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El Paso Corporation




            Third Quarter 2008
Financial & Operational Update

               November 6, 2008
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 Measures
This 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, EBITDA, adjusted EBITDA, adjusted EPS, cash costs, 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.



                                                                                                                                                           2
Our Purpose



       El Paso Corporation provides
       natural gas and related energy
      products in a safe, efficient, and
            dependable manner




                                           3
Our Vision & Values




      the place to work
 the neighbor to have
  the company to own




                          4
Maintaining Liquidity While
Preserving Future Growth

   ANR sale, EPB IPO and drop down all designed to
   provide financial flexibility
   Position El Paso to weather current situation
   $3 billion 2009 capital budget
   Key points of focus:
       Provide sufficient liquidity for May maturities
       Execute on pipeline backlog
       Preserve inventory of E&P opportunities
   Will utilize several strengths & benefits:
       Strong cash flow
       2009 hedges
       Capex flexibility
       Pipeline investment-grade ratings


                                                         5
Strong Quarterly Earnings

   Pipeline expansions

   Higher pricing

   Improvement despite significant hurricane impact




                                                      6
Financial Results
Financial Results:
Quarters Ending September 30
                                                                       $ Millions, Except EPS
    Adjusted Diluted EPS                           Diluted EPS              Adjusted
      from Continuing                           from Continuing             EBITDA*
                                                                         $1,248
         $0.35                                     $0.58
                   $0.22                                                          $834
                                                              $0.20


          2008      2007                            2008      2007        2008    2007

              Higher earnings driven by growth in both core businesses
                                                                        Realized Natural
               EBIT                              Interest Expense       Gas Price ($Mcf)
         $881                                                 $228        $8.92
                                                    $221                          $7.12
                    $483



          2008      2007                             2008      2007       2008    2007
Note: Appendix and slides 9 and 10 include details on non-GAAP terms
                                                                                           8
*Reflects El Paso’s proportionate interest in Citrus and Four Star
Items Impacting 3Q 2008 Results
                                                                                        $ Millions, Except EPS

                                                                                                            Diluted
                                                                           Pre-tax       After-tax           EPS
  Net income available to common stockholders                                              $ 436            $ 0.58

  Adjustments1
    Change in fair value of power contracts                                 $ (63)         $ (40)           $(0.05)
    Change in fair value of legacy indemnification                             12              8              0.01

       Change in fair value of
         production-related derivatives in Marketing                          (14)             (9)           (0.01)
                                                                                                             (0.18)
                                                                             (215)           (138)
       Impact of MTM E&P derivatives2

                                                                                                            $ 0.35
            Adjusted EPS—Continuing operations3



1All
   adjustments assume a 36% tax rate and 766 MM diluted shares
2Includes $214 MM of MTM gains on derivatives adjusted for $1 MM of realized losses from cash settlements
3Reflects fully diluted shares of 766 MM and includes income impact from dilutive securities
                                                                                                                      9
Business Unit Contribution
                                                                                                        $ Millions

                                                                         Quarter Ended
                                                                       September 30, 2008
                                                                                                    Adjusted
                                                          EBIT         DD&A          EBITDA         EBITDA*
     Core Businesses
                                                         $ 278          $ 97            $ 375        $ 410
       Pipelines
                                                           532            191              723          763
       E&P
                                                         $ 810          $ 288           $1,098       $1,173
          Core Businesses Total

     Other Businesses
                                                             82               –               82         82
       Marketing
                                                             (6)              –               (6)        (6)
       Power
                                                             (5)              4               (1)        (1)
       Corporate & Other

                                                         $ 881          $ 292           $1,173       $1,248
           Total



*Adjusted Pipeline EBITDA for 50% interest in Citrus and adjusted E&P EBITDA for 49% interest in
 Four Star; Appendix includes details on non-GAAP terms
                                                                                                               10
Cash Flow and Capital Investment
                                                                                              $ Millions
                                                                             Nine Months Ended
                                                                               September 30,
                                                                               2008     2007
                                                                             $   855    $ 276
          Income from continuing operations
                                                                               1,408     1,293
          Non-cash adjustments
                                                                               2,263     1,569
            Subtotal
                                                                                (212)      (76)
          Working capital changes and other*
                                                                               2,051     1,493
            Cash flow from continuing operations
                                                                                   –       (31)
          Discontinued operations
                                                                             $ 2,051    $1,462
             Cash flow from operations


                                                                             $ 1,905    $1,796
          Capital expenditures
                                                                             $ 362      $1,182
          Acquisitions
                                                                             $ 671      $ 82
          Proceeds from divestitures
                                                                             $ 113      $ 112
          Dividends paid

                         2008 YTD total cash generated > $300 MM

*Includes change in margin collateral of $32 MM in 2008 and $83 MM in 2007
                                                                                                     11
Marketing Financial Results
                                                                         $ Millions

                                           Quarters Ended      Nine Months Ended
                                           September 30,         September 30,
                                           2008      2007        2008     2007
EBIT
Strategic
 Change in fair value of
    production-related derivatives         $ 14     $ 15        $ (59)    $ (63)

Other
 Change in fair value of natural gas
   derivative contracts                       7          (4)       18       (26)
 Change in fair value of power contracts     63         (11)      (83)      (43)
 Settlements, demand charges, & other         5          (9)       10       (28)
 Operating expenses & other income           (7)          1       (17)       22
    Other total                              68         (23)      (72)      (75)

EBIT                                       $ 82     $    (8)    $(131)    $(138)



                                                                                   12
PJM Basis MTM Impact & Cash Settlements

   $75

   $50

   $25

     $0

   ($25)

   ($50)

   ($75)
                                           MTM impact
  ($100)                                   Cash settlements

  ($125)

  ($150)
           2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08


                                                                                   13
2008 Natural Gas and
Oil Hedge Positions
                                                                         Positions as of October 2, 2008
                                                                         (Contract Months October 2008 – Forward)
                                                   42 TBtu
             Ceiling                      Average cap $10.16/MMBtu
                                   34 TBtu                            8 TBtu
 2008 Gas                       $10.77 ceiling/                         $7.66
                                  $8.00 floor                        fixed price
                                                   42 TBtu
               Floor
                                          Average floor $7.93/MMBtu
                                                                                           Balance at
                                                                                          Market Price
                                                 0.8 MMBbls
             Ceiling                        Average cap $80.10/Bbl

                                                                    0.6 MMBbls
                                0.2 MMBbls
   2008 Oil                                                             $88.48
                                $56.10 ceiling/
                                                                     fixed price
                                 $55.00 floor
                                                0.8 MMBbls
               Floor
                                           Average floor $79.81/Bbl


                         Attractive hedges for remainder of 2008
Note: See full Production-related Derivative Schedule in Appendix                                            14
2009 Natural Gas and
Oil Hedge Positions
                                                                      Positions as of October 2, 2008
                                                                      (Contract Months October 2008 – Forward)
                                                  151 TBtu
             Ceiling                      Average cap $14.97/MMBtu

                                                 143 TBtu
                          168 TBtu                                   8 TBtu
 2009 Gas                                           $15.41
                              $9.10                                    $7.33
                                                    ceiling
                              floor                                 fixed price

                                                 176 TBtu
               Floor
                                                                                        Balance at
                                         Average floor $9.02/MMBtu
                                                                                       Market Price

                                                 3.4 MMBbls
   2009 Oil                                          $109.93
                                                   fixed price



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

Note: See full Production-related Derivative Schedule in Appendix
*Includes proportionate share of Four Star equity volumes                                                 15
Liquidity Update

          $1.9 billion liquidity at 9/30/08
                 $1.2 billion cash
                 $0.7 billion revolving credit facilities
          $2.5 billion in revolving facilities maturing 2012
          $1.0 billion in LC facilities
                 Roll-off with collateral needs in 2009 and 2011
          Diverse group of 31 banks
          Primary covenants*
                 Debt to EBITDA < 5.25x LTM 3.4x
                 EBITDA to fixed charges > 2.0x LTM 3.1x

*As defined in El Paso Corporation’s $1.5 billion Revolving Credit Agreement   16
Debt Maturity Schedule
                                                               $ Millions

                                      $956*
       $1,000
         $900
         $800
         $700
         $600
         $500
         $400
                                                            $251
         $300
                               $115
         $200
                     $4                       $4    $4
         $100
           $0
                  4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009   2010




*Excludes $89 MM of euro hedge gain                                   17
2008–2009 Outlook

