exv99wa

EXHIBIT 99.A

EL PASO CORPORATION
Operating Statistics
Fourth Quarter 2004

The Operating Statistics have been restated. For restatement of

Historical Financial Statements, see Form 10-K of El Paso Corporation.

Table of Contents


	Page
Consolidated Statements of Income		2

Segment Information		3

Consolidated Operating Results
Consolidated Net Income		4
Consolidated Earnings Before Interest Expense and Income Taxes (EBIT)		5

Business Segment Results

Pipeline Group
Earnings Before Interest Expense and Income Taxes		6
Throughput		7

Non-regulated Group
Earnings Before Interest Expense and Income Taxes		8

Production
Earnings Before Interest Expense and Income Taxes		9
Sales Volumes, Realized Prices and Costs Per Unit		10

Marketing and Trading
Earnings Before Interest Expense and Income Taxes		11
Operating Data		12

Power
Earnings Before Interest Expense and Income Taxes		13
Operating Data		14

Field Services
Earnings Before Interest Expense and Income Taxes		15
Volumes and Rates		16

Other non-regulated
Earnings Before Interest Expense and Income Taxes		17

Schedule of Significant Items		18

EL PASO CORPORATION

CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)

(UNAUDITED)

The Operating Statistics have been restated. For restatement of

Historical Financial Statements, see Form 10-K of El Paso Corporation.


	4th Quarter Ended						Twelve Months Ended
	December 31,						December 31,
	2004			2003			2004			2003
Operating revenues	$	1,364		$	1,557		$	5,874		$	6,668

Operating expenses
Cost of products and services		148			403			1,363			1,818
Operation and maintenance		623			479			1,872			2,005
Loss on long-lived assets		271			397			1,092			860
Western Energy Settlement		—			1			—			104
Ceiling test charges		—			—			—			5
Depreciation, depletion and amortization		280			279			1,088			1,176
Taxes, other than income taxes		56			66			253			295

		1,378			1,625			5,668			6,263


Operating income (loss)		(14	)		(68	)		206			405

Equity earnings and other income (expense)		(248	)		330			649			364


Earnings (loss) before interest expense, income taxes, and other charges		(262	)		262			855			769

Interest and debt expense		378			439			1,607			1,791

Return on preferred interests of consolidated subsidiaries		7			7			25			52


Loss before income taxes		(647	)		(184	)		(777	)		(1,074	)

Income taxes (benefit)		(99	)		(100	)		25			(551	)


Loss from continuing operations		(548	)		(84	)		(802	)		(523	)

Discontinued operations, net of income taxes		4			(201	)		(146	)		(1,396	)

Cumulative effect of accounting changes, net of income taxes		—			—			—			(9	)


Net loss	$	(544	)	$	(285	)	$	(948	)	$	(1,928	)


Diluted earnings (loss) per common share
Loss from continuing operations	$	(0.86	)	$	(0.14	)	$	(1.25	)	$	(0.87	)
Discontinued operations, net of income taxes		0.01			(0.33	)		(0.23	)		(2.34	)
Cumulative effect of accounting changes, net of income taxes		—			—			—			(0.02	)


Net loss per common share	$	(0.85	)	$	(0.47	)	$	(1.48	)	$	(3.23	)


Diluted average common shares outstanding (000’s)		639,320			601,511			638,948			597,051

EL PASO CORPORATION
SEGMENT INFORMATION
(UNAUDITED)



	2004												2003												Year-to-Date
(In millions)	First			Second			Third			Fourth			First			Second			Third			Fourth			2004			2003			2002

Operating revenues
Pipeline Group	$	721		$	617		$	604		$	709		$	753		$	620		$	598		$	676		$	2,651		$	2,647		$	2,610

Non-regulated Group
Production		446			430			400			459			735			568			452			386			1,735			2,141			1,931
Marketing and Trading		(159	)		(141	)		(120	)		(88	)		(388	)		(276	)		82			(53	)		(508	)		(635	)		(1,324	)
Power ⁽¹⁾		207			236			181			171			242			343			323			268			795			1,176			1,672
Field Services		387			428			426			121			558			378			326			267			1,362			1,529			2,029
Other non-regulated ⁽²⁾		43			28			31			28			35			32			29			27			130			123			166
Non-regulated eliminations ⁽²⁾		(78	)		(64	)		(72	)		(51	)		(95	)		(86	)		(86	)		(5	)		(265	)		(272	)		(185	)

Non-regulated Group Total		846			917			846			640			1,087			959			1,126			890			3,249			4,062			4,289
Corporate Group and eliminations ⁽²⁾		(10	)		(10	)		(21	)		15			(12	)		(10	)		(10	)		(9	)		(26	)		(41	)		(18	)

Consolidated total		1,557			1,524			1,429			1,364			1,828			1,569			1,714			1,557			5,874			6,668			6,881


Depreciation, depletion and amortization
Pipeline Group		100			101			104			105			95			101			95			95			410			386			374

Non-regulated Group
Production		140			131			136			141			158			141			136			141			548			576			601
Marketing and Trading		3			3			4			3			7			6			9			3			13			25			11
Power ⁽¹⁾		16			12			14			12			20			27			23			21			54			91			45
Field Services		3			4			3			2			10			8			7			6			12			31			56
Other non-regulated ⁽²⁾		2			2			2			3			11			7			1			3			9			22			29

Non-regulated Group Total		164			152			159			161			206			189			176			174			636			745			742
Corporate Group and eliminations ⁽²⁾		11			10			7			14			11			12			12			10			42			45			43

Consolidated total		275			263			270			280			312			302			283			279			1,088			1,176			1,159


Operating income (loss)
Pipeline Group		348			260			218			303			384			112			267			300			1,129			1,063			788

Non-regulated Group
Production		203			202			147			174			437			308			183			145			726			1,073			803
Marketing and Trading		(175	)		(154	)		(139	)		(94	)		(441	)		(306	)		35			(107	)		(562	)		(819	)		(1,993	)
Power ⁽¹⁾		(188	)		56			(48	)		(228	)		(5	)		68			26			(102	)		(408	)		(13	)		352
Field Services		10			7			(477	)		(5	)		—			(15	)		(8	)		(170	)		(465	)		(193	)		273
Other non-regulated ⁽²⁾		17			(1	)		4			5			(87	)		(417	)		(15	)		(78	)		25			(597	)		(300	)

