EXHIBIT 99.B

EL PASO CORPORATION
Operating Statistics
Fourth Quarter 2005

Table of Contents

	Page
Consolidated Statements of Income		2
Consolidated Operating Results
Consolidated Net Income		3
Segment Information		4
Business Segment Results
Pipeline Group
Earnings Before Interest Expense and Income Taxes		5
Throughput		6
Exploration & Production
Earnings Before Interest Expense and Income Taxes		7
Sales Volumes, Realized Prices and Costs Per Unit		8
Marketing and Trading
Earnings Before Interest Expense and Income Taxes		9
Operating Data		10
Power
Earnings Before Interest Expense and Income Taxes		11
Field Services
Earnings Before Interest Expense and Income Taxes		12
Other
Earnings Before Interest Expense and Income Taxes		13
Schedule of Significant Items		14

1

EL PASO CORPORATION

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

(UNAUDITED)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2005			2004			2005			2004
Operating revenues	$	957		$	1,275		$	4,017		$	5,539
Operating expenses
Cost of products and services		64			103			323			1,218
Operation and maintenance		793			592			2,024			1,744
Western Energy Settlement		—			—			59			—
Depreciation, depletion and amortization		281			275			1,121			1,068
Loss on long-lived assets		121			240			407			1,077
Taxes, other than income taxes		59			56			270			250
		1,318			1,266			4,204			5,357
Operating income (loss)		(361	)		9			(187	)		182
Equity earnings and other income (expense)		255			(251	)		585			635
Earnings (loss) before interest expense, income taxes, and other charges		(106	)		(242	)		398			817
Interest and debt expense		346			378			1,380			1,607
Return on preferred interests of consolidated subsidiaries		—			7			9			25
Loss before income taxes		(452	)		(627	)		(991	)		(815	)
Income taxes (benefit)		(169	)		(101	)		(289	)		14
Loss from continuing operations		(283	)		(526	)		(702	)		(829	)
Discontinued operations, net of income taxes		125			(16	)		100			(118	)
Cumulative effect of accounting changes, net of income taxes		(4	)		—			(4	)		—
Net loss		(162	)		(542	)		(606	)		(947	)
Preferred stock dividends		10			—			27			—
Net loss available to common stockholders	$	(172	)	$	(542	)	$	(633	)	$	(947	)
Diluted income (loss) per common share
Loss from continuing operations	$	(0.45	)	$	(0.82	)	$	(1.13	)	$	(1.30	)
Discontinued operations, net of income taxes		0.20			(0.03	)		0.16			(0.18	)
Cumulative effect of accounting changes, net of income taxes		(0.01	)		—			(0.01	)		—
Net loss per common share	$	(0.26	)	$	(0.85	)	$	(0.98	)	$	(1.48	)
Diluted average common shares outstanding (000’s)		655,390			639,320			646,130			638,948

2

EL PASO CORPORATION
CONSOLIDATED NET INCOME
(UNAUDITED)

