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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
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Rule14a-6(e)(2))
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EL PASO CORPORATION
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(Name of Registrant as Specified in its Charter)
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NEWS [LOGO - EL PASO]
For Immediate Release
TENNESSEE GAS PIPELINE COMPANY ANNOUNCES COMPLETION OF CAN-EAST PROJECT AND
OPEN SEASON FOR CAPACITY
HOUSTON, TEXAS, JUNE 10, 2003--Tennessee Gas Pipeline Company, a subsidiary
of El Paso Corporation (NYSE:EP), today announced the completion of
construction and the beginning of service on its Can-East Project that
extends its system in northern Pennsylvania to Leidy, Pennsylvania.
"This project demonstrates Tennessee's ability to provide natural gas
from a variety of supply basins to growing markets in the Northeastern
region of the United States," said Stephen C. Beasley, president of
Tennessee Gas Pipeline Company. "It also illustrates the company's
expertise for developing scalable projects to meet specific market
requirements."
The Can-East Project includes a long-term lease for 130,000 dekatherms
of natural gas per day (Dth/d) of capacity on the Dominion Transmission,
Inc., pipeline system with an interconnect at Leidy, as well as a new
compressor station on the Tennessee pipeline at Ellisburg, Pennsylvania, to
facilitate the firm transportation service. The company has executed
long-term firm transportation agreements with customers for 111,000 Dth/d
of natural gas supplies received from various parts of its system including
the Gulf Coast; Dracut, Massachusetts; and Niagara Falls, New York.
Tennessee will be hosting an open season for the remaining 19,000 Dth/d of
unsubscribed capacity resulting from this expansion project in accordance
with its Federal Energy Regulatory Commission Gas Tariff.
More detailed information about the open season can be obtained on
Tennessee's Electronic Bulletin Board or by contacting Bob Bookstaber,
manager of Business Development for Tennessee Gas Pipeline, at (832)
676-5199 or email at bob.bookstaber@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
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