a meaningful companydoing meaningful workdelivering meaningful results William Baerg

Investor Relations Manager

Bank of America2007 Credit Conference

December 3, 2007

2

Cautionary StatementRegarding Forward-looking Statements

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. 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, changes in unaudited and/or unreviewed financial information; our ability to implement and achieve our objectives in the 2007 plan, including achieving our debt-reduction targets, earnings and cash flow targets; changes in reserve estimates based upon internal and third party reserve analyses; the effects of any changes in accounting rules and guidance; our ability to meet production volume targets in our E&P segment; uncertainties and potential consequences associated with the outcome of governmental investigations, including, without limitation, those related to the reserve revisions; outcome of litigation; our ability to comply with the covenants in our various financing documents; 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; actions by the credit rating agencies; the successful close of our financing transactions; our ability to successfully form, market, and operate a master limited partnership, our ability to successfully exit the energy trading business; our ability to close our announced asset sales on a timely basis; changes in commodity prices and basis differentials for oil, natural gas, and power and relevant basis spreads; inability to realize anticipated synergies and cost savings associated with restructurings and divestitures on a timely basis; 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; 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, 2006, 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 MeasuresEl 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, discontinued operations, and the impact of accounting changes; (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.

3

Our Purpose

El Paso Corporation provides natural gas and related energy

products in a safe, efficient, and dependable manner

4

the the place place to workto workthe the neighbor neighbor to haveto havethe the company company to ownto own

Our Vision & Values

5

Leading Positions in Two Core Businesses

Exploration &Production

Interstate Pipelines

6

El Paso E&P

• Top 10 independent domestic gas producer

• Balanced portfolio of opportunities in U.S. and international

• 5 years of project inventory

• Portfolio upgrade underway

• Successful Brazil exploration

7Note: Reserves (as of 12/31/06) include proportionate share of Four Star equity volumes

E&P Geographic Portfolio

Onshore65%

R/P: 11TGC16%

R/P: 6

Brazil9%

R/P: 29GOM10%

R/P: 4

2.6 Tcfe proved reserves9-year reserve life

Brazil

Rio de Janeiro

El Paso E&P:Top 10 Independent

Egypt

NileDelta

Sinai

EgyptGulf

ofSuez

8

2003 2006 4Q 2003 3Q 2007

6

9.152%

R/P Increases by 52%

50%

22%

127%

% Onshore Production More Than Doubles

Production Stability Greatly Improved

Note: 2006 and 2007 data includes interest in Four Star

9

Portfolio Update• Portfolio High-Grading

– Peoples acquisition successfully closed– Integration underway with high level of activity– U.S. divestiture package to market

• Up to 300 Bcfe proved• Bids due 4Q 2007 with closing expected 1Q 2008

• Brazil – Pinaúna sell-down

• Sell up to 50% non-operated working interest in BM-CAL4

• Bids due 4Q 2007 with closing expected 1H 2008

10

3Q 2006 4Q 2006 1Q 2007 2Q 2007 3Q 2007

Onshore TGC GOM/SLA International

830

415

183

189

81023 17

209

182

422

82016

182

189

433

85714

202

202

439

84814

206

205

423

Production on Target

Note: Includes proportionate share of Four Star equity volumesNote: Includes proportionate share of Four Star equity volumes

MMcfe/d

4Q 2007 estimate 840-850 excluding Peoples

11

E&P Summary

• Production on target• Capital on track and creating value

• Added staff and key leadership• Increased drilling activity

• Portfolio and inventory high-grading • Successful Brazil exploration

Credibility

Capability

Visibility

12

Pipeline Highlights

• Leading franchise

• $2+ billion committed project inventory

• More opportunities under development

• Visible 4%–6% EBIT growth

13

El Paso Pipeline System

El PasoNatural Gas

Mexico Ventures

MojavePipeline

ColoradoInterstate Gas

Wyoming Interstate

Cheyenne Plains Pipeline

TennesseeGas Pipeline

SouthernNatural Gas

Florida GasTransmission (50%)

Elba IslandLNG

Source: El Paso CorporationNote: El Paso Corporation and El Paso Pipeline Partners, L.P.