	2005												2004												Year-to-Date
(In millions, except per share amounts)	First			Second			Third			Fourth			First			Second			Third			Fourth			2005			2004			2003
Operating revenues	$	1,108		$	1,184		$	768		$	793		$	1,472		$	1,443		$	1,349		$	1,275		$	4,017		$	2,024		$	6,339
Operating expenses
Cost of products and services		94			54			111			64			349			399			367			103			323			1,218			1,637
Operation and maintenance		359			409			463			793			373			342			437			592			2,024			1,744			1,890
Western Energy Settlement		59			—			—			—			—			—			—			—			59			—			104
Ceiling test charges		—			—			—			—			—			—			—			—			—			—			5
Depreciation, depletion and amortization		275			291			274			281			269			259			265			275			1,121			1,068			1,157
Loss on long-lived assets		7			276			3			121			238			17			582			240			407			1,077			860
Taxes, other than income taxes		71			65			75			59			63			65			66			56			270			250			292
Total operating expenses		865			1,095			926			1,318			1,292			1,082			1,717			1,266			4,204			5,357			5,945
Operating income (loss)		243			89			(158	)		(361	)		180			361			(368	)		9			(187	)		182			394
Equity earnings and other income (expense)		222			45			63			255			128			128			630			(251	)		585			635			359
Earnings (loss) before interest expense, income taxes and other charges		465			134			(95	)		(106	)		308			489			262			(242	)		398			817			753
Interest and debt expense		350			340			344			346			423			410			396			378			1,380			1,607			1,790
Return on preferred interests of consolidated subsidiaries		6			3			—			—			6			6			6			7			9			25			52
Income (loss) before income taxes		109			(209	)		(439	)		(452	)		(121	)		73			(140	)		(627	)		(991	)		(815	)		(1,089	)
Income taxes (benefit)		(6	)		3			(117	)		(169	)		5			45			65			(101	)		(289	)		14			(484	)
Income (loss) from continuing operations		115			(212	)		(322	)		(283	)		(126	)		28			(205	)		(526	)		(702	)		(829	)		(605	)
Discontinued operations, net of income taxes		(9	)		(26	)		10			125			(70	)		(23	)		(9	)		(16	)		100			(118	)		(1,269	)
Cumulative effect of accounting changes, net of income taxes(1)		—			—			—			(4	)		—			—			—			—			(4	)		—			(9	)
Consolidated net income (loss)	$	106		$	(238	)	$	(312	)	$	(162	)	$	(196	)	$	5		$	(214	)	$	(542	)	$	(606	)	$	(947	)	$	(1,883	)
Preferred stock dividends		—			8			9			10			—			—			—			—			27			—			—
Net income (loss) available to common stockholders	$	106		$	(246	)	$	(321	)	$	(172	)	$	(196	)	$	5		$	(214	)	$	(542	)	$	(633	)	$	(947	)	$	(1,883	)
Diluted earnings (loss) per common share	$	0.17		$	(0.38	)	$	(0.50	)	$	(0.26	)	$	(0.31	)	$	0.01		$	(0.33	)	$	(0.85	)	$	(0.98	)	$	(1.48	)	$	(3.15	)
Diluted average common shares outstanding (000’s)		641,816			640,898			648,417			655,390			638,212			639,119			639,163			639,320			646,130			638,948			597,051
Pretax Significant Items impacting EBIT(2)	$	(45	)	$	411		$	80		$	(16	)	$	290		$	39		$	109		$	635		$	430		$	1,073		$	1,268

(1)	$4 million in 2005 resulting from the adoption of FIN No. 47, Accounting for Conditional Asset Retirement Obligations and $9 million in 2003 resulting from the adoption of SFAS No. 143, Accounting for Asset Retirement Obligations
(2)	Refer to Schedule of Significant Items on page 14 for details

3

EL PASO CORPORATION
SEGMENT INFORMATION
(UNAUDITED)

	2005												2004												Year-to-Date
(In millions)	First			Second			Third			Fourth			First			Second			Third			Fourth			2005			2004			2003
Operating revenues
Pipeline Group	$	768		$	653		$	646		$	716		$	721		$	617		$	604		$	709		$	2,783		$	2,651		$	2,647
Exploration & Production		439			452			449			447			446			430			400			459			1,787			1,735			2,141
Marketing and Trading		(175	)		(21	)		(389	)		(211	)		(159	)		(141	)		(120	)		(88	)		(796	)		(508	)		(635	)
Power		43			69			18			(1	)		174			203			141			135			129			653			1,054
Field Services		48			28			45			2			313			363			366			55			123			1,097			1,283
Other and eliminations		(15	)		3			(1	)		4			(23	)		(29	)		(42	)		5			(9	)		(89	)		(151	)
Consolidated total		1,108			1,184			768			957			1,472			1,443			1,349			1,275			4,017			5,539			6,339
Depreciation, depletion and amortization
Pipeline Group		111			108			108			110			100			101			104			105			437			410			386
Exploration & Production		146			157			153			156			140			131			136			141			612			548			576
Marketing and Trading		1			1			1			1			3			3			4			3			4			13			25
Power		7			7			5			4			11			9			9			9			23			38			76
Field Services		1			1			1			—			2			3			3			—			3			8			27
Other		9			17			6			10			13			12			9			17			42			51			67
Consolidated total		275			291			274			281			269			259			265			275			1,121			1,068			1,157
Operating income (loss)
Pipeline Group		362			262			207			188			348			260			218			303			1,019			1,129			1,063
Exploration & Production		180			175			167			149			203			202			147			174			671			726			1,073
Marketing and Trading		(186	)		(32	)		(404	)		(233	)		(175	)		(154	)		(139	)		(94	)		(855	)		(562	)		(819	)
Power		(24	)		(275	)		(23	)		(107	)		(205	)		55			(49	)		(197	)		(429	)		(396	)		(20	)
Field Services		2			(5	)		(26	)		13			2			(1	)		(489	)		(13	)		(16	)		(501	)		(197	)
Other		(91	)		(36	)		(79	)		(371	)		7			(1	)		(56	)		(164	)		(577	)		(214	)		(706	)
Consolidated total		243			89			(158	)		(361	)		180			361			(368	)		9			(187	)		182			394
Earnings (loss) before interest expense and income taxes (EBIT)
Pipeline Group		412			309			272			233			386			308			268			369			1,226			1,331			1,234
Exploration & Production		183			176			169			168			204			204			150			176			696			734			1,091
Marketing and Trading		(185	)		(30	)		(398	)		(224	)		(164	)		(152	)		(138	)		(85	)		(837	)		(539	)		(809	)
Power		(37	)		(306	)		(49	)		(59	)		(173	)		101			(10	)		(494	)		(451	)		(576	)		(40	)
Field Services		182			(3	)		(22	)		128			28			19			49			(12	)		285			84			129
Other		(90	)		(12	)		(67	)		(352	)		27			9			(57	)		(196	)		(521	)		(217	)		(852	)
Consolidated total	$	465		$	134		$	(95	)	$	(106	)	$	308		$	489		$	262		$	(242	)	$	398		$	817		$	753
Total Significant Items impacting EBIT (1)	$	(45	)	$	411		$	80		$	(16	)	$	290		$	39		$	109		$	635		$	430		$	1,073		$	1,268

