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Jim Cleary
President, El Paso Western Pipelines
  Platts Conference, Rockies Gas & Oil
                         April 25, 2008
Cautionary Statement Regarding
Forward-looking Statements


   This presentation includes forward-looking statements and projections, made in reliance on
   the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The
   company has made every reasonable effort to ensure that the information and assumptions
   on which these statements and projections are based are current, reasonable, and complete.
   However, a variety of factors could cause actual results to differ materially from the
   projections, anticipated results or other expectations expressed in this presentation,
   including, without limitation, our ability to successfully contract, build and operate the pipeline
   projects described in this presentation; changes in supply of natural gas; general economic
   and weather conditions in geographic regions or markets served by El Paso Corporation and
   its affiliates, or where operations of the company and its affiliates are located; the
   uncertainties associated with governmental regulation; competition, and other factors
   described in the company’s (and its affiliates’) Securities and Exchange Commission filings.
   While the company makes these statements and projections in good faith, neither the
   company nor its management can guarantee that anticipated future results will be achieved.
   Reference must be made to those filings for additional important factors that may affect
   actual results. The company assumes no obligation to publicly update or revise any forward-
   looking statements made herein or any other forward-looking statements made by the
   company, whether as a result of new information, future events, or otherwise.




                                                                                                         2
Outline
• Why Ruby?


• Why Now?


• Progress Update


• Conclusion




                              3
El Paso Western Pipelines
                              Big Horn
                                                                         Powder River
                            Wind River

                           Green River
                                                                            Denver-Julesburg

                                  Uinta

                              Piceance


                                                                                        Anadarko
                                                            Raton

                                          San Juan


                                                                               Permian
      WIC
      CIG
      EPNG
      Mojave
      Cheyenne Plains
Note: Includes El Paso Corporation and El Paso Pipeline Partners, L.P.
                                                                                                   4
•   680 miles of 42-inch Opal to Malin
                                                            •   1.2 Bcf/d expandable to 2.0 Bcf/d
                                                            •   1,440 psig MAOP
   Ruby Pipeline Map                                        •   Compression: Head Station (76,500 hp) & Mid
                                                                Point (30,000 hp) (possibly 3rd location)
                                                            •   Measurement – 9 Locations
                                                            •   64% +/- Public Land
                                                            •   2 National Forests: Cache and Fremont-Winema
                                                            •   5 BLM Offices
              OREGON
        GTN                                                 •   Mostly Remote / Unpopulated
              Fremont-
              Wenima
              National
Malin                                 IDAHO
               Forest
                                                           WYOMING
 PG&E

                               RUBY                        Opal Hub
          Tuscarora
                                         Cache                                       CIG
                                                                            WIC
                                        National
                                         Forest
 CALIF.
                      Paiute
                                                                                                  Cheyenne
                                                     U TA H
                                                                                                  Plains
                           NEVADA



                                              Kern River

                                                                        COLORADO




                                                                                                         5
Why Ruby?




            6
Rockies versus Western Canada
                  Long-Term Production Trends
    Bcf/d                    Canadian Peak
                             - 2001 Peak
18                           - 17 Bcfd
                                                                  El Paso High Case
16
                                                               Best fit of Current Trend:
14                                                             - 2033 Peak
                                                               - 15 Bcfd Production

12
                                                                        El Paso Base Case
10
    8
    6
                      Best Fit Curves Assumes:
    4                 - Gaussian Curve
                      - 340 EUR
    2                 - Few environmental constraints

                        Forecast
-
        1970   1990   2010           2030               2050             2070           2090


                                                                                            7
Ziff Forecasted Canadian Exports




                                                    8
Source: Ziff Energy
Historical and Forecasted Gas Demand
                                                    (Northern CA and the Pacific Northwest)
 MMcf/d
3,000


2,500


2,000                                                                                                        Forecast: (2008–2016)
                      PG&E Planning Area
                                                                                                             CAGR = .39%
                                                                                                             Growth Volume = 42 MMcf/d
                      *Source: California Energy Commission
                      2008-2018 California Energy Demand
1,500
                      (Staff Revised Forecast Nov. 2007)


1,000

                                                                                                             Forecast: (2008–2016)
           Pacific Northwest                                                                                 CAGR = 2.24%
 500
           *Source: EL Paso Macro Model (Oregon & Washington)                                                Growth Volume = 195 MMcf/d


