8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report: August 6, 2008

EL PASO CORPORATION

(Exact name of Registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization) 1-14365
(Commission File Number) 76-0568816
(I.R.S. Employer
Identification No.)

El Paso Building
1001 Louisiana Street
Houston, Texas 77002

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (713) 420-2600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

     On August 6, 2008, we are announcing earnings results for the quarter ended June 30, 2008. We are also making updated operating statistics available on our website at www.elpaso.com. A copy of our earnings release is attached as Exhibit 99.A and a copy of our operating statistics is attached as Exhibit 99.B. In addition, we are providing a financial update. A copy of the slide presentation is attached as Exhibit 99.C and is available on our website at www.elpaso.com. The corresponding exhibits listed under Item 9.01 of this current report on Form 8-K are not filed, but are furnished to comply with Item 2.02 of Form 8-K.

Item 7.01 Regulation FD Disclosure.

     On August 6, 2008, we are making available certain information about our debt and debt maturities. A copy of the schedule setting forth information about our debt by issuer is attached as Exhibit 99.D and the schedule setting forth information about debt maturities is attached as Exhibit 99.E. These schedules are available on our website at www.elpaso.com. The information disclosed in this Item 7.01, and the corresponding exhibits listed under Item 9.01 of this Current Report on Form 8-K, are being furnished solely for the purpose of complying with Regulation FD.

Item 9.01 Financial Statements and Exhibits.

     (d) Exhibits.

Exhibit
Number	Description
99.A	Press Release dated August 6, 2008.
99.B	Operating Statistics.
99.C	Slide Presentation dated August 6, 2008.
99.D	Debt By Issuer Schedule as of June 30, 2008.
99.E	Debt Maturity Schedule Through 2010 as of June 30, 2008.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EL PASO CORPORATION
By:	/s/ John R. Sult John R. Sult
	Senior Vice President and Controller
	(Principal Accounting Officer)

Dated: August 6, 2008

EXHIBIT INDEX

Exhibit
Number	Description
99.A	Press Release dated August 6, 2008.
99.B	Operating Statistics.
99.C	Slide Presentation dated August 6, 2008.
99.D	Debt By Issuer Schedule as of June 30, 2008.
99.E	Debt Maturity Schedule Through 2010 as of June 30, 2008.

EX-99.A

Exhibit 99.A

News
For Immediate Release

El Paso Corporation Reports 34 Percent Increase in Adjusted Second Quarter Earnings

HOUSTON, TEXAS, August 6, 2008—El Paso Corporation (NYSE:EP) is reporting today second quarter 2008 financial and operational results for the company.

Highlights:

• $0.25 earnings per diluted share from continuing operations versus $0.22 in 2007

• $0.39 earnings per share after adjusting for production-related derivatives and other items impacting second quarter 2008 results versus $0.29 in 2007

• Pipeline earnings before interest expense and taxes (EBIT) of $295 million

• Exploration & Production (E&P) EBIT of $304 million—up 29 percent versus second quarter 2007

• Production, including unconsolidated affiliate volumes, totaled 833 million cubic feet equivalent per day (MMcfe/d)

• Second quarter 2008 production rose 4 percent from first quarter 2008, pro forma for divested properties

• Hedge positions expanded for 2009

“This quarter we continued our solid financial and operational performance, while making tangible progress that enhances our multi-year growth outlook,” said Doug Foshee, president and chief executive officer of El Paso Corporation. ”Our Pipeline Group secured two major new projects—the Ruby pipeline and the TGP Line 300 expansion, which increase our committed backlog to $8 billion—a level that is more than two times larger than any time in our 80-year history. In E&P, our Peoples acquisition is delivering promising new drilling opportunities in the Texas Gulf Coast and the Arklatex, including the Haynesville Shale. In Brazil, our Bia/Camarupim project is accelerating with first production now expected in the first quarter of 2009. And our Pinauna project remains on schedule with first production expected in late 2009. In short, the outlook for our businesses has never been better.”

A summary of financial results for the three months ended June 30, 2008, and 2007 is as follows:

	Three Months Ended
Financial Results	June 30,
($ in millions, except per share amounts)	2008		2007
Income from continuing operations	$	191	$	169
Discontinued operations, net of income taxes		—		(3	)
Net income		191		166
Preferred stock dividends1		—		10
Net income available to common stockholders	$	191	$	156
Basic per common share amounts
Income from continuing operations	$	0.27	$	0.23
Discontinued operations		—		—
Net income per common share	$	0.27	$	0.23
Diluted per common share amounts
Income from continuing operations	$	0.25	$	0.22
Discontinued operations		—		—
Net income per common share	$	0.25	$	0.22

¹ Due to timing of declaration, second quarter 2008 preferred stock dividends were reflected in the first quarter.

Items Impacting Quarterly Results

Second quarter 2008 and 2007 net income includes the following items:

Second Quarter 2008	Before			After			Diluted
($ millions, except per share amounts)	Tax			Tax			EPS
Net income available to common stockholders				$	191		$	0.25
Adjustments1 Change in fair value of power contracts	$	105		$	67		$	0.09
Change in fair value of legacy indemnification		(9	)		(6	)		(0.01	)
Other legacy litigation adjustments		(27	)		(29	)		(0.04	)
Change in fair value of production-related derivatives in Marketing		52			33			0.04
Impact of mark-to-market (MTM) E&P derivatives2		61			39			0.06
Adjusted EPS—continuing operations3							$	0.39

1	Assumes a 36 percent tax rate, except other legacy litigation adjustments, and 761 million diluted shares
2	Includes $75 million of MTM losses on derivatives, adjusted for $14 million of realized losses from cash settlements
3	Based upon 769 million fully diluted shares and includes income impact from dilutive securities

Second Quarter 2007	Before			After			Diluted
($ millions, except per share amounts)	Tax			Tax			EPS
Net income available to common stockholders				$	156		$	0.22
Adjustments1
Debt repurchase costs	$	86		$	55		$	0.08
Change in fair value of production-related derivatives in Marketing		(9	)		(6	)		(0.01	)
Discontinued operations		5			3			—
Adjusted EPS—continuing operations2							$	0.29

1	Assumes a 36 percent tax rate, except for discontinued operations, and 757 million diluted shares
2	Based upon 757 million diluted shares and includes the income impact from dilutive securities

Financial Results — Six Months Ended June 30, 2008

For the six months ended June 30, 2008, El Paso reported net income available to common stockholders of $391 million, or $0.54 per diluted share, compared with $776 million, or $1.11 per diluted share, for the first six months of 2007, which includes a $674 million, or $0.96 per share, gain on the sale of ANR and related assets. Earnings for the six-month periods of 2008 and 2007, after adjusting for the impacts of production-related derivatives and other items, are $0.74 and $0.47 per diluted share, respectively. A schedule of items affecting year-to-date results is listed as an appendix to the release.

Business Unit Financial Update

	Three Months Ended
Segment EBIT Results	June 30,
($ in millions)	2008			2007
Pipeline Group	$	295		$	318
Exploration and Production		304			235
Marketing		(153	)		5
Power		12			16
Corporate and Other		41			(104	)
	$	499		$	470

Pipeline Group

The Pipeline Group’s EBIT for the three months ended June 30, 2008, was $295 million, compared with $318 million for the same period in 2007. EBIT before minority interest associated with El Paso Pipeline Partners, L. P. (NYSE: EPB), which completed its initial public

offering in November 2007, was $303 million, a 5 percent decrease from 2007 levels. Higher reservation revenues, primarily from several expansion projects placed in-service during 2007 and 2008, were offset by higher operating costs. Higher operating costs primarily reflect increased labor costs and additional maintenance associated with required work on both the Tennessee Gas and SNG systems. While higher, these costs are on track with El Paso’s 2008 plan, and the Pipeline Group is on track to achieve its 2008 financial targets. In addition, second quarter 2007 results were favorably impacted by a $10-million contract settlement received from a bankruptcy claim.

	Three Months Ended
Pipeline Group Results	June 30,
($ in millions)	2008			2007
EBIT before minority interest	$	303		$	318
Minority interest		(8	)		—
EBIT	$	295		$	318
DD&A	$	99		$	91
Total throughput (BBtu/d)1		17,981			17,161

¹ Includes proportionate share of jointly owned pipelines

Exploration and Production

The Exploration and Production segment’s EBIT for the three months ended June 30, 2008, was $304 million, compared with $235 million for the same period in 2007. The increase is primarily due to higher realized commodity prices, partially offset by losses of $75 million in 2008 and $5 million in 2007 related to changes in fair value of derivative contracts not designated as accounting hedges, higher production taxes, and higher depreciation, depletion and amortization expense.

Second quarter 2008 production volumes averaged 833 MMcfe/d, including 71 MMcfe/d of unconsolidated affiliate production volumes. Second quarter 2007 production volumes averaged 857 MMcfe/d, including 71 MMcfe/d of unconsolidated affiliate production volumes and 121 MMcfe/d related to properties that were divested in the first quarter of 2008. On a pro forma basis, adjusting 2007 production to include People’s Energy and eliminating properties that were divested in the first half of 2008, second quarter 2008 production grew 4 percent from the first quarter of 2008.

Total per-unit cash operating costs increased to an average of $2.01 per thousand cubic feet equivalent (Mcfe) in second quarter 2008 from $1.92 per Mcfe for the same 2007 period. The increase is primarily a result of higher production taxes, which rise with commodity prices, and was partially offset by a decrease in controllable costs—direct lifting costs and G&A expenses, which were down 7 percent year-over-year.

