|
|
| |
| |
Letter from Our CEO
Dear Stakeholder:
El Paso Corporation’s success in sustainability is directly related to our relationships with three key
stakeholder groups: our employees, our communities, and our shareholders. In 2008, I’m pleased to
report that sustainable business practices not only played a vital part in our interactions with each, but
also delivered real value.
From our inception as a company more than 80 years ago, natural gas has been our focus. Today, natural gas is
increasingly viewed as the optimum fuel in a low-carbon environment. It’s clean, efficient, effective, readily
available and will play an instrumental role in securing energy independence for the United States. And the 5,000
members of Team El Paso are proud to meet this challenge in a manner supporting our vision to be the place to
work, the neighbor to have, and the company to own.
Today, in the midst of one of the most challenging economic climates in decades, we continue to execute on the
best growth backlog in the industry. In 2008, we built a nearly $8 billion backlog of pipeline expansion projects that
provide solid long-term growth prospects for the company. We grew our exploration and production inventory with
a continuing shift to longer-term and lower-risk reserves, thereby preserving value in this business.
We also continued our investment in improving the health of our employees, completing the first full year of our
signature wellness initiative, Choose Well. Our Pipeline Group recorded its best safety year ever, a testament to our
employees’ commitment to finish each day incident- and injury-free. And our response to colleagues and communities
impacted by Hurricane Ike will serve as a benchmark for years to come.
We served our neighbors, contributing more than 10,000 volunteer hours to community organizations and causes
across the country. And we continued to develop energy infrastructure projects to meet the needs of natural gas
consumers in towns and cities across the nation. One of those projects, Ruby Pipeline, will be the first carbon-neutral
interstate natural gas pipeline in U.S. history.
Thank you for the continued trust you show in us by allowing us to be stewards of your company, the environment,
and your investment. We will continue to work tirelessly to earn that trust.
Doug Foshee
Chairman, President, & CEO
El Paso Corporation |
|
|
|