Non-regulated Group Total		(133	)		110			(513	)		(148	)		(96	)		(362	)		221			(312	)		(684	)		(549	)		(865	)
Corporate Group and eliminations ⁽²⁾		(10	)		—			(60	)		(169	)		(24	)		(22	)		(7	)		(56	)		(239	)		(109	)		(94	)

Consolidated total		205			370			(355	)		(14	)		264			(272	)		481			(68	)		206			405			(171	)


Earnings (loss) before interest expense and income taxes (EBIT)
Pipeline Group		386			308			268			369			429			145			301			359			1,331			1,234			828

Non-regulated Group
Production		204			204			150			176			446			312			185			148			734			1,091			808
Marketing and Trading		(172	)		(152	)		(138	)		(85	)		(434	)		(298	)		28			(105	)		(547	)		(809	)		(1,977	)
Power ⁽¹⁾		(139	)		102			(7	)		(525	)		(196	)		185			67			(84	)		(569	)		(28	)		12
Field Services		36			27			61			(4	)		27			(56	)		32			130			120			133			289
Other non-regulated ⁽²⁾		18			(4	)		5			8			(97	)		(417	)		(14	)		(75	)		27			(603	)		(299	)

Non-regulated Group Total		(53	)		177			71			(430	)		(254	)		(274	)		298			14			(235	)		(216	)		(1,167	)
Corporate Group and eliminations ⁽²⁾		9			13			(62	)		(201	)		(50	)		(98	)		10			(111	)		(241	)		(249	)		(88	)

Consolidated total	$	342		$	498		$	277		$	(262	)	$	125		$	(227	)	$	609		$	262		$	855		$	769		$	(427	)



Total significant items impacting EBIT ⁽³⁾	$	269		$	39		$	109		$	666		$	388		$	628		$	73		$	179		$	1,083		$	1,268		$	1,889

(1) Including the consolidation of Chaparral effective January 1, 2003 and Gemstone effective April 1, 2003

(2) Included in Corporate results in SEC 2004 filings

(3) Refer to Schedule of Significant Items on page 18 for details

EL PASO CORPORATION
CONSOLIDATED NET INCOME
(UNAUDITED)



	2004													2003													Year-to-Date
(In millions, except per share amounts)		First			Second			Third			Fourth				First			Second			Third			Fourth				2004			2003			2002

Operating revenues		$	1,557		$	1,524		$	1,429		$	1,364			$	1,828		$	1,569		$	1,714		$	1,557			$	5,874		$	6,668		$	6,881
Operating expenses			1,352			1,154			1,784			1,378				1,564			1,841			1,233			1,625				5,668			6,263			7,052



Operating income (loss)			205			370			(355	)		(14	)			264			(272	)		481			(68	)			206			405			(171	)

Equity earnings and other income (expense)			137			128			632			(248	)			(139	)		45			128			330				649			364			(256	)



Earnings (loss) before interest expense, income taxes and other charges			342			498			277			(262	)			125			(227	)		609			262				855			769			(427	)

Interest and debt expense			423			410			396			378				414			463			475			439				1,607			1,791			1,297
Return on preferred interests of consolidated subsidiaries			6			6			6			7				21			17			7			7				25			52			159



Income (loss) before income taxes			(87	)		82			(125	)		(647	)			(310	)		(707	)		127			(184	)			(777	)		(1,074	)		(1,883	)

Income taxes (benefit)			10			37			77			(99	)			(103	)		(410	)		62			(100	)			25			(551	)		(641	)


Income (loss) from continuing operations			(97	)		45			(202	)		(548	)			(207	)		(297	)		65			(84	)			(802	)		(523	)		(1,242	)

Discontinued operations, net of income taxes			(109	)		(29	)		(12	)		4				(215	)		(939	)		(41	)		(201	)			(146	)		(1,396	)		(425	)

Cumulative effect of accounting changes, net of income taxes:
Adoption of Derivatives Issue No. C - 16			—			—			—			—				—			—			—			—				—			—			14
Adoption of SFAS No. 143 - retirement obligation			—			—			—			—				(9	)		—			—			—				—			(9	)		—
Adoption of EITF Issue No. 02-3			—			—			—			—				—			—			—			—				—			—			(222	)

Total cumulative effect of accounting changes, net of income taxes			—			—			—			—				(9	)		—			—			—				—			(9	)		(208	)



Consolidated net income (loss)		$	(206	)	$	16		$	(214	)	$	(544	)		$	(431	)	$	(1,236	)	$	24		$	(285	)		$	(948	)	$	(1,928	)	$	(1,875	)



Diluted earnings (loss) per common share		$	(0.32	)	$	0.03		$	(0.33	)	$	(0.85	)		$	(0.72	)	$	(2.07	)	$	0.04		$	(0.47	)		$	(1.48	)	$	(3.23	)	$	(3.35	)

Diluted average common shares outstanding (000’s)			638,212			639,119			639,163			639,320				595,059			595,569			596,079			601,511				638,948			597,051			559,521

Pretax Significant Items impacting EBIT ⁽¹⁾		$	269		$	39		$	109		$	666			$	388		$	628		$	73		$	179			$	1,083		$	1,268		$	1,889

⁽¹⁾ Refer to Schedule of Significant Items on page 18 for details

EL PASO CORPORATION
CONSOLIDATED EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES

(UNAUDITED)



	2004													2003													Year-to-Date
(In millions)		First			Second			Third			Fourth				First			Second			Third			Fourth				2004			2003			2002

Operating revenues
Pipeline Group		$	721		$	617		$	604		$	709			$	753		$	620		$	598		$	676			$	2,651		$	2,647		$	2,610

Non-regulated Group
Production			446			430			400			459				735			568			452			386				1,735			2,141			1,931
Marketing and Trading			(159	)		(141	)		(120	)		(88	)			(388	)		(276	)		82			(53	)			(508	)		(635	)		(1,324	)
Power ⁽¹⁾			207			236			181			171				242			343			323			268				795			1,176			1,672
Field Services			387			428			426			121				558			378			326			267				1,362			1,529			2,029
Other non-regulated ⁽²⁾			43			28			31			28				35			32			29			27				130			123			166
Non-regulated eliminations ⁽²⁾			(78	)		(64	)		(72	)		(51	)			(95	)		(86	)		(86	)		(5	)			(265	)		(272	)		(185	)

Non-regulated Group Total			846			917			846			640				1,087			959			1,126			890				3,249			4,062			4,289
Corporate Group and eliminations ⁽²⁾			(10	)		(10	)		(21	)		15				(12	)		(10	)		(10	)		(9	)			(26	)		(41	)		(18	)


