115

Outlook

116

2008 Focus Areas:Accelerating Our Move to “Top Tier”

Progress International projects

Complete divestitures

Achieve production targets

Grow non-proved inventory

Improve capital and expense efficiency

117

$1.7 Billion Capital Program in 2008

Increased capital developmentfor recent acquisitions

Central up 20%Western up 5%Texas Gulf Coast up 25%

Decreased capital 15% in GOM/SLA

International up 50%Pinaúna and Bia developmentsEgypt exploration

Total = $1.7 billion

TGC25%

INTL 21%

Central25%

GOM/SLA16%

2008 Capital by Division

Note: Percent change excludes acquisitions

Western13%

Onshore 63%

118

Majority of Capital Program is Low Risk

High

Med

Low PC > 80%Low Risk Domestic Developmentand Pinauna & Bia Development

Ris

k

2008PGross Wells

Drilled

% of Drilling Capital

20–25

25–30

455-470

14%

17%

69%

PC < 40%High Impact Exploration

PC 40%–80%Medium Risk Development

and Exploration

500-525

119

2008 Key Metrics

Production (MMcfe/d)Cash costs2 ($/Mcfe)EBITDA ($MM)DD&A ($/Mcfe)

860–9201

$1.75–$1.90$1,700–$1,900

$2.80–$3.20

1Includes our proportionate share of Four Star Oil and Gas volumes, production range updated to reflect actual divestiture volumes and timing

2Includes direct lifting costs, production taxes, administrative expenses and other taxes

Metric Target

120

Summary

High-quality inventory

Repeatable drilling programs

Greater onshore weighting

Creating more value

Clear focus on continued improvement

Visible 8%–12% multi-year production growth

El Paso on Path to “Top-Tier” Performer

Q&A

Marketing Book Update

123

Mark-to-Market Book: Remaining Exposure

Natural GasFixed price supply

Physical basis

PowerPhysical energy supply

Financial basis

Physical capacity supply

Economic HedgesMedicine Bow hedges

Total

Fully hedged through term; no MTM volatility

Locational price differences from 2010–2012

Fully hedged at PJM West Hub through term(April 2016); no MTM volatility

Pricing differentials between PJM West Hub and Contract delivery points through April 2016

Fully hedged through PJM auctions andfixed price purchase through term

Cal-08 WTI collars (0.93 MMBbls, $55 x $57.03)Cal-09 NG calls (16.8 Bcf at $8.75)

$(363)

(269)

(101)

(83)

(48)

$(864)

DescriptionValue at12/31/07

1% change in LIBOR equals ~ $24 MM gain or loss in MTM value

($ Millions)

None

Minimal

None

Moderate

None

Moderate

Volatility

124

Transport Capacity andDemand Charges

$0

$20

$40

$60

$80

$100

$120

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Alliance EP OwnedKern Third Party

Gas SupplyIndex-based contracts through 2028Key volatility driver is cost to terminate contractsExposure to intra-month pricing risk and counterparty credit risk

Annual Demand Charge ($ Millions)

Financial Overview

126

Financial Objectives

Maintain capital discipline

Preserve financial flexibility

Drive down cost of capital

Continue to improve returns on capital

Create shareholder value grow core businesses

127

Capital Discipline

Disciplined Pipeline project developmentCapital cost management—risk allocationProven track recordWalk away from low-return projects

E&P program also focused on value creationConservative price deck for investment decisionsPVR targets with ongoing monitoring of resultsF&D score cards

Established lookback process at Board and Business UnitsValue creation key compensation metric

128

Financial Flexibility + Cost of Capital

Balance sheet in good shapePipes at investment gradeCorporation’s metrics are closeDebt not likely to drop near term given pipeline growth backlog

Credit metrics improve as pipelines placed in-servicePipeline projects financeable at attractive rates

01/08 Gulf LNG project financing $870 MM LIBOR + 150 bpsEPB—low-cost financing option

Manageable maturity profile$331 MM 2008; $1.1 billion 2009

129

El Paso 5-Year Change in ROTC vs. Peers

-8.0%-6.0%-4.0%-2.0%

0.0%2.0%

4.0%6.0%8.0%

10.0%12.0%

Source: Capital IQPeers: APA, APC, D, DVN, CNP, CHK, EOG, EQT, ENB, NBL, NI, NFX, NFG, OKE, PXO, SRE, SUG, STR, SE,

TRP, WMB, XTO Notes: ROTC = (Net Income + (Interest Expense * (1- Effective Tax Rate))) / (Average Debt + Average Preferred Equity +

Average Common Equity - Average Cash)*Adjusted to exclude one time gains and losses

