UNITED STATES
                                Washington, D.C.

                            SCHEDULE 14A INFORMATION

                      EXCHANGE ACT OF 1934 (AMENDMENT NO. )

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                               EL PASO CORPORATION
                (Name of Registrant as Specified in its Charter)

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                          El PASO CONTINUES TO EXECUTE
                     ON 2003 OPERATIONAL AND FINANCIAL PLAN

HOUSTON,  TEXAS,  FEBRUARY 25,  2003--El Paso  Corporation  (NYSE:EP) today
announced  continued  progress on the execution of its 2003 operational and
financial plan. In line with the five-point business plan announced earlier
this month,  today's  announcement  reflects the  progress  that El Paso is
making to strengthen  and simplify its balance  sheet,  provide  additional
financial flexibility,  and exit the trading business.  Specifically today,
the company announced that:

          o    El Paso has entered into a purchase and sale agreement with
               Chesapeake Energy Corporation (NYSE:CHK) for the sale of El
               Paso's Mid-Continent natural gas and oil reserves for $500

          o    Southern Natural Gas Company and ANR Pipeline Company will
               commence offerings for a total of $700 million of notes this
               week. o El Paso has obtained a new $1-billion fully
               underwritten financing commitment in order to repay its
               Trinity River (Red River) preferred interest financing and
               eliminate the accelerated amortization of this facility.

          o    El Paso has sold its European natural gas trading book.

     "As today's  announcement  demonstrates,  El Paso has acted quickly to
deliver on a number of elements of our recently  announced 2003 plan," said
William  A.  Wise,   chairman  and  chief  executive  officer  of  El  Paso
Corporation.  "These initiatives will provide El Paso with continued access
to the capital markets,  increase liquidity,  and further our commitment to
exit the trading  business.  We remain  focused on  creating  value for our
shareholders  by  generating  stable  earnings  and  cash  flow in our core
businesses,   strengthening   and  simplifying  El  Paso's  balance  sheet,
maximizing liquidity, reducing leverage, and resolving other contingencies.
We are acting aggressively to address many of the issues that have affected
our industry and our  business,  and we are confident the company is moving
in the right direction."


     El  Paso  has  entered  into  an  agreement  with  Chesapeake   Energy
Corporation for the sale of its Mid-Continent  natural gas and oil reserves
for $500  million  subject to  customary  closing  conditions.  The sale is
expected to close in March 2003 and is  incremental  to the $2.9 billion of
2003 asset sales previously announced.

     The sale consists of  approximately  610 operated and 118 non-operated
natural gas and oil wells with current throughput totaling approximately 67
million  cubic feet  equivalent  per day. The sale  includes  approximately
293,000  acres,  72 percent of which is  developed.  El Paso will  continue
development and production  activities  associated with its coalbed methane
assets in eastern Oklahoma in its existing joint venture with Chesapeake.


     Southern  Natural  Gas and ANR  Pipeline  intend to access the capital
markets through two note offerings totaling $700 million:

          o    $400  million  of  Southern   Natural  Gas  Company   senior
               unsecured  notes  due  2010.   Concurrently  with  the  note
               offering, El Paso will contribute its 50-percent interest in
               Citrus  Corp.  (the  parent  of  Florida  Gas   Transmission
               Company)  to Southern  Natural Gas Company at a  fair-market
               value of  approximately  $600 million.  Southern Natural Gas
               will  distribute  to El Paso $305  million  of  intercompany
               obligations  and  $295  million  of cash  proceeds  from the
               Southern  Natural Gas note offering.  Southern  Natural will
               retain $95 million of net proceeds from the note offering to
               fund 2003 capital projects.

          o    $300 million of ANR Pipeline  Company senior unsecured notes
               due 2010.  Concurrently with the note offering, El Paso will
               contribute  its  50-percent  interest  in  Great  Lakes  Gas
               Transmission to ANR Pipeline Company at a fair-market  value
               of  approximately  $400 million.  ANR will  distribute to El
               Paso $400 million of intercompany  receivables.  Separately,
               ANR will use $267  million  of cash  proceeds  from the note
               offering to reduce existing intercompany  payables. ANR will
               retain $25 million of net proceeds from the note offering to
               fund 2003 capital projects.

The securities to be offered have not been registered  under the Securities
Act of 1933 and may not be  offered  or sold in the  United  States  absent
registration or an applicable exemption from registration requirements.


El Paso has obtained a new $1-billion fully underwritten financing
commitment arranged by Salomon Smith Barney and Credit Suisse First Boston.
The proceeds of the new financing will be used by El Paso to repay the
projected $825-million net balance of the Trinity River financing in March
2003. Repayment of the existing Trinity River financing will simplify El
Paso's balance sheet and provide El Paso with significant additional
flexibility and liquidity. As disclosed in an 8-K filed on February 10,
2003, the cash generated from the assets supporting Trinity River is
currently restricted so that El Paso does not have full access to this
cash. Upon repayment of Trinity River, El Paso will no longer have to
utilize the cash flow from the assets supporting Trinity River to amortize
the facility. The new $1-billion financing, which is secured by a portion
of the assets that currently support Trinity River, will have scheduled
maturities of $250 million in June 2004, $250 million in September 2004,
and the $500 million balance in March 2005. The new $1-billion financing
commitment contains customary conditions for closing.


