UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of
1934
Date of
Report: May 15, 2008
EL PASO
CORPORATION
(Exact name of
Registrant as specified in its charter)
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Delaware
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1-14365
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76-0568816
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(State or
other jurisdiction of
incorporation
or organization)
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(Commission
File Number)
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(I.R.S.
Employer
Identification
No.)
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El Paso
Building
1001 Louisiana
Street
Houston, Texas
77002
(Address of
principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code (713) 420-2600
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
ྑ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
ྑ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
ྑ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
ྑ Pre-commencement
communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01
Other Events
On
May 15, 2008, El Paso Corporation announced that its Board of Directors had
approved a common stock repurchase program of up to $300 million, effective
immediately. This program is intended to be implemented through
purchases made from time to time either in the open market or through private
transactions, in accordance with Securities and Exchange Commission
requirements.
Additionally,
on May 15, 2008, El Paso announced its intention to increase its annual dividend
on its common stock from $0.16 per share to $0.20 per share, commencing with the
dividend to be paid in the fourth quarter of fiscal 2008. Payment of
the increased dividend will be subject to the declaration of the dividend by El
Paso's Board of Directors, and the Board of Directors has not yet declared any
dividend on El Paso's common stock other than the previously announced quarterly
dividend of $0.04 per share payable on July 1, 2008 to holders of record at the
close of business on June 6, 2008. The declaration and payment of
dividends by El Paso will continue to be subject to the sole discretion of the
Board of Directors and will depend upon many factors, including El Paso's
financial condition, earnings, existence of excess cash flows, capital
requirements, covenants associated with debt obligations or other contractual
restrictions, legal requirements and other factors deemed relevant by the Board
of Directors.
A
copy of the press release issued by the company announcing the share repurchase
program and the intent to increase the dividend is filed as Exhibit 99.1
hereto and is incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit
Number
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Description
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99.1
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Press Release
dated May 15, 2008.
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SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
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EL PASO
CORPORATION
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By:
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/s/John
R. Sult
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John R.
Sult
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Senior Vice
President and Controller
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(Principal
Accounting Officer)
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Dated: May 15,
2008
EXHIBIT INDEX
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Exhibit
Number
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Description
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99.1
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Press Release
dated May 15, 2008.
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