El Paso Corporation

Mark LelandExecutive Vice President & Chief Financial Officer

Barclays 2009 Fixed IncomeEnergy & Pipeline Conference

March 25, 2009

2

Cautionary StatementRegarding 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 2009 plan, including achieving our earnings and cash flow targets; the effects of any changes in accounting rules and guidance; our ability to meet production volume targets in our Exploration and Production segment; our ability to comply with the covenants in our various financing documents; our ability to obtain necessary governmental approvals for proposed pipeline and E&P projects and our ability to successfully construct and operate such projects; the risks associated with recontracting of transportation commitments by our pipelines; regulatory uncertainties associated with pipeline rate cases; actions by the credit rating agencies; the successful close of our financing transactions; our ability to close asset sales, as well as transactions with partners on one or more of our expansion projects that are included in the plan on a timely basis; credit and performance risk of our lenders, trading counterparties, customers, vendors and suppliers ;changes in commodity prices and basis differentials for oil, natural gas, and power; our ability to obtain targeted cost savings in our businesses; inability to realize anticipated synergies and cost savings on a timely basis or at all; general economic and weather conditions in geographic regions or markets served by the company and its affiliates, or where operations of the company and its affiliates are located, including the risk of a global recession and negative impact on natural gas demand; the uncertainties associated with governmental regulation; political and currency risks associated with international operations of the company and its affiliates; competition; and other factors described in the company's (and its affiliates') Securities and Exchange Commission filings. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. The company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise.

Certain of the production information in this presentation include the production attributable to El Paso’s 49 percent interest in Four Star Oil & Gas Company (“Four Star”). El Paso’s Supplemental Oil and Gas disclosures, which are included in its Annual Report on Form 10-K, reflect its proportionate share of the proved reserves of Four Star separate from its consolidated proved reserves. In addition, the proved reserves attributable to its proportionate share of Four Star represent estimates prepared by El Paso and not those of Four Star.

Cautionary Note to U.S. Investors—The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosures regarding proved reserves in this presentation and the disclosures contained in our Form 10-K for the year ended December 31, 2007, File No. 001-14365, available by writing; Investor Relations, El Paso Corporation, 1001 Louisiana St., Houston, TX 77002. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

Non-GAAP Financial MeasuresThis presentation includes certain Non-GAAP financial measures as defined in the SEC’s Regulation G. More information on these Non-GAAP financial measures, including EBIT, EBITDA, and the required reconciliations under Regulation G, are set forth in this presentation or in the appendix hereto. El Paso defines Resource Potential or Resource Inventory as subsurface volumes of oil and natural gas the company believes may be present and eventually recoverable. The company utilizes a net, geologic risk mean to represent this estimated ultimate recoverable amount.

3

Our Purpose

El Paso Corporation provides natural gas and related energy

products in a safe, efficient, and dependable manner

4

the place to workthe neighbor to havethe company to own

Our Vision & Values

5

Meeting Challenges, Preserving Opportunities

Raised liquidity to $3.3 billion

Reduced capital thoughtfully

Reviewing capitaland financing options continuously

Attractive hedges

Delivering pipeline backlog

On-time, on-budget

Preserving E&P inventoryImproving credit metricsManage to commodity price environment

Today Longer-Term

6

2009 Financial Targets

EPS*: $0.85–$1.05

EBIT* total: $2.0–$2.3 Pipelines: $1.4; E&P: $0.8–$0.9

EBITDA*: $3.1–$3.3 Pipelines: $1.8; E&P: $1.4–$1.6

Cash flow from operations: $1.7–$2.0

Capex: $2.7–$3.1Pipelines: $1.7; E&P: $0.9–$1.3

$ Billions, Except EPS

Note: 2009 Plan assumes natural gas price of $5.00 per MMBtu (NYMEX) and oil prices of $40.00 per Bbl (WTI)*Excludes MTM changes on hedge derivatives and includes cash proceeds on settlements based on Plan prices

7

Recent Significant Financing Activities

El Paso Corp. 5-year, $500 MM 12% Notes (15.25% yield)Ended high-yield offering drought

El Paso Exploration & Production $300 MM RevolverSecured borrowing base facility (LIBOR + 350 bps)