⁽¹⁾ Refer to Schedule of Significant Items on page 14 for details.

4

PIPELINE GROUP

EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES

(Excludes Intrasegment Transactions)

	2005												2004												Year-to-Date
(In millions)		First			Second			Third			Fourth			First			Second		Third			Fourth				2005			2004			2003
Operating revenues		$	768		$	653		$	646		$	716		$	721		$	617	$	604		$	709			$	2,783		$	2,651		$	2,647
Operating expenses
Operation and maintenance			259			246			288			336			234			219		244			271				1,129			968			941
Western Energy Settlement			—			—			—			—			—			—		—			—				—			—			127
Depreciation, depletion and amortization			111			108			108			110			100			101		104			105				437			410			386
(Gain) loss on long-lived assets			(7	)		(3	)		—			45			(1	)		—		—			—				35			(1	)		(10	)
Taxes, other than income taxes			43			40			43			37			40			37		38			30				163			145			140
Total			406			391			439			528			373			357		386			406				1,764			1,522			1,584
Operating income			362			262			207			188			348			260		218			303				1,019			1,129			1,063
Equity earnings and other income			50			47			65			45			38			48		50			66				207			202			171
Earnings before interest expense and income taxes (EBIT)		$	412		$	309		$	272		$	233		$	386		$	308	$	268		$	369			$	1,226		$	1,331		$	1,234
Significant Items:
Operating expenses		$	—		$	(2	)	$	—		$	46		$	4		$	1	$	—		$	(1	)		$	44		$	4		$	(1	)
Western Energy Settlement and related expenses			—			—			—			—			—			—		—			—				—			—			135
Equity earnings and other income			—			—			(1	)		—			—			—		(4	)		(15	)			(1	)		(19	)		(16	)
Total Significant Items		$	—		$	(2	)	$	(1	)	$	46		$	4		$	1	$	(4	)	$	(16	)		$	43		$	(15	)	$	118

5

PIPELINE GROUP

THROUGHPUT

(Excludes Intrasegment Volumes)
(BBtu/d)

	2005									2004									Year-to-Date
		First		Second		Third		Fourth			First		Second		Third		Fourth			2005		2004		2003
Tennessee Gas Pipeline			5,026		4,315		4,146		4,298			5,385		4,321		3,858		4,322			4,443		4,469		4,710
American Natural Resources			4,947		3,686		3,705		4,074			4,946		3,838		3,577		3,914			4,100		4,067		4,232
Southern Natural Gas			2,243		1,735		2,005		1,955			2,589		2,035		1,984		2,046			1,984		2,163		2,101
El Paso Natural Gas (1)			4,055		4,089		4,332		4,374			3,981		4,152		4,432		4,371			4,214		4,235		4,066
Colorado Interstate Gas (2)			3,406		3,653		3,781		3,720			2,824		2,720		2,678		2,957			3,641		2,795		2,743
El Paso Gas Transmission Mexico, S. de R.L.			50		50		50		50			50		50		50		50			50		50		50
Total			19,727		17,528		18,019		18,471			19,775		17,116		16,579		17,660			18,432		17,779		17,902
Equity Investments (Ownership Percentage)
Citrus (50%)			952		959		1,080		840			921		1,029		1,119		959			958		1,007		981
Great Lakes (50%)			1,223		1,140		1,109		1,281			1,131		1,096		1,079		1,094			1,188		1,100		1,183
Samalayuca & Gloria a Dios (50%)			209		214		217		207			208		219		228		210			212		216		204
San Fernando (50%)			475		475		475		475			475		475		475		475			475		475		65
Total			2,859		2,788		2,881		2,803			2,735		2,819		2,901		2,738			2,833		2,798		2,433
Total throughput			22,586		20,316		20,900		21,274			22,510		19,935		19,480		20,398			21,265		20,577		20,335