	Three Months Ended
Exploration and Production Results	June 30,
($ in millions, except prices and unit cost amounts)	2008			2007
Natural gas, oil, condensate and NGL revenue	$	711		$	570
Changes in fair value of derivative contracts1		(75	)		(5	)
Other revenues		19			10
Total Operating Revenues	$	655		$	575
Operating Expenses		(374	)		(346	)
Other income		23			6
EBIT	$	304		$	235
DD&A	$	197		$	189
Consolidated volumes:
Natural gas sales volumes (MMcf/d)		662			657
Oil, condensate, and NGL sales volumes (MBbls/d)		17			21
Total consolidated equivalent sales volumes (MMcfe/d)		762			786
Four Star total equivalent sales volumes (MMcfe/d)2		71			71
Weighted average realized prices including hedges3
Natural gas ($/Mcf)	$	9.53		$	7.67
Oil, condensate, and NGL ($/Bbl)	$	90.64		$	56.87
Transportation costs3
Natural gas ($/Mcf)	$	0.32		$	0.24
Oil, condensate, and NGL ($/Bbl)	$	1.07		$	0.68
Per-unit costs ($/Mcfe)3
Depreciation, depletion and amortization	$	2.84		$	2.64
Cash operating costs4	$	2.01		$	1.92

1	Represents the income effect of contracts not designated as accounting hedges
2	Four Star is an equity investment. Amounts disclosed represent the company’s proportionate share.
3	Does not include proportionate share of Four Star
4	Includes direct lifting costs, production taxes, G&A expenses, and taxes other than production and income

Updated Hedge Positions

As of July 15, 2008, natural gas hedges for the last six months of 2008 have an average floor price of $7.94 per million British thermal unit (MMBtu) and an average ceiling price of $10.23 per MMBtu on 98 trillion British thermal units (TBtu). They are weighted toward July through October production, with November and December production hedged at approximately 50 percent of anticipated production. In addition, El Paso has 1.7 million barrels of 2008 crude oil production with an average floor price of $79.17 per barrel and an average ceiling price of $79.54 per barrel. El Paso’s 2009 natural gas hedge position has been expanded with the addition of collars and swaps. The 2009 natural gas hedges have an average floor price of $9.02 per MMBtu on 176 TBtu and an average ceiling price of $14.97 per MMBtu on 151 TBtu. El Paso has oil hedges for 2009 on 3.4 million barrels of crude oil at an average fixed price of $109.93 per barrel. Further information on the company’s hedging activities will be available in El Paso’s Form 10-Q.

Other Operations

Marketing

The Marketing segment reported an EBIT loss of $153 million for the three months ended June 30, 2008, compared with an EBIT gain of $5 million for the same period in 2007. The decline was due to a $105-million MTM loss on the company’s power obligations that extend through 2016 in the Pennsylvania-New Jersey-Maryland (PJM) power market and a $52-million loss in the fair value of derivatives intended to manage the price risk of the company’s natural gas and oil production. The PJM loss was driven by higher natural gas prices, which resulted in an 80-percent increase in locational power price differences within the region. The actual cash paid in the quarter relating to the basis movement was approximately $8.8 million. In the second quarter of 2007, the company realized a gain of $9 million on its production-related derivatives and a $36 million loss on its PJM power contracts. Additionally, 2007 included gains totaling $44 million relating to the California power price disputes and the sale of the company’s NYMEX investment.

Power

The Power segment reported an EBIT of $12 million for the three months ended June 30, 2008, compared with EBIT of $16 million for the same period in 2007. Lower second quarter 2008 earnings were primarily due to gains recognized on the sale of investments in Asia and Central America, while 2007 earnings resulted primarily from the Porto Velho power plant in Brazil, which is expected to be sold later this year.

Corporate and Other

During the second quarter of 2008, Corporate and Other reported EBIT of $41 million compared with an EBIT loss of $104 million for the same period in 2007. Second quarter 2008 results were positively impacted by a MTM gain related to changes in fair value of a legacy indemnification from the sale of an ammonia facility and an adjustment to liabilities for legacy litigation. Second quarter 2007 results were impacted by the $86-million charge related to debt repurchase costs.

Detailed operating statistics for each of El Paso’s businesses will be posted at www.elpaso.com in the Investors section.

Webcast Information

El Paso Corporation has scheduled a live webcast of its second quarter 2008 results on August 6, 2008, beginning at 9:30 a.m. Eastern Time, 8:30 a.m. Central Time, which may be accessed online through El Paso’s Web site at www.elpaso.com in the Investors section. During the webcast, management will refer to slides that will be posted on the Web site. The slides will be available one hour before the webcast and can be accessed in the Investors section. A limited number of telephone lines will also be available to participants by dialing (888) 710-3574 (conference ID # 54966501) ten minutes prior to the start of the webcast.

A replay of the webcast will be available online through the company’s Web site in the Investors section. A telephone audio replay will be also available through August 13, 2008 by dialing (800) 642-1687 (conference ID # 54966501). If you have any questions regarding the dial-in procedures, please contact Margie Fox at (713) 420-2903.

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,

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. 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. Exploration and Production per-unit total cash costs or cash operating costs equal total operating expenses less DD&A, ceiling test charges, and cost of products and services 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, 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 and other legacy litigation adjustments. For 2007, Adjusted EPS is earnings per share from continuing operations excluding changes in fair value of production-related derivatives in Marketing, and debt repurchase costs. 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.

El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. El Paso owns North America’s largest interstate natural gas pipeline system and one of North America’s largest independent natural gas producers. For more information, visit www.elpaso.com.

Cautionary Statement Regarding Forward-Looking Statements

This release 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 implement and achieve our objectives in our 2008 plan, including achieving our 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 Exploration and Production segment; uncertainties and potential consequences associated with the outcome of governmental investigations; 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 close our announced asset sales

on a timely basis; changes in commodity prices and basis differentials for oil, natural gas, and power; inability to realize anticipated synergies and cost savings associated with restructurings and divestitures 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; 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 press release 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.

Contacts

Investor and Public Relations
Bruce L. Connery, Vice President
Office: (713) 420-5855

Media Relations
Bill Baerg, Manager
Office: (713) 420-2906

Appendix to El Paso Corporation August 6, 2008 Earnings Press Release

Items Impacting year-to-date results

Six Months Ended 2008	Before			After			Diluted
($ millions, except per share amounts)	Tax			Tax			EPS
Net income available to common stockholders				$	391		$	0.54
Adjustments1 Change in fair value of power contracts	$	146		$	93		$	0.12
Change in fair value of legacy indemnification		34			22			0.03
Case Corporation indemnification		(65	)		(27	)		(0.04	)
Gain on sale of portion of telecommunications business		(18	)		(12	)		(0.01	)
Other legacy litigation adjustments		(27	)		(29	)		(0.04	)
Change in fair value of production-related derivatives in Marketing		73			47			0.06
Impact of MTM E&P derivatives2		92			59			0.08
Adjusted EPS—continuing operations3							$	0.74

1	Assumes a 36 percent tax rate, except for Case Corporation indemnification and other legacy litigation adjustments, and 760 million diluted shares
2	Includes $110 million of MTM losses on derivatives, adjusted for $18 million of realized losses from cash settlements
3	Based upon 768 million fully diluted shares and includes the income impact from dilutive securities

Six Months Ended 2007	Before			After			Diluted
($ millions, except per share amounts)	Tax			Tax			EPS
Net income available to common stockholders				$	776		$	1.11
Adjustments1
Debt repurchase costs	$	287		$	184		$	0.26
Change in fair value of production-related derivatives in Marketing		78			50			0.07
Sale of ANR and related assets		(1,043	)		(674	)		(0.96	)
Effect of change in number of diluted shares2								(0.01	)
Adjusted EPS—continuing operations2							$	0.47

1	Assumes a 36 percent tax rate, except for discontinued operations, and 699 million diluted shares
2	Based upon 757 million diluted shares and includes income impact from dilutive securities

Reconciliation of Pro Forma Production Volumes

Production Volumes	Three Months Ended
(Equivalents, Mmcfe/d)	June 30, 2007		March 31, 2008		June 30, 2008
Total consolidated volumes		786		811		762
Proportionate share of Four Star		71		75		71
Total volumes including Four Star		857		886		833
Less volumes from divested properties		121		88		3
Pro forma production volumes		736		798		830

EX-99.B

Exhibit 99.b

EL PASO CORPORATION
Operating Statistics
Second Quarter 2008

Table of Contents

	Page
Consolidated Statements of Income		2
Consolidated Operating Results
Consolidated Net Income		3
Segment Information		4
Business Segment Results
Pipelines
Earnings Before Interest Expense and Income Taxes		5
Throughput		6
Exploration and Production
Earnings Before Interest Expense and Income Taxes		7
Average Daily Volumes, Realized Prices and Costs Per Unit		8
Marketing
Earnings Before Interest Expense and Income Taxes		9
Operating Data		10
Power
Earnings Before Interest Expense and Income Taxes		11
Corporate and other
Earnings Before Interest Expense and Income Taxes		12