   0
        1995
               1996
                        1997
                               1998
                                      1999
                                             2000
                                                     2001
                                                            2002
                                                                   2003
                                                                          2004
                                                                                 2005
                                                                                        2006
                                                                                               2007
                                                                                                      2008
                                                                                                              2009
                                                                                                                     2010
                                                                                                                            2011
                                                                                                                                   2012
                                                                                                                                          2013
                                                                                                                                                 2014
                                                                                                                                                        2015
                                                                                                                                                               2016
                                                                                                                                                                      9
Northern/Central California
                                          Market Detail
• The northern/central California                                             North to South flow
  market is served by PG&E                                         OREGON
                                                                              utilization typically
                                                             GTN              below 70% due to
   – PG&E system is supplied from                                             reduced Canadian
                                                                 Malin
     Canada and US (Rockies, San                                              imports
     Juan and Permian Basins)             2.0 Bcf/d




                                                        /40 e
                                                    400 E Lin
   – Reduced imports have resulted in




                                                           1
                                                                     Tuscarora
     PG&E Lines 400/401 (north to




                                                       &
                                                    PG
     south flow) being underutilized                                           NEVADA

                                                        s
                                                            Sacramento
                                                    s
• Current California pipeline                                s
                                                            s
                                                    s
  infrastructure allows for limited
                                        San Francisco
  gas deliveries from southern to                                        CALIFORNIA

                                                                                         Kern
  northern California
                                                                                                        ARIZONA
                                                                               1.1 Bcf/d
                                                                                                         Topock
• SoCal system has limited                                                              PG&E Line 300

  physical ability to flow LNG from                                                   SoCal             Blythe
                                                                  Los Angeles
  Mexico or Southern California                                                                North
  into PG&E                                                                          SDG&E     Baja
                                                                             San Diego
                                                                                         Baja Norte
                                                                                       Costa Azul LNG



                                                                                                                 10
Why Now?




           11
Rocky Mountain Production
                                     (Volumes are Wellhead – Measured in MMcfd)
14,000

                              Big Horn                                  Wind River                                                                   Forecast
12,000                        Green River                               Overthrust
                              Powder River                              Uinta                                                                                 3.28 Bcf/d of
10,000                                                                                                                                                      growth 2006-2016
                              Piceance                                  Denver

 8,000


 6,000

                                                                                                                                                     Forecast by 2016:
 4,000
                                                                                                                                                     High Case 13,278
                                                                                                                                                     Mid Case 11,860
 2,000                                                                                                                                               Low Case 10,442


    0
         1990
                1991
                       1992
                              1993
                                     1994
                                            1995
                                                   1996
                                                          1997
                                                                 1998
                                                                        1999
                                                                               2000
                                                                                      2001
                                                                                             2002
                                                                                                    2003
                                                                                                           2004
                                                                                                                  2005
                                                                                                                         2006
                                                                                                                                2007
                                                                                                                                       2008
                                                                                                                                              2009
                                                                                                                                                     2010
                                                                                                                                                            2011
                                                                                                                                                                   2012
                                                                                                                                                                          2013
                                                                                                                                                                                 2014
                                                                                                                                                                                        2015
                                                                                                                                                                                               2016
 1990-2006: Wellhead total data from IHS database
 2007-2015: El Paso forecast
                                                                                                                                                                                                  12
Cheyenne Basis to Henry Hub
                                                    vs. Export Load Factors
Jan 1995 – Feb 2008
                      3.50


                      3.00

                                  Historical Relationship
                      2.50
                                     Load Factor ~84%
  Dollars per MMBtu




                                   HH Hub Basis ~ $0.61
                      2.00


                      1.50


                      1.00


                      0.50


                      0.00
                         60.0%   65.0%     70.0%      75.0%   80.0%   85.0%   90.0%   95.0%   100.0%
                      -0.50



                                                                                                       13
Rockies Gas Balance
                            Annual Average Wellhead Production Forecast (MMcf/d)

                     2004     2005    2006    2007    2008    2009    2010    2011    2012    2013    2014

Dry Production      6,325     6,694   7,288   7,875   8,324   8,683   8,979   9,232   9,451   9,641   9,807
Local
Consumption*        1,591     1,637   1,613   1,695   1,625   1,637   1,652   1,657   1,690   1,721   1,750
Available for
Export              4,734     5,057   5,675   6,180   6,699   7,046   7,328   7,575   7,760   7,920   8,057
Total Export
Capacity            5,397     6,030   6,200   6,200   8,070   8,070   8,070   9,270   9,270   9,270   9,270
Capacity
Surplus              663       973    525      20     1,371   1,024   742     1,695   1,510   1,350   1,213
% Surplus
Capacity            12.3%     16.1%   8.5%    0.3%    17.0%   12.7%   9.2%    18.3%   16.3%   14.6%   13.1%




