Exhibit 99.B

EL PASO CORPORATION

Operating Statistics

Third Quarter 2005

Table of Contents

				Page
Consolidated Statements of Income					2
Segment Information					3
Consolidated Operating Results
	Consolidated Net Income				4
	Consolidated Earnings Before Interest Expense and Income Taxes (EBIT)				5
Business Segment Results
	Pipeline Group
		Earnings Before Interest Expense and Income Taxes			6
		Throughput			7
	Non-regulated Group
		Earnings Before Interest Expense and Income Taxes			8
		Production
			Earnings Before Interest Expense and Income Taxes		9
			Sales Volumes, Realized Prices and Costs Per Unit		10
		Marketing and Trading
			Earnings Before Interest Expense and Income Taxes		11
			Operating Data		12
		Power
			Earnings Before Interest Expense and Income Taxes		13
			Operating Data		14
		Field Services
			Earnings Before Interest Expense and Income Taxes		15
		Other non-regulated
			Earnings Before Interest Expense and Income Taxes		16
Schedule of Significant Items					17

1

EL PASO CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2005			2004			2005			2004
		(In millions, except per share amounts)
		(Unaudited)
Operating revenues		$	810		$	1,429		$	3,176		$	4,510
Operating expenses
	Cost of products and services		118			390			277			1,215
	Operation and maintenance		490			475			1,311			1,249
	Loss on long-lived assets		3			582			384			837
	Western Energy Settlement		—			—			59			—
	Depreciation, depletion and amortization		275			270			849			808
	Taxes, other than income taxes		75			67			211			197
			961			1,784			3,091			4,306
Operating income (loss)			(151	)		(355	)		85			204
Equity earnings and other income			64			632			339			891
Earnings before interest expense, income taxes, and other charges			(87	)		277			424			1,095
Interest and debt expense			344			396			1,034			1,229
Return on preferred interests of consolidated subsidiaries			—			6			9			18
Loss before income taxes			(431	)		(125	)		(619	)		(152	)
Income taxes (benefit)			(108	)		77			(165	)		135
Loss from continuing operations			(323	)		(202	)		(454	)		(287	)
Discontinued operations, net of income taxes			11			(12	)		10			(118	)
Net loss			(312	)		(214	)		(444	)		(405	)
Preferred stock dividends			9			—			17			—
Net loss available to common stockholders		$	(321	)	$	(214	)	$	(461	)	$	(405	)
Diluted loss per common share
	Loss from continuing operations	$	(0.51	)	$	(0.31	)	$	(0.73	)	$	(0.45	)
	Discontinued operations, net of income taxes		0.01			(0.02	)		0.01			(0.18	)
	Net loss per common share	$	(0.50	)	$	(0.33	)	$	(0.72	)	$	(0.63	)
Diluted average common shares outstanding (000’s)			648,417			639,163			643,009			638,823