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

6

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

	2005												2004												Year-to-Date
(In millions)	First			Second			Third			Fourth			First			Second			Third			Fourth			2005			2004			2003
Operating revenues
Natural gas	$	353		$	354		$	354		$	359		$	368		$	363		$	325		$	372		$	1,420		$	1,428		$	1,831
Oil, condensate and natural gas liquids (NGL)		85			96			105			85			77			66			75			87			371			305			305
Other(1)		1			2			(10	)		3			1			1			—			—			(4	)		2			5
Total operating revenues		439			452			449			447			446			430			400			459			1,787			1,735			2,141
Transportation and net product costs (2)		(13	)		(12	)		(11	)		(11	)		(14	)		(13	)		(13	)		(14	)		(47	)		(54	)		(82	)
Total operating margin		426			440			438			436			432			417			387			445			1,740			1,681			2,059
Operating expenses
Depreciation, depletion and amortization		146			157			153			156			140			131			136			141			612			548			576
Production costs (3)		55			59			72			75			42			44			58			66			261			210			229
General and administrative expenses		41			43			45			56			36			37			47			53			185			173			160
Other charges (4)		—			2			—			1			9			2			1			10			3			22			16
Taxes, other than production and income taxes		4			4			1			(1	)		2			1			(2	)		1			8			2			5
Total		246			265			271			287			229			215			240			271			1,069			955			986
Operating income		180			175			167			149			203			202			147			174			671			726			1,073
Equity earnings and other income		3			1			2			19			1			2			3			2			25			8			18
Earnings before interest expense and income taxes (EBIT)	$	183		$	176		$	169		$	168		$	204		$	204		$	150		$	176		$	696		$	734		$	1,091
Significant Items:
Ceiling test charges	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	5
Operating expenses		—			2			—			1			9			2			1			10			3			22			11
Total Significant Items	$	—		$	2		$	—		$	1		$	9		$	2		$	1		$	10		$	3		$	22		$	16

(1)	Includes Brazil’s mark-to-market loss of $10 million as of December 31, 2005
(2)	Amounts are included in operating expenses on our consolidated statement of income
(3)	Production costs include lease operating costs and production related taxes (including ad valorem and severance taxes)
(4)	Other charges include ceiling test, restructuring costs, asset impairment and (gains) losses on asset sales