   Projected 2008 EPS ± $1.25
   Capital spending slow down underway
   $3 billion 2009 capital program
       $1.7 billion Pipelines; $1.3 billion E&P
   Plan to meet 2009 maturities primarily through capex
   reductions
       Minor asset sales
       Partner(s) on growth projects
   Do not anticipate need to access capital markets until 2H 2009
       Will be opportunistic in capital markets
   And have numerous additional liquidity options


                                                                18
Pipeline Group
3Q Highlights

   EBIT: $278 MM
      $12 MM hurricane impact


   Throughput increased 5% from 2007 YTD


   Three growth projects placed in-service
      Cheyenne Plains Coral Expansion (Aug. 2008)
      SNG SESH Phase I (Sep. 2008)—Spectra operated
      WIC Medicine Bow Expansion (Oct. 2008)


                                                      20
Pipeline Group Financial Results
                                                                                       $ Millions
                                                  Quarters Ended           Nine Months Ended
                                                  September 30,              September 30,
                                                                             2008      2007
                                                  2008      2007
  EBIT before minority interest1                                  $275                $   957
                                                                            $   978
                                                  $285
  Less minority interest                                             –                      –
                                                                                 24
                                                     7
  EBIT                                                            $275                $   957
                                                                            $   954
                                                  $278

  EBITDA                                                          $369                $ 1,236
                                                                            $ 1,249
                                                  $375
  Adjusted EBITDA2                                                $403                $ 1,338
                                                                            $ 1,348
                                                  $410


  Capital expenditures                                            $339                $   765
                                                                            $   830
                                                  $375
  Acquisitions3                                                   $–                  $     –
                                                                            $   303
                                                  $8

                                 Full year capital ~$1.7 billion
13Q 2008 included $12 MM unfavorable impact from Hurricanes Gustav & Ike
2AdjustedPipeline EBITDA for 50% interest in Citrus
3Gulf LNG and TGP Blue Water acquisitions

Note: Appendix includes details on non-GAAP terms
                                                                                                21
Continued Throughput Increase
                                                                           YTD % Increase 2008 vs. 2007


                     2%             Independence Hub
          TGP
                                                                                     Impacted by
                                                                                     cooler summer,
                                                                                     hurricanes
                                     Elba deliveries to Florida
                     2%
         SNG


                                                California
       EPNG               4%


                                                                             Rockies supply,
          CIG                           9%                                   expansions


                                         5% overall increase

Note: CIG includes Colorado Interstate Gas, Cheyenne Plains and Wyoming Interstate
      EPNG includes El Paso Natural Gas and Mojave
                                                                                                      22
TGP Hurricane Impact



                          e
                                                                  $80–$120 MM preliminary



                      L in
                     800
                                                                  estimate to repair/abandon




                                                                                                                                 Line
                   Kinder




                                                                                                                                500
                                                                  525 MMcf/d still shut-in
                                    Egan




Johnson Bayou                                                                                                              Yscloskey
                Grand Chenier
                                                   Pecan Island

                                                                                                                           Port Sulphur


                                                                                           Cocodrie
                                         est Leg
                              Bluewater W




                                                                                                                                          South
                                                                                                                                          Pass




                                                                                                  g
                                                                                                Le
                                                                                               t
                                                                                            as
                                                                                                         South Timbalier




                                                                                          rE
                                                                                          ate
                                                                                        ew
                    VM 245


                                                                                    B lu
                                                        Bluewater Header
                                                                           SS 198



                                                                                            Damaged TGP Facilities
                                                                                            Third Party Platforms (Toppled or Damaged)
Projects In-service 2008–2009
                                                                                      2009
($ Millions)                                    2008

                       WIC Kanda Lateral                     IN-SERVICE   TGP Carthage
                       Cheyenne Plains—Coral                 IN-SERVICE   TGP Concord Lateral Expansion
                       SNG Cypress Phase II                  IN-SERVICE   CIG Totem Storage
                       SNG SESH Phase I*                     IN-SERVICE   WIC Piceance Lateral Expansion
                       WIC Medicine Bow                      IN-SERVICE
                       CIG High Plains Pipeline                 4Q
                       TGP Blue Water/800 Line Exp              4Q



                                El Paso operated projects are within budget


 Total capital                                   $575                                 $200

 Note: Total capital amounts represent total project costs
 *Operated by Spectra Energy                                                                         24
Executing on $8 Billion Backlog of
Committed Growth
                                             7x run-rate EBITDA
                                             Managing capex risk
                                    Ruby Pipeline
                                      $3 Billion                                                                          TGP Concord
                                        2011                                                                                 $21 MM
                                                                                          TGP Line 300 Expansion
                                    1.3–1.5 Bcf/d                                                                           Nov 2009
                                                                                                 $750 MM
                                                                                                                           30 MMcf/d
                                                                                                2010–2011
                                                                                                290 MMcf/d
         WIC System Expansion
                                     CIG High Plains Pipeline
                $71 MM
                                         $216 MM (100%)
              2010–2011                                                                                         Elba Expansion III & Elba
                                         November 2008
              320 MMcf/d                                                                                                  Express
                                           900 MMcf/d
                                                                                                                        $1.1 Billion
                                                                                                                        2010–2013
          WIC Piceance Lateral
                                        CIG Totem Storage                                                     8.4 Bcf / 0.9 Bcf/d & 1.2 Bcf/d
                $62 MM
                                         $154 MM (100%)
                4Q 2009
                                            July 2009
              220 MMcf/d
                                                                                                                   SNG Cypress Phase III
                                           200 MMcf/d
                                                                                                                         $86 MM
                                                                                                                          2011
                                 CIG Raton 2010
                                                                                                                       160 MMcf/d
                                   Expansion
                                                                               TGP Blue Water / 800 Ln Exp
                                    $146 MM
                                                                                         $25 MM
                                    2Q 2010
                                                                                                                 SNG South System III/
                                                                                        Dec 2008
                                   130 MMcf/d                   TGP Carthage
                                                                                                                     SESH Phase II
                                                                                      340 MMcf/d
                                                                 Expansion
                                                                                                                   $352 MM / $69 MM
                                                                   $39 MM
                                                                                                                      2011–2012
                                                                  May 2009              Gulf LNG                370 MMcf/d / 350 MMcf/d
                                                                 100 MMcf/d         $1+ Billion (100%)
                                                                                           2011
          El Paso Pipeline Partners, LP                                                                        FGT Phase VIII
                                                                                    6.6 Bcf / 1.3 Bcf/d
                                                                                                                 Expansion
                                                                                                             $2.4 Billion (100%)
          El Paso Pipeline                                                                                          2011
                                                                                                                 800 MMcf/d


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


   Solid YTD performance

   Disciplined execution on growth projects

   Outlook remains strong




                                              26
Exploration & Production
3Q Highlights

   EBIT significantly increased over same period last
   year
   Production below expectations
      Peoples Energy production
      Central
      Legacy Texas Gulf Coast
      Hurricane Impact
   Progress in Haynesville and Cotton Valley programs
   International projects advancing


                                                        28
Hurricane Impact 3Q Update
                  Production: -41 MMcfe/d
                  Total repair costs: $30 MM–$35 MM during 2008–2009



      Central: -2 MMcfe/d




                                                                             Edouard
TGC: -5 MMcfe/d

                                                                       Gustav
                                             Ike
                     Gulf of Mexico impact: -34 MMcfe/d
        Dolly          15 MMcfe/d currently shut-in due to damage at Eugene Island
                       55 MMcfe/d currently shut-in behind High Island Offshore Systems
                       25 MMcfe/d shut-in behind Stingray System

                                                                                     29
E&P Results
                                                                                                           $ Millions
                                                Quarters Ended                       Nine Months Ended
                                                 September 30                           September 30
                                               2008                                     2008
                                                                 2007                                      2007
   EBIT1                                      $ 532              $ 232                $ 1,078           $ 646

   EBITDA1                                       723               426                  1,678            1,199
   Adjusted EBITDA2                              763               450                  1,784            1,278

   Capital expenditures                          412               349                  1,114            1,084
   Acquisition capital                            18               911                     61            1,180


                                  Full year capital ~$1.8 billion

1Quarter ended includes MTM gains on derivatives of $214 MM in 2008 and $6 MM in 2007. Cash paid related to settlements
 of these derivatives were $1 MM and $6 MM, respectively. Year-to-date includes MTM gains on derivatives of $104 MM in
 2008 and $4 MM in 2007. Cash paid related to settlements of these derivatives were $19 MM and $25 MM, respectively
2Adjusted E&P EBITDA for equity interest in Four Star

