##### 



Exhibit 99.C

|Third Quarter 2007

Financial & Operational Update

November 6, 2007
|--------------------------------------------------------------------



---



##### 



|Cautionary Statement

Regarding Forward-looking Statements

This presentation 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 presentation, including, without limitation, changes in unaudited and/or unreviewed financial information; our ability to implement and achieve our
objectives in the 2007 plan, including achieving our debt-reduction targets, earnings and cash flow targets; changes in reserve estimates based upon internal and third
party reserve analyses; the effects of any changes in accounting rules and guidance; our ability to meet production volume targets in our E&P segment; uncertainties
and potential consequences associated with the outcome of governmental investigations, including, without limitation, those related to the reserve revisions; outcome
of litigation; our ability to comply with the covenants in our various financing documents; our ability to obtain necessary governmental approvals for proposed pipeline
projects and our ability to successfully construct and operate such projects; the risks associated with recontracting of transportation commitments by our pipelines;
regulatory uncertainties associated with pipeline rate cases; actions by the credit rating agencies; the successful close of our financing transactions; our ability to
successfully form, market, and operate a master limited partnership, our ability to successfully exit the energy trading business; our ability to close our announced
asset sales on a timely basis; changes in commodity prices and basis differentials for oil, natural gas, and power and relevant basis spreads; inability to realize
anticipated synergies and cost savings associated with restructurings and divestitures on a timely basis; general economic and weather conditions in geographic
regions or markets served by the company 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; 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.



Certain of the production information in this presentation include the production attributable to El Paso's 49 percent interest in Four Star Oil & Gas Company ("Four
Star"). El Paso's Supplemental Oil and Gas disclosures, which are included in its Annual Report on Form 10-K, reflect its proportionate share of the proved reserves of
Four Star separate from its consolidated proved reserves. In addition, the proved reserves attributable to its proportionate share of Four Star represent estimates
prepared by El Paso and not those of Four Star.



Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only
proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing
economic and operating conditions. We use certain terms in this presentation that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S.
Investors are urged to consider closely the disclosures regarding proved reserves in this presentation and the disclosures contained in our Form 10-K for the year
ended December 31, 2006, File No. 001-14365, available by writing; Investor Relations, El Paso Corporation, 1001 Louisiana St., Houston, TX 77002. You can also obtain
this form from the SEC by calling 1-800-SEC-0330.



With regard to any discussion of a potential pipeline master limited partnership, a registration statement relating to such securities has been filed with the Securities
and Exchange Commission but has not yet become effective. The securities may not be sold, nor may offers to buy be accepted, prior to the time the registration
statement becomes effective. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations of offers
to buy, or any sales of securities will only be made in accordance with the registration requirements of the Securities Act of 1933 or an exemption therefrom.



Non-GAAP Financial Measures

EBITDA is defined as EBIT, depreciation, depletion and amortization.  El Paso's business operations consist of both consolidated businesses as well as investments in
unconsolidated affiliates. This non-GAAP financial measure 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.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Our Purpose

El Paso Corporation provides
natural gas and related energy
products in a safe, efficient, and
dependable manner
|-----------------------------------------------------------------------------------------------------------------------------



---



##### 



|the place to work

the neighbor to have

the company to own

Our Vision & Values
|--------------------------------------------------------------------------------



---



##### 



|Continued Progress in Core Businesses

EPS from continuing operations up 33 percent

Operational results ahead of target

Completed Peoples acquisition

Significant exploration success in Brazil

Substantial growth opportunities

Filed registration statement for MLP-El Paso
Pipeline Partners

On track for 4Q IPO
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|11

a meaningful company

delivering meaningful results

Financial Results

doing meaningful work
|-------------------------------------------------------------------------------------------------



---



##### 



|Financial Results

EBIT

Interest and debt expense

Income before income taxes

Income taxes

Income from continuing operations

Discontinued operations, net of taxes

   Net Income

Preferred stock dividends

   Net income available to common stockholders



Diluted EPS from continuing operations

Diluted EPS from discontinued operations

   Total diluted EPS



Diluted shares (millions)

$   307

     (294)

   13

     (98   )