TGP 7-year, $250 MM 8% Notes (9% yield)Investment-grade unsecured notes

El Paso Corp. 7-year, $500 MM 8.25% NotesSignificant reduction in yield—9.125%

After financings, weighted average cost of debt at 7.1%

8

Substantial Increase in Liquidity$ Billions

Sep. 30,2008

Dec. 31,2008

Jan. 31,2009

Feb. 28,2009

Bank Lines Cash

$1.9$2.2

$1.2

$1.0

$1.3

$1.2

$1.4

$1.9$2.5

$3.3

$1.2

$0.7

9

12/31/08 YTD NetFinancings

& AssetSales

OCF RemainingAssetSales

MayMaturity

Dividends& Minority

Interest

Capex YELiquidity

Liquidity Outlook

$2.2

$ Billions

$1.9

$0.2$0.9

$2.7–$3.1 $1.2–

$1.6

Note: Forecast assumes most of $500 MM LC facility replaced and EPEP $300 MM facility renewed

$0.2

E&P Capex

Ample liquidity for 2009

$1.1

10

Premier Pipeline Franchise

El PasoNatural Gas

Mexico Ventures

MojavePipeline

ColoradoInterstate Gas

Wyoming Interstate

Cheyenne Plains Pipeline

TennesseeGas Pipeline

SouthernNatural Gas

Florida GasTransmission (50%)

Elba IslandLNG

Source: El Paso Corporation 2008 dataNote: Includes El Paso Corporation and El Paso Pipeline Partners, L.P.

19% of total U.S. interstate pipeline mileage26 Bcf/d capacity (15% of total U.S.)19 Bcf/d throughput (30% of gas delivered to U.S. consumers)

Gulf LNG(50%)

11

TGP Carthage Expansion

$39 MMMay 2009

100 MMcf/d

SNG South System III/ SESH Phase II

$352 MM / $69 MM2011–2012

370 MMcf/d / 350 MMcf/d

Elba Expansion III & Elba Express

$1.1 Billion2010–2014

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

SNG Cypress Phase III $86 MM

2011160 MMcf/d

CIG Totem Storage$154 MM (100%)

July 2009200 MMcf/d

WIC Piceance Lateral$62 MM4Q 2009

220 MMcf/d

El Paso PipelineEl Paso Pipeline Partners, LP

TGP Concord$21 MM

Nov 200930 MMcf/d

Gulf LNG$1+ Billion (100%)

20116.6 Bcf / 1.3 Bcf/d

CIG Raton 2010 Expansion$146 MM2Q 2010

130 MMcf/d

Committed Growth Backlog:Large & Profitable

FGT Phase VIII Expansion

$2.4 Billion (100%)2011

800 MMcf/d

~$8 billion capex; construct at 7x run rate EBITDA

Note: As of February 26, 2009; El Paso Pipeline Partners owns 25% of SNG & 40% of CIG

Ruby Pipeline$3 Billion

20111.3–1.5 Bcf/d

WIC System Expansion $71 MM

2010–2011320 MMcf/d

TGP 300 Line Project $750 MM

2011290 MMcf/d

12

Backlog Spent to Date 2009 FundedCapital

RemainingRuby

2010-2013Remaining

Backlog

Financing the Pipeline Backlog

$7.8$ Billions

$1.3$1.0

$1.3

$2.4

$1.8

Backlog expected to generate$1.2 billion of incremental EBITDA*

Gulf LNG/Expected FGTFinancing

* EBITDA run-rate on proportional basis

13

Construction Risk Management

Elba ExpansionElba Express

Gulf LNG (50%)

Ruby

FGT Phase VIII (50%)

TGP 300 Line

$ 1.1

$ 0.5

$ 3.0

$ 1.2

$ 0.8

El Paso Capital($ Billions) Steel Construction

Fixed-Price EPC ContractFixed

Fixed-Price EPC Contract

Fixed

Fixed

Fixed

Unit-Priced

Incentive-Based

Unit-Priced

Negotiating

Backlog has been significantly de-risked

14

Pipeline Outlook

Stability from demand-based revenues

Highly focused on execution of project backlogSignificant risk mitigation in place

Committed to grow El Paso Pipeline Partners$3.0 B NOL offsets potential gains on drop downs

Selectively review future opportunitiesMitigate potential financing and steel costs

15

Top 10 Domestic Independent

DomesticLow to medium-risk repeatable plays98% drilling success rateGrowing unconventional inventory

Note: Based on 2008 data except Egypt acres include January 2009 transaction with RWE

Brazil2 significant development projectsAdditional exploration potential

Egypt

Onshore conventional exploration1.05 MM net acresFirst drilling January 09

Rio de Janeiro

Brazil

Nile Delta

Egypt

16

Exploration & Production

Significant progress in 2008595 Bcfe of reserves adds in 20081

195% domestic reserve replacement ratio2

27% inventory growth in 2008$0.9 B–$1.3 B capital for 2009

Focused on: value creation, inventory preservation, low-risk programsHighly flexible capital plan

725–815 MMcfe/d production3

1Prior to revisions; does not include Four Star2Prior to price-related revisions; does not include Four Star3 Includes Four Star