1

EL PASO CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per common share amounts)
(UNAUDITED)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
Operating revenues	$	1,153		$	1,198		$	2,422		$	2,220
Operating expenses
Cost of products and services		71			60			127			115
Operation and maintenance		282			329			553			630
Depreciation, depletion and amortization		298			286			611			557
Taxes, other than income taxes		81			72			160			132
		732			747			1,451			1,434
Operating income		421			451			971			786
Earnings from unconsolidated affiliates		52			44			89			81
Loss on debt extinguishment		—			(86	)		—			(287	)
Other income, net		33			60			55			106
Minority Interest		(7	)		1			(16	)		—
		78			19			128			(100	)
Earnings before interest expense, income taxes, and other charges		499			470			1,099			686
Interest and debt expense		(221	)		(231	)		(454	)		(514	)
Preferred interests of consolidated subsidiaries	—			—			—			—
Income before income taxes		278			239			645			172
Income taxes		87			70			235			51
Income from continuing operations		191			169			410			121
Discontinued operations, net of income taxes		—			(3	)		—			674
Net income		191			166			410			795
Preferred stock dividends (1)		—			10			19			19
Net income available to common stockholders	$	191		$	156		$	391		$	776
Earnings per common share
Basic
Income from continuing operations	$	0.27		$	0.23		$	0.56		$	0.15
Discontinued operations, net of income taxes		—			—			—			0.97
Net income per common share	$	0.27		$	0.23		$	0.56		$	1.12
Diluted
Income from continuing operations	$	0.25		$	0.22		$	0.54		$	0.15
Discontinued operations, net of income taxes		—			—			—			0.96
Net income per common share	$	0.25		$	0.22		$	0.54		$	1.11
Weighted average common shares outstanding
Basic		698			696			698			695
Diluted		761			757			760			699
Dividends declared per common share (1)	$	—		$	0.04		$	0.08		$	0.08

⁽¹⁾ Due to timing, first quarter 2008 includes two quarters of dividends

2

EL PASO CORPORATION
CONSOLIDATED NET INCOME
(UNAUDITED)

	2008									2007										Year-to-Date
(In millions, except per common share amounts)	First			Second			First			Second			Third			Fourth			2008			2007
Operating revenues	$	1,269		$	1,153		$	1,022		$	1,198		$	1,166		$	1,262		$	2,422		$	2,220
Operating expenses
Cost of products and services		56			71			55			60			55			75			127			115
Operation and maintenance		271			282			301			329			348			355			553			630
Depreciation, depletion and amortization		313			298			271			286			293			326			611			557
Taxes, other than income taxes		79			81			60			72			53			64			160			132
Total operating expenses		719			732			687			747			749			820			1,451			1,434
Operating income		550			421			335			451			417			442			971			786
Earnings from unconsolidated affiliates		37			52			37			44			(6	)		26			89			81
Loss on debt extinguishment		—			—			(201	)		(86	)		—			(4	)		—			(287	)
Other income, net		22			33			46			60			73			24			55			106
Minority Interest		(9	)		(7	)		(1	)		1			(1	)		(5	)		(16	)		—
Earnings before interest expense, income taxes and other charges		600			499			216			470			483			483			1,099			686
Interest and debt expense		(233	)		(221	)		(283	)		(231	)		(228	)		(252	)		(454	)		(514	)
Income (loss) before income taxes		367			278			(67	)		239			255			231			645			172
Income taxes		148			87			(19	)		70			100			71			235			51
Income (loss) from continuing operations		219			191			(48	)		169			155			160			410			121
Discontinued operations, net of income taxes		—			—			677			(3	)		—			—			—			674
Consolidated net income		219			191			629			166			155			160			410			795
Preferred stock dividends		19			—			9			10			9			9			19			19
Net income available to common stockholders	$	200		$	191		$	620		$	156		$	146		$	151		$	391		$	776
Basic earnings per common share	$	0.29		$	0.27		$	0.89		$	0.23		$	0.21		$	0.22		$	0.56		$	1.12
Diluted earnings per common share	$	0.29		$	0.25		$	0.89		$	0.22		$	0.20		$	0.21		$	0.54		$	1.11
Basic average common shares outstanding		697			698			694			696			696			697			698			695
Diluted average common shares outstanding		701			761			694			757			759			759			760			699

3

EL PASO CORPORATION
SEGMENT INFORMATION
(UNAUDITED)

	2008									2007									Year-to-Date
(In millions)	First			Second			First			Second			Third			Fourth			2008			2007
Operating revenues
Pipelines	$	720		$	646		$	644		$	614		$	586		$	650		$	1,366		$	1,258
Exploration and Production		603			655			505			575			575			645			1,258			1,080
Marketing		(57	)		(146	)		(135	)		(16	)		(9	)		(59	)		(203	)		(151	)
Power		—			—			—			—			—			—			—			—
Corporate and other, including eliminations (1)		3			(2	)		8			25			14			26			1			33
Consolidated total	$	1,269		$	1,153		$	1,022		$	1,198		$	1,166		$	1,262		$	2,422		$	2,220
Depreciation, depletion and amortization
Pipelines	$	99		$	99		$	94		$	91		$	94		$	94		$	198		$	185
Exploration and Production		212			197			170			189			194			227			409			359
Marketing		—			—			1			1			—			1			—			2
Power		—			—			—			—			1			—			—			—
Corporate and other (1)		2			2			6			5			4			4			4			11
Consolidated total	$	313		$	298		$	271		$	286		$	293		$	326		$	611		$	557
Operating income (loss)
Pipelines	$	357		$	263		$	324		$	276		$	234		$	277		$	620		$	600
Exploration and Production		226			281			177			229			228			252			507			406
Marketing		(60	)		(154	)		(136	)		(20	)		(13	)		(65	)		(214	)		(156	)
Power		(8	)		(5	)		(5	)		(9	)		(9	)		(3	)		(13	)		(14	)
Corporate and other (1)		35			36			(25	)		(25	)		(23	)		(19	)		71			(50	)
Consolidated total	$	550		$	421		$	335		$	451		$	417		$	442		$	971		$	786
Earnings (losses) before interest expense and income taxes (EBIT)
Pipelines	$	381		$	295		$	364		$	318		$	275		$	308		$	676		$	682
Exploration and Production		242			304			179			235			232			263			546			414
Marketing		(60	)		(153	)		(135	)		5			(8	)		(64	)		(213	)		(130	)
Power		(2	)		12			18			16			(67	)		(4	)		10			34
Corporate and other (1)		39			41			(210	)		(104	)		51			(20	)		80			(314	)
Consolidated total	$	600		$	499		$	216		$	470		$	483		$	483		$	1,099		$	686

⁽¹⁾ Includes our corporate businesses, telecommunications business and residual assets and liabilities of previously sold or discontinued businesses. Refer to page 12 for details.

4

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

	2008							2007							Year-to-Date
(In millions)	First		Second		First			Second			Third		Fourth		2008		2007
Operating revenues	$	720	$	646	$	644		$	614		$	586	$	650	$	1,366	$	1,258
Operating expenses
Operation and maintenance		195		205		161			181			199		212		400		342
Cost of products and services		29		42		31			26			23		34		71		57
Depreciation, depletion and amortization		99		99		94			91			94		94		198		185
Taxes, other than income taxes		40		37		34			40			36		33		77		74
Total operating expenses		363		383		320			338			352		373		746		658
Operating income		357		263		324			276			234		277		620		600
Equity earnings and other income, net		24		32		40			42			41		31		56		82
Earnings before interest expense and income taxes (EBIT)	$	381	$	295	$	364		$	318		$	275	$	308	$	676	$	682
Discontinued Operations — ANR (1)
Operating revenues	$	—	$	—	$	101		$	—		$	—	$	—	$	—	$	101
Operating expenses and other income		—		—		(957	)		5			—		—		—		(952	)
EBIT	$	—	$	—	$	1,058		$	(5	)	$	—	$	—	$	—	$	1,053

⁽¹⁾ In December 2006, we agreed to sell our ANR pipeline Company, our Michigan storage assets and our 50-percent interest in Great Lakes Gas Transmission to TransCanada Corporation and its affiliates. We closed the transaction in February 2007 and recorded a gain of $1,007 million. In the second quarter of 2007, we reduced the gain by $5 million.

5

PIPELINES
THROUGHPUT
(Excludes Intrasegment Volumes)
(BBtu/d)

	2008				2007								Year-to-Date
	First		Second		First		Second		Third		Fourth		2008		2007
Tennessee Gas Pipeline		5,743		4,282		5,084		4,447		4,770		5,224		5,013		4,757
El Paso Natural Gas (1)		4,125		4,337		4,226		4,088		4,262		4,286		4,231		4,157
Colorado Interstate Gas (2)		5,133		5,312		4,762		4,779		4,957		5,124		5,223		4,771
Southern Natural Gas		2,624		2,163		2,339		2,120		2,537		2,381		2,393		2,229
El Paso Gas Transmission Mexico, S. de R.L.		50		50		50		50		50		50		50		50
Total		17,675		16,144		16,461		15,484		16,576		17,065		16,910		15,964
Equity Investments (Ownership Percentage)
Citrus (50%)		949		1,160		887		979		1,224		1,020		1,055		933
Samalayuca & Gloria a Dios (50%)		222		202		217		223		237		237		212		225
San Fernando (50%)		475		475		475		475		475		475		475		475
Total		1,646		1,837		1,579		1,677		1,936		1,732		1,742		1,633
Total throughput		19,321		17,981		18,040		17,161		18,512		18,797		18,652		17,597

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

6

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

	2008						2007									Year-to-Date
(In millions)	First			Second			First		Second			Third		Fourth		2008			2007
Operating revenues
Natural gas	$	468		$	574		$	408	$	459		$	431	$	466		1,042			867
Oil, condensate and natural gas liquids (NGL)		159			137			88		111			129		166		296			199
Changes in fair value of derivative contracts (1)		(35	)		(75	)		3		(5	)		6		3		(110	)		(2	)
Other		11			19			6		10			9		10		30			16
Total operating revenues		603			655			505		575			575		645		1,258			1,080
Operating expenses
Depreciation, depletion and amortization		212			197			170		189			194		227		409			359
Production costs		91			93			86		84			79		95		184			170
Transportation costs		19			21			19		15			19		18		40			34
Cost of products		5			10			5		4			6		6		15			9
General and administrative expenses		47			43			46		49			46		44		90			95
Other		3			10			2		5			3		3		13			7
Total operating expenses		377			374			328		346			347		393		751			674
Operating income		226			281			177		229			228		252		507			406
Equity earnings and other income, net		16			23			2		6			4		11		39			8
Earnings before interest expense and income taxes (EBIT)	$	242		$	304		$	179	$	235		$	232	$	263		546			414