Note: Appendix includes details on non-GAAP terms                                                                      30
3Q Production Update
                                                                                                                                 MMcfe/d
                           Pro Forma*                                                                As Reported

                                                                                       848
                                830                                                                         833
                                                     834
            801                                                                                                               793
                                                                                                                      11
                                                                                                14
                                                               11
                                          11                                                                                           11
                     14
                                 134                 127                                                    136
                                                                                       206
            149                                                                                                                93
                                                      227
                                 222                                                                        223               222
            196                                                                        205
                                                      156
                                 155                                                                        155               156
                                                                                       140
            143

                                                      313
                                 308
            299                                                                                                               311
                                                                                       283                  308


         3Q 2007              2Q 2008             3Q 2008                           3Q 2007              2Q 2008             3Q 2008

                            Central              Western                TGC               GOM/SLA                  Intl


   Full year estimate 815–825 MMcfe/d, excluding 30 MMcfe/d of hurricane volumes
Note: Includes proportionate share of Four Star equity volumes
Appendix includes details on non-GAAP terms
*Excludes volumes from domestic assets sold in 2008, adjusts volumes for the effects of the hurricanes in 2008 and assumes
                                                                                                                                            31
 full year of Peoples volumes in 2007
Total Cash Costs
                                                                                  $/Mcfe
                                                  $2.01
                               $1.92                                $1.89
         $1.77
                                $0.42              $0.54             $0.50
          $0.26

                   $0.04                $0.04              $0.05
                                                                              $0.05
                                $0.64                                $0.38
          $0.64                                    $0.63
 $1.51              $1.50                $1.47              $1.39
                                                                     $0.96
                                $0.82
          $0.83                                    $0.79


         3Q 2007              1Q 2008            2Q 2008            3Q 2008

                           Production Taxes
                           Taxes Other Than Production & Income
                           General & Administrative
                           Direct Lifting Costs

                                                                                      32
Domestic Pilot Programs Progressing

                                      Cotton Valley Horizontal
                              AK
                                         Producing
                                            Lindy Britton #2H (IP @ 7.0 MMcfe/d)
                Holly/Logansport
               Bethany Longstreet           Sample H #5 (IP @ 3.2 MMcfe/d)
                                         Remaining 2008
                                            Weyerhauser 15H #1
              TX
                                            Lindy Britton #4H
                                            Means Family Trust 26H
                                 LA
                                      Haynesville Shale
 Minden/SE
                                         Producing
 Brachfield
                                            Miller Land Co 10H #1 (IP @ 4.5 MMcfe/d)
                                            Travis Lynch GU #4-H (IP @ 8.0 MMcfe/d)
         Haynesville Shale Outline
                                         Remaining 2008
         El Paso Acreage
                                            RF Gamble 24H #1
         Cotton Valley Horizontal
                                            Blake 10H #1
         Haynesville Shale
         Remaining 2008 locations

                                                                                   33
Brazil Update

 Camarupim (Bia)
    Expect first gas 1Q 2009
    Finalizing commercial agreements
    Advancing drilling programs

 Pinaúna
    Environmental milestone—Terms of Reference
    Start-up linked to the timing of remaining environmental approvals
    Plan to slow pace of development

 Exploration
    Copaiba—currently evaluating well


                                                                         34
2009 Capital Program
 $1.3 billion capital program                   2008 vs. 2009
                                               Capital Spending
    ~ 30% below 2008                             ($ Millions)
 Increase focus on programs           $2,000
 with significant inventory and
 repeatability                        $1,500
    Cotton Valley Horizontal,
                                      $1,000
    Altamont oil
    Haynesville, Niobrara (Pierre),    $500
    New Albany shales
                                         $0
    Black Warrior Basin CBM
                                               2008          2009
 Reduced spending in Texas Gulf
 Coast and Gulf of Mexico                      Domestic   International


        2009 production essentially flat with 2008
                                                                          35
E&P Summary


  Strong 3Q financial performance

  Continued focus on low-risk programs with
  significant inventory

  Lower 2009 capital will result in essentially
  flat production

  Preserve drilling inventory


                                                  36
Outlook


   Capital plan
      Addresses 2009 maturities
      Fulfills Pipeline growth program
      Preserves future E&P opportunities

   Additional options available to address
   potential liquidity needs

   No change in longer-term earnings potential

                                                 37
El Paso Corporation




            Third Quarter 2008
Financial & Operational Update

               November 6, 2008
Appendix




           39
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. Adjusted EBITDA is defined as EBITDA including the proportional share of
EBITDA less our recorded equity earnings from our equity investments in Citrus and Four Star. The company believes that adjusted EBITDA is useful
to its investors because it allows them to evaluate more effectively the performance of our businesses regardless of the type of ownership structure.
Exploration and Production per-unit total cash costs or cash operating costs equal total operating expenses less DD&A, cost of products and services,
transportation costs, and ceiling test charges divided by total production. It is a valuable measure of operating efficiency. For 2008, Adjusted EPS is
earnings per share from continuing operations excluding the loss related to the change in fair value of an indemnification from the sale of an ammonia
plant in 2005, the gain related to an adjustment of the liability for indemnification of medical benefits for retirees of the Case Corporation, gain related
to the disposition of a portion of the company’s investment in its telecommunications business, loss on other legacy litigation adjustments, changes
in fair value of power contracts, changes in fair value of the production-related derivatives in the Marketing segment and the impact of MTM E&P
derivatives. For 2007, Adjusted EPS is earnings per share from continuing operations excluding changes in fair value of production-related derivatives
in Marketing, the loss related to Brazilian power impairments, the gain related to the crude oil trading liability, the loss related to an adjustment of the
liability for indemnification of medical benefits for retirees of the Case Corporation, debt repurchase costs, and the effect of the change in the number
of diluted shares. Adjusted EPS is useful in analyzing the company’s on-going earnings potential.

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.




                                                                                                                                                           40
41
42
Financial Results

                                                      Quarters Ended      Nine Months Ended
                                                      September 30,         September 30,
($ Millions, Except EPS)                              2008        2007     2008          2007
                                                                                     $ 1,169
                                                  $  881                  $ 1,980
                                                              $  483
EBIT
                                                                                        (742)
                                                    (221)                    (675)
                                                                (228)
Interest and debt expense
                                                                                         427
                                                     660                    1,305
                                                                 255
Income before income taxes
                                                                                         151
                                                     215                      450
                                                                 100
Income taxes
                                                                                         276
                                                     445                      855
                                                                 155
Income from continuing operations
                                                                                         674
                                                       –                        –
                                                                   –
Discontinued operations, net of income taxes
                                                                                         950
                                                     445                      855
                                                                 155
    Net income
Preferred stock dividends                                                                 28
                                                       9                       28
                                                                   9
    Net income available to common stockholders                                      $ 922
                                                  $ 436                   $ 827
                                                              $ 146

Diluted EPS from continuing operations                                               $    0.35
                                                  $    0.58               $ 1.12
                                                              $    0.20
Diluted EPS from discontinued operations                                                  0.96
                                                          –                    –
                                                                      –
    Total diluted EPS                                                                $    1.31
                                                  $    0.58               $ 1.12
                                                              $    0.20

Diluted shares (millions)                                                                 699
                                                       766                   767
                                                                    759




                                                                                                 43
2008 Analysis of
Working Capital and Other Changes
                                                                  $ Millions


                                                 Nine Months Ended
                                                 September 30, 2008

   Margin collateral                                   $ 32
   Changes in price risk management activities          177
   Settlements of derivative instruments                (381)
   Net changes in trade receivable/payable               (62)
   Settlement of liabilities                             (56)
   Other                                                 78
       Total working capital changes & other           $(212)




                                                                         44
Items Impacting YTD 2008 Results
                                                                                                 $ Millions, Except EPS

                                                                                  Pre-tax         After-tax Diluted EPS
   Net income available to common stockholders                                                      $827           $ 1.12

   Adjustments1
     Change in fair value of power contracts                                       $ 83             $ 53           $ 0.07
     Change in fair value of legacy indemnification                                  46               29             0.04
     Case Corporation indemnification                                               (65)             (27)           (0.04)
     Gain on sale of portion of telecommunications business                         (18)             (12)           (0.01)
     Other legacy litigation adjustments                                            (27)             (29)           (0.04)

       Change in fair value of
          production-related derivatives in Marketing                                59                38             0.05
       Impact of MTM E&P derivatives2                                              (123)              (79)           (0.10)

           Adjusted EPS—Continuing operations3                                                                     $ 1.09