2

EL PASO CORPORATION

SEGMENT INFORMATION

					2005									2004												Year-to-Date
					First			Second			Third			First			Second			Third			Fourth			2005			2004
					(In millions)
					(Unaudited)
Operating revenues
	Pipeline Group				$	768		$	653		$	646		$	721		$	617		$	604		$	709		$	2,067		$	1,942
	Non-regulated Group
		Production				439			452			449			446			430			400			459			1,340			1,276
		Marketing and Trading				(175	)		(21	)		(389	)		(159	)		(141	)		(120	)		(88	)		(585	)		(420	)
		Power				77			109			60			207			236			181			171			246			624
		Field Services				48			28			45			387			428			426			121			121			1,241
		Other non-regulated(1)				27			22			15			43			28			31			28			64			102
		Non-regulated eliminations(1)				(31	)		(13	)		(13	)		(78	)		(64	)		(72	)		(51	)		(57	)		(214	)
			Non-regulated Group Total			385			577			167			846			917			846			640			1,129			2,609
	Corporate Group and eliminations(1)					(11	)		(6	)		(3	)		(10	)		(10	)		(21	)		15			(20	)		(41	)
				Consolidated total		1,142			1,224			810			1,557			1,524			1,429			1,364			3,176			4,510
Depreciation, depletion and amortization
	Pipeline Group					111			108			108			100			101			104			105			327			305
	Non-regulated Group
		Production				146			157			153			140			131			136			141			456			407
		Marketing and Trading				1			1			1			3			3			4			3			3			10
		Power				12			10			6			16			12			14			12			28			42
		Field Services				1			1			1			3			4			3			2			3			10
		Other non-regulated(1)				2			1			1			2			2			2			3			4			6
			Non-regulated Group Total			162			170			162			164			152			159			161			494			475
	Corporate Group and eliminations(1)					7			16			5			11			10			7			14			28			28
				Consolidated total		280			294			275			275			263			270			280			849			808
Operating income (loss)
	Pipeline Group					362			262			207			348			260			218			303			831			826
	Non-regulated Group
		Production				180			175			167			203			202			147			174			522			552
		Marketing and Trading				(186	)		(32	)		(404	)		(175	)		(154	)		(139	)		(94	)		(622	)		(468	)
		Power				(38	)		(357	)		(16	)		(204	)		56			(48	)		(228	)		(411	)		(196	)
		Field Services				2			(5	)		(26	)		10			7			(477	)		(5	)		(29	)		(460	)
		Other non-regulated(1)				9			12			—			17			(1	)		4			5			21			20
			Non-regulated Group Total			(33	)		(207	)		(279	)		(149	)		110			(513	)		(148	)		(519	)		(552	)
	Corporate Group and eliminations(1)					(100	)		(48	)		(79	)		(10	)		—			(60	)		(169	)		(227	)		(70	)
				Consolidated total		229			7			(151	)		189			370			(355	)		(14	)		85			204
Earnings (loss) before interest expense and income taxes (EBIT)
	Pipeline Group					412			309			272			386			308			268			369			993			962
	Non-regulated Group
		Production				183			176			169			204			204			150			176			528			558
		Marketing and Trading				(185	)		(30	)		(398	)		(164	)		(152	)		(138	)		(85	)		(613	)		(454	)
		Power				(50	)		(381	)		(41	)		(169	)		102			(7	)		(525	)		(472	)		(74	)
		Field Services				182			(3	)		(22	)		36			27			61			(4	)		157			124
		Other non-regulated(1)				8			12			—			18			(4	)		5			8			20			19
			Non-regulated Group Total			138			(226	)		(292	)		(75	)		177			71			(430	)		(380	)		173
	Corporate Group and eliminations(1)					(98	)		(24	)		(67	)		9			13			(62	)		(204	)		(189	)		(40	)
				Consolidated total	$	452		$	59		$	(87	)	$	320		$	498		$	277		$	(265	)	$	424		$	1,095
	Total Significant Items impacting EBIT(2)				$	(31	)	$	489		$	80		$	290		$	39		$	109		$	666		$	538		$	438

(1)	Included in Corporate results in SEC filings
(2)	Refer to Schedule of Significant Items on page 17 for details.