7

EXPLORATION & PRODUCTION
SALES VOLUMES, REALIZED PRICES AND COSTS PER UNIT

	2005								2004								Year-to-Date
	First		Second		Third		Fourth		First		Second		Third		Fourth		2005		2004		2003
Natural Gas Sales Volumes from Continuing Operations (MMcf)
Onshore		20,324		24,259		26,489		26,724		18,784		18,504		20,204		20,143		97,796		77,635		83,426
Gulf of Mexico and South Louisiana		14,754		13,289		9,831		7,375		24,574		19,502		15,810		14,830		45,249		74,716		125,832
Texas Gulf Coast		16,758		16,560		15,115		15,236		22,341		23,529		20,616		19,172		63,669		85,658		129,504
International		4,322		3,682		3,845		3,729		—		—		2,652		4,196		15,578		6,848		—
Total Natural Gas Sales Volumes from Continuing Operations		56,158		57,790		55,280		53,064		65,699		61,535		59,282		58,341		222,292		244,857		338,762
Total Natural Gas Sales Volumes from Discontinued Operations(1)		445		91		—		—		4,694		101		46		429		536		5,270		15,536
Total Natural Gas Sales Volumes		56,603		57,881		55,280		53,064		70,393		61,636		59,328		58,770		222,828		250,127		354,298
Oil, Condensate and NGL Sales Volumes from Continuing Operations (MBbls)
Onshore		322		420		554		632		268		299		288		301		1,928		1,156		1,374
Gulf of Mexico and South Louisiana		1,028		1,092		830		414		1,493		909		1,007		981		3,364		4,390		6,197
Texas Gulf Coast		621		605		538		460		949		729		583		691		2,224		2,952		4,207
International		165		143		146		166		—		—		135		185		620		320		—
Total Oil, Condensate and NGL Sales Volumes from Continuing Operations		2,136		2,260		2,068		1,672		2,710		1,937		2,013		2,158		8,136		8,818		11,778
Total Oil, Condensate and NGL Sales Volumes from Discontinued Operations (1)		—		—		—		—		58		—		—		—		—		58		309
Total Oil, Condensate and NGL Sales Volumes		2,136		2,260		2,068		1,672		2,768		1,937		2,013		2,158		8,136		8,876		12,087
Equivalent Sales Volumes from Continuing Operations (MMcfe)
Onshore		22,256		26,782		29,807		30,516		20,392		20,298		21,933		21,948		109,361		84,571		91,676
Gulf of Mexico and South Louisiana		20,923		19,842		14,809		9,859		33,532		24,956		21,845		20,718		65,433		101,051		163,012
Texas Gulf Coast		20,484		20,189		18,345		17,996		28,034		27,903		24,117		23,318		77,014		103,372		154,744
International		5,313		4,538		4,723		4,725		—		—		3,464		5,308		19,299		8,772		—
Total Equivalent Sales Volumes from Continuing Operations		68,976		71,351		67,684		63,096		81,958		73,157		71,359		71,292		271,107		297,766		409,432
Total Equivalent Sales Volumes from Discontinued Operations (1)		445		91		—		—		5,043		101		46		429		536		5,619		17,388
Total Equivalent Sales Volumes		69,421		71,442		67,684		63,096		87,001		73,258		71,405		71,721		271,643		303,385		426,820
Unconsolidated Affiliate Volumes (Four Star)
Natural Gas (MMcf)		—		—		1,605		5,084		—		—		—		—		6,689		—		—
Oil, Condensate and NGL (MBbls)		—		—		92		267		—		—		—		—		359		—		—
Total Equivalent Sales Volumes (MMcfe)		—		—		2,156		6,688		—		—		—		—		8,844		—		—
Weighted Average Realized Prices (2)
Natural gas including hedges ($/Mcf)	$	6.10	$	5.96	$	6.22	$	6.55	$	5.46	$	5.76	$	5.30	$	6.18	$	6.21	$	5.66	$	5.22
Natural gas excluding hedges ($/Mcf)	$	5.53	$	6.18	$	7.56	$	10.33	$	5.54	$	5.81	$	5.35	$	6.28	$	7.35	$	5.73	$	5.33
Oil, condensate and NGL including hedges ($/Bbl)	$	39.11	$	41.80	$	50.17	$	50.27	$	27.32	$	32.57	$	36.32	$	39.44	$	44.97	$	33.49	$	24.91
Oil, condensate and NGL excluding hedges ($/Bbl)	$	39.45	$	42.48	$	51.28	$	51.63	$	27.31	$	32.57	$	36.44	$	39.89	$	45.80	$	33.63	$	25.59
Production cost
Average lease operating cost ($/Mcfe)	$	0.61	$	0.76	$	0.74	$	0.76	$	0.49	$	0.51	$	0.67	$	0.74	$	0.72	$	0.60	$	0.42
Average production taxes ($/Mcfe)	$	0.19	$	0.07	$	0.32	$	0.42	$	0.03	$	0.09	$	0.14	$	0.19	$	0.24	$	0.11	$	0.14
Total production cost ($/Mcfe)	$	0.80	$	0.83	$	1.06	$	1.18	$	0.52	$	0.60	$	0.81	$	0.93	$	0.96	$	0.71	$	0.56
Average general and administrative cost ($/Mcfe)	$	0.59	$	0.61	$	0.65	$	0.90	$	0.44	$	0.51	$	0.65	$	0.75	$	0.68	$	0.58	$	0.39
Unit of production depletion cost ($/Mcfe)	$	2.00	$	2.05	$	2.11	$	2.25	$	1.58	$	1.64	$	1.75	$	1.81	$	2.10	$	1.69	$	1.31