⁽¹⁾ Represents derivatives not designated as accounting hedges

7

EXPLORATION AND PRODUCTION
AVERAGE DAILY VOLUMES, REALIZED PRICES AND COSTS PER UNIT

	2008				2007								Year-to-Date
	First		Second		First		Second		Third		Fourth		2008		2007
Natural Gas Sales Volumes (MMcf/d)
Onshore Central		232		231		205		217		215		241		232		211
Onshore Western		114		119		116		107		107		118		117		112
Texas Gulf Coast		190		190		162		171		170		209		190		167
Gulf of Mexico and South Louisiana		134		113		134		150		156		129		123		142
International		9		9		13		12		12		11		9		12
Total Natural Gas Sales Volumes		679		662		630		657		660		708		671		644
Oil, Condensate and NGL Sales Volumes (MBbls/d)
Onshore Central		1		1		1		1		1		2		1		1
Onshore Western		6		6		6		6		5		6		6		6
Texas Gulf Coast		8		6		4		5		6		7		7		5
Gulf of Mexico and South Louisiana		7		4		8		8		8		8		5		8
International		—		—		1		1		1		—		—		1
Total Oil, Condensate and NGL Sales Volumes		22		17		20		21		21		23		19		21
Equivalent Sales Volumes (MMcfe/d)
Onshore Central		241		237		213		224		222		252		239		218
Onshore Western		149		155		150		144		140		153		151		147
Texas Gulf Coast		236		223		189		202		205		254		230		196
Gulf of Mexico and South Louisiana		173		136		182		202		206		175		154		192
International		12		11		16		14		14		13		12		15
Total Equivalent Sales Volumes		811		762		750		786		787		847		786		768
Unconsolidated Affiliate Volumes (Four Star Investment)
Natural Gas (MMcf/d)		56		54		54		53		45		60		55		54
Oil, Condensate and NGL (MBbls/d)		3		3		3		3		3		3		3		3
Total Equivalent Sales Volumes (MMcfe/d)		75		71		70		71		61		77		73		70
Weighted Average Realized Prices
Natural gas including hedges ($/Mcf)	$	7.57	$	9.53	$	7.19	$	7.67	$	7.12	$	7.16	$	8.54	$	7.44
Natural gas excluding hedges ($/Mcf)	$	7.72	$	10.46	$	6.46	$	7.17	$	5.92	$	6.57	$	9.07	$	6.83
Oil, condensate and NGL including hedges ($/Bbl)	$	79.74	$	90.64	$	49.32	$	56.87	$	66.26	$	77.47	$	84.45	$	53.25
Oil, condensate and NGL excluding hedges ($/Bbl)	$	83.06	$	105.12	$	50.07	$	57.50	$	66.82	$	77.93	$	92.59	$	53.94
Transportation costs
Natural gas ($/Mcf)	$	0.28	$	0.32	$	0.31	$	0.24	$	0.29	$	0.24	$	0.30	$	0.27
Oil, condensate and NGL ($/Bbl)	$	0.71	$	1.07	$	0.76	$	0.68	$	0.84	$	0.96	$	0.87	$	0.72
Cash operating costs ($/Mcfe)
Average lease operating costs	$	0.82	$	0.79	$	0.95	$	0.85	$	0.83	$	0.89	$	0.80	$	0.89
Average production taxes		0.42		0.54		0.32		0.33		0.26		0.33		0.48		0.33
Total production costs		1.24		1.33		1.27		1.18		1.09		1.22		1.28		1.22
Average general and administrative expenses		0.64		0.63		0.69		0.68		0.64		0.57		0.64		0.69
Average taxes, other than production and income taxes		0.04		0.05		0.03		0.06		0.04		0.04		0.04		0.05
Total cash operating costs	$	1.92	$	2.01	$	1.99	$	1.92	$	1.77	$	1.83	$	1.96	$	1.96
Depreciation, depletion and amortization ($/Mcfe)	$	2.87	$	2.84	$	2.52	$	2.64	$	2.69	$	2.91	$	2.85	$	2.58

8

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

	2008						2007												Year-to-Date
(In millions)	First			Second			First			Second			Third			Fourth			2008			2007
Operating revenues	$	(57	)	$	(146	)	$	(135	)	$	(16	)	$	(9	)	$	(59	)	$	(203	)	$	(151	)
Operating expenses
Operation and maintenance		2			8			—			3			4			4			10			3
Depreciation, depletion and amortization		—			—			1			1			—			1			—			2
Taxes, other than income taxes		1			—			—			—			—			1			1			—
Total operating expenses		3			8			1			4			4			6			11			5
Operating loss		(60	)		(154	)		(136	)		(20	)		(13	)		(65	)		(214	)		(156	)
Other income, net		—			1			1			25			5			1			1			26
Earnings before interest expense and income taxes (EBIT)	$	(60	)	$	(153	)	$	(135	)	$	5		$	(8	)	$	(64	)	$	(213	)	$	(130	)

9

MARKETING
OPERATING DATA

	2008						2007												Year-to-Date
($ in millions)	First			Second			First			Second			Third			Fourth			2008			2007
Price Risk Management Statistics
Forward Trading Book	$	(884	)	$	(912	)	$	(917	)	$	(894	)	$	(865	)	$	(875	)	$	(912	)	$	(894	)
Physical Gas Delivery (BBtu/d)		1,080			1,051			1,098			1,176			1,209			1,071			1,066			1,137
Physical Power Sales (MMWh)		1,167			1,228			1,312			1,315			1,261			1,297			2,395			2,627
Financial Settlements (BBtue/d)		1,420			1,459			1,812			2,560			2,137			2,002			1,439			2,188

	June 30, 2008
Risk Management Assets and Liabilities	Forward			Return of Cash			Total Cash
Mark to Market Value and Cash Liquidation	Trading Book			Collateral (1)			Expectations
2008	$	(134	)	$	(2	)	$	(136	)
2009		(192	)		(6	)		(198	)
2010		(155	)		(5	)		(160	)
2011		(134	)		(7	)		(141	)
2012		(123	)		(5	)		(128	)
Remainder		(174	)		—			(174	)
Total	$	(912	)	$	(25	)	$	(937	)

⁽¹⁾ Return of cash collateral includes margin posted against our production related option contracts.

10

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

	2008						2007												Year-to-Date
(In millions)	First			Second			First			Second			Third			Fourth			2008			2007
Gross margin and other revenue	$	(2	)	$	(1	)	$	(1	)	$	(2	)	$	(2	)	$	(2	)	$	(3	)	$	(3	)
Operating expenses
Operation and maintenance		5			4			4			7			5			1			9			11
Depreciation, depletion and amortization		—			—			—			—			1			—			—			—
Taxes, other than income taxes		1			—			—			—			1			—			1			—
Total operating expenses		6			4			4			7			7			1			10			11
Operating loss		(8	)		(5	)		(5	)		(9	)		(9	)		(3	)		(13	)		(14	)
Equity earnings and other income, net		6			17			23			25			(58	)		(1	)		23			48
Earnings before interest expense and income taxes (EBIT)	$	(2	)	$	12		$	18		$	16		$	(67	)	$	(4	)	$	10		$	34

11

CORPORATE AND OTHER ⁽¹⁾
EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES
(Excludes Intrasegment Transactions)

	2008						2007												Year-to-Date
(In millions)	First			Second			First			Second			Third			Fourth			2008			2007
Gross margin and other revenue	$	2		$	1		$	9		$	12		$	9		$	11		$	3		$	21
Operating expenses
Operation and maintenance		(39	)		(40	)		26			28			34			25			(79	)		54
Depreciation, depletion and amortization		2			2			6			5			4			4			4			11
Taxes, other than income taxes		4			3			2			4			(6	)		1			7			6
Total operating expenses		(33	)		(35	)		34			37			32			30			(68	)		71
Operating Income (loss)		35			36			(25	)		(25	)		(23	)		(19	)		71			(50	)
Loss on debt extinguishment		—			—			(201	)		(86	)		—			(4	)		—			(287	)
Equity earnings and other income, net		4			5			16			7			74			3			9			23
Earnings before interest expense and income taxes (EBIT)	$	39		$	41		$	(210	)	$	(104	)	$	51		$	(20	)	$	80		$	(314	)

EBIT by Business Unit:
Telecom (2)	$	19	$	(19	)	$	4		$	1		$	—	$	—		$	—	$	5
Corporate		20		60			(214	)		(105	)		51		(20	)		80		(319	)
Total EBIT	$	39	$	41		$	(210	)	$	(104	)	$	51	$	(20	)	$	80	$	(314	)

(1)	Includes our corporate businesses, telecommunications business and residual assets and liabilities of previously sold or discontinued businesses.
(2)	Effective second quarter of 2008, results of Telcom business were included with Corporate.

12

EX-99.C

Exhibit 99.C

Second Quarter 2008 Financial & Operational Update August 6, 2008

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 presentation, including, without limitation, changes in unaudited and/or unreviewed financial information; our ability to implement and achieve our objectives in the 2008 plan, including earnings and cash flow targets; the effects of any changes in accounting rules and guidance; our ability to meet production volume targets in our E&P segment; 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 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, 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, adjusted EBITDA, adjusted EPS, cash costs, 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.

