El Paso updates disclosures concerning price reporting

HOUSTON, Jan. 13, 2003 — El Paso Corp. announced on Monday it has reported additional instances of inaccurate price reporting to the U.S. Attorney’s Office in Houston. The company will be providing the same updated information to the other federal agencies reviewing this activity.

The information recently provided indicates additional instances of inaccurate reporting to the trade publication Inside FERC. These activities were contrary to the company’s Code of Conduct. The personnel engaged in these activities are no longer with the company, and El Paso has previously announced its plans to exit the energy trading business.

El Paso is continuing to cooperate with federal authorities and is continuing to review its trade publication reporting.

While the company has no evidence that the El Paso Merchant Energy reporting to Inside FERC resulted in any unrepresentative price index, El Paso reiterated today its previous statement that any inaccurate reporting is unacceptable. El Paso emphasized its determination to take whatever steps are necessary to ensure that its operations are conducted in accordance with the highest ethical standards and all applicable legal requirements.

El Paso Corporation a North America provider of natural gas services. The company has core businesses in natural gas production, gathering and processing, and transmission, as well as liquefied natural gas transport and receiving, petroleum logistics, power generation, and merchant energy services. For more information, visit www.elpaso.com .

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