Total			1,557			1,524			1,429			1,364				1,828			1,569			1,714			1,557				5,874			6,668			6,881



Operating expenses
Cost of products and services			390			435			390			148				605			448			362			403				1,363			1,818			2,468
Operation and maintenance			401			373			475			623				556			502			468			479				1,872			2,005			2,086
Loss on long-lived assets			222			17			582			271				14			395			54			397				1,092			860			181
Western Energy Settlement			—			—			—			—				—			123			(20	)		1				—			104			899
Ceiling test charges			—			—			—			—				—			—			5			—				—			5			5
Depreciation, depletion and amortization			275			263			270			280				312			302			283			279				1,088			1,176			1,159
Taxes, other than income taxes			64			66			67			56				77			71			81			66				253			295			254



Total			1,352			1,154			1,784			1,378				1,564			1,841			1,233			1,625				5,668			6,263			7,052



Consolidated operating income (loss)			205			370			(355	)		(14	)			264			(272	)		481			(68	)			206			405			(171	)

Equity earnings and other income (expense)			137			128			632			(248	)			(139	)		45			128			330				649			364			(256	)



Earnings (loss) before interest expense and income taxes		$	342		$	498		$	277		$	(262	)		$	125		$	(227	)	$	609		$	262			$	855		$	769		$	(427	)

(1) Including the consolidation of Chaparral effective January 1, 2003 and Gemstone effective April 1, 2003

(2) Included in Corporate results in SEC 2004 filings

PIPELINE GROUP

EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES

(Excludes Intrasegment Transactions)



	2004												2003												Year-to-Date
(In millions)		First			Second		Third			Fourth				First		Second			Third			Fourth				2004			2003			2002

Operating revenues		$	721		$	617	$	604		$	709			$	753	$	620		$	598		$	676			$	2,651		$	2,647		$	2,610

Operating expenses
Operation and maintenance			234			219		244			271				237		235			221			249				968			942			924
Gain on long-lived assets			(1	)		—		—			—				—		(8	)		(1	)		(1	)			(1	)		(10	)		(13	)
Western Energy Settlement			—			—		—			—				—		146			(20	)		1				—			127			412
Depreciation, depletion and amortization			100			101		104			105				95		101			95			95				410			386			374
Taxes, other than income taxes			40			37		38			30				37		34			36			32				145			139			125


Total			373			357		386			406				369		508			331			376				1,522			1,584			1,822



Operating income			348			260		218			303				384		112			267			300				1,129			1,063			788

Equity earnings and other income			38			48		50			66				45		33			34			59				202			171			40



Earnings before interest expense and income taxes (EBIT)		$	386		$	308	$	268		$	369			$	429	$	145		$	301		$	359			$	1,331		$	1,234		$	828





Significant items:
Operating expenses		$	4		$	1	$	—		$	(1	)		$	—	$	—		$	(3	)	$	2			$	4		$	(1	)	$	1
Western Energy Settlement and related expenses			—			—		—			—				—		154			(20	)		1				—			135			412
Equity earnings and other income			—			—		(4	)		(15	)			—		—			—			(16	)			(19	)		(16	)		137



Total Significant Items		$	4		$	1	$	(4	)	$	(16	)		$	—	$	154		$	(23	)	$	(13	)		$	(15	)	$	118		$	550

PIPELINE GROUP

THROUGHPUT

(Excludes Intrasegment Volumes)
(BBtu/d)



	2004									2003									Year-to-Date
		First		Second		Third		Fourth			First		Second		Third		Fourth			2004		2003		2002

Tennessee Gas Pipeline			5,385		4,321		3,858		4,322			5,991		4,266		3,960		4,648			4,469		4,710		4,596
American Natural Resources			4,946		3,838		3,577		3,914			5,461		3,826		3,586		4,079			4,067		4,232		4,130
Southern Natural Gas			2,589		2,035		1,984		2,046			2,451		2,016		1,890		2,053			2,163		2,101		2,151
El Paso Natural Gas ⁽¹⁾			3,981		4,152		4,432		4,371			4,069		3,925		4,198		4,069			4,235		4,066		4,065
Colorado Interstate Gas ⁽²⁾			2,824		2,720		2,678		2,957			2,933		2,602		2,639		2,799			2,795		2,743		2,768
El Paso Gas Transmission Mexico, S. de R.L.⁽³⁾			50		50		50		50			50		50		50		50			50		50		14



Total			19,775		17,116		16,579		17,660			20,955		16,685		16,323		17,698			17,779		17,902		17,724



Equity Investments (Ownership Percentage)
Citrus (50%)			921		1,029		1,119		959			917		954		1,071		982			1,007		981		1,002
Great Lakes (50%)			1,131		1,096		1,079		1,094			1,437		1,092		1,109		1,098			1,100		1,183		1,189
Samalayuca & Gloria a Dios ⁽³⁾			208		219		228		210			191		197		218		210			216		204		217
San Fernando (50%) ⁽³⁾			475		475		475		475			—		—		—		258			475		65		—



Total			2,735		2,819		2,901		2,738			2,545		2,243		2,398		2,548			2,798		2,433		2,408



Total throughput ⁽⁴⁾			22,510		19,935		19,480		20,398			23,500		18,928		18,721		20,246			20,577		20,335		20,132

⁽¹⁾ Including Mojave Pipeline Company (MPC)

⁽²⁾ Including Wyoming Interstate Company (WIC) and Cheyenne Plains Gas Pipeline (CPG)

⁽³⁾ Projects were transferred from Power segment effective January 1, 2004

⁽⁴⁾ Excluding volumes related to our equity investment in Portland Natural Gas Transmission System, EPIC Energy Australia Trust and Alliance Pipeline which were sold

NON-REGULATED GROUP
EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES
(Excludes Intrasegment Transactions)



	2004													2003													Year-to-Date
(In millions)		First			Second			Third			Fourth				First			Second			Third			Fourth				2004			2003			2002

Operating revenues
Production		$	446		$	430		$	400		$	459			$	735		$	568		$	452		$	386			$	1,735		$	2,141		$	1,931
Marketing and Trading			(159	)		(141	)		(120	)		(88	)			(388	)		(276	)		82			(53	)			(508	)		(635	)		(1,324	)
Power ⁽¹⁾			207			236			181			171				242			343			323			268				795			1,176			1,672
Field Services			387			428			426			121				558			378			326			267				1,362			1,529			2,029
Other non-regulated ⁽²⁾			43			28			31			28				35			32			29			27				130			123			166
Non-regulated eliminations ⁽²⁾			(78	)		(64	)		(72	)		(51	)			(95	)		(86	)		(86	)		(5	)			(265	)		(272	)		(185	)