1Alladjustments assume a 36% tax rate, except Case Corporation indemnification and other legacy litigation adjustments,
 and 767 MM diluted shares
2Includes $104 MM of MTM gains on derivatives adjusted for $19 MM of realized losses from cash settlements
3Reflects fully diluted shares of 767 MM and includes income impact from dilutive securities
                                                                                                                              45
Items Impacting 3Q 2007 Results
                                                                                          $ Millions, Except EPS


                                                                                                              Diluted
                                                                             Pre-tax        After-tax          EPS
  Net income available to common stockholders                                                 $146            $ 0.20

  Adjustments1
    Brazilian power impairments                                               $ 65            $ 65            $ 0.09
    Crude oil trading liability                                                (77)            (49)            (0.07)
    Case Corporation indemnification                                            11               7              0.01

        Change in fair value of
          production-related derivatives in Marketing                           (15)            (10)           (0.01)

            Adjusted EPS—Continuing operations2                                                               $ 0.22



1All   adjustments assume a 36% tax rate, except for Brazilian power impairments, and 759 MM diluted shares
2Reflects   diluted shares of 759 MM and includes income impact from dilutive securities
                                                                                                                        46
Items Impacting YTD 2007 Results
                                                                                        $ Millions, Except EPS

                                                                                                            Diluted
                                                                            Pre-tax       After-tax          EPS
  Net income available to common stockholders                                               $ 922           $ 1.31

  Adjustments1
    Brazilian power impairments                                             $    65         $ 65            $ 0.09
    Crude oil trading liability                                                 (77)          (49)           (0.07)
    Case Corporation indemnification                                             11             7             0.01
    Debt repurchase costs                                                       287          184              0.26
    Change in fair value of
      production-related derivatives in Marketing                               63              40            0.06
    Sale of ANR and related assets                                          (1,043)           (674)          (0.96)
    Effect of change in number of diluted shares2                                                            (0.01)
       Adjusted EPS—Continuing operations2                                                                  $ 0.69


1Adjustments assume 36% tax rate, except for Brazilian power impairments and discontinued operations, and
 699 MM diluted shares
2Based upon 757 MM diluted shares and includes the income impact from dilutive securities
                                                                                                                      47
Business Unit Contribution
                                                                                                       $ Millions

                                                                        Quarter Ended
                                                                      September 30, 2007
                                                                                                   Adjusted
                                                          EBIT         DD&A          EBITDA        EBITDA*
     Core Businesses
                                                                                                    $ 403
                                                                                       $ 369
                                                                       $ 94
                                                         $ 275
       Pipelines
                                                                                                      450
                                                                                         426
                                                                         194
                                                           232
       E&P
                                                                                                    $ 853
                                                                                       $ 795
                                                                       $ 288
                                                         $ 507
          Core Businesses Total

     Other Businesses
                                                                                                       (8)
                                                                                          (8)
                                                                             –
                                                             (8)
       Marketing
                                                                                                      (66)
                                                                                         (66)
                                                                             1
                                                            (67)
       Power
                                                                                                       55
                                                                                          55
                                                                             4
                                                             51
       Corporate & Other

                                                                                                    $ 834
                                                                                       $ 776
                                                                       $ 293
                                                         $ 483
           Total



*Adjusted Pipeline EBITDA for 50% interest in Citrus and adjusted E&P EBITDA for 49% interest in
 Four Star; Appendix includes details on non-GAAP terms
                                                                                                              48
Business Unit Contribution
                                                                                                       $ Millions

                                                                      Nine Months Ended
                                                                      September 30, 2008
                                                                                                   Adjusted
                                                          EBIT         DD&A          EBITDA        EBITDA*
     Core Businesses
                                                         $ 954         $ 295          $1,249       $1,348
       Pipelines
                                                          1,078          600           1,678        1,784
       E&P
                                                         $2,032        $ 895          $2,927       $3,132
          Core Businesses Total

     Other Businesses
                                                            (131)            –           (131)        (131)
       Marketing
                                                               4             –              4            4
       Power
                                                              75             8             83           83
       Corporate & Other

                                                         $1,980        $ 903          $2,883       $3,088
           Total



*Adjusted Pipeline EBITDA for 50% interest in Citrus and adjusted E&P EBITDA for 49% interest in
 Four Star; Appendix includes details on non-GAAP terms
                                                                                                              49
Reconciliation of EBIT/EBITDA
                                                                      $ Millions

                                        Quarters Ended     Nine Months Ended
                                        September 30,        September 30,
                                         2008     2007       2008      2007
                                                                      $2,019
                                                            $2,883
EBITDA                                  $1,173    $ 776
                                                                         850
                                                               903
Less: DD&A                                 292      293
                                                                       1,169
                                                             1,980
EBIT                                       881      483
                                                                       (742)
                                                              (675)
Interest and debt expense                 (221)    (228)
                                                                         427
                                                             1,305
Income before income taxes                 660      255
                                                                         151
                                                               450
Income taxes                               215      100
                                                                         276
                                                               855
Income from continuing operations          445      155
                                                                         674
                                                                 –
Discontinued operations, net of taxes        –        –
                                                                         950
                                                               855
  Net Income                               445      155
                                                                          28
                                                                28
Preferred stock dividends                    9        9
  Net income available to
                                                                      $ 922
                                                            $ 827
    common stockholders                 $ 436     $ 146



                                                                               50
Reconciliation of
Adjusted Pipeline EBITDA
                                                                                                            $ Millions
                                                      Quarters Ended                  Nine Months Ended
                                                      September 30,                     September 30,
                                                                                        2008      2007
                                                                      2007
                                                      2008
       Citrus equity earnings                        $ 20                               $  52
                                                                     $ 21                              $  65
       50% Citrus DD&A                                 13                                  40
                                                                       13                                 38
       50% Citrus interest                             10                                  28
                                                                        9                                 28
       50% Citrus income taxes                         12                                  32
                                                                       13                                 39
       Other*                                           –                                  (1)
                                                                       (1)                                (3)
         50% Citrus EBITDA                           $ 55                               $ 151
                                                                     $ 55                              $ 167

       El Paso Pipeline EBITDA                       $ 375                              $1,249
                                                                     $ 369                             $1,236
       Add: 50% Citrus EBITDA                           55                                 151
                                                                        55                                167
       Less: Citrus equity earnings                     20                                  52
                                                                        21                                 65
         Adjusted Pipeline EBITDA                    $ 410                              $1,348
                                                                     $ 403                             $1,338

       Citrus debt at September 30 (50%)                                                $ 542          $ 479

*Other represents the excess purchase price amortization and differences between the estimated and actual
 equity earnings on our investment                                                                                 51
Reconciliation of
Adjusted E&P EBITDA
                                                                                                        $ Millions

                                                                 Quarters Ended               Nine Months Ended
                                                                 September 30,                  September 30,
                                                                  2008          2007           2008      2007
Four Star equity earnings                                         $ 10         $  2            $  36    $    4
Proportionate share of Four Star DD&A                                6            5               17        16
Proportionate share of Four Star interest                            –            –                –         –
Proportionate share of Four Star income taxes                       21            9               49        26
Other*                                                              13           10               40        37
  Proportionate share of Four Star EBITDA                         $ 50         $ 26            $ 142    $   83

El Paso E&P EBITDA                                                $ 723        $ 426           $1,678   $ 1,199
Add: Proportionate share of Four Star EBITDA                         50           26              142        83
Less: Four Star equity earnings                                      10            2               36         4
  Adjusted E&P EBITDA                                             $ 763        $ 450           $1,784   $ 1,278



*Represents the excess purchase price amortization
Note: In the third quarter of 2007, E&P increased its interest in Four Star from 43% to 49%
                                                                                                                  52
E&P Cash Costs

                                                   3Q 2007             1Q 2008             2Q 2008             3Q 2008
                                            Total     Per Unit    Total     Per Unit    Total   Per Unit    Total   Per Unit
                                           ($ MM)     ($/Mcfe)   ($ MM)     ($/Mcfe)   ($ MM)   ($/Mcfe)   ($ MM)   ($/Mcfe)

Total operating expense                    $ 347       $ 4.79     $ 377     $ 5.11     $ 374    $ 5.40     $ 353    $ 5.35
Depreciation, depletion and amortization    (194)       (2.69)     (212)     (2.87)     (197)    (2.84)     (191)    (2.89)
Transportation costs                         (19)       (0.26)      (19)     (0.26)      (21)    (0.31)      (23)    (0.35)
Costs of products                             (6)       (0.07)       (5)     (0.06)      (10)    (0.15)      (13)    (0.20)
Other                                          –             –        –           –       (7)    (0.09)       (1)    (0.02)