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

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

Six-Month Scorecard: Accomplishments Pipelines ? Ruby, Line 300 ? Committed project inventory $8 billion ? $1.2 billion future EBITDA* E&P ? Inventory growth ? Haynesville, Niobrara, Altamont, Raton CBM ? Brazil ? Bia/Camarupim accelerating ? Pinauna progressing ? Portfolio ? Divestitures complete Hedges ? Improved 2009 position ? Added $9 x $18 and $10 x $17 collars for 2009 ? 3.4 MM Bbls at $110 ? Higher earnings and cash flow Financial ? Ahead of expectations ? Share buy back ? Dividend increase ? Expanded drilling program *EBITDA run rate on pro-rata basis

2008 Challenges Cost control ? Pipeline ? Steel, contractor ? E&P ? Services, fuel-related Acquisition integration ? E&P ? Employee retention ? Delayed ramp up MTM volatility ? Marketing ? PJM basis Project execution ? Pipeline and E&P ? Significant project inventory

2008 Outcomes Earnings ? Improved ? $1.40-$1.50* ? 40%-50% over 2007* EBITDA ? Improved ? $3.8 billion-$3.9 billion Capex ? Higher ? $3.8 billion Inventory ? E&P ? Continued growth ? Pipelines ? Largest ever *Assumes full year average natural gas price of $9.75/MMBtu and average oil price of $118 Bbl based on actual prices through August and recent forward prices for September through December; adjusted for MTM impact of production-related derivatives and other items 7

Financial Results

Financial Results: Three Months Ending June 30 2008 2007 Net Income to Common 865 819 $865 $819 Adjusted EBITDA Diluted EPS from Continuing 2008 2007 EPS-Diluted Continuing 0.25 0.22 $0.25 $0.22 Adjusted Diluted EPS from Continuing 2008 2007 Adjusted EPS Diluted Continuing 0.39 0.29 $0.39 $0.29 EBIT 2008 2007 EBIT 499 470 $499 $470 Interest Expense 2008 2007 Interest Expense 221 231 $221 $231 Realized Natural Gas Price ($Mcf) 2008 2007 Realized NG Price 9.53 7.67 $9.53 $7.67 Earnings growth driven by higher gas prices and lower interest $ Millions, Except EPS Note: Appendix and slides 10 and 11 include details on non-GAAP terms

Items Impacting 2Q 2008 Results Income available to common stockholders Adjustments1 Change in fair value of power contracts Change in fair value of legacy indemnification Other legacy litigation adjustments Change in fair value of production-related derivatives in Marketing Impact of MTM E&P derivatives2 Adjusted EPS-Continuing operations3 $ 105 (9 ) (27 ) 52 61 Pre-tax $ 191 $ 67 (6 ) (29 ) 33 39 After-tax $ 0.25 $ 0.09 (0.01 ) (0.04 ) 0.04 0.06 $ 0.39 Diluted EPS 1All adjustments assume a 36% tax rate, except other legacy litigation adjustments, and 761 MM diluted shares 2Includes $75 MM of MTM losses on derivatives adjusted for $14 MM of realized losses from cash settlements 3Reflects fully diluted shares of 769 MM and includes income impact from dilutive securities $ Millions, Except EPS

Business Unit Contribution Core Businesses Pipelines E&P Core Businesses Total Other Businesses Marketing Power Corporate & Other Total Three Months Ended June 30, 2008 $ 295 304 $ 599 (153 ) 12 41 $ 499 Adjusted EBITDA* EBIT DD&A EBITDA *Adjusted Pipeline EBITDA for 50% interest in Citrus and adjusted E&P EBITDA for 49% interest in Four Star; Appendix includes details on non-GAAP terms $ Millions $ 99 197 $ 296 - - 2 $ 298 $ 394 501 $ 895 (153 ) 12 43 $ 797 $ 428 535 $ 963 (153 ) 12 43 $ 865

Cash Flow and Capital Investment $ 410 875 1,285 33 1,318 - $ 1,318 $ 1,175 $ 336 $ 659 $ 75 Income from continuing operations Non-cash adjustments Subtotal Working capital changes and other* Cash flow from continuing operations Discontinued operations Cash flow from operations Capital expenditures Acquisitions Divestitures Dividends paid 2008 Six Months Ended June 30, $ 121 939 1,060 (178 ) 882 (17 ) $ 865 $ 1,130 $ 270 $ 80 $ 75 2007 *Includes change in margin collateral of $51 MM in 2008 and $72 MM in 2007 $ Millions

Marketing Financial Results Strategic Change in fair value of production-related derivatives Other Change in fair value of natural gas derivative contracts Change in fair value of power contracts Settlements, demand charges, & other Operating expenses & other income Other total EBIT EBIT $ Millions $ (52 ) 11 (105 ) - (7 ) (101 ) $ (153 ) Three Months Ended June 30, 2008 2007 $ 9 2 (15 ) (12 ) 21 (4) $ 5 $ (73 ) 11 (146 ) 5 (10 ) (140 ) $ (213 ) Six Months Ended June 30, 2008 2007 $ (78 ) (22 ) (32 ) (19 ) 21 (52 ) $ (130 )

PJM Basis MTM Earnings & Cash Settlements Change in MTM Value Cash Settlements

2008 Natural Gas and Oil Hedge Positions 0.45 MMBbls $56.40 ceiling/ $55.00 floor Balance at Market Price Ceiling Floor 1.71 MMBbls Average cap $79.54/Bbl 1.71 MMBbls Average floor $79.17/Bbl Note: See full Production-Related Derivative Schedule in Appendix 98 TBtu Average cap $10.23/MMBtu 81 TBtu $10.75 ceiling/ $8.00 floor 17 TBtu $7.66 fixed price 98 TBtu Average floor $7.94/MMBtu Ceiling Floor 1.26 MMBbls $87.80 fixed price Positions as of July 15, 2008 (Contract Months July 2008 - Forward) 2008 Gas 2008 Oil Hedging strategy preserves upside to higher prices

Balance at Market Price Note: See full Production-Related Derivative Schedule in Appendix 151 TBtu Average cap $14.97/MMBtu 8 TBtu $7.36 fixed price 176 TBtu Average floor $9.02/MMBtu Ceiling Floor 3.43 MMBbls $109.93 fixed price 2009 Gas 2009 Oil 2009 Natural Gas and Oil Hedge Positions 143 TBtu $15.41 ceiling 168 TBtu $9.10 floor >50% of oil and domestic natural gas hedged 2009 hedge program enhances revenues by approximately $270 MM Positions as of July 15, 2008

Pipeline Group

2Q Highlights EBIT: $295 MM Throughput increased 6% from 2007 Significant progress on growth projects Ruby Pipeline TGP Line 300 Expansion CIG Raton 2010 WIC expansion Committed backlog increased to $8 billion

Pipeline Group Financial Results EBIT before minority interest Less minority interest EBIT EBITDA Adjusted EBITDA1 Capital expenditures Acquisitions2 Three Months Ended June 30, 2008 2007 $ 303 8 $ 295 $ 394 $ 428 $ 266 $ - $ 318 - $ 318 $ 409 $ 445 $ 232 $ - $ Millions 1Adjusted Pipeline EBITDA for 50% interest in Citrus 2 Gulf LNG acquisition Note: Appendix includes details on non-GAAP terms Six Months Ended June 30, 2008 $ 693 17 $ 676 $ 874 $ 938 $ 455 $ 295 2007 $ 682 - $ 682 $ 867 $ 935 $ 426 $ -

Continued Throughput Increase YTD T-put 9 2 7 5 TGP Elba deliveries to Florida SNG 7% 9% EPNG CIG Rockies supply, expansions 6% overall increase 5% Independence Hub Note: CIG includes Colorado Interstate Gas, Cheyenne Plains and Wyoming Interstate EPNG includes El Paso Natural Gas and Mojave 2% California YTD % Increase 2008 vs. 2007

CIG High Plains Pipeline $216 MM (100%) December 2008 900 MMcf/d TGP Carthage Expansion $39 MM May 2009 100 MMcf/d SNG South System III/ SESH Phase II $352 MM / $69 MM 2011-2012 370 MMcf/d / 350 MMcf/d Elba Expansion III & Elba Express $1.1 Billion 2010-2013 8.4 Bcf / 0.9 Bcf/d & 1.2 Bcf/d SNG Cypress Phase III $86 MM Jan 2011 160 MMcf/d CIG Totem Storage $154 MM (100%) July 2009 200 MMcf/d WIC Piceance Lateral $62 MM 4Q 2009 220 MMcf/d SNG SESH -Phase I $172 MM Sep 2008 140 MMcf/d El Paso Pipeline El Paso Pipeline Partners, LP TGP Concord $21 MM Nov 2009 30 MMcf/d Gulf LNG $1+ Billion (100%) Oct 2011 6.6 Bcf / 1.3 Bcf/d CIG Raton 2010 Expansion $146 MM 2Q 2010 130 MMcf/d El Paso Backlog: Large and Profitable FGT Phase VIII Expansion $2.4 Billion (100%) 2011 800 MMcf/d Total committed backlog $8 billion TGP Bluewater / 800 Ln Exp $25 MM Nov 2008 340 MMcf/d Note: As of August 6, 2008; El Paso Pipeline Partners owns 10% of SNG & CIG Ruby Pipeline $3 Billion 2011 1.3-1.5 Bcf/d WIC Expansion - Kanda Lateral & Wamsutter $55 MM 2010-2011 240 MMcf/d TGP Line 300 Expansion $750 MM (Phase I & II) 2010-2011 290 MMcf/d WIC Medicine Bow Expansion $39 MM Sep 2008 330 MMcf/d