Total			846			917			846			640				1,087			959			1,126			890				3,249			4,062			4,289



Operating expenses
Cost of products and services			346			398			361			109				556			401			329			353				1,214			1,639			2,310
Operation and maintenance			222			208			231			236				382			322			297			248				897			1,249			1,311
Loss on long-lived assets			226			22			582			271				5			401			57			397				1,101			860			193
Western Energy Settlement			—			—			—			—				—			(25	)		—			—				—			(25	)		487
Ceiling test charges			—			—			—			—				—			—			5			—				—			5			5
Depreciation, depletion and amortization			164			152			159			161				206			189			176			174				636			745			742
Taxes, other than income taxes			21			27			26			11				34			33			41			30				85			138			106



Total			979			807			1,359			788				1,183			1,321			905			1,202				3,933			4,611			5,154



Operating income (loss)			(133	)		110			(513	)		(148	)			(96	)		(362	)		221			(312	)			(684	)		(549	)		(865	)

Equity earnings and other income (expense)			80			67			584			(282	)			(158	)		88			77			326				449			333			(302	)



Earnings (loss) before interest expense and income taxes (EBIT)		$	(53	)	$	177		$	71		$	(430	)		$	(254	)	$	(274	)	$	298		$	14			$	(235	)	$	(216	)	$	(1,167	)





Significant items:
Operating expenses		$	241		$	24		$	585		$	273			$	63		$	410		$	73		$	399			$	1,123		$	945		$	225
Western Energy Settlement and related expenses			—			—			—			—				—			(19	)		—			—				—			(19	)		487
Equity earnings and other income			19			16			(502	)		356				304			58			25			(219	)			(111	)		168			532



Total Significant Items		$	260		$	40		$	83		$	629			$	367		$	449		$	98		$	180			$	1,012		$	1,094		$	1,244

(1) Including the consolidation of Chaparral effective January 1, 2003 and Gemstone effective April 1, 2003

(2) Included in Corporate results in SEC 2004 filings

PRODUCTION
EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES
(Excludes Intrasegment Transactions)



	2004													2003													Year-to-Date
(In millions)		First			Second			Third			Fourth				First			Second			Third			Fourth				2004			2003			2002

Operating revenues
Natural gas		$	368		$	363		$	325		$	372			$	632		$	494		$	385		$	320			$	1,428		$	1,831		$	1,574
Oil, condensate and liquids			77			66			75			87				102			67			70			66				305			305			350
Other			1			1			—			—				1			7			(3	)		—				2			5			7


Total operating revenues			446			430			400			459				735			568			452			386				1,735			2,141			1,931

Transportation and net product costs ⁽¹⁾			(14	)		(13	)		(13	)		(14	)			(30	)		(20	)		(17	)		(15	)			(54	)		(82	)		(109	)


Total operating margin			432			417			387			445				705			548			435			371				1,681			2,059			1,822



Operating expenses
Depreciation, depletion and amortization			140			131			136			141				158			141			136			141				548			576			601
Production costs ⁽²⁾			42			44			58			66				60			54			55			60				210			229			285
Ceiling test and other charges ⁽³⁾			9			2			1			10				3			(4	)		15			2				22			16			4
General and administrative expenses			36			37			47			53				44			47			44			25				173			160			122
Taxes, other than production and income taxes			2			1			(2	)		1				3			2			2			(2	)			2			5			7


Total			229			215			240			271				268			240			252			226				955			986			1,019



Operating income			203			202			147			174				437			308			183			145				726			1,073			803

Equity earnings and other income			1			2			3			2				9			4			2			3				8			18			5



Earnings before interest expense and income taxes (EBIT)		$	204		$	204		$	150		$	176			$	446		$	312		$	185		$	148			$	734		$	1,091		$	808





Significant items:
Ceiling test charges		$	—		$	—		$	—		$	—			$	—		$	—		$	5		$	—			$	—		$	5		$	5
Other operating expenses			9			2			1			10				3			(4	)		10			2				22			11			—


Total Significant items		$	9		$	2		$	1		$	10			$	3		$	(4	)	$	15		$	2			$	22		$	16		$	5

(1)   Amounts are included in operating expenses on our consolidated statement of income

(2)   Production costs include lease operating costs and production related taxes (including ad valorem and severance taxes)

(3)   Other charges include restructuring costs and (gain) loss on long-lived assets

PRODUCTION
SALES VOLUMES, REALIZED PRICES AND COSTS PER UNIT



	2004									2003									Year-to-Date
		First		Second		Third		Fourth			First		Second		Third		Fourth			2004		2003		2002

Natural Gas Sales Volumes from Continuing Operations (MMcf)
Onshore			18,784		18,504		20,204		20,143			25,572		20,824		19,249		17,781			77,635		83,426		123,993
Offshore			24,574		19,502		15,810		14,830			35,884		33,166		28,300		28,482			74,716		125,832		151,072
Texas Gulf Coast			22,341		23,529		20,616		19,172			36,420		39,251		29,097		24,736			85,658		129,504		195,017
International			—		—		2,652		4,196			—		—		—		—			6,848		—		—


Total Natural Gas Sales Volumes from Continuing Operations			65,699		61,535		59,282		58,341			97,876		93,241		76,646		70,999			244,857		338,762		470,082

Total Natural Gas Sales Volumes from Discontinued Operations⁽²⁾			4,694		101		46		429			3,867		3,616		3,780		4,273			5,270		15,536		16,841


Total Natural Gas Sales Volumes			70,393		61,636		59,328		58,770			101,743		96,857		80,426		75,272			250,127		354,298		486,923



Oil, Condensate and Liquids Sales Volumes from Continuing Operations (MBbls)
Onshore			268		299		288		301			477		286		321		290			1,156		1,374		2,423
Offshore			1,493		909		1,007		981			2,068		1,401		1,256		1,472			4,390		6,197		9,876
Texas Gulf Coast			949		729		583		691			1,047		890		1,274		996			2,952		4,207		4,163
International			—		—		135		185			—		—		—		—			320		—		—