   111

       24

   135

   9

$   126



$   0.15

   0.03

$   0.18



   697

2006

Three Months Ended

September 30,

$     483

      (228)

      255

   100

       155

   -

       155

         9

$     146



$   0.20

      -

$    0.20



   759

2007

$ Millions, Except EPS
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Items Impacting 3Q 2007 Results

Continuing operations



Adjustments*

   Brazilian power impairments

   Crude oil trading liability

   Case Corporation indemnity

   MTM gain on production-related derivatives



      Adjusted Diluted EPS-Continuing operations


$   255





$   65

$    (77)

$   11

$   (15   )

Pre-tax

$   155





$   65

$    (49)

$   7

$   (10   )

After-tax

$   0.20





   0.09

   (0.07   )

   0.01

   (0.01   )



$   0.22

Diluted
EPS

$ Millions, Except EPS

*All adjustments except Brazilian power impairments assume a 36% tax rate
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Adjusted Pipeline EBITDA: $445 MM3

Business Unit Contribution

Core Business

   Pipelines

   Exploration & Production



Other Business

   Marketing

   Power

   Corporate & Other



      Total

Three Months Ended

September 30, 2007



$   275

   232





     (8   )

   (67   )

   51



$   483

Cash Capex1

EBIT

DD&A



$   94

   194





   -

   1

   4



$   293



$   318

   1,264





   -

    -

   (6   )   2



$   1,576

$ Millions



$   369

   426





   (8   )

   (66   )

   55



$   776

EBITDA

1Includes acquisitions

2Insurance recoveries

3Adjusted to reflect 50% interest of Citrus EBITDA on a proportional basis; see

appendix for details
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Cash Flow Summary

$   276

   1,293

   1,569

    (76   )

   1,493

   (31   )

$   1,462





$   1,796

$   1,182

$      112

Income from continuing operations

Non-cash adjustments

   Subtotal

Working capital changes and other

   Cash flow from continuing operations

Discontinued operations

    Cash flow from operations





Capital expenditures

Acquisitions

Dividends paid

2007

Nine Months Ended

September 30,

$ Millions

$   546

   846

   1,392

   340   *

   1,732

   280

$   2,012





$ 1,510

$   -

$       108

2006

*Includes $896 MM return of margin collateral
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Marketing Financial Results

EBIT

   MTM for production-related derivatives

   MTM for other natural gas derivative contracts

   MTM power contracts

   Settlements, demand charges, and other

   Operating expenses and other income

      EBIT



$   15

   (4   )

   (11   )

   (9   )

   1

$   (8   )

Three Months Ended

September 30,

2007

2006



$   67

   (186   )

   27

   (13   )

   (3   )

$   (108   )

$ Millions
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|2007 and 2008 Natural Gas

Hedge Program

14 TBtu

$8.00 floor/

$16.89 ceiling

22 TBtu

$7.66

fixed price

22 TBtu

$7.50 floor

Balance at

Market Price

Ceiling

Floors

36 TBtu

Average cap $11.25/MMBtu

58 TBtu

Average floor $7.68/MMBtu

Positions as of September 30, 2007

(Contract Months  October 2007 - Forward)

Note: See full Production-Related Derivative Schedule in Appendix

137 TBtu

Average cap $10.06/MMBtu

104 TBtu

$8.00 floor/

$10.82 ceiling

33 TBtu

$7.65

fixed price

137 TBtu

Average floor $7.92/MMBtu

Ceiling

Floors

2007

2008
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|El Paso Pipeline Partners

Filed registration statement with SEC

Working with SEC to finalize registration

On track for 4Q IPO
|--------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Continued Financing Progress

Reducing Costs

3Q interest expense down
22% vs. 2006



Adding Liquidity

Upsized EPEP revolver

$500 MM ? $1 billion

Maturity: 2012

Upsized unsecured L/C facility

$150 MM ? $300 MM at 9/30

$500 MM today

Maturity: 2009
        QTR    YTD
    2006    294    941
    2007    228    742


$941

$742

$294

$228

Interest Expense

3Q

2006

3Q

2007

YTD

2006

YTD

2007
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Pipeline Group

29

a meaningful company

delivering meaningful results

doing meaningful work
|----------------------------------------------------------------------------------------------