  Per unit cash costs1                                 $ 1.77               $ 1.92              $ 2.01              $ 1.89


Total equivalent volumes (MMcfe)1,2                    72,392               73,762              69,366              66,033




   1Excludes   volumes and costs associated with equity investment in Four Star
   2Approximately   41 MMcfe/d was lost in 3Q 2008 due to hurricane impact                                               53
Production-Related Derivative Schedule
                                           2008                             2009                         2010                2011–2012
                               Notional       Avg. Hedge         Notional        Avg. Hedge   Notional     Avg. Hedge   Notional   Avg. Hedge
Natural Gas                    Volume            Price           Volume             Price     Volume          Price     Volume        Price
                                (TBtu)        ($/MMBtu)           (TBtu)         ($/MMBtu)     (TBtu)      ($/MMBtu)     (TBtu)    ($/MMBtu)
Designated—EPEP
   Fixed price—Legacy               1.1           $ 3.49              4.6          $ 3.56       4.6             $3.70      6.8       $3.88
   Fixed price                      5.3           $ 8.37
   Ceiling                         27.5           $ 10.87          101.0           $ 14.58
   Floor                           27.5           $ 8.00           125.8           $ 8.93
Economic—EPEP
   Fixed price                      1.8           $ 8.24              3.6          $ 12.06
   Ceiling                          6.5           $ 10.32            41.9          $ 17.40
   Floor                            6.5           $ 8.00             41.9          $ 9.61

Avg. ceiling                       42.2           $ 10.16          151.1           $ 14.97      4.6             $3.70      6.8       $3.88
Avg. floor                         42.2           $ 7.93           175.9           $ 9.02       4.6             $3.70      6.8       $3.88

                                           2008                              2009
                                 Notional Avg. Hedge               Notional Avg. Hedge
Crude Oil                                    Price
                                 Volume                            Volume      Price
                                            ($/Bbl)
                                (MMBbls)                          (MMBbls)    ($/Bbl)
Designated—EPEP
   Fixed price                     0.43           $ 88.57            1.39          $110.00
Economic—EPEP
   Fixed price                     0.20           $ 88.28            2.04          $109.87
Economic—EPM
   Ceiling                         0.22           $ 56.10
   Floor                           0.22           $ 55.00

Avg. ceiling                       0.85           $ 80.10            3.43          $109.93
Avg. floor                         0.85           $ 79.81            3.43          $109.93


                                                                                                                                             54
 Note: Positions are as of October 2, 2008 (Contract months: Oct 2008–Forward)
Reconciliation of
Pro Forma Production Volumes
                                                                                                                                                            Equivalents, MMcfe/d




                                                            3Q 2007                                                  2Q 2008                                                3Q 2008

                                                                 Less:                                                      Less:                                             Less:        Add:
                                                   Add:        Domestic                                     Add:          Domestic    Pro                         Add:      Domestic     Hurricane    Pro
                                      Reported    Peoples     Assets Sold    Pro Forma*           Reported Peoples       Assets Sold Forma*             Reported Peoples   Assets Sold    Impact     Forma*

Central                                   222        30            14             238                 237        –             –         237               236       –          –            2        238
Western                                   140          8              5           143                 155        –             –         155               156       –          –            –        156
TGC                                       205        31            40             196                 223        –             1         222               222       –          –            5        227
GOM/SLA                                   206          1           58             149                 136        –             2         134                 93      –          –           34        127
International                              14          –              –            14                  11        –             –          11                 11      –          –            –         11
 Total consolidated                       787        70           117             740                 762        –             3         759               718       –          –           41        759


Proportionate share
 of Four Star                              61          –              –            61                  71        –             –          71                 75      –          –            –         75


 Total with
  Four Star                               848        70           117             801                 833        –             3         830               793       –          –           41        834




*Excludes volumes from domestic assets sold in 2008 and adjusts volumes for the effects of the hurricanes in 2008 and assumes full year of Peoples volumes in 2007
                                                                                                                                                                                                      55

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el paso EP3Q2008EarningsFINAL(Web)

