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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: July 30, 2003
(Date of Earliest Event Reported: July 30, 2003)
EL PASO CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 1-14365 76-0568816
(State or other jurisdiction (Commission File Number) ( I.R.S. Employer
of incorporation) Identification No.)
El Paso Building
1001 Louisiana Street
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 420-2600
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Item 5. Other Events
As discussed in our 2002 Annual Report on Form 10-K, as of
December 31, 2002, we maintained a 45 percent investment in
Companias Asociadas Petroleras Sociedad Anonima (CAPSA), an
Argentine company. CAPSA owns a 60 percent interest in CAPEX S.A.,
a publicly traded oil and gas company also in Argentina. During
the first quarter of 2002, due to a deterioration of the Argentine
economy, we recorded an impairment charge of approximately $262
million representing the full value of our investment. In June of
2003, we completed the sale of the investment to our partner in
the project for approximately $24 million.
CAPSA and CAPEX use a fiscal year that ends on April 30. At the
time we completed our 2002 Annual Report on Form 10-K, financial
information related to our investment in CAPSA/CAPEX was not
available for their fiscal year ended April 30, 2003. This
financial information has now been received and is summarized
below. This information is stated in U.S. Dollars, is unaudited,
has been prepared as of and for the year ended April 30, 2003 and
has been prepared using accounting principles that are generally
accepted in Argentina. Primary differences between financial
information prepared under that basis of accounting versus
accounting principles generally accepted in the United States are
the accounting for asset impairments, accounting for foreign
currency exchange transactions, inflation accounting and
accounting for income taxes, all of which could have a significant
impact on the information presented below. In addition, the
financial information presented below represents our
proportionate share of CAPSA's assets, liabilities, equity and
operating results based on our ownership interest in the
investment.
Financial Position Data (In millions):
Current Assets..........................................$ 24
Non-current assets...................................... 263
Current liabilities..................................... 142
Non-current liabilities................................. 49
Minority Interests...................................... 18
Equity in net assets.................................... 78
Operating Results Data:
Operating revenue.......................................$ 85
Operating expenses...................................... (56)
Income from continuing operations....................... 21
Net Income.............................................. 19
Item 7. Financial Statements and Exhibits
None.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
EL PASO CORPORATION
By: /s/ Jeffrey I. Beason
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Jeffrey I. Beason
Senior Vice President and Controller
(Principal Accounting Officer)
Date: July 30, 2003
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