3

EL PASO CORPORATION

CONSOLIDATED NET INCOME

	2005									2004												Year-to-Date
	First			Second			Third			First			Second			Third			Fourth			2005			2004
	(In millions, except per share amounts)
	(Unaudited)
Operating revenues	$	1,142		$	1,224		$	810		$	1,557		$	1,524		$	1,429		$	1,364		$	3,176		$	4,510
Operating expenses		913			1,217			961			1,368			1,154			1,784			1,378			3,091			4,306
Operating income (loss)		229			7			(151	)		189			370			(355	)		(14	)		85			204
Equity earnings and other income (expense)		223			52			64			131			128			632			(251	)		339			891
Earnings (loss) before interest expense, income taxes and other charges		452			59			(87	)		320			498			277			(265	)		424			1,095
Interest and debt expense		350			340			344			423			410			396			378			1,034			1,229
Return on preferred interests of consolidated subsidiaries		6			3			—			6			6			6			7			9			18
Income (loss) before income taxes		96			(284	)		(431	)		(109	)		82			(125	)		(650	)		(619	)		(152	)
Income taxes (benefit)		(6	)		(51	)		(108	)		10			48			77			(104	)		(165	)		135
Income (loss) from continuing operations		102			(233	)		(323	)		(119	)		34			(202	)		(546	)		(454	)		(287	)
Discontinued operations, net of income taxes		4			(5	)		11			(77	)		(29	)		(12	)		4			10			(118	)
Consolidated net income (loss)	$	106		$	(238	)	$	(312	)	$	(196	)	$	5		$	(214	)	$	(542	)	$	(444	)	$	(405	)
Preferred stock dividends		—			8			9			—			—			—			—			17			—
Net income (loss) available to common stockholders	$	106		$	(246	)	$	(321	)	$	(196	)	$	5		$	(214	)	$	(542	)	$	(461	)	$	(405	)
Diluted earnings (loss) per common share	$	0.17		$	(0.38	)	$	(0.50	)	$	(0.31	)	$	0.01		$	(0.33	)	$	(0.85	)	$	(0.72	)	$	(0.63	)
Diluted average common shares outstanding (000’s)		641,816			640,898			648,417			638,212			639,119			639,163			639,320			643,009			638,823
Pretax Significant Items impacting EBIT(1)	$	(31	)	$	489		$	80		$	290		$	39		$	109		$	666		$	538		$	438

⁽¹⁾  Refer to Schedule of Significant Items on page 17 for details

4

EL PASO CORPORATION

CONSOLIDATED EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES

				2005									2004												Year-to-Date
				First			Second			Third			First			Second			Third			Fourth			2005			2004
				(In millions)
				(Unaudited)
Operating revenues
	Pipeline Group			$	768		$	653		$	646		$	721		$	617		$	604		$	709		$	2,067		$	1,942
	Non-regulated Group
		Production			439			452			449			446			430			400			459			1,340			1,276
		Marketing and Trading			(175	)		(21	)		(389	)		(159	)		(141	)		(120	)		(88	)		(585	)		(420	)
		Power			77			109			60			207			236			181			171			246			624
		Field Services			48			28			45			387			428			426			121			121			1,241
		Other non-regulated(1)			27			22			15			43			28			31			28			64			102
		Non-regulated eliminations(1)			(31	)		(13	)		(13	)		(78	)		(64	)		(72	)		(51	)		(57	)		(214	)
			Non-regulated Group Total		385			577			167			846			917			846			640			1,129			2,609
	Corporate Group and eliminations(1)				(11	)		(6	)		(3	)		(10	)		(10	)		(21	)		15			(20	)		(41	)
		Total			1,142			1,224			810			1,557			1,524			1,429			1,364			3,176			4,510
Operating expenses
	Cost of products and services				99			60			118			390			435			390			148			277			1,215
	Operation and maintenance				383			438			490			401			373			475			623			1,311			1,249
	Loss on long-lived assets				21			360			3			238			17			582			271			384			837
	Western Energy Settlement				59			—			—			—			—			—			—			59			—
	Depreciation, depletion and amortization				280			294			275			275			263			270			280			849			808
	Taxes, other than income taxes				71			65			75			64			66			67			56			211			197
		Total			913			1,217			961			1,368			1,154			1,784			1,378			3,091			4,306
Consolidated operating income (loss)					229			7			(151	)		189			370			(355	)		(14	)		85			204
Equity earnings and other income (expense)					223			52			64			131			128			632			(251	)		339			891
Earnings (loss) before interest expense and income taxes				$	452		$	59		$	(87	)	$	320		$	498		$	277		$	(265	)	$	424		$	1,095

⁽¹⁾  Included in Corporate results in SEC filings

5

PIPELINE GROUP

EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES

(Excludes Intrasegment Transactions)