Ruby Pipeline Update Malin Opal Hub UT NV OR CO ID CA WY CIG Kern River Paiute Tuscarora PG&E WIC Cheyenne Plains Cheyenne Uinta Basin Piceance Basin 670 miles of 42" pipeline $3 billion capex 1.3-1.5 Bcf/d capacity 2011 in-service Market commitments of 1.1 Bcf/d 100% of pipe ordered Incentive-based construction contracts On the ground since mid-2007 Ruby Pipeline

TGP Line 300 Expansion 125 miles of 30" looping 15-year contract for 290 MMcf/d with Equitable Energy LLC $750 MM capex 2010-2011 in-service Locked in pipe prices Marcellus Interconnects EQT Production NY PA WV OH KY CT MA RI NH VT MI NJ VA REX-TGP Interconnect

Pipeline Summary Committed backlog $8 billion Highly focused on project execution On track to achieve 2008 EBIT & EBITDA targets

Exploration & Production

*Pro forma basis; see appendix for reconciliation 2Q Highlights Improved earnings 4% sequential quarter production growth* Continued improvement in controllable unit costs Expanding domestic programs Increasing capital by $200 MM Haynesville and Niobrara Shale Cotton Valley horizontal test successful Altamont acquisition and down spacing Bia/Camarupim project (Brazil) accelerating

E&P Results EBIT1 EBITDA1 Adjusted EBITDA2 Capital expenditures Acquisition capital $ 304 501 535 400 43 2007 2008 Three Months Ended June 30, $ 235 424 451 383 16 1Three months ended includes MTM losses on derivatives of $75 MM in 2008 and $5 MM in 2007. Cash paid related to settlements of these derivatives were $14 MM and $12 MM, respectively. Year-to-date includes MTM losses on derivatives of $110 MM in 2008 and $2 MM in 2007. Cash paid related to settlements of these derivatives were $18 MM and $19 MM, respectively 2Adjusted E&P EBITDA for equity interest in Four Star Note: Appendix includes details on non-GAAP terms $ Millions $ 546 955 1,021 702 43 2007 2008 Six Months Ended June 30, $ 414 773 828 735 270

97% Drilling Success Rate High Low Risk 2008 YTD Gross Wells Completed 0% 83% 99% Actual Success Rate 4 12 222 238 97% PC > 80% Low Risk Domestic Development and Pinauna & Bia/Camarupim Development PC < 40% High Impact Exploration Med PC 40%-80% Medium Risk Development and Exploration Increasing capital to $1.9 billion

Total Cash Costs $/Mcfe 2Q 2007 1Q 2008 2Q 2008 Direct Lifting Costs 0.85 0.819 0.79 General & Administrative 0.68 0.643 0.63 Taxes Other Than Production & Income 0.06 0.041 0.05 0.2 0.2 0.2 Production Taxes 0.333 0.418 0.54 $1.92 $0.06 $0.68 $0.33 $0.85 $1.92 $0.04 $0.64 $0.42 $0.82 $0.79 $0.54 $0.63 $0.05 $2.01 Controllable unit costs down 7% yr/yr $1.59 $1.50 $1.47

2Q Production Update Note: Includes proportionate share of Four Star equity volumes Appendix includes details on non-GAAP terms *Excludes volumes from domestic assets sold in 2008 and assumes full year of Peoples in 2007 MMcfe/d 2Q 2007 1Q 2008 2Q 2008 Central 295 316 308 Western 144 149 155 TGC 202 236 223 GOM/SLA 202 173 136 International 14 12 11 308 223 136 11 833 155 1Q-2Q As Reported 6% Decrease 316 236 173 12 886 149 295 202 202 14 857 144 2Q 2007 1Q 2008 2Q 2008 Central 311 308 308 Western 147 147 155 TGC 195 200 222 GOM/SLA 141 130 134 International 14 12 11 1Q-2Q Pro Forma* 4% Increase 308 222 134 11 830 155 195 141 14 808 147 311 308 201 130 12 798 147 Full year estimate ~860 MMcfe/d

Peoples Acquisition Update Acquisition Rationale Increased scale and efficiency Adds significant drilling inventory Lower lifting costs Current Status Drilled 51 wells thru 2Q08 Expect 95-100 by YE08 Production growth delayed, lower initial activity levels Actively pursuing new opportunities Haynesville shale Cotton Valley horizontal Vicksburg program 3Q07 4Q07 1Q08 2Q08 3Q08E 4Q08E Production 70 69.62 70.85 90.63 103.28 117.02 Active Rigs 5 5 5 7 9 10 Production and Active Rigs Closed Sep. 2007 Acquisition value up significantly MMcfe/d Rigs

Arklatex Update 2008 Conventional Program 125-130 gross wells ~ $350 MM net capital 8-9 rigs running and growing Cotton Valley Horizontal Testing horizontal drilling 1 well drilled and completed 4.4 MMcfe/d initial 30-day average Additional 30 gross locations currently identified; potential application to other wells in inventory Haynesville Shale Exploration 1 well drilled; completion underway Approximately 42,500 net acres Significant resource potential Haynesville Shale Lindy Britton #2H CV Horizontal Miller Land 10H #1 Haynesville TX AK LA Holly/Logansport Bethany Longstreet Minden/SE Brachfield

Haynesville Shale Miller Land Co-H10#1 Completion underway 11,700' 11,500' 10,000' 9,000' 6,700' 5,300' Rodessa Hosston Cotton Valley Bossier Shale Haynesville Shale Haynesville Lime 3,100' Perforations

Raton Update 2008 CBM Program 84 gross wells $46 MM net capital CBM Increased Density Drilling Pursuing 80-acre spacing Hearing held in July with state of New Mexico Would add 500 gross locations and 250 Bcfe risked resource potential Niobrara Shale Exploration 3 wells drilled and completed 2 horizontal and 1 vertical Initial flow rates of 0.4-1.8 MMcfe/d $2 MM-$3 MM completed well costs > 300,000 prospective net acres NM CO Niobrara Shale Test well locations

Niobrara Shale 5,000' 4,000' 3,000' 2,000' 1,000' Pierre Shale Niobrara C Shale Niobrara B Shale Niobrara A Shale Trinidad Coal Vermejo Coal Raton Coal Typical CBM well VPR D-95A 1.8 MMcf/d VPR E-17A 1.0 MMcf/d VPR A-6A 0.4 MMcf/d Perforations 3,900' 3,000'

Altamont-Bluebell Update 2008 Program 8 gross wells drilled 36 recompletions $66 MM net capital Roll-up Acquisition Consolidates WI in operated assets Closed in 2Q 2008 1.6 MMBOE of proven reserves Includes remaining interest in Altamont gas plant Increased Density Drilling Pursuing 160-acre spacing Hearing in September 175-200 gross locations and >30 MMBOE risked resource potential UT WY Altamont-Bluebell

Gas Discovery well Bia/Camarupim Development Project Overview: Petrobras operated with 24% EP working interest 35-50 MMcfe/d net peak production 100-120 Bcfe net resources $135 MM net capital total Gas price indexed to basket of imported fuel oils First gas in 1Q 2009 4 development wells 4-ESS-177 6-ESS-168 Bia/ Camarupim 4-ESS-164 Bia Development Project Rio de Janeiro Brazil 2 KMS 0 1 2km BM-ES-5 Block Petrobras: 65% Operator El Paso: 35% BES-100 Camarupim DOC Area Petrobras: 100%

Bia/Camarupim Development Project Status: Commercial negotiations in final phase Unitization agreement & plan of development subject to regulatory approval Priority project for government with development activities underway 12" pipeline to PLEM completed & 24" pipeline being installed FPSO in yard with Oct 2008 delivery date Drilled 1st development well in 2Q 2008

Pinauna Development Project Statistics: 15-20 MBOE/d peak production 59-90 MMBOE total resource potential $700 MM-$750 MM total capital 100% WI Attractive returns at plan prices ($70/Bbl) Resource Outlook Oil Gas 1-BAS-64 1-BAS-73 1-BAS-74 1-ELPS-160 1-ELPS-170A Pinauna Cacau Acai Acai East 0 1.5 2.5 2.5 km Rio de Janeiro Brazil

Pinauna Development 3 Km-6" HP Oil, Gas Subsea Pipelines Development Scope 4 Horizontal producers 4 Horizontal Water Injectors 1 Gas Producer WD = 20m Utility MOPU Acai/Cacau Wellhead Platform Pinauna Wellhead Platform Project Status: Executed FSO letter of intent Awaiting approval of Terms of Reference from IBAMA Permitting & long lead sourcing continues First production late 2009, dependent on timing of permit approvals 10 Km-8" Crude Subsea Pipeline 10 Km-6" Fuel Gas Subsea Pipeline WD = 35- 40m Production MOPU 25,000 BOPD Oil capacity FSO 383,000 Bbl Oil Capacity

E&P Summary Inventory growing Peoples (Arklatex, TGC) Haynesville & Niobrara shale Brazil, Egypt Projects advancing Bia/Camarupim faster than expected Pinauna Altamont-Bluebell Domestic activity increasing in 2H 2008 Maintain current rig activity Advance new opportunities Improve exit rate On track for 8%-12% production growth (2007-2010)

Summary Earnings and cash flow up Pipelines $8 billion backlog Long-term growth 10%+ E&P Inventory continues to grow Brazil accelerates 2009 volume growth Progress on all fronts

Second Quarter 2008 Financial & Operational Update August 6, 2008

Appendix

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 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, gain related to the disposition of a portion of the company's investment in its telecommunications business, loss on other legacy litigation adjustments, changes in fair value of power contracts, changes in fair value of the production-related derivatives in the Marketing segment and the impact of MTM E&P derivatives. For 2007, Adjusted EPS is earnings per share from continuing operations excluding changes in fair value of production-related derivatives in the Marketing segment, the gain on the sale of ANR and related assets and debt repurchase costs. 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. 45