  • 1. El Paso Corporation Third Quarter 2008 Financial & Operational Update November 6, 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 Measures This 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, EBITDA, adjusted EBITDA, adjusted EPS, cash costs, 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. 2
  • 3. Our Purpose El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner 3
  • 4. Our Vision & Values the place to work the neighbor to have the company to own 4
  • 5. Maintaining Liquidity While Preserving Future Growth ANR sale, EPB IPO and drop down all designed to provide financial flexibility Position El Paso to weather current situation $3 billion 2009 capital budget Key points of focus: Provide sufficient liquidity for May maturities Execute on pipeline backlog Preserve inventory of E&P opportunities Will utilize several strengths & benefits: Strong cash flow 2009 hedges Capex flexibility Pipeline investment-grade ratings 5
  • 6. Strong Quarterly Earnings Pipeline expansions Higher pricing Improvement despite significant hurricane impact 6
  • 8. Financial Results: Quarters Ending September 30 $ Millions, Except EPS Adjusted Diluted EPS Diluted EPS Adjusted from Continuing from Continuing EBITDA* $1,248 $0.35 $0.58 $0.22 $834 $0.20 2008 2007 2008 2007 2008 2007 Higher earnings driven by growth in both core businesses Realized Natural EBIT Interest Expense Gas Price ($Mcf) $881 $228 $8.92 $221 $7.12 $483 2008 2007 2008 2007 2008 2007 Note: Appendix and slides 9 and 10 include details on non-GAAP terms 8 *Reflects El Paso’s proportionate interest in Citrus and Four Star
  • 9. Items Impacting 3Q 2008 Results $ Millions, Except EPS Diluted Pre-tax After-tax EPS Net income available to common stockholders $ 436 $ 0.58 Adjustments1 Change in fair value of power contracts $ (63) $ (40) $(0.05) Change in fair value of legacy indemnification 12 8 0.01 Change in fair value of production-related derivatives in Marketing (14) (9) (0.01) (0.18) (215) (138) Impact of MTM E&P derivatives2 $ 0.35 Adjusted EPS—Continuing operations3 1All adjustments assume a 36% tax rate and 766 MM diluted shares 2Includes $214 MM of MTM gains on derivatives adjusted for $1 MM of realized losses from cash settlements 3Reflects fully diluted shares of 766 MM and includes income impact from dilutive securities 9
  • 10. Business Unit Contribution $ Millions Quarter Ended September 30, 2008 Adjusted EBIT DD&A EBITDA EBITDA* Core Businesses $ 278 $ 97 $ 375 $ 410 Pipelines 532 191 723 763 E&P $ 810 $ 288 $1,098 $1,173 Core Businesses Total Other Businesses 82 – 82 82 Marketing (6) – (6) (6) Power (5) 4 (1) (1) Corporate & Other $ 881 $ 292 $1,173 $1,248 Total *Adjusted Pipeline EBITDA for 50% interest in Citrus and adjusted E&P EBITDA for 49% interest in Four Star; Appendix includes details on non-GAAP terms 10
  • 11. Cash Flow and Capital Investment $ Millions Nine Months Ended September 30, 2008 2007 $ 855 $ 276 Income from continuing operations 1,408 1,293 Non-cash adjustments 2,263 1,569 Subtotal (212) (76) Working capital changes and other* 2,051 1,493 Cash flow from continuing operations – (31) Discontinued operations $ 2,051 $1,462 Cash flow from operations $ 1,905 $1,796 Capital expenditures $ 362 $1,182 Acquisitions $ 671 $ 82 Proceeds from divestitures $ 113 $ 112 Dividends paid 2008 YTD total cash generated > $300 MM *Includes change in margin collateral of $32 MM in 2008 and $83 MM in 2007 11
  • 12. Marketing Financial Results $ Millions Quarters Ended Nine Months Ended September 30, September 30, 2008 2007 2008 2007 EBIT Strategic Change in fair value of production-related derivatives $ 14 $ 15 $ (59) $ (63) Other Change in fair value of natural gas derivative contracts 7 (4) 18 (26) Change in fair value of power contracts 63 (11) (83) (43) Settlements, demand charges, & other 5 (9) 10 (28) Operating expenses & other income (7) 1 (17) 22 Other total 68 (23) (72) (75) EBIT $ 82 $ (8) $(131) $(138) 12
  • 13. PJM Basis MTM Impact & Cash Settlements $75 $50 $25 $0 ($25) ($50) ($75) MTM impact ($100) Cash settlements ($125) ($150) 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 13
  • 14. 2008 Natural Gas and Oil Hedge Positions Positions as of October 2, 2008 (Contract Months October 2008 – Forward) 42 TBtu Ceiling Average cap $10.16/MMBtu 34 TBtu 8 TBtu 2008 Gas $10.77 ceiling/ $7.66 $8.00 floor fixed price 42 TBtu Floor Average floor $7.93/MMBtu Balance at Market Price 0.8 MMBbls Ceiling Average cap $80.10/Bbl 0.6 MMBbls 0.2 MMBbls 2008 Oil $88.48 $56.10 ceiling/ fixed price $55.00 floor 0.8 MMBbls Floor Average floor $79.81/Bbl Attractive hedges for remainder of 2008 Note: See full Production-related Derivative Schedule in Appendix 14
  • 15. 2009 Natural Gas and Oil Hedge Positions Positions as of October 2, 2008 (Contract Months October 2008 – Forward) 151 TBtu Ceiling Average cap $14.97/MMBtu 143 TBtu 168 TBtu 8 TBtu 2009 Gas $15.41 $9.10 $7.33 ceiling floor fixed price 176 TBtu Floor Balance at Average floor $9.02/MMBtu Market Price 3.4 MMBbls 2009 Oil $109.93 fixed price ~70% of domestic natural gas and ~60% domestic oil production hedged* 2009 hedge program valued at ~$500 MM at November 3, 2008 Note: See full Production-related Derivative Schedule in Appendix *Includes proportionate share of Four Star equity volumes 15
  • 16. Liquidity Update $1.9 billion liquidity at 9/30/08 $1.2 billion cash $0.7 billion revolving credit facilities $2.5 billion in revolving facilities maturing 2012 $1.0 billion in LC facilities Roll-off with collateral needs in 2009 and 2011 Diverse group of 31 banks Primary covenants* Debt to EBITDA < 5.25x LTM 3.4x EBITDA to fixed charges > 2.0x LTM 3.1x *As defined in El Paso Corporation’s $1.5 billion Revolving Credit Agreement 16
  • 17. Debt Maturity Schedule $ Millions $956* $1,000 $900 $800 $700 $600 $500 $400 $251 $300 $115 $200 $4 $4 $4 $100 $0 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 2010 *Excludes $89 MM of euro hedge gain 17
  • 18. 2008–2009 Outlook Projected 2008 EPS ± $1.25 Capital spending slow down underway $3 billion 2009 capital program $1.7 billion Pipelines; $1.3 billion E&P Plan to meet 2009 maturities primarily through capex reductions Minor asset sales Partner(s) on growth projects Do not anticipate need to access capital markets until 2H 2009 Will be opportunistic in capital markets And have numerous additional liquidity options 18
  • 20. 3Q Highlights EBIT: $278 MM $12 MM hurricane impact Throughput increased 5% from 2007 YTD Three growth projects placed in-service Cheyenne Plains Coral Expansion (Aug. 2008) SNG SESH Phase I (Sep. 2008)—Spectra operated WIC Medicine Bow Expansion (Oct. 2008) 20
  • 21. Pipeline Group Financial Results $ Millions Quarters Ended Nine Months Ended September 30, September 30, 2008 2007 2008 2007 EBIT before minority interest1 $275 $ 957 $ 978 $285 Less minority interest – – 24 7 EBIT $275 $ 957 $ 954 $278 EBITDA $369 $ 1,236 $ 1,249 $375 Adjusted EBITDA2 $403 $ 1,338 $ 1,348 $410 Capital expenditures $339 $ 765 $ 830 $375 Acquisitions3 $– $ – $ 303 $8 Full year capital ~$1.7 billion 13Q 2008 included $12 MM unfavorable impact from Hurricanes Gustav & Ike 2AdjustedPipeline EBITDA for 50% interest in Citrus 3Gulf LNG and TGP Blue Water acquisitions Note: Appendix includes details on non-GAAP terms 21
  • 22. Continued Throughput Increase YTD % Increase 2008 vs. 2007 2% Independence Hub TGP Impacted by cooler summer, hurricanes Elba deliveries to Florida 2% SNG California EPNG 4% Rockies supply, CIG 9% expansions 5% overall increase Note: CIG includes Colorado Interstate Gas, Cheyenne Plains and Wyoming Interstate EPNG includes El Paso Natural Gas and Mojave 22
  • 23. TGP Hurricane Impact e $80–$120 MM preliminary L in 800 estimate to repair/abandon Line Kinder 500 525 MMcf/d still shut-in Egan Johnson Bayou Yscloskey Grand Chenier Pecan Island Port Sulphur Cocodrie est Leg Bluewater W South Pass g Le t as South Timbalier rE ate ew VM 245 B lu Bluewater Header SS 198 Damaged TGP Facilities Third Party Platforms (Toppled or Damaged)
  • 24. Projects In-service 2008–2009 2009 ($ Millions) 2008 WIC Kanda Lateral IN-SERVICE TGP Carthage Cheyenne Plains—Coral IN-SERVICE TGP Concord Lateral Expansion SNG Cypress Phase II IN-SERVICE CIG Totem Storage SNG SESH Phase I* IN-SERVICE WIC Piceance Lateral Expansion WIC Medicine Bow IN-SERVICE CIG High Plains Pipeline 4Q TGP Blue Water/800 Line Exp 4Q El Paso operated projects are within budget Total capital $575 $200 Note: Total capital amounts represent total project costs *Operated by Spectra Energy 24