---



##### 



|Highlights

Excellent 3Q results-9% EBIT increase from
3Q 2006



Throughput continues upward trend



EPNG rate case approved by FERC



Continued progress on expansion projects

FERC approval on SESH and Elba expansion
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Pipeline Group Financial Results

EBIT



Capital expenditures*



Total throughput (BBtu/d)

   100% owned

   Equity investments

      Total throughput

Three Months Ended
September 30,

2007

2006

$   275



$   318





   16,576

   1,936

   18,512

Note: Amounts do not include ANR and related assets which were sold 2/22/07

*Includes hurricane-related capital, net of proceeds, of $21 MM in 3Q 2007 and

$39 MM in 3Q 2006

$   253



$   248





   15,920

   1,850

   17,770

$ Millions
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Continued Throughput Increase

    YTD T-put    16    0    7    3


TGP

Power loads

SNG

7%

16%

EPNG

CIG

Rockies supply,
expansions,

colder weather

6% overall increase

% Increase YTD 2007 vs. YTD 2006

 3%

Power loads

Unchanged
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|WIC Kanda Lateral

TGP Essex/Middlesex

Cheyenne Plains-Coral

CIG High Plains Pipeline

   & Storage (50%)

WIC Medicine Bow

SNG Cypress Phase II

SNG SESH Phase I

TGP Carthage





$580

SNG SESH Phase II

SNG South System III

Elba Expansion III

   & Elba Express















$1,440

























   Total capital

Advancing $2 Billion of

Committed Growth Projects

2007

2008-2009

2010 & Beyond

In-service:

SNG Cypress Phase I

TGP LA Deepwater Link

TGP Triple T

CIG Raton Basin

TGP Northeast ConneXion



In-service by year-end:

LPG Burgos Pipeline (50%)





$60*

$ Millions

*Projects not yet in-service
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|TGP Louisiana Deepwater Link

Current Production ~700 MMcf/d

Connected solely to TGP

Anticipated peak production up to 1 Bcf/d

LA

MS

AL

Independence Hub

Independence Trail

Pipeline

TGP
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|TGP Northeast ConneXion-New England

Expanding capacity to connect Gulf Coast
supplies with New England markets

NY

VT

NH

MA

PA

NJ

New Station






CT

55,400 HP at 7 locations

Capital: $122 MM

Capacity: 133 MMcf/d

Fully subscribed

In-service: Nov. 2007
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Pipeline Summary

Pipelines continue to deliver excellent results

Focused on successful project execution

Additional expansion opportunities
|----------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Exploration &

Production

45

a meaningful company

doing meaningful work

delivering meaningful results
|---------------------------------------------------------------------------------------------------------



---



##### 



|Third Quarter Highlights

Production and capital on target

Unit cash cost improvement

Portfolio high grading on track

Peoples acquisition closed

Divestiture process underway

Successful Brazil exploration wells

We continue to deliver on our commitments
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|E&P Results

EBIT1

Capital expenditures

Acquisition capital



Production (MMcfe/d)

   Consolidated volumes

   Four Star volumes



Production costs ($/Mcfe)2

General and administrative expenses ($/Mcfe)

Taxes other than production & income ($/Mcfe)

   Total cash costs ($/Mcfe)3

$   232

$   349

$    911



   848

   787

   61



$   1.09

   0.64

   0.04

$   1.77

2006

2007

Three Months Ended

September 30,

$   141

$   321

$    1



   810

   744

   66



$   1.35

   0.57

   0.03

$   1.95


$ Millions

1Does not include $26 MM benefit from cash settlements on production-related derivatives in Marketing
segment in 2007 and $19 MM in 2006

2Includes lease operating costs and production-related taxes

3Excludes costs and production associated with equity investment in Four Star
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|3Q 2006    4Q 2006    1Q 2007    2Q 2007    3Q 2007
    Onshore    415    422    433    439    423
    TGC    183    182    189    202    205
    GOM/SLA    189    209    182    202    206
    International    23    17    16    14    14