(1)	Includes Canada and Hungary
(2)	Prices are stated after transportation costs

8

MARKETING AND TRADING

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

	2005												2004												Year-to-Date
(In millions)	First			Second			Third			Fourth			First			Second			Third			Fourth			2005			2004			2003
Gross margin and other revenue	$	(175	)	$	(21	)	$	(389	)	$	(211	)	$	(159	)	$	(141	)	$	(120	)	$	(88	)	$	(796	)	$	(508	)	$	(636	)
Operating expenses
Operation and maintenance		10			9			14			21			13			10			15			15			54			53			183
Western Energy Settlement		—			—			—			—			—			—			—			—			—			—			(25	)
Depreciation, depletion and amortization		1			1			1			1			3			3			4			3			4			13			25
Gain on long-lived assets		—			—			—			—			—			—			—			—			—			—			(3	)
Taxes, other than income taxes		—			1			—			—			—			—			—			(12	)		1			(12	)		3
Total		11			11			15			22			16			13			19			6			59			54			183
Operating loss		(186	)		(32	)		(404	)		(233	)		(175	)		(154	)		(139	)		(94	)		(855	)		(562	)		(819	)
Equity earnings and other income		1			2			6			9			11			2			1			9			18			23			10
Earnings (loss) before interest expense and income taxes (EBIT)	$	(185	)	$	(30	)	$	(398	)	$	(224	)	$	(164	)	$	(152	)	$	(138	)	$	(85	)	$	(837	)	$	(539	)	$	(809	)
Significant Items:
Operating expenses	$	—		$	—		$	—		$	—		$	2		$	—		$	—		$	—		$	—		$	2		$	14
Western Energy Settlement and related expenses		—			—			—			—			—			—			—			—			—			—			(19	)
Total Significant Items	$	—		$	—		$	—		$	—		$	2		$	—		$	—		$	—		$	—		$	2		$	(5	)

9

MARKETING AND TRADING
OPERATING DATA

	2005										2004												Year-to-Date
	First		Second		Third			Fourth			First			Second			Third			Fourth			2005			2004			2003
Price Risk Management Statistics
Forward Trading Book (in millions)	$	46	$	36	$	(270	)	$	(753	)	$	(525	)	$	(626	)	$	(752	)	$	(61	)	$	(753	)	$	(61	)	$	(488	)
Average VAR (in millions) (1)	$	20	$	23	$	42		$	58		$	33		$	31		$	35		$	51		$	36		$	38		$	37
Physical Gas Delivery (BBtu/d)		1,534		1,597		1,564			1,185			2,073			1,735			1,793			1,724			1,469			1,831			3,710
Physical Power Sales (MMWh)		15,096		14,505		15,458			13,773			23,493			22,652			27,346			21,982			58,832			95,473			283,697
Financial Settlements (BBtue/d)		8,081		7,595		6,810			6,716			25,033			18,804			17,952			17,072			7,295			19,703			82,556

Analysis of Price Risk Management Activities and Forward Book
Trading Portfolio Value at Risk:

	December 31, 2005
	(In millions)
One Day VAR-95% Confidence Level at 12/31/05	$	60
Average VAR-95% Confidence Level during 2005	$	36
High VAR-95% Confidence Level during 2005	$	60
Low VAR-95% Confidence Level during 2005	$	12

	December 31, 2005
	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
2006	$	(233	)	$	219	$	(14	)
2007		(105	)		52		(53	)
2008		(48	)		43		(5	)
2009		(57	)		45		(12	)
2010		(57	)		59		2
Remainder		(253	)		234		(19	)
Total	$	(753	)	$	652	$	(101	)

(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 Exploration & 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, was $(345) million at December 31, 2005.