Total Oil, Condensate and Liquids Sales Volumes from Continuing Operations			2,710		1,937		2,013		2,158			3,592		2,577		2,851		2,758			8,818		11,778		16,462

Total Oil, Condensate and Liquids Sales Volumes from Discontinued Operations ⁽²⁾			58		—		—		—			132		67		40		70			58		309		1,052


Total Oil, Condensate and Liquids Sales Volumes			2,768		1,937		2,013		2,158			3,724		2,644		2,891		2,828			8,876		12,087		17,514



Equivalent Sales Volumes from Continuing Operations (MMcfe)
Onshore			20,392		20,298		21,933		21,948			28,436		22,545		21,175		19,520			84,571		91,676		138,534
Offshore			33,532		24,956		21,845		20,718			48,291		41,572		35,835		37,314			101,051		163,012		210,322
Texas Gulf Coast			28,034		27,903		24,117		23,318			42,699		44,588		36,742		30,715			103,372		154,744		219,996
International			—		—		3,464		5,308			—		—		—		—			8,772		—		—


Total Equivalent Sales Volumes from Continuing Operations			81,958		73,157		71,359		71,292			119,426		108,705		93,752		87,549			297,766		409,432		568,852

Total Equivalent Sales Volumes from Discontinued Operations ⁽²⁾			5,043		101		46		429			4,660		4,018		4,018		4,692			5,619		17,388		23,156


Total Equivalent Sales Volumes			87,001		73,258		71,405		71,721			124,086		112,723		97,770		92,241			303,385		426,820		592,008



Weighted Average Realized Prices⁽¹⁾
Natural gas including hedges ($/Mcf)		$	5.46	$	5.76	$	5.30	$	6.18		$	6.23	$	5.12	$	4.87	$	4.35		$	5.66	$	5.22	$	3.17
Natural gas excluding hedges ($/Mcf)		$	5.54	$	5.81	$	5.35	$	6.28		$	6.50	$	5.16	$	4.93	$	4.38		$	5.73	$	5.33	$	2.99
Oil, condensate and liquids including hedges ($/Bbl)		$	27.32	$	32.57	$	36.32	$	39.44		$	27.20	$	25.20	$	23.71	$	25.52		$	33.49	$	24.91	$	20.31
Oil, condensate and liquids excluding hedges ($/Bbl)		$	27.31	$	32.57	$	36.44	$	39.89		$	28.01	$	25.92	$	24.32	$	26.25		$	33.63	$	25.59	$	20.41


Production cost
Average lease operating cost ($/Mcfe)		$	0.49	$	0.51	$	0.67	$	0.74		$	0.32	$	0.38	$	0.50	$	0.49		$	0.60	$	0.42	$	0.42
Average production taxes ($/Mcfe)		$	0.03	$	0.09	$	0.14	$	0.19		$	0.18	$	0.12	$	0.09	$	0.19		$	0.11	$	0.14	$	0.08


Total production cost ($/Mcfe)		$	0.52	$	0.60	$	0.81	$	0.93		$	0.50	$	0.50	$	0.59	$	0.68		$	0.71	$	0.56	$	0.50



Average general and administrative cost ($/Mcfe)		$	0.44	$	0.51	$	0.65	$	0.75		$	0.36	$	0.43	$	0.47	$	0.29		$	0.58	$	0.39	$	0.21

Unit of production depletion cost ($/Mcfe)		$	1.58	$	1.64	$	1.75	$	1.81		$	1.24	$	1.22	$	1.35	$	1.46		$	1.69	$	1.31	$	1.02

(1) Prices are stated after transportation costs

(2) Includes Canada and Hungary

MARKETING AND TRADING

EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES
(Excludes Intersegment Transactions)



	2004													2003													Year-to-Date
(In millions)		First			Second			Third			Fourth				First			Second			Third			Fourth				2004			2003			2002

Gross margin and other revenue		$	(159	)	$	(141	)	$	(120	)	$	(88	)		$	(390	)	$	(275	)	$	82		$	(53	)		$	(508	)	$	(636	)	$	(1,316	)



Operating expenses
Operation and maintenance			13			10			15			15				44			50			38			51				53			183			173
Gain on long-lived assets			—			—			—			—				(2	)		(1	)		—			—				—			(3	)		—
Western Energy Settlement			—			—			—			—				—			(25	)		—			—				—			(25	)		487
Depreciation, depletion and amortization			3			3			4			3				7			6			9			3				13			25			11
Taxes, other than income taxes			—			—			—			(12	)			2			1			—			—				(12	)		3			6



Total			16			13			19			6				51			31			47			54				54			183			677



Operating income (loss)			(175	)		(154	)		(139	)		(94	)			(441	)		(306	)		35			(107	)			(562	)		(819	)		(1,993	)

Equity earnings and other income (expense)			3			2			1			9				7			8			(7	)		2				15			10			16



Earnings (loss) before interest expense and income taxes (EBIT)		$	(172	)	$	(152	)	$	(138	)	$	(85	)		$	(434	)	$	(298	)	$	28		$	(105	)		$	(547	)	$	(809	)	$	(1,977	)





Significant items:
Operating expenses		$	2		$	—		$	—		$	—			$	1		$	3		$	10		$	—			$	2		$	14		$	10
Western Energy Settlement and related expenses			—			—			—			—				—			(19	)		—			—				—			(19	)		487



Total Significant Items		$	2		$	—		$	—		$	—			$	1		$	(16	)	$	10		$	—			$	2		$	(5	)	$	497

MARKETING AND TRADING
OPERATING DATA


	2004													2003													Year-to-Date
		First			Second			Third			Fourth				First			Second			Third			Fourth				2004			2003			2002

Price Risk Management Statistics
Forward Trading Book (in millions)		$	(525	)	$	(626	)	$	(752	)	$	(61	)		$	(714	)	$	(853	)	$	(577	)	$	(488	)		$	(61	)	$	(488	)	$	(526	)

Average VAR (in millions) ⁽¹⁾		$	33		$	31		$	35		$	51			$	39		$	45		$	35		$	27			$	38		$	37		$	—

Physical Gas Delivery (BBtu/d)			2,073			1,735			1,793			1,724				5,536			3,341			3,113			2,885				1,831			3,710			11,879
Physical Power Sales (MMWh)			23,493			22,652			27,346			21,982				85,330			65,354			74,480			58,533				95,473			283,697			469,477
Financial Settlements (BBtue/d)			25,033			18,804			17,952			17,072				121,223			79,556			71,817			58,434				19,703			82,556			188,467

