El Paso Corp. prices final offering of common stock for Western Energy Settlement

HOUSTON, Jan. 7, 2004 — El Paso Corp. announced that it has priced an offering of approximately 8.8 million shares of common stock at a public offering price of $8.35 per share.

Under the terms of El Paso’s Western Energy Settlement, El Paso is required to issue approximately 26.4 million common shares at the direction of the parties of the settlement. This offering, and the approximately 17.6 million shares previously issued in November and December 2003, brings the total number of shares issued to date in connection with the Western Energy Settlement to approximately 26.4 million shares and completes El Paso’s obligation to issue common shares. The offering is expected to close on or about January 8, 2004.

The proceeds from the offering will total approximately $73.4 million and will be deposited for the benefit of the settling parties as part of the company’s Western Energy Settlement obligations.

The joint book running managers for the offering were J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc. Copies of the prospectuses relating to the offerings may be obtained from J.P. Morgan Securities Inc., Chase Distribution and Support Services, 1 Chase Manhattan Plaza, Floor 5B, New York, NY 10081, e-mail Addressing.Services@jpmchase.com or from Deutsche Bank Securities Inc., 60 Wall Street, Fourth Floor, New York, NY 10005.

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

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