Premier pipeline franchise

•• 19% of total U.S. interstate pipeline mileage19% of total U.S. interstate pipeline mileage•• 23 Bcf/d capacity (16% of total U.S.)23 Bcf/d capacity (16% of total U.S.)•• 16 Bcf/d throughput (28% of gas delivered to U.S. consumers)16 Bcf/d throughput (28% of gas delivered to U.S. consumers)

14

Well Positioned AssetsMajor Flow Changes 2006–2016(Bcf/d)

-2.0

-1.2-0.4

-1.0-0.5

3.4

4.7

1.40.4

1.3

4.0

5.4

0.8

1.2

0.6

1.5

0.7

2.9 2.8

Source: EEA/ICF International July 2007 Reference Case

CanadaDeclining exports

to U.S.

RockiesIncreasing supplies

leaving region

LNGExpanding current

facilities, Gulf Coast additions

Eastern Demand Growth

Especially Southeast

15

WIC Kanda Lateral

TGP Essex/Middlesex

Cheyenne Plains—Coral

CIG High Plains Pipeline& Storage (50%)

WIC Medicine Bow

SNG Cypress Phase II

SNG SESH Phase I

TGP Carthage

$580

SNG SESH Phase II

SNG South System III

Elba Expansion III& Elba Express

$1,440Total capital

Advancing $2 Billion ofCommitted Growth Projects

2007 2008–2009 2010 & Beyond

In-service:

SNG Cypress Phase I

TGP LA Deepwater Link

TGP Triple T

CIG Raton Basin

TGP Northeast ConneXion

In-service by year-end:

LPG Burgos Pipeline (50%)

$60*

$ Millions

**Projects not yet inProjects not yet in--serviceservice

16

Gulf LNG Project

• Strategic location

• Fully contracted

• Fixed capital cost

Leverage LNG terminal operating expertise

Florida Gas

Gulfstream

Transco

Gulfsouth

Des

tin

SNG

• 50% interest• EP to operate facility• 6.6 Bcf storage capacity• 1.3 Bcf/d send-out capacity• FERC certificate 2/2007• Total project construction

cost: $1.1 billion

Gulf LNG Terminal

17

El Paso Pipeline Partners Formation Rationale

A strong performing MLP currency will provide El Pasowith a strategic vehicle to grow its business

HighlightFranchise

Value

OptimizeCapital

Structure

EnhanceCompetitive

Position

18

Aligned Partnership Structure

28,437,786 EPB Common Units27,727,411 EPB Subordinated Units

GP interest and incentive distribution rights

Wyoming Interstate Company

“WIC”

Colorado Interstate Gas Company

“CIG”

33.2% LP

100%10%

Public Unitholders28,750,000 EPBCommon Units

64.8% LP2.0% GP

10%

Other

E&P

Pipelines

90% 90%

Southern Natural Gas Company

“SNG”

19

Overview of El Paso Pipeline Partners

Diverse, Growing Supply Regions High Connectivity to Growing Markets

WICCIG SNG

• Primary focus is natural gas transmission and storage assets

• Three FERC regulated interstate pipelines:– 100% of WIC: 700 miles, 2.3 Bcf/d– 10% of CIG: 4,000 miles, 3.0 Bcf/d– 10% of SNG: 7,600 miles, 3.7 Bcf/d

• Demand based revenues from high quality customers with strong credit profiles

• Several organic expansions underway

20

Pipeline Summary

• Pipelines continue to deliver excellent results

• Excellent inventory of committed growth projects

• Favorable macro-environment creating additional growth opportunities

• El Paso Pipeline Partners IPO receivedoutstanding support

21

2007 and 2008 Natural GasHedge Program

14 TBtu$8.00 floor/

$16.89 ceiling

22 TBtu$7.66

fixed price

22 TBtu$7.50 floor

Balance atMarket Price

CeilingCeiling

FloorsFloors

36 TBtuAverage cap $11.25/MMBtu

58 TBtuAverage floor $7.68/MMBtu

Positions as of September 30, 2007(Contract Months October 2007 – Forward)

Note: See full Production-Related Derivative Schedule in Appendix

137 TBtuAverage cap $10.06/MMBtu

104 TBtu$8.00 floor/

$10.82 ceiling

33 TBtu$7.65

fixed price

137 TBtuAverage floor $7.92/MMBtu

CeilingCeiling

FloorsFloors

2007

2008

2008 position covers approximately 61% of volumes hedged for all of 2007

22

Continued Financing Progress

Reducing Costs• Interest expense down 21% vs. 2006

Adding Liquidity• Upsized EPEP revolver

– $500 MM $1 billion– Maturity: 2012

• Upsized unsecured L/C facility– $150 MM $300 MM at 9/30– $500 MM today– Maturity: 2009

$941

$742

Interest Expense YTD($ MM)