Production on Target

830

415

183

189

810

23

Note: Includes proportionate share of Four Star equity volumes

17

209

182

422

MMcfe/d

820

16

182

189

433

857

14

202

202

439

848

14

206

205

423

4Q 2007 estimate 840-850 excluding Peoples
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Improved E&P Cash Costs

$/Mcfe
        FY 2006    1Q 2007    2Q 2007    3Q 2007
    Direct Lifting Costs    0.95    0.95    0.85    0.83
    Production Taxes    0.29    0.32    0.33    0.26
    General & Administrative    0.59    0.69    0.68    0.64
    Taxes Other Than Production & Income    0.03    0.04    0.06    0.04


$1.86

$1.99

$1.92

$0.69

$0.03

$0.03

$0.06

$0.59

$0.68

$0.29

$0.32

$0.33

$0.95

$0.95

$0.85

$1.77

$0.04

$0.64

$0.26

$0.83
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Continued Drilling Success

High

(Pc<40%)

Med

Low

(Pc>80%)

GOM

Expl.

Int'l

Expl.

GOM

Dev.

Ons.

Expl.

Onshore

Dev.

S. TX

Dev.

40%

77%

99%

S. TX

Expl.

Risk

Int'l

Dev.

5

26

511

YTD

Gross Wells

Completed

Actual

Success Rate

98% success rate YTD
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Portfolio High-Grading Progress Update

Peoples acquisition successfully closed

Integration underway with high level of activity

U.S. divestiture package to market

Up to 300 Bcfe proved

Bids due 4Q 2007 with closing expected 1Q 2008

Brazil sell-down

Sell up to 50% non-operated working interest in BM-CAL4

Bids due 4Q 2007 with closing expected 1H 2008
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Pinauna Project Update

Successfully

expanded field

Completed drilling

and testing

Unrisked resource

potential of up to

90 MMBOE

Pinauna

POD

area

BAS-73


1

3

km

Sergi depth

BAS-74

Acai-1

BAS-64

Cacau-1

-2,420 m OWC

-2,380 m OWC

Pinauna Field

(BAS-64)

1,350 acres

Brazil


Camamu
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Espirito Santo Bia/Camarupim Discovery

Petrobras oper WI 65%

El Paso WI 35%

10 km

Petrobras oper WI 65%

El Paso WI 35%

Successfully finished and tested

6-ESS-168 well

Established connectivity to

4-ESS-164A well

Currently drilling 3-ESS-177
northern appraisal well

Bia discovery

6-ESS-168

Petrobras oper WI 100%

Appraisal well

3-ESS-177

Brazil

Espirito
Santo

m

m

m
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|E&P Summary

Continued strong performance in 3Q

Solid production

Capital program on plan

Cash cost improvement



High grading portfolio

Integrating Peoples acquisition

Divestiture process underway



Successful Brazil exploration wells
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Primed for a Strong Finish

MLP IPO on schedule

2007 5th consecutive year of improved earnings

Growth in both businesses

Organic

Acquisitions

Hitting targets

Building platform for sustainable growth
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Appendix
|--------



---



##### 



|Disclosure of Non-GAAP

Financial 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
directly comparable 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, 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.  Adjusted EPS is earnings per share from continuing operations excluding
Brazilian power impairments, Case Corporation indemnity, crude oil trading liability, debt repurchase costs, and MTM
losses or gains on the production-related derivatives in our marketing segment in our Marketing segment.  It is useful in
analyzing the company's on-going earnings potential.



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.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|71
|--



---



##### 



|73
|--



---



##### 



|Financial Results

EBIT

Interest & debt expense

Income before income taxes

Income taxes

Income from continuing operations

Discontinued operations, net of taxes

   Net Income

Preferred stock dividends

   Net income available to common stockholders



Diluted EPS from continuing operations

Diluted EPS from discontinued operations

   Total diluted EPS



Diluted shares (millions)

$   1,501

   (941   )

   560

   14

   546

   95

   641

   28

$   613



$   0.74

   0.13

$   0.87



   734

2006

Year-to-date Ended

September 30,

2007

$ Millions, Except EPS

$   1,169

   (742   )

   427

   151

   276

   674

   950

   28

$   922



$   0.35

   0.96

$   1.31



   699
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|2007 Analysis of

Working Capital and Other Changes



$   83

   (4   )