Analysis of Price Risk Management Activities and Forward Book

Trading Portfolio Value at Risk:


	Dec 31, 2004
	(In millions)
One Day VAR-95% Confidence Level at 12/31/04	$	16
Average VAR-95% Confidence Level during 2004	$	38
High VAR-95% Confidence Level during 2004	$	82
Low VAR-95% Confidence Level during 2004	$	16


	December 31, 2004
	Forward			Return of Cash			Total Cash
	Trading Book			Collateral ⁽²⁾			Expectations ⁽³⁾
	(In millions)
Risk Management Assets and Liabilities
Mark to Market Value and Cash Liquidation
2005	$	(29	)	$	165		$	136
2006		52			(55	)		(3	)
2007		(10	)		(67	)		(77	)
2008		(4	)		(52	)		(56	)
2009		(1	)		(22	)		(23	)
Remainder		(69	)		6			(63	)

Total	$	(61	)	$	(25	)	$	(86	)

(1)   Average VAR was calculated using the historical simulation methodology at a 95% confidence level.

(2)   Return of cash collateral includes margin posted against our production hedge payables that are included in production segment’s non-trading book.

(3)   Estimated present value of our expected settlements of accrual positions through 2028, assuming a reasonable utilization of transportation and storage capacity, were $(286M) at December 31, 2004.

POWER ⁽¹⁾
EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES
(Excludes Intersegment Transactions)



	2004												2003												Year-to-Date
(In millions)	First			Second			Third			Fourth			First			Second			Third			Fourth			2004			2003			2002

Gross margin and other revenue	$	160		$	194		$	155		$	134		$	179		$	255		$	246		$	185		$	643		$	865		$	1,103


Operating expenses
Operation and maintenance		97			97			102			78			165			146			146			105			374			562			520
(Gain) loss on long-lived assets		224			16			77			266			(5	)		—			41			149			583			185			160
Depreciation, depletion and amortization		16			12			14			12			20			27			23			21			54			91			45
Taxes, other than income taxes		11			13			10			6			4			14			10			12			40			40			26


Total		348			138			203			362			184			187			220			287			1,051			878			751



Operating income (loss)		(188	)		56			(48	)		(228	)		(5	)		68			26			(102	)		(408	)		(13	)		352

Equity earnings and other income (expense)		49			46			41			(297	)		(191	)		117			41			18			(161	)		(15	)		(340	)



Earnings (loss) before interest expense and income taxes (EBIT)	$	(139	)	$	102		$	(7	)	$	(525	)	$	(196	)	$	185		$	67		$	(84	)	$	(569	)	$	(28	)	$	12





Significant items:
Operating expenses	$	227		$	15		$	80		$	266		$	(2	)	$	—		$	41		$	150		$	588		$	189		$	174
Equity earnings and other income		18			15			11			346			294			(21	)		25			41			390			339			482



Total Significant Items	$	245		$	30		$	91		$	612		$	292		$	(21	)	$	66		$	191		$	978		$	528		$	656




EBIT
Domestic power	$	(73	)	$	41		$	(33	)	$	(392	)	$	(233	)	$	103		$	28		$	(131	)	$	(457	)	$	(233	)	$	421
International power		(54	)		70			42			(117	)		49			91			78			78			(59	)		296			(168	)
Power G&A		(12	)		(9	)		(16	)		(16	)		(12	)		(9	)		(39	)		(31	)		(53	)		(91	)		(241	)

Total Power	$	(139	)	$	102		$	(7	)	$	(525	)	$	(196	)	$	185		$	67		$	(84	)	$	(569	)	$	(28	)	$	12

(1) Including the consolidation of Chaparral effective January 1, 2003 and Gemstone effective April 1, 2003

POWER
OPERATING DATA



	2004								2003								Year-to-Date
	First		Second		Third		Fourth		First		Second		Third		Fourth		2004		2003		2002

Price Risk Management Statistics
Forward Non-trading Book (in millions) ⁽¹⁾	$	1,823	$	946	$	905	$	665	$	967	$	2,199	$	1,957	$	1,925	$	665	$	1,925	$	968



Asset Statistics
Power Assets Capacity (Net Megawatts Owned)
Domestic		3,982		3,715		1,950		1,341		5,277		5,301		5,295		4,008		1,341		4,008		5,649
International		4,446		4,446		4,456		4,487		4,773		4,598		4,646		4,367		4,487		4,367		4,836

Total		8,428		8,161		6,406		5,828		10,050		9,899		9,941		8,375		5,828		8,375		10,485

Power Generation Volumes (MMWh) - for consolidated plants only⁽²⁾		1,512		1,593		1,810		1,339		1,654		2,030		2,182		1,861		6,254		7,727		5,909

(1) Forward non-trading book includes $1.2 billion of non-trading assets acquired in May 2003, upon consolidation of Chaparral

(2) Including the consolidation of Chaparral effective January 1, 2003 and Gemstone effective April 1, 2003

FIELD SERVICES
EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES
(Excludes Intersegment Transactions)



	2004										2003											Year-to-Date
(In millions)	First		Second		Third			Fourth			First		Second			Third			Fourth			2004			2003			2002

Gross margins
Gathering	$	2	$	2	$	2		$	1		$	12	$	7		$	3		$	1		$	7		$	23		$	191
Processing		38		35		46			22			31		24			29			33			141			117			147
NGL business		5		7		4			2			4		(2	)		1			6			18			9			11
Other		—		—		1			(2	)		—		—			—			(17	)		(1	)		(17	)		—

Total		45		44		53			23			47		29			33			23			165			132			349


Operating expenses
Operation and maintenance		27		24		19			32			31		39			30			10			102			110			179
(Gain) loss on long-lived assets		2		6		506			(6	)		1		(6	)		2			176			508			173			(179	)
Depreciation, depletion and amortization		3		4		3			2			10		8			7			6			12			31			56
Taxes, other than income taxes		3		3		2			—			5		3			2			1			8			11			20

Total		35		37		530			28			47		44			41			193			630			325			76


Operating income (loss)		10		7		(477	)		(5	)		—		(15	)		(8	)		(170	)		(465	)		(193	)		273

Equity earnings and other income (expense)		26		20		538			1			27		(41	)		40			300			585			326			16


Earnings (loss) before interest expense and income taxes (EBIT)	$	36	$	27	$	61		$	(4	)	$	27	$	(56	)	$	32		$	130		$	120		$	133		$	289