13.0%14.0%15.0%

2003–2007 Change in Adjusted ROTC*

El PasoPure E&P PeerNon-E&P Peer

ReportedROTC Change

130

Value Driven Growth

Attractive risk adjusted returns on Pipeline backlog$3.9 billion at 7x EBITDA

High return E&P investment opportunitiesE&P created $3.3 billion value since 2005Balanced portfolio allows for growth and value creation even in unfavorable commodity price environment

El Paso Pipeline Partners will enhance shareholder value over time

131

Conclusions

Pipelines best franchise, superior growth outlook

E&P significantly improved, high-quality inventory, visible production growth

El Paso Pipeline Partners the MLP to own; committed to growth

Return on capital have improved; continued stewardship

Governance fully aligned with shareholders

Q&A

El Paso Corporation

Analyst MeetingApril 16, 2008

134

Appendix

135

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 directlycomparable 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, discontinued operations, and the impact of accounting changes; (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 and EBITDA, 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. Exploration and Production per-unit total cash costs or cash operating costs equal total operating expenses less DD&A and cost of products and services divided by total production. Net debt is defined as debt less cash and cash equivalents and is useful in analyzing the company’s liabilities. Net capital is the company’s proportionate share of estimated capital requirements and is useful to indicate the amount of capital the company may spend.

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.

136

137

Reconciliation of EBIT/EBITDA

EBITDALess: DD&AEBITInterest and debt expenseIncome before income taxesIncome taxes Income from continuing operationsDiscontinued operations, net of taxes

Net IncomePreferred stock dividends

Net income available tocommon stockholders

$2,8281,1761,652(994)658222436674

1,11037

$1,073

$ 2,7971,0471,750

(1,228)522

(9)531(56)475

37

$ 438

Twelve Months EndedDecember 31, 2007

Twelve Months EndedDecember 31, 2006

$ Millions

138

Reconciliation of Exploration & Production EBITDA/Mcfe

EBIT

Add: DD&A

EBITDA

MMcfe

EBITDA/Mcfe

$ 640

645

$ 1,285

266,518

$ 4.82

$ 909

780

$ 1,689

289,242

$ 5.84

Twelve Months EndedDecember 31, 2006

Twelve Months EndedDecember 31, 2007

$ Millions, Except $/Unit

139

E&P Cash Costs

Total operating expense

Depreciation, depletion and amortization

Costs of products & services

Per unit cash costs*

Total equivalentvolumes (MMcfe)*

*Excludes volumes and costs associated with equity investment in Four Star

$1,229

(645)

(87)

$ 4.61

(2.42)

(0.33)

$1.86

Total($ MM)

Per Unit($/Mcfe)

266,518

FY 2006

$1,414

(780)

(92)

289,242

$4.89

(2.70)

(0.31)

$1.88

Total($ MM)

Per Unit($/Mcfe)

FY 2007

140

Production & ReservePro Forma Reconciliation

Production (MMcfe/d)2007 reported

Adjustments*Pro forma

Reserves (Bcfe)Ending reserves 1/1/08

Adjustments*Pro forma ending reserves 1/1/08

298

9

307

1,328

(58)

1,270

146

1

147

715

(40)

675

213

(16)

197

550

(93)

457

191

(58)

133

269

118

151

14

–

14

247

–

247

862

(64)

798

3,109

(309)

2,800

OnshoreCentral Western TGC GOM Int’l Total

*Adjustments reflect elimination of divestiture properties and addition of Peoples for full-year 2007

141

Reconciliation Schedule:PV10 After Tax & Before Tax

$ Millions

2007Consolidated reservesUnconsolidated investment in Four Star

2004Consolidated reservesUnconsolidated investment in Four Star

Change in ValueConsolidated reservesUnconsolidated investment in Four Star

$ 6,882444

$ 7,326

$ 4,212–

$ 4,212

$ 2,670444

$ 3,114

$1,639273

$ 1,912

$ 557–

$ 557

$ 1,082273

$ 1,355

$ 8,521717

$ 9,238

$ 4,769–

$ 4,769

$ 3,752717

$ 4,469

PV10After Tax

TaxAdjustment

PV10Before Tax

142

Normalized Net Income Reconciliation

Net incomeDiscontinued operationsCrude oil trading liabilityRestructuring chargesEquity investment (gain)/lossLoss on sale of assetsCumulative effect of accounting changeLoss on debt extinguishmentMinority interestIncome taxesNormalized pretax income

Normalized tax (37.5%)Normalized net income

$1,110(674)

(77)–

(24)––

2916

222854

320534

$ (1,883)1,269

–224

5860

937

–(484)

37

1423

2007 2003

$ Millions

143

PVR (Present Value Ratio)

Represents the present value of future after-tax cash flows discounted at 10.5% over total investment

Target ratio is 1.15: Every $1.00 investedreturns $1.15 on an after-tax, discounted basis over the life of the project