10

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

	2005												2004												Year-to-Date
(In millions)	First			Second			Third			Fourth			First			Second			Third			Fourth			2005			2004			2003
Gross margin and other revenue	$	30		$	67		$	17		$	(4	)	$	132		$	165		$	118		$	110		$	110		$	525		$	753
Operating expenses
Operation and maintenance		27			49			28			36			75			72			71			56			140			274			472
Depreciation, depletion and amortization		7			7			5			4			11			9			9			9			23			38			76
Loss on long-lived assets		13			277			—			76			240			16			77			236			366			569			185
Taxes, other than income taxes		7			9			7			(13	)		11			13			10			6			10			40			40
Total		54			342			40			103			337			110			167			307			539			921			773
Operating income (loss)		(24	)		(275	)		(23	)		(107	)		(205	)		55			(49	)		(197	)		(429	)		(396	)		(20	)
Equity earnings and other income (expense)		(13	)		(31	)		(26	)		48			32			46			39			(297	)		(22	)		(180	)		(20	)
Earnings (loss) before interest expense and income taxes (EBIT)	$	(37	)	$	(306	)	$	(49	)	$	(59	)	$	(173	)	$	101		$	(10	)	$	(494	)	$	(451	)	$	(576	)	$	(40	)
Significant Items:
Operating expenses	$	13		$	296		$	—		$	75		$	243		$	15		$	80		$	235		$	384		$	573		$	189
Equity earnings and other income		61			87			50			(26	)		23			15			11			346			172			395			339
Total Significant Items	$	74		$	383		$	50		$	49		$	266		$	30		$	91		$	581		$	556		$	968		$	528
EBIT
Domestic power	$	12		$	44		$	(161	)	$	(9	)	$	(73	)	$	41		$	(33	)	$	(392	)	$	(114	)	$	(457	)	$	(233	)
International power		(28	)		(341	)		119			(68	)		(88	)		69			39			(86	)		(318	)		(66	)		284
Power G&A		(21	)		(9	)		(7	)		18			(12	)		(9	)		(16	)		(16	)		(19	)		(53	)		(91	)
Total Power	$	(37	)	$	(306	)	$	(49	)	$	(59	)	$	(173	)	$	101		$	(10	)	$	(494	)	$	(451	)	$	(576	)	$	(40	)
Discontinued operations
EBIT	$	(13	)	$	(75	)	$	8		$	(64	)	$	4		$	1		$	3		$	(31	)	$	(144	)	$	(23	)	$	12
Significant Items	$	14		$	78		$	—		$	74		$	—		$	—		$	—		$	31		$	166		$	31		$	—

11

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

	2005												2004											Year-to-Date
(In millions)	First			Second			Third			Fourth			First		Second			Third			Fourth			2005			2004			2003
Gross Margin	$	3		$	7		$	7		$	8		$	29	$	28		$	33		$	3		$	25		$	93		$	96
Operating expenses
Operation and maintenance		(1	)		4			29			(5	)		20		19			12			23			27			74			85
Depreciation, depletion and amortization		1			1			1			—			2		3			3			—			3			8			27
(Gain) loss on long-lived assets		1			6			3			—			2		6			506			(7	)		10			507			173
Taxes, other than income taxes		—			1			—			—			3		1			1			—			1			5			8
Total		1			12			33			(5	)		27		29			522			16			41			594			293
Operating income (loss)		2			(5	)		(26	)		13			2		(1	)		(489	)		(13	)		(16	)		(501	)		(197	)
Equity earnings and other income		180			2			4			115			26		20			538			1			301			585			326
Earnings (loss) before interest expense and income taxes (EBIT)	$	182		$	(3	)	$	(22	)	$	128		$	28	$	19		$	49		$	(12	)	$	285		$	84		$	129
Significant Items:
Operating expenses	$	1		$	6		$	31		$	—		$	3	$	7		$	505		$	(6	)	$	38		$	509		$	176
Equity earnings and other income		(180	)		—			—			(112	)		1		1			(513	)		10			(292	)		(501	)		(181	)
Total Significant Items	$	(179	)	$	6		$	31		$	(112	)	$	4	$	8		$	(8	)	$	4		$	(254	)	$	8		$	(5	)
Discontinued operations
EBIT	$	9		$	12		$	9		$	392		$	8	$	8		$	12		$	8		$	422		$	36		$	4
Significant Items	$	—		$	—		$	—		$	(394	)	$	—	$	—		$	—		$	1		$	(394	)	$	1		$	—

