EXHIBIT 99.A
News
For Immediate Release

El  Paso  Corporation Provides Update on Restatement; Announces
Timeline  for  Form 10-K Filing; Receives New  Bank  Extension;
Sets Date for Operational Update Webcast

HOUSTON,  TEXAS,  August 10, 2004-El Paso  Corporation  (NYSE:EP)
announced  today that it expects to file its 2003 Form  10-K  and
the  Form  10-Ks  of its subsidiaries El Paso Production  Holding
Company  and  El  Paso CGP Company before the end  of  the  third
quarter of 2004.  The company also announced that it has received
additional  waivers on its $3-billion revolving  credit  facility
and  certain other financings. These waivers provide El Paso with
an  extension until September 30, 2004 to file its 2003 Form 10-K
and  until November 30, 2004 to file its first and second quarter
2004 Form 10-Qs.

Restatement Update

On   May   3,   2004,  El  Paso  announced  that  an  independent
investigation initiated by the Audit Committee of  the  board  of
directors  determined that the downward revision to  its  natural
gas and oil reserves that had been announced on February 17, 2004
would  require a  restatement  of the  financial  statements  for
El Paso  Corporation and  its  subsidiaries  El  Paso  Production
Holding Company and El Paso CGP Company for the periods from 1999
through 2003. Since that time, El Paso has been working with  its
independent   auditor  and  its  independent   reserve   engineer
regarding  the  restatement  of its financial  statements.   This
process, which is essentially complete, will be further discussed
in  the  company's upcoming conference call and detailed  in  the
company's Form 10-K filing.

The  restatement procedures have included a comprehensive  review
of  the company's accounting during the periods from 1999 through
2003  by both the company and its independent auditor.   As  part
of  this  internal process and an ongoing investigation  of  wash
trade transactions by the U.S. Attorney's office, the company and
its  auditor have examined the accounting for natural gas  hedges
which  involved offsetting transactions in the company's merchant
energy   segment.  The  company  believes  that  the  basis   for
concluding   that  those  transactions  qualified   under   hedge
accounting  guidelines is no longer applicable and its  financial
statements will likely need to be further restated.

The  elimination  of hedge accounting for these  transactions  is
expected to result in the following:

  -  Increases  and  decreases  in  the  company's  quarterly
     earnings  within the merchant energy and production segments
     from 1999 through 2003 due to the elimination of the hedges;
-    Incremental ceiling test charges, primarily during a
     period of very low natural gas prices in 2001, as a result
     of the elimination of the hedges from the ceiling test
     calculation;
-    A lower DD&A rate for the company's production business
     for certain prior periods and for future periods because of
     the additional ceiling test charges in prior periods;
-    The impact of the restatement to segment earnings on
     stockholder's equity should largely be offset by changes in
     other comprehensive income; however, stockholder's equity
     will be reduced by the after-tax impact of ceiling test
     charges, net of lower DD&A;
-    Natural gas sales for prior and future periods will be
     reported at market prices and not impacted by any restated
     hedges; and
-    No change in cash flow.

The  company expects any required financial restatement from  the
production  hedge transactions would be included in the  1999  to
2003  financial statements that are currently being  restated  to
reflect  the  reserve  revision.   The  new  bank  waivers   were
structured  to  address  any likely restatement  impact  of  this
issue.   The company does not expect this restatement  for  hedge
accounting  to  impact  El Paso  Production  Holding  Company  or
El Paso CGP Company.

As  announced  earlier, investors should not rely  on  previously
filed  reports for El Paso Corporation and the subsidiaries named
above.

Amendments to $3.0-Billion Revolving Credit Facility

In connection with the waivers referred to above, El Paso amended
its  $3.0-billion  revolving credit facility  to  (i)  limit  the
company's  ability and that of its consolidated  subsidiaries  to
repay indebtedness that is not scheduled to occur before June 30,
2005 (the maturity date under such revolving credit facility) and
(ii)  modify  one  of  the  events of default  under  the  credit
facility.   Copies of the full amendment will be filed  today  by
Form 8-K.

Webcast Scheduled

El  Paso will host a webcast at 10:00 a.m. Eastern Daylight  Time
on  Monday, August 23, 2004, to further discuss the impact of the
restatement and to provide a financial and operational update  on
the company.
The webcast may be accessed online through the company's Web site
at  www.elpaso.com  in  the Investors section.  The  presentation
slides  will  also  be  available for  downloading  at  the  same
location 45 minutes before the webcast begins.  A limited  number
of  telephone  lines  will also be available to  participants  by
dialing  (973)  935-8507 ten minutes prior to the  start  of  the
webcast. The company requests that those who do not intend to ask
questions use the webcast option.

A  replay  of  the  webcast  will  be  available  online  through
El  Paso's  Web site in the Investors section. A telephone  audio
replay will be also available through August 30, 2004, by dialing
(973)  341-3080 (access code 5043240). If you have any  questions
regarding this procedure, please contact Margie Fox at (713) 420-
2903.

El  Paso  Corporation  provides natural gas  and  related  energy
products  in  a safe, efficient, dependable manner.  The  company
owns North America's largest natural gas pipeline system and  one
of  North  America's largest independent natural  gas  producers.
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, the ability  to
implement and achieve our objectives in the long-range plan;  the
extent and time periods involved in any potential restatement  of
prior  years' financial results, whether related to  the  reserve
revisions,  the  natural  gas  hedge transactions  or  otherwise;
potential impact of any restatement of financial results  on  our
access    to   capital   (including   borrowings   under   credit
arrangements); consequences arising from the delay in  filing  of
our  periodic reports including the exercise of remedies  by  the
company's   lenders  under  certain  bond  and  other   financing
arrangements  and,  if such remedies were to  be  exercised,  the
company's  potential inability to identify and  obtain  alternate
sources  of  financing  and the existence  of  cross-acceleration
provisions  in various financing agreements; changes in  reserves
estimates  based upon internal and third party reserve  analyses;
the  uncertainties  associated with the outcome  of  governmental
investigations,  including without limitation, those  related  to
the reserve revisions and the natural gas hedge transactions; the
outcome of litigation including shareholder derivative and  class
actions  related  to  the reserve revision and  restatement;  and
potential   litigation   related  to  the   natural   gas   hedge
transactions and restatement; 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.

Contacts
Investor and Public Relations
Bruce L. Connery, Vice President
Office:  (713) 420-5855
Fax:     (713) 420-4417

Media Relations
Kim Wallace, Manager
Office:  (713) 420-6330
Fax:     (713) 420-6341