El Paso Corporation announces dividend increase

HOUSTON, Jan. 29, 2002 — The Board of Directors of El Paso Corporation announced that it approved a 2-percent increase in the quarterly dividend to $0.2175 per share on the company’s outstanding common stock.

The dividend will be payable April 3, 2002 to shareholders of record as of the close of business on March 1, 2002. Outstanding shares of common stock entitled to receive dividends as of December 31, 2001 were 536,267,944.

“We are pleased to announce yet another increase in the company’s dividend, which has grown at an average annual rate of 5.7 percent since 1992,” said William A. Wise, chairman, president, and chief executive officer of El Paso Corporation.

El Paso has core businesses in natural gas production, gathering and processing, and transmission, as well as in international project development, energy financing, power generation, liquefied natural gas transport and receiving, and merchant energy services.

The company is committed to developing new energy sources and technology to supply energy to communities around the world. For more information, please visit www.elpaso.com .

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