Sep. 30,2006

Sep. 30,2007

23

Solid Finish to the Year

• 2007 5th consecutive year of improved earnings• Growth in both businesses

– Organic– Acquisitions

• Hitting targets• Successful launch of El Paso Pipeline Partners

Building platform for sustainable growth

24

Appendix

25

26

27

Production-Related Derivative Schedule—Fixed Price

Note: Positions are as of September 30, 2007 (contract months: October 2007–forward)

Designated—EPEPFixed price—LegacyFixed priceCeilingFloor

Economic—EPEPFixed priceCeilingFloor

Economic—EPMCeilingFloor

Avg. ceilingAvg. floor

Economic—EPEPFixed price

Economic—EPMFixed priceCeilingFloor

1.218.413.813.8

2.1

22.5

35.558.0

0.05

0.240.24

$ 3.35$ 8.00$ 16.89$ 8.00

$ 7.05

$ 7.50

$ 11.25$ 7.68

$ 35.15

$ 58.75$ 55.00

4.621.093.393.3

7.311.011.0

137.2137.2

0.930.93

$ 3.42$ 8.37$ 10.92$ 8.00

$ 8.24$ 10.00$ 8.00

$ 10.06$ 7.92

$ 57.03$ 55.00

16.0

16.816.8

32.832.8

$3.74

$8.75$6.00

$6.30$4.90

NotionalVolume (TBtu)

Avg. HedgePrice ($/MMBtu)

2007 2008

NotionalVolume (TBtu)

Avg. Hedge Price ($/MMBtu)

NotionalVolume (TBtu)

Avg. Hedge Price ($/MMBtu)

2009–2012

NotionalVolume (MMBbls)

Avg. HedgePrice ($/Bbl)

2007

NotionalVolume (MMBbls)

Avg. Hedge Price ($/Bbl)

2008

Natural Gas

Crude Oil

28

Continued Throughput Increase

TGP

Power loadsSNG 7%

16%

EPNG

CIGRockies supply, expansions,colder weather

6% overall increase

% Increase YTD 2007 vs. YTD 2006

3% Power loads

Unchanged

29

Revenue Stability

Demand as a % of total revenue increases over time

$0$250$500$750

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

Total TGP SNG EPNG CIG FGT

82%

62% 91% 91% 94% 94%

2006

Rev

enue

($ M

illio

ns)

Demand Revenue (% of Total Revenue)

30

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

10,00011,00012,00013,000

2007 2008 2009 2010 2011 Beyond

14%14%3,5243,524 10%10%

2,6982,698 7%7%1,7731,773

14%14%3,5453,545

8%8%2,1862,186

47%47%10,02610,026

Contractual Certainty

Average remaining contract term: 5.4 years

Thou

sand

s of

Dth

/d

Note: As of 12/31/06 and excludes ANR

31

2004 2005 2006 2007 2008

EPNG

2009 2010 2011

FGT

TGP

CIG

SNG

Recent Rate Settlements

New RatesRequiredSettled Rates

RateStability

32

Pinaúna Project Update

• Successfullyexpanded field

• Completed drillingand testing

• Unrisked resourcepotential up to90 MMBOE

PinaúnaPODarea

BAS-73

1 3kmSergi depth

BASBAS--7474

Açaí-1

BAS-64

Cacau-1

-2,420 m OWC

-2,380 m OWC

Pinaúna Field(BAS-64)

1,350 acres

BrazilCamamu

33

Espirito Santo Bia/Camarupim Discovery

Petrobras oper WI 65%El Paso WI 35%

10 km

Petrobras oper WI 65%El Paso WI 35%

• Successfully finished and tested6-ESS-168 well

• Established connectivity to4-ESS-164A well

• Currently drilling 3-ESS-177 northern appraisal well

Bia discovery6-ESS-168

Petrobras oper WI 100%

Appraisal well3-ESS-177

Brazil

Espirito Santo

m

m

m

34

EP

Note: Data is a 2-year weighted average for 2005 and 2006 resultsPeers include APA, APC, CHK, DVN, EOG, FST, NBL, NFX, PPP, PXD, XEC & XTO

1.411.86

2.22 2.482.96 3.16 3.35 3.61 3.93

4.615.04

5.876.33

U.S. Drill Bit Finding & Development Costs$/Mcfe

F&D competitive given 9-year R/P ratio

a meaningful companydoing meaningful workdelivering meaningful results William Baerg

Investor Relations Manager

Bank of America2007 Credit Conference

December 3, 2007