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                                                                    EXHIBIT 99.1

                       REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors and Stockholders of
El Paso Corporation:

     In our opinion, based upon our audits and the report of other auditors, the
accompanying supplemental combined balance sheets and the related supplemental
combined statements of income, stockholders' equity and cash flows present
fairly, in all material respects, the financial position of El Paso Corporation
and its subsidiaries at December 31, 2000 and 1999, and the results of their
operations and their cash flows for each of the three years in the period ended
December 31, 2000, in conformity with accounting principles generally accepted
in the United States of America. In addition, in our opinion, the supplemental
combined financial statement schedule presents fairly, in all material respects,
the information set forth therein when read in conjunction with the related
supplemental combined financial statements. These financial statements and
financial statement schedule are the responsibility of the Company's management;
our responsibility is to express an opinion on these financial statements based
on our audits. We did not audit the financial statements of El Paso CGP
Corporation, (formerly The Coastal Corporation), which statements reflect total
assets of $18,569 million and $15,123 million as of December 31, 2000 and 1999,
respectively, and total revenues of $27,230 million, $16,300 million and $13,910
million for each of the three years in the period ended December 31, 2000. Those
statements were audited by other auditors whose report thereon has been
furnished to us, and our opinion expressed herein, insofar as it relates to the
amounts included for El Paso CGP Corporation, is based solely on the report of
the other auditors. We conducted our audits of these statements in accordance
with auditing standards generally accepted in the United States of America,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits and the report of
other auditors provide a reasonable basis for our opinion.

     As described in Notes 1 and 2, on January 29, 2001, El Paso Corporation
merged with El Paso CGP Corporation in a transaction accounted for as a pooling
of interests. The supplemental combined financial statements give retroactive
effect of the merger of El Paso Corporation with El Paso CGP Corporation.
Accounting principles generally accepted in the United States of America
proscribe giving effect to a consummated business combination accounted for by
the pooling of interests method in financial statements that do not include the
date of consummation. These financial statements do not extend through the date
of consummation; however, they will become the historical consolidated financial
statements of El Paso Corporation and its subsidiaries after financial
statements covering the date of consummation of the business combination are
issued.

/s/ PRICEWATERHOUSECOOPERS LLP

Houston, Texas
March 22, 2001