   (59   )

   (27   )

   (211   )

   142

$   (76   )



Margin collateral

Changes in price risk management activities

Settlements of derivative instruments

Net changes in trade receivable/payable

Settlement of liabilities

Other

   Total working capital changes & other

Nine Months Ended

September 30, 2007

$ Millions
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Items Impacting YTD 2007 Results

Continuing operations

Adjustments1

   Brazilian power impairments

   Crude oil trading liability

   Case Corporation indemnity

   Debt repurchase costs

   MTM loss on production-related derivatives

   Effect of change in number of diluted shares2

      Adjusted EPS-Continuing operations





Discontinued operations (ANR)

Adjustments

   Gain on sale of ANR-related assets

   Debt repurchase costs (ANR)

      Adjusted EPS-Discontinued operations (ANR)

$   427



$   65

$   (77   )

$   11

$   287

$   63









$   1,043



$   (1,002   )

$   19

Pre-tax

$   276



$   65

$   (49   )

$   7

$   184

$   40









$   674



$   (648   )

$   12

After-tax

$   0.35



   0.09

   (0.07   )

   0.01

   0.26

   0.06

   (0.01   )

$   0.69





$   0.96



   (0.93   )

   0.02

$   0.05

EPS

$ Millions, Except EPS

1All adjustments except Brazilian power impairments assume a 36% tax rate

2Adjustments to pro forma net income result in an increase in dilutive shares to 757 MM
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Adjusted Pipeline EBITDA: $1,464 MM2

Business Unit Contribution

Core Business

   Pipelines

   Exploration & Production



Other Business

   Marketing

   Power

   Corporate & Other

      Debt repurchase costs

      Other

         Total

Year-to-date Ended

September 30, 2007



$   957

   646





   (138   )

   (33   )



   (287   )

   24

$   1,169

Cash Capex1

EBIT

DD&A



$   279

   553





   2

   1



   -

   15

$   850



$   720

   2,256





   -

   -



   -

   2

$   2,978

$ Millions

EBITDA



$   1,236

   1,199





   (136   )

   (32   )



   (287   )

   39

$   2,019

1Includes acquisitions

2Adjusted to reflect 50% interest of Citrus EBITDA on a proportional basis; appendix

includes details
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Reconciliation of EBIT/EBITDA

EBITDA

Less: DD&A

EBIT

Interest and debt expense

Income before income taxes

Income taxes

Income from continuing operations

Discontinued operations, net of taxes

   Net Income

Preferred stock dividends

   Net income available to

      common stockholders

$   2,019

   850

   1,169

   (742   )

   427

   151

   276

   674

   950

   28



$   922

$ Millions

$   776

   293

   483

   (228   )

   255

   100

   155

   -

   155

   9



$   146

Nine Months Ended

September 30, 2007

Three Months Ended

September 30, 2007
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Pipeline Group Financial Results

EBIT

Capital expenditures*



Total throughput (BBtu/d)

   100% owned

   Equity investments

      Total throughput

Year-to-date Ended
September 30,

2007

2006

$   957

$   720





   16,174

   1,735

   17,909

Note: Amounts do not include ANR and related assets which were sold 2/22/07

*Includes hurricane-related capital, net of proceeds, of $32 MM in 2007 year-to-date and

$197 MM in 2006 year-to-date

$   885

$   694





   15,275

   1,746

   17,021

$ Millions
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Reconciliation of Citrus EBITDA

$   21

   13

   9

   13

   (1   )

$   55



$   369

   55

   21

$   445



$   479

Citrus equity earnings

50% Citrus DD&A

50% Citrus interest

50% Citrus taxes

Other*

   50% Citrus EBITDA



El Paso Pipeline EBITDA

Add: 50% Citrus EBITDA

Less: Citrus equity earnings

   Adjusted Pipeline EBITDA



Citrus debt at September 30, 2007 (50%)

$ Millions

Nine Months Ended

September 30, 2007

Three Months Ended

September 30, 2007

*Other represents the excess purchase price amortization and differences between the

estimated and actual equity earnings on our investment

$   63

   38

   28

   39

   (3   )

$   165



$   1,236

   165

   63

$   1,464
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|E&P Financial Results