12

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

	2005												2004												Year-to-Date
(In millions)	First			Second			Third			Fourth			First			Second			Third			Fourth			2005			2004			2003
Gross margin and other revenue	$	19		$	16		$	8		$	11		$	30		$	16		$	7		$	42		$	54		$	95		$	63
Operating expenses
Operation and maintenance		37			34			80			362			8			3			46			169			513			226			152
Western Energy Settlement		59			—			—			—			—			—			—			—			59			—			2
Depreciation, depletion and amortization		9			17			6			10			13			12			9			17			42			51			67
(Gain) loss on long-lived assets		—			(4	)		—			—			(3	)		(5	)		(1	)		3			(4	)		(6	)		510
Taxes, other than income taxes		5			5			1			10			5			7			9			17			21			38			38
Total		110			52			87			382			23			17			63			206			631			309			769
Operating income (loss)		(91	)		(36	)		(79	)		(371	)		7			(1	)		(56	)		(164	)		(577	)		(214	)		(706	)
Equity earnings and other income (expense)		1			24			12			19			20			10			(1	)		(32	)		56			(3	)		(146	)
Earnings (loss) before interest expense and income taxes (EBIT)	$	(90	)	$	(12	)	$	(67	)	$	(352	)	$	27		$	9		$	(57	)	$	(196	)	$	(521	)	$	(217	)	$	(852	)
Significant Items:
Operating expenses	$	1		$	22		$	—		$	—		$	5		$	(2	)	$	29		$	53		$	23		$	85		$	599
Western Energy Settlement		59			—			—			—			—			—			—			—			59			—			2
Equity earnings and other income		—			—			—			—			—			—			—			3			—			3			15
Total Significant Items	$	60		$	22		$	—		$	—		$	5		$	(2	)	$	29		$	56		$	82		$	88		$	616
EBIT
Global Networks (Telecom)	$	—		$	8		$	(2	)	$	2		$	(2	)	$	(6	)	$	—		$	7		$	8		$	(1	)	$	(440	)
LNG		—			—			—			—			—			(2	)		—			(3	)		—			(5	)		(185	)
EnCap		4			2			1			1			15			—			2			—			8			17			21
Petroleum Markets Other		4			2			1			3			5			4			3			4			10			16			1
Corporate		(98	)		(24	)		(67	)		(358	)		9			13			(62	)		(204	)		(547	)		(244	)		(249	)
Total EBIT	$	(90	)	$	(12	)	$	(67	)	$	(352	)	$	27		$	9		$	(57	)	$	(196	)	$	(521	)	$	(217	)	$	(852	)

13

EL PASO CORPORATION
SCHEDULE OF SIGNIFICANT ITEMS
(UNAUDITED)

	2005												2004												Year-to-Date
(In millions)	First			Second			Third			Fourth			First			Second			Third			Fourth			2005			2004			2003
Restructuring costs
Employee severance, retention and transition costs	$	1		$	2		$	—			1		$	27		$	6		$	2		$	3		$	4		$	38		$	71
Facility closures		—			27			—			—			—			—			30			50			27			80			48
Total restructuring costs		1			29			—			1			27			6			32			53			31			118			119
Impairments and net (gain) loss on sale of long-lived assets
Long-lived assets impairment		14			282			3			107			246			23			576			248			406			1,093			791
Long-lived assets net (gain) loss on sales		—			(5	)		—			14			(7	)		(6	)		5			(8	)		9			(16	)		77
Total (gain) loss on long-lived assets		14			277			3			121			239			17			581			240			415			1,077			868
Impairments and net (gain) loss on sale of investments
Equity investments impairment		85			88			159			15			18			19			14			346			347			397			449
Equity investments net (gain) loss on sales		(204	)		(1	)		(110	)		(113	)		6			(1	)		(520	)		(6	)		(428	)		(521	)		(273	)
Cost basis investments impairment and gain on sales		—			—			—			(40	)		—			(2	)		2			2			(40	)		2			(1	)
Total (gain) loss on investments		(119	)		87			49			(138	)		24			16			(504	)		342			(121	)		(122	)		175
Western Energy Settlement		59			—			—			—			—			—			—			—			59			—			119
Macae receivable impairment		—			18			—			—			—			—			—			—			18			—			—
Gas supply contract termination		—			—			28			—			—			—			—			—			28			—			—
Re-application of SFAS No. 71 (CIG and WIC)		—			—			—			—			—			—			—			—			—			—			(18	)
Ceiling test charges		—			—			—			—			—			—			—			—			—			—			5
Total Significant Items impacting EBIT	$	(45	)	$	411		$	80		$	(16	)	$	290		$	39		$	109		$	635		$	430		$	1,073		$	1,268
Significant Items impacting EBIT by segment:
Pipeline Group	$	—		$	(2	)	$	(1	)	$	46		$	4		$	1		$	(4	)	$	(16	)	$	43		$	(15	)	$	118
Exploration & Production		—			2			—			1			9			2			1			10			3			22			16
Marketing and Trading		—			—			—			—			2			—			—			—			—			2			(5	)
Power		74			383			50			49			266			30			91			581			556			968			528
Field Services		(179	)		6			31			(112	)		4			8			(8	)		4			(254	)		8			(5	)
Other		60			22			—			—			5			(2	)		29			56			82			88			616
Total Significant Items impacting EBIT	$	(45	)	$	411		$	80		$	(16	)	$	290		$	39		$	109		$	635		$	430		$	1,073		$	1,268

14