El Paso Corporation

Doug FosheePresident & Chief Executive Officer

Bank of America2008 Energy Conference

November 14, 2008

2

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 release, including, without limitation, changes in unaudited and/or unreviewed financial information; our ability to meet our 2009 debt maturities; volatility in, and access to, the capital markets; our ability to implement and achieve our objectives in our 2008 plan, including achieving our earnings and cash flow targets; the effects of any changes in accounting rules and guidance; our ability to meet production volume targets in our Exploration and Production segment; our ability to comply with the covenants in our various financing documents; our ability to obtain necessary governmental approvals for proposed pipeline and E&P 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 asset sales, as well as transactions with partners on one or more of our expansion projects that are included in the plan on a timely basis; credit and performance risk of our lenders, trading counterparties, customers, vendors and suppliers ;changes in commodity prices and basis differentials for oil, natural gas, and power; our ability to obtain targeted cost savings in our businesses; inability to realize anticipated synergies and cost savings 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, including the risk of a global recession and negative impact on natural gas demand; 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 MeasuresThis 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 and EBITDA, 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.

3

Defining Our Purpose

El Paso Corporation provides natural gas and related energy

products in a safe, efficient, and dependable manner

4

the place to workthe neighbor to havethe company to own

Our Vision & Values

5

Beyond the Credit Crisis

Credit crisis is a big issue for entire marketEl Paso has implemented comprehensive plan

Will meet our maturitiesWill fund our pipeline backlogWill preserve E&P opportunities

Looking past the stormPipeline backlog generates $1.2 billion EBITDA*E&P opportunities have expandedCredit metrics improve

*Pro rata to El Paso’s interest

6

Has the Need forNew Infrastructure Changed?

NoNatural gas fueling most incrementalelectric generationNew infrastructure required to meet producers’ needs

Especially in the Rockies

Fundamentals remain strong

7

CIG High Plains Pipeline$216 MM (100%)November 2008

900 MMcf/d

TGP Carthage Expansion

$39 MMMay 2009

100 MMcf/d

SNG South System III/ SESH Phase II

$352 MM / $69 MM2011–2012

370 MMcf/d / 350 MMcf/d

Elba Expansion III & Elba Express

$1.1 Billion2010–2013

8.4 Bcf / 0.9 Bcf/d & 1.2 Bcf/d

SNG Cypress Phase III $86 MM

2011160 MMcf/d

CIG Totem Storage$154 MM (100%)

July 2009200 MMcf/d

WIC Piceance Lateral$62 MM4Q 2009

220 MMcf/d

El Paso PipelineEl Paso Pipeline Partners, LP

TGP Concord$21 MM

Nov 200930 MMcf/d

Gulf LNG$1+ Billion (100%)

20116.6 Bcf / 1.3 Bcf/d

CIG Raton 2010 Expansion$146 MM2Q 2010

130 MMcf/d

Executing on $8 Billion Backlog ofCommitted Growth

FGT Phase VIII Expansion

$2.4 Billion (100%)2011

800 MMcf/d

Construct at 7x run rate EBITDA

TGP Blue Water / 800 Ln Exp$25 MM

Dec 2008340 MMcf/d

Note: As of November 6, 2008; El Paso Pipeline Partners owns 25% of SNG & 40% of CIG

Ruby Pipeline$3 Billion

20111.3–1.5 Bcf/d

WIC System Expansion $71 MM

2010–2011320 MMcf/d

TGP Line 300 Expansion $750 MM

2010–2011290 MMcf/d

8

Pipeline Construction Report CardRemains Excellent

WIC Kanda Lateral In-service

Cheyenne Plains—Coral In-service

SNG Cypress Phase II In-service

WIC Medicine Bow In-service

CIG High Plains Pipeline 4Q

TGP Blue Water/800 Line Exp 4Q

4 operated pipelines completed—on-budget

2008 Projects

9

Construction Risk Management

Elba ExpansionElba Express

Gulf LNG (50%)

Ruby

FGT Phase VIII (50%)

TGP Line 300

$ 1.1

$ 0.5

$ 3.0

$ 1.2

$ 0.8

El Paso Capital($ Billions) Steel Construction

Fixed-Price EPC ContractFixed

Fixed-Price EPC Contract

Fixed

Fixed

Fixed

United-Priced

Incentive-Based

Unit-Priced

Negotiating

Backlog has been significantly de-risked

10

E&P 2008 Progress

Completed 2007/2008 portfolio high gradingReduced unit LOE and G&AExpanded non-proved resources

Cotton Valley horizontalsHaynesville shaleNiobrara shaleRaton in-fillAltamont in-fill

11

UpsidePotential

Heavily weighted to U.S. Onshore (86%)869 Bcfe Proved Undeveloped ReservesR/P of 9.6

6.1 Tcfe unrisked non-proved resources2.0 Tcfe risked unconventional and low risk

Infill drilling (CBM, Altamont, Arklatex)Emerging shale gas plays(Niobrara and Haynesville)International exploration leads

