasurer
Merrill Lynch
Leveraged Finance Conference
November 13, 2007

26. Appendix
26

27. 27

28. 28

29. Production-Related Derivative Schedule—Fixed Price
2007 2008 2009–2012
Natural Gas Notional Avg. Hedge Notional Avg. Hedge Notional Avg. Hedge
Volume (TBtu) Price ($/MMBtu) Volume (TBtu) Price ($/MMBtu) Volume (TBtu) Price ($/MMBtu)
Designated—EPEP
16.0 $3.74
$ 3.42
4.6
$ 3.35
1.2
Fixed price—Legacy
$ 8.37
21.0
$ 8.00
18.4
Fixed price
$ 10.92
93.3
$ 16.89
13.8
Ceiling
$ 8.00
93.3
$ 8.00
13.8
Floor
Economic—EPEP
$ 8.24
7.3
$ 7.05
2.1
Fixed price
$ 10.00
11.0
Ceiling
$ 8.00
11.0
Floor
Economic—EPM
16.8 $8.75
Ceiling
16.8 $6.00
$ 7.50
22.5
Floor
32.8 $6.30
$ 10.06
137.2
$ 11.25
35.5
Avg. ceiling
32.8 $4.90
$ 7.92
137.2
$ 7.68
58.0
Avg. floor
2007 2008
Crude Oil Notional Avg. Hedge Notional Avg. Hedge
Volume (MMBbls) Price ($/Bbl) Volume (MMBbls) Price ($/Bbl)
Economic—EPEP
$ 35.15
0.05
Fixed price
Economic—EPM
Fixed price
$ 57.03
0.93
$ 58.75
0.24
Ceiling
$ 55.00
0.93
$ 55.00
0.24
Floor
29
Note: Positions are as of September 30, 2007 (contract months: October 2007–forward)

30. Recent Rate Settlements
2004 2005 2006 2007 2008 2009 2010 2011
New Rates
Required
Settled Rates
EPNG
CIG
Rate
SNG
Stability
FGT
TGP
30

31. U.S. Drill Bit Finding & Development Costs
$/Mcfe
F&D competitive given 9-year R/P ratio
6.33
5.87
5.04
4.61
3.93
3.61
3.35
3.16
2.96
2.48
2.22
1.86
1.41
EP
Note: Data is a 2-year weighted average for 2005 and 2006 results
Peers include APA, APC, CHK, DVN, EOG, FST, NBL, NFX, PPP, PXD, XEC & XTO
31