  • 25. Executing on $8 Billion Backlog of Committed Growth 7x run-rate EBITDA Managing capex risk Ruby Pipeline $3 Billion TGP Concord 2011 $21 MM TGP Line 300 Expansion 1.3–1.5 Bcf/d Nov 2009 $750 MM 30 MMcf/d 2010–2011 290 MMcf/d WIC System Expansion CIG High Plains Pipeline $71 MM $216 MM (100%) 2010–2011 Elba Expansion III & Elba November 2008 320 MMcf/d Express 900 MMcf/d $1.1 Billion 2010–2013 WIC Piceance Lateral CIG Totem Storage 8.4 Bcf / 0.9 Bcf/d & 1.2 Bcf/d $62 MM $154 MM (100%) 4Q 2009 July 2009 220 MMcf/d SNG Cypress Phase III 200 MMcf/d $86 MM 2011 CIG Raton 2010 160 MMcf/d Expansion TGP Blue Water / 800 Ln Exp $146 MM $25 MM 2Q 2010 SNG South System III/ Dec 2008 130 MMcf/d TGP Carthage SESH Phase II 340 MMcf/d Expansion $352 MM / $69 MM $39 MM 2011–2012 May 2009 Gulf LNG 370 MMcf/d / 350 MMcf/d 100 MMcf/d $1+ Billion (100%) 2011 El Paso Pipeline Partners, LP FGT Phase VIII 6.6 Bcf / 1.3 Bcf/d Expansion $2.4 Billion (100%) El Paso Pipeline 2011 800 MMcf/d Note: As of November 6, 2008; El Paso Pipeline Partners owns 25% of SNG & 40% of CIG 25
  • 26. Pipeline Summary Solid YTD performance Disciplined execution on growth projects Outlook remains strong 26
  • 28. 3Q Highlights EBIT significantly increased over same period last year Production below expectations Peoples Energy production Central Legacy Texas Gulf Coast Hurricane Impact Progress in Haynesville and Cotton Valley programs International projects advancing 28
  • 29. Hurricane Impact 3Q Update Production: -41 MMcfe/d Total repair costs: $30 MM–$35 MM during 2008–2009 Central: -2 MMcfe/d Edouard TGC: -5 MMcfe/d Gustav Ike Gulf of Mexico impact: -34 MMcfe/d Dolly 15 MMcfe/d currently shut-in due to damage at Eugene Island 55 MMcfe/d currently shut-in behind High Island Offshore Systems 25 MMcfe/d shut-in behind Stingray System 29
  • 30. E&P Results $ Millions Quarters Ended Nine Months Ended September 30 September 30 2008 2008 2007 2007 EBIT1 $ 532 $ 232 $ 1,078 $ 646 EBITDA1 723 426 1,678 1,199 Adjusted EBITDA2 763 450 1,784 1,278 Capital expenditures 412 349 1,114 1,084 Acquisition capital 18 911 61 1,180 Full year capital ~$1.8 billion 1Quarter ended includes MTM gains on derivatives of $214 MM in 2008 and $6 MM in 2007. Cash paid related to settlements of these derivatives were $1 MM and $6 MM, respectively. Year-to-date includes MTM gains on derivatives of $104 MM in 2008 and $4 MM in 2007. Cash paid related to settlements of these derivatives were $19 MM and $25 MM, respectively 2Adjusted E&P EBITDA for equity interest in Four Star Note: Appendix includes details on non-GAAP terms 30
  • 31. 3Q Production Update MMcfe/d Pro Forma* As Reported 848 830 833 834 801 793 11 14 11 11 11 14 134 127 136 206 149 93 227 222 223 222 196 205 156 155 155 156 140 143 313 308 299 311 283 308 3Q 2007 2Q 2008 3Q 2008 3Q 2007 2Q 2008 3Q 2008 Central Western TGC GOM/SLA Intl Full year estimate 815–825 MMcfe/d, excluding 30 MMcfe/d of hurricane volumes Note: Includes proportionate share of Four Star equity volumes Appendix includes details on non-GAAP terms *Excludes volumes from domestic assets sold in 2008, adjusts volumes for the effects of the hurricanes in 2008 and assumes 31 full year of Peoples volumes in 2007
  • 32. Total Cash Costs $/Mcfe $2.01 $1.92 $1.89 $1.77 $0.42 $0.54 $0.50 $0.26 $0.04 $0.04 $0.05 $0.05 $0.64 $0.38 $0.64 $0.63 $1.51 $1.50 $1.47 $1.39 $0.96 $0.82 $0.83 $0.79 3Q 2007 1Q 2008 2Q 2008 3Q 2008 Production Taxes Taxes Other Than Production & Income General & Administrative Direct Lifting Costs 32
  • 33. Domestic Pilot Programs Progressing Cotton Valley Horizontal AK Producing Lindy Britton #2H (IP @ 7.0 MMcfe/d) Holly/Logansport Bethany Longstreet Sample H #5 (IP @ 3.2 MMcfe/d) Remaining 2008 Weyerhauser 15H #1 TX Lindy Britton #4H Means Family Trust 26H LA Haynesville Shale Minden/SE Producing Brachfield Miller Land Co 10H #1 (IP @ 4.5 MMcfe/d) Travis Lynch GU #4-H (IP @ 8.0 MMcfe/d) Haynesville Shale Outline Remaining 2008 El Paso Acreage RF Gamble 24H #1 Cotton Valley Horizontal Blake 10H #1 Haynesville Shale Remaining 2008 locations 33
  • 34. Brazil Update Camarupim (Bia) Expect first gas 1Q 2009 Finalizing commercial agreements Advancing drilling programs Pinaúna Environmental milestone—Terms of Reference Start-up linked to the timing of remaining environmental approvals Plan to slow pace of development Exploration Copaiba—currently evaluating well 34
  • 35. 2009 Capital Program $1.3 billion capital program 2008 vs. 2009 Capital Spending ~ 30% below 2008 ($ Millions) Increase focus on programs $2,000 with significant inventory and repeatability $1,500 Cotton Valley Horizontal, $1,000 Altamont oil Haynesville, Niobrara (Pierre), $500 New Albany shales $0 Black Warrior Basin CBM 2008 2009 Reduced spending in Texas Gulf Coast and Gulf of Mexico Domestic International 2009 production essentially flat with 2008 35
  • 36. E&P Summary Strong 3Q financial performance Continued focus on low-risk programs with significant inventory Lower 2009 capital will result in essentially flat production Preserve drilling inventory 36
  • 37. Outlook Capital plan Addresses 2009 maturities Fulfills Pipeline growth program Preserves future E&P opportunities Additional options available to address potential liquidity needs No change in longer-term earnings potential 37
  • 38. El Paso Corporation Third Quarter 2008 Financial & Operational Update November 6, 2008
  • 39. Appendix 39
  • 40. 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. Adjusted EBITDA is defined as EBITDA including the proportional share of EBITDA less our recorded equity earnings from our equity investments in Citrus and Four Star. The company believes that adjusted EBITDA is useful to its investors because it allows them to evaluate more effectively the performance of our businesses regardless of the type of ownership structure. Exploration and Production per-unit total cash costs or cash operating costs equal total operating expenses less DD&A, cost of products and services, transportation costs, and ceiling test charges divided by total production. It is a valuable measure of operating efficiency. For 2008, Adjusted EPS is earnings per share from continuing operations excluding the loss related to the change in fair value of an indemnification from the sale of an ammonia plant in 2005, the gain related to an adjustment of the liability for indemnification of medical benefits for retirees of the Case Corporation, gain related to the disposition of a portion of the company’s investment in its telecommunications business, loss on other legacy litigation adjustments, changes in fair value of power contracts, changes in fair value of the production-related derivatives in the Marketing segment and the impact of MTM E&P derivatives. For 2007, Adjusted EPS is earnings per share from continuing operations excluding changes in fair value of production-related derivatives in Marketing, the loss related to Brazilian power impairments, the gain related to the crude oil trading liability, the loss related to an adjustment of the liability for indemnification of medical benefits for retirees of the Case Corporation, debt repurchase costs, and the effect of the change in the number of diluted shares. Adjusted EPS is useful in analyzing the company’s on-going earnings potential. 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. 40
  • 41. 41
  • 42. 42
  • 43. Financial Results Quarters Ended Nine Months Ended September 30, September 30, ($ Millions, Except EPS) 2008 2007 2008 2007 $ 1,169 $ 881 $ 1,980 $ 483 EBIT (742) (221) (675) (228) Interest and debt expense 427 660 1,305 255 Income before income taxes 151 215 450 100 Income taxes 276 445 855 155 Income from continuing operations 674 – – – Discontinued operations, net of income taxes 950 445 855 155 Net income Preferred stock dividends 28 9 28 9 Net income available to common stockholders $ 922 $ 436 $ 827 $ 146 Diluted EPS from continuing operations $ 0.35 $ 0.58 $ 1.12 $ 0.20 Diluted EPS from discontinued operations 0.96 – – – Total diluted EPS $ 1.31 $ 0.58 $ 1.12 $ 0.20 Diluted shares (millions) 699 766 767 759 43
