UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
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El Paso Corporation
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[EL PASO LOGO]
NEWS
For Immediate Release
EL PASO CORPORATION COMMENTS ON PUBLIC SUPPORT FOR DIRECTOR NOMINEES
Urges Shareholders to Focus on the Company's Recent Accomplishments and
Vision for the Future
HOUSTON, TEXAS, JUNE 6, 2003-El Paso Corporation (NYSE: EP) today commented
on the public declaration of support for its Director Nominees by Brandes
Investment Partners, LLC, El Paso's third largest shareholder whose clients
own 6-percent of its shares. In a press release issued today, the
investment advisors said:
"Brandes believes its clients will be best served by maintaining
stability in management of El Paso. Brandes' view is that current
management - which has changed in significant ways over the past
year - appears poised to build upon recent initiatives that have
already improved El Paso's governance, business practices, and
financial outlook."1
Ronald L. Kuehn, Jr., chairman and chief executive officer of El Paso said,
"We are gratified by this public statement of support by Brandes. We
believe they recognize the steady progress that this Board and management
have made. El Paso has achieved many of the important goals of our 2003
operational and financial plan, and we continue to take further actions to
enhance the value of the company."
El Paso also noted that, although Brandes is an Institutional Shareholder
Services' (ISS) client, it did not follow ISS' recommendation. As Brandes
said in its release:
Brandes considered Institutional Shareholder Services' (ISS)
opposition to current management's proposal. Brandes recognizes
the value of ISS research and, in many cases, has concurred with
its recommendations. In this case, however, Brandes believes
support of current management is in the best interests of its
clients. (1)
El Paso believes that ISS clients should focus on the implicit threat by
the Zilkha/Wyatt slate to derail El Paso's California settlement as well as
Zilkha/Wyatt's recently announced "business plan," which we believe is
uninformed and unworkable.
The Board of Directors urges El Paso shareholders to vote FOR the election
of El Paso's slate of 12 highly qualified directors on El Paso's WHITE
proxy card, NOT to sign the blue proxy card sent to you by Messrs. Zilkha
and Wyatt and to DISCARD any blue proxy card they may send to you in the
future. Your vote is critical, no matter how many shares you own. Time is
short as the June 17 Annual Meeting is rapidly approaching.
El Paso shareholders who have any questions about voting their proxy or
need additional information about El Paso or the stockholders meeting,
please contact MacKenzie Partners, Inc. at (800) 322-2885 or visit El
Paso's Web site at www.elpaso.com.
El Paso Corporation is the leading provider of natural gas services and the
largest pipeline company in North America. The company has core businesses
in pipelines, production, and midstream services. Rich in assets, El Paso
is committed to developing and delivering new energy supplies and to
meeting the growing demand for new energy infrastructure. For more
information, visit www.elpaso.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
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This release 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
release, including, without limitation, our ability to attract and retain
qualified members of the Board of Directors; the successful recruitment and
retention of a qualified CEO; the successful implementation of the 2003
operational and financial plan; the successful implementation of the
settlement related to the Western Energy Crisis; material and adverse
impacts from our proxy contest with Selim Zilkha/Oscar Wyatt; actions by
the credit rating agencies; the successful close of financing transactions;
our ability to successfully exit the energy trading business; our ability
to divest of certain non-core assets; changes in commodity prices for oil,
natural gas, and power; 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;
political and currency risks associated with international operations of
the company and its affiliates; inability to realize anticipated synergies
and cost savings associated with restructurings and divestitures on a
timely basis; difficulty in integration of the operations of previously
acquired companies, 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.
ADDITIONAL IMPORTANT INFORMATION To the extent that individual customers,
independent industry researchers, financial analysts, or El Paso
commissioned research are quoted in this document, it is El Paso's policy
to use reasonable efforts to verify the source and accuracy of the quote.
El Paso has not, however, sought or obtained the consent of the quoted
source to the use of such quote as proxy soliciting material. This document
may contain expressions of opinion and belief. Except as otherwise
expressly attributed to another individual or entity, these opinions and
beliefs are the opinions and beliefs of El Paso.
CONTACTS
Communications and Government Affairs
Norma F. Dunn, Senior Vice President
Office: (713) 420-3750
Fax: (713) 420-3632
Investor Relations
Bruce L. Connery, Vice President
Office: (713) 420-5855
Fax: (713) 420-4417
Alternate Contacts
Joele Frank/Dan Katcher
Office: (212) 355-4449
Fax: (212) 355-4554
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1 Permission to quote neither sought nor received.