Significant items:
Operating expenses	$	3	$	7	$	505		$	(6	)	$	1	$	(2	)	$	2		$	175		$	509		$	176		$	(177	)
Equity earnings and other income		1		1		(513	)		10			—		79			—			(260	)		(501	)		(181	)		50


Total Significant Items	$	4	$	8	$	(8	)	$	4		$	1	$	77		$	2		$	(85	)	$	8		$	(5	)	$	(127	)




Equity earnings from GulfTerra Energy Partners, L.P.⁽¹⁾	$	34	$	29	$	31		$	6		$	29	$	42		$	40		$	42		$	100		$	153		$	69



Cash Distributions from GulfTerra Energy Partners, L.P.
Common unit ownership	$	7	$	7	$	7		$	5		$	8	$	8		$	8		$	8		$	26		$	32		$	30
Series C unit ownership		8		8		8			—			7		7			8			8			24			30			—
General partner ownership		21		22		22			2			15		16			18			21			67			70			43


Total	$	36	$	37	$	37		$	7		$	30	$	31		$	34		$	37		$	117		$	132		$	73

(1) In September 2004, in connection with the closing of the merger between GulfTerra and Enterprise, we completed the sale of substantially all of our interests in GulfTerra, as well as nine processing plants located in South Texas to affiliates of Enterprise. The GulfTerra interests sold were our interest in the general partner of GulfTerra, 10.9 million Series C units and 2.9 million GulfTerra common units. Our total gross cash proceeds from the sales were approximately $1.03 billion. In addition to the cash proceeds, we received a 9.9 percent interest in the general partner of the combined organization, Enterprise Products GP, LLC. Our remaining GulfTerra common units were exchanged for approximately 13.5 million common units in Enterprise as a result of the merger. As of December 31, 2004, we have approximately $257 million of investments in unconsolidated affiliates on our balance sheet related to Enterprise. We sold our remaining interests to Enterprise in January 2005.

FIELD SERVICES

VOLUMES AND RATES

(Exclude Intersegment Volumes)



	2004								2003								Year-to-Date
	First		Second		Third		Fourth		First		Second		Third		Fourth		2004		2003		2002

Gathering volumes remaining assets (BBtu/d)		186		251		223		154		200		217		190		222		203		207		292
Gathering volumes from assets sold⁽¹⁾		—		—		—		—		377		227		—		—		—		150		2,731



Total Gathering volumes (BBtu/d)		186		251		223		154		577		444		190		222		203		357		3,023



Weighted average gathering rates ($/MMBtu)	$	0.12	$	0.11	$	0.09	$	0.07	$	0.22	$	0.18	$	0.15	$	0.10	$	0.10	$	0.18	$	0.17



Processing volumes remaining assets (Inlet BBtu/d )		1,814		1,765		1,819		1,568		3,139		3,107		3,017		3,299		1,780		3,141		3,076
Processing volumes from assets sold⁽²⁾		1,429		1,370		1,363		—		168		95		—		—		1,000		65		844



Total processing volumes (Inlet BBtu/d)		3,243		3,135		3,182		1,568		3,307		3,202		3,017		3,299		2,780		3,206		3,920



Weighted average processing margins ($/MMBtu)	$	0.13	$	0.12	$	0.16	$	0.14	$	0.11	$	0.08	$	0.10	$	0.11	$	0.14	$	0.10	$	0.10



Total NGL production (Bbl/d)⁽³⁾		118,302		116,764		112,694		42,313		107,136		100,676		96,202		109,104		97,409		103,266		160,438




	2004								2003								Year-to-Date
	First		Second		Third		Fourth		First		Second		Third		Fourth		2004		2003		2002

GulfTerra Energy Partners, L.P. ⁽⁴⁾
Natural gas pipelines and plants (BBtu/d)		7,645		7,952		7,910		—		7,599		7,831		7,750		7,564		7,836		7,686		5,302

Oil and NGL logistics (Bbls/d)		267,750		288,769		332,182		—		275,800		276,123		243,209		248,719		296,365		260,840		226,353

(1)   Sold assets primarily include the Texas Intrastate Pipeline and the Waha and Carlsbad Gathering Systems sold in the second quarter 2002; the San Juan Gathering system sold in the fourth quarter 2002; the Mid Continent and North Louisiana assets sold in the second quarter 2003.

(2)   Sold assets primarily include the Indian Basin plant sold in the second quarter 2002; the Chaco plant sold in the fourth quarter 2002; and the Mid Continent and North Louisiana plants sold in the second quarter 2003.

(3)   South Texas assets sold in the third quarter of 2004, thus reducing gallons available for sale and lower volumes from our remaining assets in the third and fourth quarters of 2004.

(4)   Assets sold to Enterprise effective September 2004.

OTHER NON-REGULATED ⁽¹⁾
EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES
(Excludes Intersegment Transactions)



	2004												2003												Year-to-Date

(In millions)	First			Second			Third			Fourth			First			Second			Third			Fourth			2004			2003			2002

Gross margin and other revenue	$	30		$	14		$	17		$	17		$	11		$	19		$	16		$	14		$	78		$	60		$	55



Operating expenses
Operation and maintenance		8			9			6			4			77			15			7			15			27			114			110
(Gain) loss on long-lived assets		—			—			(1	)		3			11			413			4			72			2			500			213
Depreciation, depletion and amortization		2			2			2			3			11			7			1			3			9			22			29
Taxes, other than income taxes		3			4			6			2			(1	)		1			19			2			15			21			3


Total		13			15			13			12			98			436			31			92			53			657			355



Operating income (loss)		17			(1	)		4			5			(87	)		(417	)		(15	)		(78	)		25			(597	)		(300	)

Equity earnings and other income (expense)		1			(3	)		1			3			(10	)		—			1			3			2			(6	)		1


Earnings (loss) before interest expense and income taxes (EBIT)	$	18		$	(4	)	$	5		$	8		$	(97	)	$	(417	)	$	(14	)	$	(75	)	$	27		$	(603	)	$	(299	)





Significant items:
Operating expenses	$	—		$	—		$	(1	)	$	3		$	60		$	413		$	5		$	72		$	2		$	550		$	213
Equity earnings and other income		—			—			—			—			10			—			—			—			—			10			—



Total Significant Items	$	—		$	—		$	(1	)	$	3		$	70		$	413		$	5		$	72		$	2		$	560		$	213