  • 44. 2008 Analysis of Working Capital and Other Changes $ Millions Nine Months Ended September 30, 2008 Margin collateral $ 32 Changes in price risk management activities 177 Settlements of derivative instruments (381) Net changes in trade receivable/payable (62) Settlement of liabilities (56) Other 78 Total working capital changes & other $(212) 44
  • 45. Items Impacting YTD 2008 Results $ Millions, Except EPS Pre-tax After-tax Diluted EPS Net income available to common stockholders $827 $ 1.12 Adjustments1 Change in fair value of power contracts $ 83 $ 53 $ 0.07 Change in fair value of legacy indemnification 46 29 0.04 Case Corporation indemnification (65) (27) (0.04) Gain on sale of portion of telecommunications business (18) (12) (0.01) Other legacy litigation adjustments (27) (29) (0.04) Change in fair value of production-related derivatives in Marketing 59 38 0.05 Impact of MTM E&P derivatives2 (123) (79) (0.10) Adjusted EPS—Continuing operations3 $ 1.09 1Alladjustments assume a 36% tax rate, except Case Corporation indemnification and other legacy litigation adjustments, and 767 MM diluted shares 2Includes $104 MM of MTM gains on derivatives adjusted for $19 MM of realized losses from cash settlements 3Reflects fully diluted shares of 767 MM and includes income impact from dilutive securities 45
  • 46. Items Impacting 3Q 2007 Results $ Millions, Except EPS Diluted Pre-tax After-tax EPS Net income available to common stockholders $146 $ 0.20 Adjustments1 Brazilian power impairments $ 65 $ 65 $ 0.09 Crude oil trading liability (77) (49) (0.07) Case Corporation indemnification 11 7 0.01 Change in fair value of production-related derivatives in Marketing (15) (10) (0.01) Adjusted EPS—Continuing operations2 $ 0.22 1All adjustments assume a 36% tax rate, except for Brazilian power impairments, and 759 MM diluted shares 2Reflects diluted shares of 759 MM and includes income impact from dilutive securities 46
  • 47. Items Impacting YTD 2007 Results $ Millions, Except EPS Diluted Pre-tax After-tax EPS Net income available to common stockholders $ 922 $ 1.31 Adjustments1 Brazilian power impairments $ 65 $ 65 $ 0.09 Crude oil trading liability (77) (49) (0.07) Case Corporation indemnification 11 7 0.01 Debt repurchase costs 287 184 0.26 Change in fair value of production-related derivatives in Marketing 63 40 0.06 Sale of ANR and related assets (1,043) (674) (0.96) Effect of change in number of diluted shares2 (0.01) Adjusted EPS—Continuing operations2 $ 0.69 1Adjustments assume 36% tax rate, except for Brazilian power impairments and discontinued operations, and 699 MM diluted shares 2Based upon 757 MM diluted shares and includes the income impact from dilutive securities 47
  • 48. Business Unit Contribution $ Millions Quarter Ended September 30, 2007 Adjusted EBIT DD&A EBITDA EBITDA* Core Businesses $ 403 $ 369 $ 94 $ 275 Pipelines 450 426 194 232 E&P $ 853 $ 795 $ 288 $ 507 Core Businesses Total Other Businesses (8) (8) – (8) Marketing (66) (66) 1 (67) Power 55 55 4 51 Corporate & Other $ 834 $ 776 $ 293 $ 483 Total *Adjusted Pipeline EBITDA for 50% interest in Citrus and adjusted E&P EBITDA for 49% interest in Four Star; Appendix includes details on non-GAAP terms 48
  • 49. Business Unit Contribution $ Millions Nine Months Ended September 30, 2008 Adjusted EBIT DD&A EBITDA EBITDA* Core Businesses $ 954 $ 295 $1,249 $1,348 Pipelines 1,078 600 1,678 1,784 E&P $2,032 $ 895 $2,927 $3,132 Core Businesses Total Other Businesses (131) – (131) (131) Marketing 4 – 4 4 Power 75 8 83 83 Corporate & Other $1,980 $ 903 $2,883 $3,088 Total *Adjusted Pipeline EBITDA for 50% interest in Citrus and adjusted E&P EBITDA for 49% interest in Four Star; Appendix includes details on non-GAAP terms 49
  • 50. Reconciliation of EBIT/EBITDA $ Millions Quarters Ended Nine Months Ended September 30, September 30, 2008 2007 2008 2007 $2,019 $2,883 EBITDA $1,173 $ 776 850 903 Less: DD&A 292 293 1,169 1,980 EBIT 881 483 (742) (675) Interest and debt expense (221) (228) 427 1,305 Income before income taxes 660 255 151 450 Income taxes 215 100 276 855 Income from continuing operations 445 155 674 – Discontinued operations, net of taxes – – 950 855 Net Income 445 155 28 28 Preferred stock dividends 9 9 Net income available to $ 922 $ 827 common stockholders $ 436 $ 146 50
  • 51. Reconciliation of Adjusted Pipeline EBITDA $ Millions Quarters Ended Nine Months Ended September 30, September 30, 2008 2007 2007 2008 Citrus equity earnings $ 20 $ 52 $ 21 $ 65 50% Citrus DD&A 13 40 13 38 50% Citrus interest 10 28 9 28 50% Citrus income taxes 12 32 13 39 Other* – (1) (1) (3) 50% Citrus EBITDA $ 55 $ 151 $ 55 $ 167 El Paso Pipeline EBITDA $ 375 $1,249 $ 369 $1,236 Add: 50% Citrus EBITDA 55 151 55 167 Less: Citrus equity earnings 20 52 21 65 Adjusted Pipeline EBITDA $ 410 $1,348 $ 403 $1,338 Citrus debt at September 30 (50%) $ 542 $ 479 *Other represents the excess purchase price amortization and differences between the estimated and actual equity earnings on our investment 51
  • 52. Reconciliation of Adjusted E&P EBITDA $ Millions Quarters Ended Nine Months Ended September 30, September 30, 2008 2007 2008 2007 Four Star equity earnings $ 10 $ 2 $ 36 $ 4 Proportionate share of Four Star DD&A 6 5 17 16 Proportionate share of Four Star interest – – – – Proportionate share of Four Star income taxes 21 9 49 26 Other* 13 10 40 37 Proportionate share of Four Star EBITDA $ 50 $ 26 $ 142 $ 83 El Paso E&P EBITDA $ 723 $ 426 $1,678 $ 1,199 Add: Proportionate share of Four Star EBITDA 50 26 142 83 Less: Four Star equity earnings 10 2 36 4 Adjusted E&P EBITDA $ 763 $ 450 $1,784 $ 1,278 *Represents the excess purchase price amortization Note: In the third quarter of 2007, E&P increased its interest in Four Star from 43% to 49% 52
  • 53. E&P Cash Costs 3Q 2007 1Q 2008 2Q 2008 3Q 2008 Total Per Unit Total Per Unit Total Per Unit Total Per Unit ($ MM) ($/Mcfe) ($ MM) ($/Mcfe) ($ MM) ($/Mcfe) ($ MM) ($/Mcfe) Total operating expense $ 347 $ 4.79 $ 377 $ 5.11 $ 374 $ 5.40 $ 353 $ 5.35 Depreciation, depletion and amortization (194) (2.69) (212) (2.87) (197) (2.84) (191) (2.89) Transportation costs (19) (0.26) (19) (0.26) (21) (0.31) (23) (0.35) Costs of products (6) (0.07) (5) (0.06) (10) (0.15) (13) (0.20) Other – – – – (7) (0.09) (1) (0.02) Per unit cash costs1 $ 1.77 $ 1.92 $ 2.01 $ 1.89 Total equivalent volumes (MMcfe)1,2 72,392 73,762 69,366 66,033 1Excludes volumes and costs associated with equity investment in Four Star 2Approximately 41 MMcfe/d was lost in 3Q 2008 due to hurricane impact 53
  • 54. Production-Related Derivative Schedule 2008 2009 2010 2011–2012 Notional Avg. Hedge Notional Avg. Hedge Notional Avg. Hedge Notional Avg. Hedge Natural Gas Volume Price Volume Price Volume Price Volume Price (TBtu) ($/MMBtu) (TBtu) ($/MMBtu) (TBtu) ($/MMBtu) (TBtu) ($/MMBtu) Designated—EPEP Fixed price—Legacy 1.1 $ 3.49 4.6 $ 3.56 4.6 $3.70 6.8 $3.88 Fixed price 5.3 $ 8.37 Ceiling 27.5 $ 10.87 101.0 $ 14.58 Floor 27.5 $ 8.00 125.8 $ 8.93 Economic—EPEP Fixed price 1.8 $ 8.24 3.6 $ 12.06 Ceiling 6.5 $ 10.32 41.9 $ 17.40 Floor 6.5 $ 8.00 41.9 $ 9.61 Avg. ceiling 42.2 $ 10.16 151.1 $ 14.97 4.6 $3.70 6.8 $3.88 Avg. floor 42.2 $ 7.93 175.9 $ 9.02 4.6 $3.70 6.8 $3.88 2008 2009 Notional Avg. Hedge Notional Avg. Hedge Crude Oil Price Volume Volume Price ($/Bbl) (MMBbls) (MMBbls) ($/Bbl) Designated—EPEP Fixed price 0.43 $ 88.57 1.39 $110.00 Economic—EPEP Fixed price 0.20 $ 88.28 2.04 $109.87 Economic—EPM Ceiling 0.22 $ 56.10 Floor 0.22 $ 55.00 Avg. ceiling 0.85 $ 80.10 3.43 $109.93 Avg. floor 0.85 $ 79.81 3.43 $109.93 54 Note: Positions are as of October 2, 2008 (Contract months: Oct 2008–Forward)
  • 55. Reconciliation of Pro Forma Production Volumes Equivalents, MMcfe/d 3Q 2007 2Q 2008 3Q 2008 Less: Less: Less: Add: Add: Domestic Add: Domestic Pro Add: Domestic Hurricane Pro Reported Peoples Assets Sold Pro Forma* Reported Peoples Assets Sold Forma* Reported Peoples Assets Sold Impact Forma* Central 222 30 14 238 237 – – 237 236 – – 2 238 Western 140 8 5 143 155 – – 155 156 – – – 156 TGC 205 31 40 196 223 – 1 222 222 – – 5 227 GOM/SLA 206 1 58 149 136 – 2 134 93 – – 34 127 International 14 – – 14 11 – – 11 11 – – – 11 Total consolidated 787 70 117 740 762 – 3 759 718 – – 41 759 Proportionate share of Four Star 61 – – 61 71 – – 71 75 – – – 75 Total with Four Star 848 70 117 801 833 – 3 830 793 – – 41 834 *Excludes volumes from domestic assets sold in 2008 and adjusts volumes for the effects of the hurricanes in 2008 and assumes full year of Peoples volumes in 2007 55