17

Improving Domestic Reserve Metrics

2006 2007 2008 2006 2007 2008

$3.92

$3.26

$2.87

109%

255%

195%

Reserve Replacement Costs(RRC, $/Mcfe)

Reserve Replacement Ratio(RRR)

Note: 2008 RRC and RRR do not include price revisions. Prior years RRC and RRR include proved reserves additions, acquisitions, price, and performance revisions. Results do not include Four Star

$3.22129%

Reflects acquisitions

18

2009 Capital ProgramFocused on Lower-Risk Programs

$0.9 billion–$1.3 billioncapital program

Flexible capital programfocusing on value creation

Increased focus on low-risk programs with significantinventory and repeatability

HaynesvilleCotton Valley HorizontalAltamont OilBlack Warrior CBM

International completing development of Camarupim

2008 2009

Central Western TGCGOM Intl Acq.

$1,742

$1,300

Capital Spending ($ MM)

19

UpsidePotential

Heavily weighted to U.S. Onshore (75%)645 Bcfe Proved Undeveloped ReservesR/P of 8.6

6.6 Tcfe unrisked non-proved resources2.8 Tcfe risked unconventional and low riskInfill drilling (Raton CBM, Altamont oil)

Additional shale gas potential (Raton, Haynesville)International exploration success

Preserving Significant Resource Inventory*

2.5 TcfeProved

Reserves

*As of 12/31/08 and includes interest in Four Star

3.5 TcfeRisked

UnprovedInventory

20

Improving Results in Arklatex Program

4 Wells Producing IP (MMcfe/d)

Miller Land Co 10H #1 4.5

Travis Lynch GU #4-H 8.0

RF Gamble 24H #1 14.6

Blake 10H #1 20.3

2009 Activity

Spud in March: Hamilton 12H #1 and Annette Green 22H #1

J R Gamble will TD in March with first sales in April

2–4 rigs running during 2009

Haynesville Shale(currently producing 27 MMcfe/d

as of February 21, 2009)

0

20

40

60

80

100

120

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

MillerLand Co.10H #1

TravisLynch

GU #4-H

R.F.Gamble24H #1

Blake10H #1

Spud

to F

irst S

ales

(Day

s)

$/Lateral Ft.

Drilling Completion $/Lateral Ft.

21

Rio deJaneiro

Brazil

Brazil to Become aMeaningful Contributor

Copaiba Well (18%)Drilled, tested and currently evaluating

Tot Well (35%)Drilled and currently evaluating

Pinaúna (100%)Environmental permitting has slowed pace15–20 MBOE/d peak production

Camarupim (24%)50–60 MMcfe/d peak rateFirst production 2Q 2009

22

E&P Outlook

2009 capital program focused onlow-risk, value-adding programs

Plan is highly flexible

Capital pace slowed while seeking to capture lower service costs

Preserving inventory while advancing key programs

23

Note: See full Production-related Derivative Schedule in Appendix1Reflects positions after monetization of oil swaps2Includes proportionate share of Four Star equity volumes

151 TBtuAverage cap $14.97/MMBtu

8 TBtu$7.33

fixed price176 TBtu

Average floor $9.02/MMBtu

Ceiling

Floor1.5 MMBbls

$45.00fixed price

2009 Gas

2009 Oil1

2009 Hedge Positions

143 TBtu$15.41ceiling

168 TBtu$9.10floor

~75% of domestic natural gas2; gas hedges valued at $730 MM as of 12/31/08$110/Bbl oil swaps monetized for $186 MM

Full-Year 2009

Balance atMarket Price

24

2010 Hedge Positions

Balance atMarket Price

24.7 TBtu$6.61

fixed price

66 TBtuAverage floor $6.86/MMBtu

Floor

2010 Gas41.7 TBtu

$7.00floor

19.8 TBtu$9.45

ceiling

45 TBtuAverage cap $7.88/MMBtuCeiling

Positions as of March 3, 2009

Note: See full Production-related Derivative Schedule in Appendix

25

Focus Going Forward

Execute on committed pipeline backlogOn time/budgetMajority of capital risk has been mitigated

Create value at E&P Flexible capital expenditures Preserve inventory of opportunities

Be prepared for low-price scenario in2010 and 2011

El Paso Corporation

Mark LelandExecutive Vice President & Chief Financial Officer

Barclays 2009 Fixed IncomeEnergy & Pipeline Conference

March 25, 2009

27

Appendix

28

Disclosure of Non-GAAPFinancial Measures

The SEC’s Regulation G applies to any public disclosure or release of material information that includes a non-GAAP financial measure. In the event of such a disclosure or release, Regulation G requires (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. The required presentations and reconciliations are attached. Additional detail regarding non-GAAP financial measures can be reviewed in El Paso’s full operating statistics, which will be posted at www.elpaso.com in the Investors section.