$ Millions

EBIT1

Capital expenditures

Acquisition capital



Production (MMcfe/d)

   Consolidated volumes

   Four Star volumes



Production costs ($/Mcfe)2

General and administrative expenses ($/Mcfe)

Taxes other than production & income ($/Mcfe)

   Total cash costs ($/Mcfe)3

$   646

$   1,084

$   1,180



   841

   774

   67



$   1.18

   0.67

   0.04

$   1.89

2006

2007

Nine Months Ended

September 30,

$   503

$   853

$   1



   786

   719

   67



$   1.20

   0.62

   0.03

$   1.85

1Does not include $42 MM and $22 MM benefit from cash settlements on production-related derivatives in

Marketing segment during 2007 and 2006

2Includes lease operating costs and production-related taxes

3Excludes costs and production associated with equity investment in Four Star
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Non-GAAP Reconciliation:

E&P Cash Costs

Total operating expense

Depreciation, depletion,

   and amortization

Costs of products & services



      Per unit cash cost*





Total equivalent

   volumes (MMcfe)*

$   346



   (189   )

   (19   )

71,493

$   4.84



   (2.64   )

   (0.28   )



$   1.92

Total

($ MM)

Per Unit

($/Mcfe)

2Q 2007

$   1,229



   (645   )

   (87   )

266,518

$   4.61



   (2.42   )

   (0.33   )



$   1.86

Total

($ MM)

Per Unit

($/Mcfe)

FY 2006

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

 $   328



   (170   )

      (24   )

$   4.86



   (2.52   )

   (0.35   )



$1.99

Total

($ MM)

Per Unit

($/Mcfe)

67,442

1Q 2007

$   347



   (194   )

   (25   )

72,392

$   4.79



   (2.68   )

   (0.34   )



$   1.77

Total

($ MM)

Per Unit

($/Mcfe)

3Q 2007
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Marketing Financial Results

$ Millions

EBIT

   MTM for production-related derivatives

   MTM for other natural gas derivative contracts

   MTM power contracts

   Settlements, demand charges, and other

   Operating expenses and other income

      EBIT



$   (63   )

   (26   )

   (43   )

   (28   )

   22

$   (138   )

Nine Months Ended

September 30,

2007

2006



$   256

   (157   )

   64

   (45   )

   (5   )

$   113
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Production-Related Derivative Schedule-Fixed Price

Note:   Positions are as of September 30, 2007 (contract months: October 2007-forward)

Designated-EPEP

   Fixed price-Legacy

   Fixed price

   Ceiling

   Floor

Economic-EPEP

   Fixed price

   Ceiling

   Floor

Economic-EPM

   Ceiling

   Floor



Avg. ceiling

Avg. floor

















Economic-EPEP

   Fixed price

Economic-EPM

   Fixed price

   Ceiling

   Floor



1.2

18.4

13.8

13.8



2.1









22.5



35.5

58.0



















0.05





0.24

0.24



$   3.35

$   8.00

$   16.89

$   8.00



$   7.05









$   7.50



$   11.25

$   7.68



















$   35.15





$   58.75

$   55.00



4.6

21.0

93.3

93.3



7.3

11.0

11.0









137.2

137.2

























0.93

0.93



$   3.42

$   8.37

$   10.92

$   8.00



$   8.24

$   10.00

$   8.00









$   10.06

$   7.92

























$   57.03

$   55.00



16.0

















16.8

16.8



32.8

32.8



$   3.74

















$   8.75

$   6.00



$   6.30

$   4.90

2007

Notional

Volume (TBtu)

Avg. Hedge

Price ($/MMBtu)

2008

Notional

Volume (TBtu)

Avg. Hedge
Price ($/MMBtu)

Notional

Volume (TBtu)

Avg. Hedge
Price ($/MMBtu)

2009-2012

Notional

Volume (MMBbls)

Avg. Hedge

Price ($/Bbl)

2007

Notional

Volume (MMBbls)

Avg. Hedge
Price ($/Bbl)

2008

Natural Gas

Crude Oil
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Third Quarter 2007

Financial & Operational Update

November 6, 2007
|--------------------------------------------------------------------