E&P Overview

El Paso Exploration & Production Company finds, develops, and produces natural gas, oil, and natural gas liquids in a safe, efficient, and dependable manner. We are among the top 10 independent natural gas producers in North America with a balanced program throughout the United States, Brazil, and Egypt.

In 2009, our drilling program will focus on growing reserves at reasonable finding and development costs, and making our production more efficient through active cost management and process improvements.

Our Strategy:

• Build and apply competencies in assets with repeatable programs and significant project inventory;
• Sharpen execution skills to improve capital and expense efficiency and maximize returns;
• Add assets with inventory that fit our competencies and divesting assets that do not.

*Cautionary Statement Regarding Forward-looking Statements