El Paso uses the non-GAAP financial measure “earnings before interest expense and income taxes” or “EBIT” to assess the operating results and effectiveness of the company and its business segments. The company defines EBIT as net income (loss) adjusted for (i) items that do not impact its income (loss) from continuing operations, such as extraordinary items and discontinued operations; (ii) income taxes; and (iii) interest and debt expense. The company excludes interest and debt expense so that investors may evaluate the company’s operating results without regard to its financing methods or capital structure. EBITDA is defined as EBIT excluding depreciation, depletion and amortization. El Paso’s business operations consist of both consolidated businesses as well as investments in unconsolidated affiliates. As a result, the company believes that EBIT, which includes the results of both these consolidated and unconsolidated operations, is useful to its investors because it allows them to evaluate more effectively the performance of all of El Paso’s businesses and investments.

El Paso believes that the non-GAAP financial measures described above are also useful to investors because these measurements are used by many companies in the industry as a measurement of operating and financial performance and are commonly employed by financial analysts and others to evaluate the operating and financial performance of the company and its business segments and to compare the operating and financial performance of the company and its business segments with the performance of other companies within the industry.

These non-GAAP financial measures may not be comparable to similarly titled measurements used by other companies and should not be used as a substitute for net income, earnings per share or other GAAP operating measurements.

29

30

31

Committed Projects In-Service Timeline

Note: $ in each column represents total costs for each project, shown in year placed in service (actual spend over multiple years). WIC is owned by El Paso Pipeline Partners

WIC System ExpansionElba ExpressTGP Carthage

$6.5$1.1$0.2Net project cost

Cypress III

SNG SESH Phase II

SNG South System III

Gulf LNG (50%)Elba III Phase B

FGT Phase VIII (50%)CIG Totem (50%)

TGP 300 Line ProjectCIG Raton 2010TGP Concord

RubyElba III Phase AWIC Piceance2011 & Beyond20102009$ Billions

32

YE 2008 Reserves

YE 2007 Extensions &Discoveries

Production Purchases &Sales

Revisions YE 2008

Commodity Prices Henry Hub WTIYE07 $6.80/MMbtu $95.98/BblYE08 $5.71/MMbtu $44.60/Bbl

Approx.3.0 Tcfe at

$7/$70

582

2992851

5602

3,109 2,547

Bcfe

Note: Includes proportionate share of Four Star equity volumes1Includes (303) Bcfe of sales and 18 Bcfe of acquisitions2Includes (490) Bcfe of price-related revisions and (70) Bcfe of performance-related revisions

33

Production-Related Derivatives Schedule

Note: Positions are as of March 3, 2009 (Contract months: Jan 2009–Forward)

Economic—EPEPFixed price—LegacyFixed priceCeilingFloor

Avg. ceilingAvg. floor

Economic—EPEPFixed price

4.63.6

142.9167.7

151.1175.9

1.50

$ 3.56$12.06$15.41$ 9.10

$14.97$ 9.02

$45.00

NotionalVolume(TBtu)

Avg. HedgePrice

($/MMBtu)

NotionalVolume(TBtu)

Avg. HedgePrice

($/MMBtu)

NotionalVolume(TBtu)

Avg. HedgePrice

($/MMBtu)

4.620.119.841.7

44.566.4

$3.70$7.289.45

$7.00

$7.88$6.86

6.8

6.86.8

$3.88

$3.88$3.88

Natural Gas

NotionalVolume

(MMBbls)

Avg. HedgePrice

($/Bbl)Crude Oil

2009 2010 2011–2012

2009

34

Reserves Update

1/1/08

ProductionExtensions & DiscoveriesPurchasesSalesPrice RevisionsPerform. Revisions

12/31/08

2,606

(268)57718

(303)(299)(72)

2,259

247

(4)–––

(177)–

66

2,853

(272)57718

(303)(476)(72)

2,325

256

(27)5––

(14)2

222

3,109

(299)58218

(303)(490)(70)

2,547

Domestic Int’l Subtotal Four Star Total E&P(Bcfe)

35

Non-GAAP Reconciliation2009 EBIT & EBITDA

EBITDA

Less: DD&A

EBIT

Less: Interest

Less: Taxes

Net Income

EPS

3.1–3.3

1.0-1.1

2.0–2.3

1.0

0.4 – 0.5

0.6–0.8

$0.85–$1.05

$ Billions, Except EPS

Note: Numbers may not foot due to rounding