46

47

Financial Results EBIT Interest and debt expense Income before income taxes Income taxes Income from continuing operations Discontinued operations, net of income taxes Net income Preferred stock dividends* Net income available to common stockholders Diluted EPS from continuing operations Diluted EPS from discontinued operations Total diluted EPS Diluted shares (millions) $ 686 (514 ) 172 51 121 674 795 19 $ 776 $ 0.15 0.96 $ 1.11 699 2007 Year-to-date Ended June 30, $ 1,099 (454 ) 645 235 410 - 410 19 $ 391 $ 0.54 - $ 0.54 760 2008 ($ Millions, Except EPS) $ 470 (231 ) 239 70 169 (3 ) 166 10 $ 156 $ 0.22 - $ 0.22 757 2007 Three Months Ended June 30, $ 499 (221 ) 278 87 191 - 191 - $ 191 $ 0.25 - $ 0.25 761 2008 *Due to timing of declaration, second quarter 2008 dividends were reflected in the first quarter

2008 Analysis of Working Capital and Other Changes $ 51 406 (256 ) (112 ) (41 ) (15 ) $ 33 Margin collateral Changes in price risk management activities Settlements of derivative instruments Net changes in trade receivable/payable Settlement of liabilities Other Total working capital changes & other Six Months Ended June 30, 2008 $ Millions

Items Impacting YTD 2008 Results Income available to common stockholders Adjustments1 Change in fair value of power contracts Change in fair value of legacy indemnification Case Corporation indemnification Gain on sale of portion of telecommunications business Other legacy litigation adjustments Change in fair value of production-related derivatives in Marketing Impact of MTM E&P derivatives2 Adjusted EPS-Continuing operations3 $ 146 34 (65 ) (18 ) (27 ) 73 92 Pre-tax $ 391 $ 93 22 (27 ) (12 ) (29 ) 47 59 After-tax $ 0.54 $ 0.12 0.03 (0.04 ) (0.01 ) (0.04 ) 0.06 0.08 $ 0.74 Diluted EPS 1All adjustments assume a 36% tax rate, except Case Corporation indemnification and other legacy litigation adjustments, and 760 MM diluted shares 2Includes $110 MM of MTM losses on derivatives adjusted for $18 MM of realized losses for cash settlements 3Reflects fully diluted shares of 768 MM and includes income impact from dilutive securities $ Millions, Except EPS

Items Impacting 2Q 2007 Results Net income available to common stockholders Adjustments1 Debt repurchase costs Change in fair value of production-related derivatives in Marketing Discontinued operations Adjusted EPS-Continuing operations2 $ 86 (9 ) 5 Pre-tax $ 156 $ 55 (6 ) 3 After-tax $ 0.22 $ 0.08 (0.01 ) - $ 0.29 Diluted EPS 1Adjustments assume 36% tax rate, except for discontinued operations, and 757 MM diluted shares 2Based upon 757 MM diluted shares and includes the income impact from dilutive securities $ Millions, Except EPS

Items Impacting YTD 2007 Results Net income available to common stockholders Adjustments1 Debt repurchase costs Change in fair value of production-related derivatives in Marketing Sale of ANR and related assets Effect of change in number of diluted shares2 Adjusted EPS-Continuing operations2 $ 287 78 (1,043 ) Pre-tax $ 776 $ 184 50 (674 ) After-tax $ 1.11 $ 0.26 0.07 (0.96 ) (0.01 ) $ 0.47 Diluted EPS 1Adjustments assume 36% tax rate, except for discontinued operations, and 699 MM diluted shares 2Based upon 757 MM diluted shares and includes the income impact from dilutive securities $ Millions, Except EPS

Business Unit Contribution Core Businesses Pipelines E&P Core Businesses Total Other Businesses Marketing Power Corporate & Other Debt Repurchase Other Total Three Months Ended June 30, 2007 $ 318 235 $ 553 5 16 (86) (18) $ 470 Adjusted EBITDA* EBIT DD&A EBITDA *Adjusted Pipeline EBITDA for 50% interest in Citrus and adjusted E&P EBITDA for 43% interest in Four Star; Appendix includes details on non-GAAP terms $ Millions $ 91 189 $ 280 1 - - 5 $ 6 $ 409 424 $ 833 6 16 (86) (13) $ 756 $ 445 451 $ 896 6 16 (86) (13) $ 819

Business Unit Contribution Core Businesses Pipelines E&P Core Businesses Total Other Businesses Marketing Power Corporate & Other Total Year-to-date Ended June 30, 2008 $ 676 546 $ 1,222 (213 ) 10 80 $ 1,099 Adjusted EBITDA* EBIT DD&A EBITDA *Adjusted Pipeline EBITDA for 50% interest in Citrus and adjusted E&P EBITDA for 49% interest in Four Star; Appendix includes details on non-GAAP terms $ Millions $ 198 409 $ 607 - - 4 $ 611 $ 874 955 $ 1,829 (213 ) 10 84 $ 1,710 $ 938 1,021 $ 1,959 (213 ) 10 84 $ 1,840

Reconciliation of EBIT/EBITDA EBITDA Less: DD&A EBIT Interest and debt expense Income before income taxes Income taxes Income from continuing operations Discontinued operations, net of taxes Net Income Preferred stock dividends* Net income available to common stockholders $ 797 298 499 (221 ) 278 87 191 - 191 - $ 191 Three Months Ended June 30, 2008 2007 $ Millions $ 756 286 470 (231 ) 239 70 169 (3 ) 166 10 $ 156 $ 1,710 611 1,099 (454 ) 645 235 410 - 410 19 $ 391 Six Months Ended June 30, 2008 2007 $ 1,243 557 686 (514 ) 172 51 121 674 795 19 $ 776 *Due to timing of declaration, second quarter 2008 dividends were reflected in the first quarter

Reconciliation of Adjusted Pipeline EBITDA $ 19 13 10 12 (1) $ 53 $ 394 53 19 $ 428 Citrus equity earnings 50% Citrus DD&A 50% Citrus interest 50% Citrus income taxes Other* 50% Citrus EBITDA El Paso Pipeline EBITDA Add: 50% Citrus EBITDA Less: Citrus equity earnings Adjusted Pipeline EBITDA Citrus debt at June 30 (50%) Three Months Ended June 30, 2008 2007 $ 22 13 10 14 (1 ) $ 58 $ 409 58 22 $ 445 *Other represents the excess purchase price amortization and differences between the estimated and actual equity earnings on our investment $ Millions $ 32 26 19 20 (1) $ 96 $ 874 96 32 $ 938 $ 631 Six Months Ended June 30, 2008 2007 $ 44 25 19 26 (2) $ 112 $ 867 112 44 $ 935 $ 466

Reconciliation of Adjusted E&P EBITDA $ 16 5 - 15 14 $ 50 $ 501 50 16 $ 535 Four Star equity earnings Proportionate share of Four Star DD&A Proportionate share of Four Star interest Proportionate share of Four Star income taxes Other3 Proportionate share of Four Star EBITDA El Paso E&P EBITDA Add: Proportionate share of Four Star EBITDA Less: Four Star equity earnings Adjusted E&P EBITDA Three Months Ended June 30, 20081 20072 $ 3 5 - 10 12 $ 30 $ 424 30 3 $ 451 1 E&P has a 49% interest in Four Star 2 E&P has a 43% interest in Four Star 3 Represents the excess purchase price amortization $ Millions $ 26 11 - 28 27 $ 92 $ 955 92 26 $ 1,021 Six Months Ended June 30, 20081 20072 $ 2 11 - 17 27 $ 57 $ 773 57 2 $ 828

Per Unit ($/Mcfe) 2Q 2007 $ 4.84 (2.64 ) (0.22 ) (0.06 ) - $ 1.92 71,493 $ 346 (189 ) (15 ) (4 ) - E&P Cash Costs Total operating expense Depreciation, depletion and amortization Transportation costs Costs of products Other Per unit cash costs* Total equivalent volumes (MMcfe)* *Excludes volumes and costs associated with equity investment in Four Star Total ($ MM) Total ($ MM) $ 374 (197 ) (21 ) (10 ) (7 ) $ 5.40 (2.84 ) (0.31 ) (0.15 ) (0.09 ) $ 2.01 69,366 Per Unit ($/Mcfe) 2Q 2008 $ 377 (212 ) (19 ) (5 ) - $ 5.11 (2.87 ) (0.26 ) (0.06 ) - $ 1.92 73,762 Total ($ MM) Per Unit ($/Mcfe) 1Q 2008

Production-Related Derivative Schedule Designated-EPEP Fixed price-Legacy Fixed price Ceiling Floor Economic-EPEP Fixed price Ceiling Floor Avg. ceiling Avg. floor Designated-EPEP Fixed price Economic-EPEP Fixed price Economic-EPM Ceiling Floor Avg. ceiling Avg. floor 2.3 10.6 62.9 62.9 3.7 18.4 18.4 97.9 97.9 1.26 0.45 0.45 1.71 1.71 $ 3.49 $ 8.37 $ 10.84 $ 8.00 $ 8.24 $ 10.45 $ 8.00 $ 10.23 $ 7.94 $ 87.80 $ 56.40 $ 55.00 $ 79.54 $ 79.17 4.6 101.0 125.8 3.7 41.9 41.9 151.1 175.9 1.93 1.50 3.43 3.43 $ 3.56 $ 14.58 $ 8.93 $ 12.06 $ 17.40 $ 9.61 $ 14.97 $ 9.02 $ 109.32 $ 110.71 $ 109.93 $ 109.93 4.6 4.6 4.6 $ 3.70 $3.70 $ 3.70 2008 Notional Volume (TBtu) Avg. Hedge Price ($/MMBtu) 2009 Notional Volume (TBtu) Avg. Hedge Price ($/MMBtu) Notional Volume (TBtu) Avg. Hedge Price ($/MMBtu) 2010 Notional Volume (MMBbls) Avg. Hedge Price ($/Bbl) 2008 Natural Gas Crude Oil 6.8 6.8 6.8 $ 3.88 $ 3.88 $ 3.88 Notional Volume (TBtu) Avg. Hedge Price ($/MMBtu) 2011-2012 Note: Positions are as of July 15, 2008 (Contract months: July 2008-Forward) Notional Volume (MMBbls) Avg. Hedge Price ($/Bbl) 2009

