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: April 12, 2002
(Date of Earliest Event Reported: March 29, 2002)
Commission File Number 1-4874
EL PASO CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 1-14365 76-0568816
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
El Paso Building
1001 Louisiana Street
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
(713) 420-2600
(Registrant's telephone number, including area code)
Item 5. Other Events
In December 2001, we announced a plan to strengthen our
capital structure and enhance our balance sheet in response
to changes in market conditions. A key element of this plan
was to raise cash from sales of assets.
On April 1, 2002, we announced the completion of oil
and natural gas property sales totaling $525 million. The
sales were completed on March 29, 2002 and included 527 billion
cubic feet (Bcf) of proved natural gas reserves located in east
Texas and south Texas.
On April 9, 2002, we completed our previously announced
sale of Texas and New Mexico midstream assets to El Paso
Energy Partners, L.P., a publicly traded master limited
partnership in which our subsidiary serves as the general
partner, for approximately $750 million.
The assets sold include:
* 10,677 miles of Texas and New Mexico natural gas
transportation and gathering pipelines, primarily
a 9,400-mile intrastate pipeline, which have a
capacity of approximately 5 Bcf of natural gas per
day (Bcf/d) and average throughput of 3,500 thousand
dekatherms per day (MDth/d) during 2001.
* The Waha and Carlsbad natural gas gathering systems
located in the Permian Basin area of West Texas and
southeast New Mexico. These systems have a combined
capacity of 465 million cubic feet per day (MMcf/d) and
average net throughput of 341 MDth/d in 2001.
* A 42.3 percent non-operating interest in the Indian
Basin gas processing and treating plant and associated
gathering lines with a capacity of 240 MMcf/d.
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.
EL PASO CORPORATION
By: /s/ Jeffrey I. Beason
---------------------
Jeffrey I. Beason
Senior Vice President
and Controller
(Chief Accounting Officer)
Date: April 12, 2002