a meaningful companydoing meaningful workdelivering meaningful results Mark Leland

Executive Vice President andChief Financial Officer

AGA Financial ForumApril 30, 2007

22

Cautionary Statement RegardingForward-looking Statements

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, such as net risked resource, that the SEC. U.S. Investors are urged to consider closely the disclosures regarding proved reserves in this presentation and the disclosures that will be contained in our Form 10-K for the year ended December 31, 2006, File No. 001-14365, available from 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. This presentation includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding our plans for 2007 and our expected financial and operating results for 2007, as well as other statements regarding matters other than historical fact. 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, our ability to implement and achieve our objectives in the 2007 plan; 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; our ability to successfully create, market and operate a master limited partnership and complete related financing transactions; changes in commodity prices for oil, natural gas, and LNG; 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; 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.

33

Defining Our Purpose

El Paso Corporation provides natural gas and related energy

products in a safe, efficient, and dependable manner

44

the place to workthe neighbor to havethe company to own

Creating a New Culture

55

El Paso Pipeline Group—Leading Franchise

• Unparalleled market presence

• Excellent expansion inventory

• Visible 4%–6% EBITDA* growth

• Clear valuation upside

*Non-GAAP term

66

El Paso Pipeline System

• 19% of total U.S. interstate pipeline mileage• 23 Bcf/d capacity (16% of total U.S.)• 16 Bcf/d throughput (28% of gas delivered to U.S. consumers)

El PasoNatural Gas

Mexico Ventures

MojavePipeline

ColoradoInterstate Gas

Wyoming Interstate

Cheyenne Plains Pipeline

TennesseeGas Pipeline

SouthernNatural Gas

Florida GasTransmission (50%)

Elba IslandLNG

77

Pipeline Group—What Sets Us Apart

• Best market presence– Market centers– Connectivity

• Best access to supply– Gulf of Mexico– LNG– Rockies

• Disciplined growth• Excellent project execution

88

Pipelines Well Aligned With Demand & Supply Growth

2005–2015 Growth in Bcf/d

Source: El Paso Corporation

CanadianLNG+0.9

Gulf ofMexico LNG

+6.8

MexicoLNG+2.5 Mexico

Demand+2.6

NortheastDemand

+2.1

ElbaLNG+1.4

SoutheastDemand

+4.9

RockiesSupply

+3.8

SouthwestDemand

+1.5

99

Significant Connectivity

• 344 delivery meters in Arizona

CA AZ

UTNV

NMPhoenix

• 63 supply meters in the Rockies• 110 delivery meters along the Front Range

VT

NH

NY

PA NJ

CTRIMA Boston

• 97 delivery meters into 26 LDCs

New York

• 155 delivery meters into Alagasco and AGL

AL GA

SC

FL

Birmingham Atlanta

WY

CO

ID

UT

NESD

Denver

1010

Organic Growth Opportunity:Superior Supply Connectivity

WICCIGEPNGMojaveCheyenne Plains

Big Horn

Powder River

Denver-Julesburg

Anadarko

Permian

Raton

San Juan

Piceance

Uinta

Wind River

Green River

1111

LNG Opportunities

Existing TerminalCertificated Terminal

$1.2 billion of LNG-related

projects

Elba IslandLNG

El Paso has 28% of Gulf of Mexico

takeaway capacity

1212

Value Added Projects

WIC Medicine Bow Expansion—2008

$18 MMJuly 2008

205 MMcf/d

CP Shell Expansion$21 MM

April 200870 MMcf/d

CIG Raton Expansion$12 MM

December 200729 MMcf/d

TGP Carthage Expansion

$35 MMMay 2009

100 MMcf/d

TGPLA Deepwater Link

$55 MMJuly 2007

850 MMcf/d

TGPEugene Island 371

$33 MMSeptember 2007

200 MMcf/d

FGT Phase VII$63 MM

May 200760 MMcf/d

More than $2 billion of committed growthWIC Kanda Lateral

$141 MM2008

January 2008Up to 410 MMcf/d

CIG High Plains Pipeline$145 MM (50%)

December 2008/July 2009965 MMcf/d

FERC Certificated/ Under ConstructionSigned PA’s Expected PA’s

SESH Interest $170 MM

June 2008/October 2010137 MMcf/d/ 490 MMcf/d

SNG Elba Expansion III & Elba Express

$930 MM2010–2012

8.4 Bcf / 900 MMcfd

SNG Cypress Phase I / II$255 MM/$19 MM

May 2007/May 2008220 MMcf/d/116 MMcf/d

TGP NE ConneXion New England

$103 MMNovember 2007

136 MMcf/d

TGP Essex-Middlesex

$47 MMNovember 2007

82 MMcf/d

Mexico JV—LPG Reynosa

$53 MM (50%)July 2007

30,000 Bbl/d

SNG South System III $133 MM–$286 MMOct 2010–Apr 2012

245 MMcf/d–367 MMcf/d

EPNGMexico Lateral Loop

$36 MMNovember 2008

127 MMcf/d

Strong Positions

1313

Pipeline Valuations

• Valuations are increasing

• Most M&A in 10x – 12x EBITDA range

– Including ANR

• MLP creates additional opportunities

– Lower cost of capital

– Valuation

1414

El Paso MLP Strategy

• Targeting fourth quarter 2007 for pipeline MLP

• $500 MM asset value

• El Paso pipelines are ideal MLP assets

– Stable cash flow

– Visible organic growth

• Tax treatment will dictate ultimate potential

1515

Appendix

1616

$0$250$500$750

$1,000$1,250

$1,500$1,750$2,000$2,250$2,500

Revenue Stability

Demand Revenue (% of total Revenue)

Demand as a % of total revenue increases over time

62% 91% 94%91%

82%

Total SNG EPNG CIGTGP FGT

94%

2006

Rev

enue

($ M

illio

ns)

1717

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,00011,00012,00013,000

2007 2008 2009 2010 2011 Beyond

Contractual Certainty

14%3,524 10%

2,698 7%1,773

14%3,545 8%

2,186

47%10,026

Average remaining contract term: 5.4 years

As of January 1, 2007(Thousands of Dth/d)

a meaningful companydoing meaningful workdelivering meaningful results Mark Leland

Executive Vice President andChief Financial Officer

AGA Financial ForumApril 30, 2007