With today's announcement of the $500-million sale of El Paso's
Mid-Continent oil and gas reserves to Chesapeake Energy, the 2003 non-core
asset sale program has been expanded from $2.9 billion to $3.4 billion. Of
the $3.4 billion of anticipated 2003 asset sales, $1.052 billion or 31
percent of the total 2003 asset sale program has already been completed or
announced including the following:

          o    El Paso closed $333 million of asset sales in January 2003,
               including CE Generation ($240 million), Coastal Coal
               Operations ($58 million), and Wyoming Gathering Systems ($35

          o    The company has announced another $719 million of sales
               including its Florida Petroleum Terminals and Tug Operations
               ($155 million), Canadian E&P Properties ($40 million), El
               Paso's remaining interest in the Alliance Pipeline ($24
               million) and the sale of the Mid-Continent reserves ($500


     As part of the company's continuing plan to exit the trading business
in an orderly manner, El Paso announced that it has successfully completed
the sale of its European natural gas trading book. This sale will realize
total cash proceeds of approximately $80 million, including the recovery of
cash collateral.

     El Paso Corporation is the leading provider of natural gas services
and the largest pipeline company in North America. The company has core
businesses in production, pipelines, midstream services, and power. El Paso
Corporation, rich in assets and fully integrated across the natural gas
value chain, is committed to developing new supplies and technologies to
deliver energy. For more information, visit www.elpaso.com.


     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 inability to consummate the
private  placement of the notes,  the successful  completion of the plan to
exit the energy trading business;  the positive acceptance of the exit plan
by the credit rating agencies; the accounting and financial consequences of
the plan to exit the energy trading  business;  changes in commodity prices
for oil, natural gas, and power; general economic and weather conditions in
geographic  regions  or  markets  served  by El  Paso  Corporation  and its
affiliates,  or where  operations  of the  company and its  affiliates  are
located;  the  uncertainties   associated  with  governmental   regulation;
regulatory proceedings, appeals from regulatory proceedings and any related
litigation,  including  those  related  to  the  pending  FERC  proceeding;
political and currency risks  associated with  international  operations of
the company and its affiliates;  inability to realize anticipated synergies
and cost savings associated with divestitures or restructurings on a timely
basis;  difficulty in integration of the operations of previously  acquired
companies;   competition;   the  successful   implementation  of  the  2003
operational  and  financial  plan;  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.


Prior to its 2003 annual meeting, El Paso will furnish to its shareholders
El Paso's definitive proxy statement relating to this meeting, together
with a WHITE proxy card. Shareholders are strongly advised to read this
proxy statement when it becomes available, as it will contain important

Shareholders will be able to obtain El Paso's proxy statement, any
amendments or supplements to the proxy statement and any other documents
filed by El Paso with the Securities and Exchange Commission for free at
the Internet website maintained by the Securities and Exchange Commission
at www.sec.gov. Copies of the proxy statement and any amendments and
supplements to the proxy statement will also be available for free at El
Paso's Internet Web site at www.elpaso.com or by writing to El Paso
Corporation, Investor Relations, P.O. Box 2511, Houston, TX 77252. In
addition, copies of the proxy materials may be requested by contacting our
proxy solicitor, MacKenzie Partners, Inc. at (800) 322-2885 Toll-Free or by
email at proxy@mackenziepartners.com.

To the extent that individual customers, independent industry researchers,
financial analysts, or El Paso commissioned research, are quoted herein, it
is El Paso's policy to use reasonable efforts to verify the source and
accuracy of the quote. El Paso has not, however, sought or obtained the
consent of the quoted source to the use of such quote as proxy soliciting
material. This document may contain expressions of opinion and belief.
Except as otherwise expressly attributed to another individual or entity,
these opinions and beliefs are the opinions and beliefs of El Paso.
Information regarding the names, affiliation and interests of individuals
who may be deemed participants in the solicitation of proxies of El Paso's
shareholders is contained in a Schedule 14A filed by El Paso with the
Securities and Exchange Commission on February 18, 2003.



  Communications and Government Affairs         Investor Relations
  -------------------------------------         ------------------
  Norma F. Dunn                                 Bruce L. Connery
  Senior Vice President                         Vice President
  Office:  (713) 420-3750                       Office:  (713) 420-5855
  Fax:     (713) 420-3632                       Fax:     (713) 420-4417

                          Joele Frank/Dan Katcher
                   Joele Frank, Wilkinson Brimmer Katcher
                          Office...(212) 355-4449
                          Fax......(212) 355-4554