      - Expansions (Includes Ruby)
 Need for Additional Export Capacity
 Possible Need for Another Expansion by 2013-2014
 *Source – El Paso supply Forecast
                                                                                                              14
Rockies Supply vs.
                                                     Regional Export Capacity
     MMcf/d
10,000
                                                         Ruby
                                      REX West                              High Case
                                                     1200 expansion
                                    1800 expansion
 9,000
                        Cheyenne Plains
                                                                      100% LF
                         170 expansion
 8,000       Cheyenne Plains
              560 expansion

 7,000
                                                                           Expansion needed:

 6,000                                                     85% LF          Base Case

                                                                           2009-2010 if 85% LF
 5,000
                                                                           2013-2014 if 85% LF
                 Supply Available for
                       Export
 4,000
                     Base Case
 3,000

 2,000
        2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
*Source – El Paso supply Forecast
                                                                                                 15
Project Progress




                   16
Development

• In development for over a year
• Analyzed 3 major routes & 4 variations of the preferred route
• Route selected after extensive agency/stakeholder discussions
• BLM application filed: November 2007
• Precedent agreement (PA) signed with PG&E (anchor shipper) and
  two others for 650 Mdth/d: December 2007
• CPUC filing for approval of PG&E PA: December 2007
• FERC Pre-filing process began: January 2008
• Binding Open Season began: February 2008




                                                                   17
Boots On the Ground
• Centerline and detailed surveys underway
• Survey permission received from Land-owners
 and the BLM for 75% of the route
• 25% of ROW is already surveyed
• 10 Open Houses covering the entire route from
 Opal, Wyoming to Malin, Oregon
• 6 Scoping meetings with BLM


                                                  18
Looking Forward


• CPUC Ruling Expected: October 2008


• FERC Filing: January 2009


• In Service Target: March 2011




                                            19
Conclusion

• Canadian export decline suggests the Western Markets
  require supply diversity


• Rockies Supply push requires additional infrastructure in
  the next few years


• Considerable progress has already been made on Ruby
  Pipeline development


• Ruby is the project that can meet the market’s timeline and
  needs


                                                                20

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EP4_25_08ClearyPlattsRockiesConf