EBIT
Global Networks (Telecom)	$	(2	)	$	(6	)	$	—		$	7		$	(20	)	$	(403	)	$	(14	)	$	(3	)	$	(1	)	$	(440	)	$	(233	)
LNG		—			(2	)		—			(3	)		(78	)		(25	)		(7	)		(75	)		(5	)		(185	)		(35	)
EnCap		15			—			2			—			2			8			7			4			17			21			(18	)
Petroleum Markets Other		5			4			3			4			(1	)		3			—			(1	)		16			1			(13	)


Total EBIT	$	18		$	(4	)	$	5		$	8		$	(97	)	$	(417	)	$	(14	)	$	(75	)	$	27		$	(603	)	$	(299	)

(1) Included in Corporate results in SEC 2004 filings

EL PASO CORPORATION
SCHEDULE OF SIGNIFICANT ITEMS
(UNAUDITED)



	2004												2003											Year-to-Date

(In millions)	First			Second			Third			Fourth			First		Second			Third			Fourth			2004			2003			2002

Restructuring costs
Employee severance, retention and transition costs	$	27		$	6		$	2		$	3		$	25	$	31		$	6		$	9		$	38		$	71		$	37
Transaction costs and fees		—			—			—			—			—		—			—			—			—			—			40
Facility closures, LNG charter cancellation and other costs		—			—			30			50			44		—			4			—			80			48			—


Total restructuring costs		27			6			32			53			69		31			10			9			118			119			77


Impairments and net (gain) loss on sale of long-lived assets
Long-lived assets impairment		230			23			576			279			9		416			44			322			1,108			791			440
Long-lived assets net (gain) loss on sales		(7	)		(6	)		5			(8	)		6		(15	)		10			76			(16	)		77			(247	)


Total (gain) loss on long-lived assets		223			17			581			271			15		401			54			398			1,092			868			193


Impairments and net (gain) loss on sale of investments
Equity investments impairment		18			19			14			346			293		81			24			51			397			449			566
Equity investments net (gain) loss on sales		1			(1	)		(520	)		(6)			11		(23	)		—			(261	)		(526	)		(273	)		48
Cost basis investments impairment		—			(2	)		2			2			—		—			—			(1	)		2			(1	)		56


Total (gain) loss on investments		19			16			(504	)		342			304		58			24			(211	)		(127	)		175			670


Re-application of SFAS No. 71 (CIG and WIC)		—			—			—			—			—		—			—			(18	)		—			(18	)		—
Western Energy Settlement and related expenses		—			—			—			—			—		138			(20	)		1			—			119			899
Ceiling test charges		—			—			—			—			—		—			5			—			—			5			5
Currency loss on Euro bond offering		—			—			—			—			—		—			—			—			—			—			45


Total significant items impacting EBIT	$	269		$	39		$	109		$	666		$	388	$	628		$	73		$	179		$	1,083		$	1,268		$	1,889




Significant Items impacting EBIT by segment:
Pipeline Group	$	4		$	1		$	(4	)	$	(16	)	$	—	$	154		$	(23	)	$	(13	)	$	(15	)	$	118		$	550
Production		9			2			1			10			3		(4	)		15			2			22			16			5
Marketing and Trading		2			—			—			—			1		(16	)		10			—			2			(5	)		497
Power		245			30			91			612			292		(21	)		66			191			978			528			656
Field Services		4			8			(8	)		4			1		77			2			(85	)		8			(5	)		(127	)
Other non-regulated		—			—			(1	)		3			70		413			5			72			2			560			213
Corporate (see below)		5			(2	)		30			53			21		25			(2	)		12			86			56			95


Total significant items impacting EBIT	$	269		$	39		$	109		$	666		$	388	$	628		$	73		$	179		$	1,083		$	1,268		$	1,889



Corporate
Significant items:
Operating expenses	$	5		$	(2	)	$	30		$	50		$	21	$	23		$	(2	)	$	7		$	83		$	49		$	50
Western Energy Settlement and related expenses		—			—			—			—			—		2			—			—			—			2			—
Equity earnings and other income		—			—			—			3			—		—			—			5			3			5			45

Total Significant Items	$	5		$	(2	)	$	30		$	53		$	21	$	25		$	(2	)	$	12		$	86		$	56		$	95

(1)		Including the consolidation of Chaparral effective January 1, 2003 and Gemstone effective April 1, 2003

(2)		Included in Corporate results in SEC 2004 filings

(3)		Refer to Schedule of Significant Items on page 18 for details

⁽¹⁾		Including Mojave Pipeline Company (MPC)

⁽²⁾		Including Wyoming Interstate Company (WIC) and Cheyenne Plains Gas Pipeline (CPG)

⁽³⁾		Projects were transferred from Power segment effective January 1, 2004

⁽⁴⁾		Excluding volumes related to our equity investment in Portland Natural Gas Transmission System, EPIC Energy Australia Trust and Alliance Pipeline which were sold

(1)	Amounts are included in operating expenses on our consolidated statement of income

(2)	Production costs include lease operating costs and production related taxes (including ad valorem and severance taxes)

(3)	Other charges include restructuring costs and (gain) loss on long-lived assets

(1)		Prices are stated after transportation costs

(2)		Includes Canada and Hungary

(1)	Average VAR was calculated using the historical simulation methodology at a 95% confidence level.

(2)	Return of cash collateral includes margin posted against our production hedge payables that are included in production segment’s non-trading book.

(3)	Estimated present value of our expected settlements of accrual positions through 2028, assuming a reasonable utilization of transportation and storage capacity, were $(286M) at December 31, 2004.

(1)	Forward non-trading book includes $1.2 billion of non-trading assets acquired in May 2003, upon consolidation of Chaparral

(2)	Including the consolidation of Chaparral effective January 1, 2003 and Gemstone effective April 1, 2003

(1)	Sold assets primarily include the Texas Intrastate Pipeline and the Waha and Carlsbad Gathering Systems sold in the second quarter 2002; the San Juan Gathering system sold in the fourth quarter 2002; the Mid Continent and North Louisiana assets sold in the second quarter 2003.

(2)	Sold assets primarily include the Indian Basin plant sold in the second quarter 2002; the Chaco plant sold in the fourth quarter 2002; and the Mid Continent and North Louisiana plants sold in the second quarter 2003.

(3)	South Texas assets sold in the third quarter of 2004, thus reducing gallons available for sale and lower volumes from our remaining assets in the third and fourth quarters of 2004.

(4)	Assets sold to Enterprise effective September 2004.