Significant Resource Inventory*

2.8 TcfeProved

Reserves

2.8 TcfeUnprovedInventory

*As of 12/31/2007 adjusted for 2008 domestic divestitures

12

2009 Program Overview

Favor lower-risk, repeatable programsMore Onshore, resource-based

Less TGC and GOM

Delivers production in line with 2008

Generates very predictable cash flow

Preserves opportunity for future ramp up

13

Significant Inventory ofLower-Risk Programs

Altamont100%

Texas Gulf Coast(non-exploration)

94%

Black Warrior100%

Note: 2008 success rates through September 30, 2008

Raton100%

Arlatex100%

14

Continue to Develop Shale OpportunitiesHaynesville Niobrara

NM

CO

Niobrara ShaleTest well locations

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

Approximately 42,500 net acres2 wells completed1 well drillingSignificant resource potential

Harrison

Marion

CaddoBossier

DesotoRed River

Natchitoches

Bienville

ClaiborneUpshur

Gregg

PanolaRusk

Shelby

Webster

Current prospective areaEl Paso operated wellsHorizontal wells drilled by others

Miller 10H #1Completed

IP 4 MMcfe/d

Travis Lynch #4H Completed

IP 8 MMcfe/d

Gamble 24HDrilling

15

Rio deJaneiro

Brazil

Brazil to Become a Meaningful Contributor

Copaiba Well (18%)Drilled and testing

Tot Well (35%)Drilling and evaluating

Pinaúna (100%)15–20 MBOE/d peak productionSlowed pace of development

Camarupim (24%)35–50 MMcfe/d in 1Q 2009

16

Balance atMarket Price

Note: See full Production-related Derivative Schedule in Appendix* Includes proportionate share of Four Star equity volumes

151 TBtuAverage cap $14.97/MMBtu

8 TBtu$7.33

fixed price

176 TBtuAverage floor $9.02/MMBtu

Ceiling

Floor

3.4 MMBbls$109.93

fixed price

2009 Gas

2009 Oil

Significant Value in 2009 Hedges

143 TBtu$15.41ceiling

168 TBtu$9.10floor

~70% of domestic natural gas and ~60% domestic oil production hedged*2009 hedge program valued at ~$500 MM at November 3, 2008

Positions as of October 2, 2008

17

Summary

Will meet 2009 maturities

Will execute pipeline backlog

While preserving E&P opportunities

Long-term growth potential in tact

El Paso Corporation

Doug FosheePresident & Chief Executive Officer

Bank of America2008 Energy Conference

November 14, 2008

Appendix

20

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.

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.

21

Reserves Pro Forma Reconciliation

Reserves (Bcfe)1

Ending reserves 1/1/08

Adjustments2

Pro forma ending reserves 1/1/08

1,328

(58)

1,270

715

(40)

675

550

(93)

457

269

(118)

151

247

–

247

3,109

(309)

2,800

OnshoreCentral Western TGC GOM Int’l Total

1 Reserves data includes proportionate share of Four Star2 Adjustments reflect elimination of divestiture properties and addition of Peoples for full-year 2007

22

Production-Related Derivative Schedule

Designated—EPEPFixed price—LegacyFixed priceCeilingFloor

Economic—EPEPFixed priceCeilingFloor

Avg. ceilingAvg. floor

Designated—EPEPFixed price

Economic—EPEPFixed price

Economic—EPMCeilingFloor

Avg. ceilingAvg. floor

1.15.3

27.527.5

1.86.56.5

42.242.2

0.43

0.20

0.220.22

0.850.85

$ 3.49$ 8.37$ 10.87$ 8.00

$ 8.24$ 10.32$ 8.00

$ 10.16$ 7.93

$ 88.57

$ 88.28

$ 56.10$ 55.00

$ 80.10$ 79.81

4.6

101.0125.8

3.641.941.9

151.1175.9

1.39

2.04

3.433.43

$ 3.56

$ 14.58$ 8.93

$ 12.06$ 17.40$ 9.61

$ 14.97$ 9.02

$110.00

$109.87

$109.93$109.93

4.6

4.64.6

$3.70

$3.70$3.70

2008NotionalVolume(TBtu)

Avg. HedgePrice

($/MMBtu)

2009NotionalVolume(TBtu)

Avg. Hedge Price

($/MMBtu)

NotionalVolume(TBtu)

Avg. Hedge Price

($/MMBtu)

2010

NotionalVolume

(MMBbls)

Avg. HedgePrice

($/Bbl)

2008

Natural Gas

Crude Oil

6.8

6.86.8

$3.88

$3.88$3.88

NotionalVolume(TBtu)

Avg. Hedge Price

($/MMBtu)

2011–2012

Note: Positions are as of October 2, 2008 (Contract months: Oct 2008–Forward)

NotionalVolume

(MMBbls)

Avg. HedgePrice

($/Bbl)

2009