  • 1. Jim Cleary President, El Paso Western Pipelines Platts Conference, Rockies Gas & Oil April 25, 2008
  • 2. Cautionary Statement Regarding Forward-looking Statements This presentation includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this presentation, including, without limitation, our ability to successfully contract, build and operate the pipeline projects described in this presentation; changes in supply of natural gas; general economic and weather conditions in geographic regions or markets served by El Paso Corporation and its affiliates, or where operations of the company and its affiliates are located; the uncertainties associated with governmental regulation; competition, and other factors described in the company’s (and its affiliates’) Securities and Exchange Commission filings. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. The company assumes no obligation to publicly update or revise any forward- looking statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise. 2
  • 3. Outline • Why Ruby? • Why Now? • Progress Update • Conclusion 3
  • 4. El Paso Western Pipelines Big Horn Powder River Wind River Green River Denver-Julesburg Uinta Piceance Anadarko Raton San Juan Permian WIC CIG EPNG Mojave Cheyenne Plains Note: Includes El Paso Corporation and El Paso Pipeline Partners, L.P. 4
  • 5. 680 miles of 42-inch Opal to Malin • 1.2 Bcf/d expandable to 2.0 Bcf/d • 1,440 psig MAOP Ruby Pipeline Map • Compression: Head Station (76,500 hp) & Mid Point (30,000 hp) (possibly 3rd location) • Measurement – 9 Locations • 64% +/- Public Land • 2 National Forests: Cache and Fremont-Winema • 5 BLM Offices OREGON GTN • Mostly Remote / Unpopulated Fremont- Wenima National Malin IDAHO Forest WYOMING PG&E RUBY Opal Hub Tuscarora Cache CIG WIC National Forest CALIF. Paiute Cheyenne U TA H Plains NEVADA Kern River COLORADO 5
  • 7. Rockies versus Western Canada Long-Term Production Trends Bcf/d Canadian Peak - 2001 Peak 18 - 17 Bcfd El Paso High Case 16 Best fit of Current Trend: 14 - 2033 Peak - 15 Bcfd Production 12 El Paso Base Case 10 8 6 Best Fit Curves Assumes: 4 - Gaussian Curve - 340 EUR 2 - Few environmental constraints Forecast - 1970 1990 2010 2030 2050 2070 2090 7
  • 8. Ziff Forecasted Canadian Exports 8 Source: Ziff Energy
  • 9. Historical and Forecasted Gas Demand (Northern CA and the Pacific Northwest) MMcf/d 3,000 2,500 2,000 Forecast: (2008–2016) PG&E Planning Area CAGR = .39% Growth Volume = 42 MMcf/d *Source: California Energy Commission 2008-2018 California Energy Demand 1,500 (Staff Revised Forecast Nov. 2007) 1,000 Forecast: (2008–2016) Pacific Northwest CAGR = 2.24% 500 *Source: EL Paso Macro Model (Oregon & Washington) Growth Volume = 195 MMcf/d 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 9
  • 10. Northern/Central California Market Detail • The northern/central California North to South flow market is served by PG&E OREGON utilization typically GTN below 70% due to – PG&E system is supplied from reduced Canadian Malin Canada and US (Rockies, San imports Juan and Permian Basins) 2.0 Bcf/d /40 e 400 E Lin – Reduced imports have resulted in 1 Tuscarora PG&E Lines 400/401 (north to & PG south flow) being underutilized NEVADA s Sacramento s • Current California pipeline s s s infrastructure allows for limited San Francisco gas deliveries from southern to CALIFORNIA Kern northern California ARIZONA 1.1 Bcf/d Topock • SoCal system has limited PG&E Line 300 physical ability to flow LNG from SoCal Blythe Los Angeles Mexico or Southern California North into PG&E SDG&E Baja San Diego Baja Norte Costa Azul LNG 10
  • 11. Why Now? 11
  • 12. Rocky Mountain Production (Volumes are Wellhead – Measured in MMcfd) 14,000 Big Horn Wind River Forecast 12,000 Green River Overthrust Powder River Uinta 3.28 Bcf/d of 10,000 growth 2006-2016 Piceance Denver 8,000 6,000 Forecast by 2016: 4,000 High Case 13,278 Mid Case 11,860 2,000 Low Case 10,442 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1990-2006: Wellhead total data from IHS database 2007-2015: El Paso forecast 12
  • 13. Cheyenne Basis to Henry Hub vs. Export Load Factors Jan 1995 – Feb 2008 3.50 3.00 Historical Relationship 2.50 Load Factor ~84% Dollars per MMBtu HH Hub Basis ~ $0.61 2.00 1.50 1.00 0.50 0.00 60.0% 65.0% 70.0% 75.0% 80.0% 85.0% 90.0% 95.0% 100.0% -0.50 13
  • 14. Rockies Gas Balance Annual Average Wellhead Production Forecast (MMcf/d) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Dry Production 6,325 6,694 7,288 7,875 8,324 8,683 8,979 9,232 9,451 9,641 9,807 Local Consumption* 1,591 1,637 1,613 1,695 1,625 1,637 1,652 1,657 1,690 1,721 1,750 Available for Export 4,734 5,057 5,675 6,180 6,699 7,046 7,328 7,575 7,760 7,920 8,057 Total Export Capacity 5,397 6,030 6,200 6,200 8,070 8,070 8,070 9,270 9,270 9,270 9,270 Capacity Surplus 663 973 525 20 1,371 1,024 742 1,695 1,510 1,350 1,213 % Surplus Capacity 12.3% 16.1% 8.5% 0.3% 17.0% 12.7% 9.2% 18.3% 16.3% 14.6% 13.1% - Expansions (Includes Ruby) Need for Additional Export Capacity Possible Need for Another Expansion by 2013-2014 *Source – El Paso supply Forecast 14
  • 15. Rockies Supply vs. Regional Export Capacity MMcf/d 10,000 Ruby REX West High Case 1200 expansion 1800 expansion 9,000 Cheyenne Plains 100% LF 170 expansion 8,000 Cheyenne Plains 560 expansion 7,000 Expansion needed: 6,000 85% LF Base Case 2009-2010 if 85% LF 5,000 2013-2014 if 85% LF Supply Available for Export 4,000 Base Case 3,000 2,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 *Source – El Paso supply Forecast 15
  • 17. Development • In development for over a year • Analyzed 3 major routes & 4 variations of the preferred route • Route selected after extensive agency/stakeholder discussions • BLM application filed: November 2007 • Precedent agreement (PA) signed with PG&E (anchor shipper) and two others for 650 Mdth/d: December 2007 • CPUC filing for approval of PG&E PA: December 2007 • FERC Pre-filing process began: January 2008 • Binding Open Season began: February 2008 17
  • 18. Boots On the Ground • Centerline and detailed surveys underway • Survey permission received from Land-owners and the BLM for 75% of the route • 25% of ROW is already surveyed • 10 Open Houses covering the entire route from Opal, Wyoming to Malin, Oregon • 6 Scoping meetings with BLM 18
  • 19. Looking Forward • CPUC Ruling Expected: October 2008 • FERC Filing: January 2009 • In Service Target: March 2011 19
  • 20. Conclusion • Canadian export decline suggests the Western Markets require supply diversity • Rockies Supply push requires additional infrastructure in the next few years • Considerable progress has already been made on Ruby Pipeline development • Ruby is the project that can meet the market’s timeline and needs 20