Reconciliation of Pro Forma Production Volumes Equivalents, MMcfe/d Central Western TGC GOM/SLA International Total consolidated Proportionate share of Four Star Total with Four Star 224 144 202 202 14 786 71 857 31 8 32 1 - - 72 - - 72 Reported Add: Peoples Less: Domestic Assets Sold Pro Forma* 15 5 39 62 - - 121 - - 121 240 147 195 141 14 737 71 808 2Q 2007 Reported 237 155 223 136 11 762 71 833 - - - - - - - - - - - - - - - - Add: Peoples Less: Domestic Assets Sold Pro Forma* - - - - 1 2 - - 3 - - 3 237 155 222 134 11 759 71 830 2Q 2008 *Pro forma excludes volumes from domestic assets sold in 2008 and assumes full year of Peoples in 2007 241 149 236 173 12 811 75 886 - - - - - - - - - - - - - - - - Add: Peoples Less: Domestic Assets Sold Pro Forma* 8 2 35 43 - - 88 - - 88 233 147 201 130 12 723 75 798 1Q 2008 Reported

PJM Basis Description Exposure to Day-Ahead price differentials between PJM West Hub and 4 locations within East Hub Total exposure equals 20 MM MWh and extends through April 2016 Energy typically flows from supply areas in West Hub to high demand areas in East Hub East-West spread settlements driven by transmission congestion and marginal production costs West Hub price often set by baseload coal; East Hub price often set by natural gas-fired generation 32% increase in forward natural gas price led to 45% increase in forward PJM basis spread during 2Q 2008

EX-99.D

Exhibit 99.D

NOTE:

     This Schedule details the interest rates, maturity dates and principal amounts outstanding under El Paso’s and its subsidiaries debt obligations. This Schedule does not contain all the information about our outstanding debt that may be important to you. Additional information about our outstanding debt obligations is disclosed in El Paso’s 2007 Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q for the six months ended June 30, 2008, as filed with the Securities and Exchange Commission. The information in this Debt by Issuer Schedule is accurate as of June 30, 2008. Although we may periodically update the information posted to our website, we undertake no obligation to do so.

El Paso Corporation
Debt by Issuer
As of June 30, 2008
($ in MIllions)

	Interest				Maturity		Principal
Description	Rate				Date		6/30/08
El Paso Corporation		7.625	%			9/1/2008		70
El Paso Corporation		6.375	%			2/1/2009		112
El Paso Corporation - 500 MM Euro		7.125	%	(1)		5/6/2009		599
El Paso Corporation		6.750	%			5/15/2009		413
El Paso Corporation		7.800	%			6/14/2010		1
El Paso Corporation		7.750	%			6/15/2010		149
El Paso Corporation		10.750	%			10/1/2010		33
El Paso Corporation		7.000	%			5/15/2011		193
El Paso Corporation		7.625	%			7/15/2011		348
El Paso Corporation		9.625	%			5/15/2012		49
El Paso Corporation		9.000	%			5/30/2012		15
El Paso Corporation		7.875	%			6/15/2012		231
El Paso Corporation		7.375	%			12/15/2012		131
El Paso Corporation		6.875	%			6/15/2014		375
El Paso Corporation		7.000	%			6/15/2017		900
El Paso Corporation		7.000	%			2/1/2018		82
El Paso Corporation		7.250	%			6/1/2018		600
El Paso Corporation		6.700	%			2/15/2027		7
El Paso Corporation		6.950	%			6/1/2028		174
El Paso Corporation		8.050	%			10/15/2030		288
El Paso Corporation		7.800	%			8/1/2031		581
El Paso Corporation		7.750	%			1/15/2032		1,035
El Paso Corporation		7.750	%			10/15/2035		1
El Paso Corporation		7.420	%			2/15/2037		160
Total El Paso Corporation (Holding Company)							$	6,547
Colorado Interstate Gas Company		5.950	%			3/15/2015		35
Colorado Interstate Gas Company		6.800	%			11/15/2015		340
Colorado Interstate Gas Company		6.850	%			6/15/2037		100
Total Colorado Interstate Gas Company							$	475
El Paso Natural Gas Company		7.625	%			8/1/2010		54
El Paso Natural Gas Company		5.950	%			4/15/2017		355
El Paso Natural Gas Company		8.625	%			1/15/2022		260
El Paso Natural Gas Company		7.500	%			11/15/2026		200
El Paso Natural Gas Company		8.375	%			6/15/2032		300
Total El Paso Natural Gas Company							$	1,169
Southern Natural Gas Company		6.125	%			9/15/2008		34
Southern Natural Gas Company		5.900	%			4/1/2017		500
Southern Natural Gas Company		7.350	%			2/15/2031		153
Southern Natural Gas Company		8.000	%			3/1/2032		258
Total Southern Natural Gas Company							$	945

(1) EURO coupon rate

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El Paso Corporation
Debt by Issuer
As of June 30, 2008
($ in MIllions)

	Interest			Maturity			Principal
Description	Rate			Date			6/30/08
Tennessee Gas Pipeline Company		6.000	%		12/15/2011			86
Tennessee Gas Pipeline Company		7.500	%		4/1/2017			300
Tennessee Gas Pipeline Company		7.000	%		3/15/2027			300
Tennessee Gas Pipeline Company		7.000	%		10/15/2028			400
Tennessee Gas Pipeline Company		8.375	%		6/15/2032			240
Tennessee Gas Pipeline Company		7.625	%		4/1/2037			300
Total Tennessee Gas Pipeline Company							$	1,626
El Paso Exploration & Production Company- Revolver	Variable				9/7/2012			665
El Paso Exploration & Production Company		7.750	%		6/1/2013			1
Total El Paso Exploration & Production Company							$	666
El Paso Tennessee Pipeline Co.		9.000	%		11/15/2012			1
El Paso Tennessee Pipeline Co.		7.250	%		12/15/2025			23
Total El Paso Tennessee Pipeline Co.							$	24
Cheyenne Plains Gas Pipeline Company, LLC	Variable				3/31/2015	*		232
Total Cheyenne Plains Gas Pipeline Company, LLC							$	232
El Paso Pipeline Partners, LP	Variable				11/21/2012			495
Total El Paso Pipeline Partners, LP							$	495
Other Financings:
El Paso Energy Capital Trust I		4.750	%		3/31/2028			325
Capital Lease Obligations								8
Other								2
Total Other Financings							$	335
Unamortized Discounts/Premiums								(45	)
Adjustments to Debt due to Fair Value Hedges								(10	)
Total							$	(55	)
Total El Paso Corporation Debt							$	12,459

Notes:

* Amortizing Debt

Page 2 of 2

EX-99.E

Exhibit 99.E

NOTE:

     This Schedule details the interest rates, maturity dates and principal amounts outstanding under El Paso’s and its subsidiaries debt obligations that mature through December 31, 2010. This Schedule does not contain all the information about our outstanding debt that may be important to you. Additional information about our outstanding debt obligations is disclosed in El Paso’s 2007 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the six months ended June 30, 2008, as filed with the Securities and Exchange Commission. The information in this Debt Maturity Schedule is accurate as of June 30, 2008. Although we may periodically update the information posted to our website, we undertake no obligation to do so.

El Paso Corporation
Debt Maturity Schedule Through 2010
As of June 30, 2008
($ in Millions)

	Interest	Maturity		Principal
Description	Rate	Date		6/30/2008
2008
3Q08
El Paso Corporation	7.625%		9/1/2008		70
Southern Natural Gas Company	6.125%		9/15/2008		34
Other Financing — Amortizing Debt *	Various				3
					107
4Q08
Other Financing — Amortizing Debt *	Various				4
					4
Total 2008				$	111
2009
1Q09
El Paso Corporation	6.375%		2/1/2009		112
Other Financing — Amortizing Debt *	Various				3
					115
2Q09
El Paso Corporation — 500M Euro	7.125%		5/6/2009		599
El Paso Corporation	6.750%		5/15/2009		413
Other Financing — Amortizing Debt *	Various				4
					1,016
3Q09
Other Financing — Amortizing Debt *	Various				4
					4
4Q09
Other Financing — Amortizing Debt *	Various				4
					4
Total 2009				$	1,139
2010
1Q10
Other Financing — Amortizing Debt *	Various				4
					4
2Q10
El Paso Corporation	7.800%		6/14/2010		1
El Paso Corporation	7.750%		6/15/2010		149
Other Financing — Amortizing Debt *	Various				3
					153
3Q10
El Paso Natural Gas Company	7.625%		8/1/2010		54
Other Financing — Amortizing Debt *	Various				4
					58
4Q10
El Paso Corporation	10.750%		10/1/2010		33
Other Financing — Amortizing Debt *	Various				3
					36
Total 2010				$	251

Notes:

* This represents amortizing debt obligations for the quarter.

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