			2005									2004											Year-to-Date
			First			Second			Third			First			Second		Third			Fourth			2005			2004
			(In millions)
Operating revenues			$	768		$	653		$	646		$	721		$	617	$	604		$	709		$	2,067		$	1,942
Operating expenses
	Operation and maintenance			259			246			288			234			219		244			271			793			697
	Gain on long-lived assets			(7	)		(3	)		—			(1	)		—		—			—			(10	)		(1	)
	Depreciation, depletion and amortization			111			108			108			100			101		104			105			327			305
	Taxes, other than income taxes			43			40			43			40			37		38			30			126			115
		Total		406			391			439			373			357		386			406			1,236			1,116
Operating income				362			262			207			348			260		218			303			831			826
Equity earnings and other income				50			47			65			38			48		50			66			162			136
Earnings before interest expense and income taxes (EBIT)			$	412		$	309		$	272		$	386		$	308	$	268		$	369		$	993		$	962
Significant Items:
	Operating expenses		$	—		$	(2	)	$	—		$	4		$	1	$	—		$	(1	)	$	(2	)	$	5
	Equity earnings and other income			—			—			(1	)		—			—		(4	)		(15	)		(1	)		(4	)
Total Significant Items			$	—		$	(2	)	$	(1	)	$	4		$	1	$	(4	)	$	(16	)	$	(3	)	$	1

6

PIPELINE GROUP

THROUGHPUT

(Excludes Intrasegment Volumes)

(BBtu/d)

				2005						2004								Year-to-Date
				First		Second		Third		First		Second		Third		Fourth		2005		2004
Tennessee Gas Pipeline					5,026		4,315		4,146		5,385		4,321		3,858		4,322		4,492		4,520
American Natural Resources					4,947		3,686		3,705		4,946		3,838		3,577		3,914		4,108		4,118
Southern Natural Gas					2,243		1,735		2,005		2,589		2,035		1,984		2,046		1,993		2,202
El Paso Natural Gas(1)					4,055		4,089		4,332		3,981		4,152		4,432		4,371		4,160		4,189
Colorado Interstate Gas(2)					3,406		3,653		3,781		2,824		2,720		2,678		2,957		3,615		2,740
El Paso Gas Transmission Mexico, S. de R.L					50		50		50		50		50		50		50		50		50
	Total				19,727		17,528		18,019		19,775		17,116		16,579		17,660		18,418		17,819
Equity Investments (Ownership Percentage)
	Citrus (50%)				952		959		1,080		921		1,029		1,119		959		997		1,023
	Great Lakes (50%)				1,223		1,140		1,109		1,131		1,096		1,079		1,094		1,157		1,102
	Samalayuca & Gloria a Dios (50%)				209		214		217		208		219		228		210		213		218
	San Fernando (50%)				475		475		475		475		475		475		475		475		475
		Total			2,859		2,788		2,881		2,735		2,819		2,901		2,738		2,842		2,818
			Total throughput		22,586		20,316		20,900		22,510		19,935		19,480		20,398		21,260		20,637

(1)	Including Mojave Pipeline Company (MPC)
(2)	Including Wyoming Interstate Company (WIC) and Cheyenne Plains Gas Pipeline (CPG)

7

NON-REGULATED GROUP

EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES

(Excludes Intrasegment Transactions)

			2005									2004												Year-to-Date
			First			Second			Third			First			Second			Third			Fourth			2005			2004
			(In millions)
Operating revenues
	Production		$	439		$	452		$	449		$	446		$	430		$	400		$	459		$	1,340		$	1,276
	Marketing and Trading			(175	)		(21	)		(389	)		(159	)		(141	)		(120	)		(88	)		(585	)		(420	)
	Power			77			109			60			207			236			181			171			246			624
	Field Services			48			28			45			387			428			426			121			121			1,241
	Other non-regulated(1)			27			22			15			43			28			31			28			64			102
	Non-regulated eliminations(1)			(31	)		(13	)		(13	)		(78	)		(64	)		(72	)		(51	)		(57	)		(214	)
		Total		385			577			167			846			917			846			640			1,129			2,609
Operating expenses
	Cost of products and services			53			34			51			346			398			361			109			138			1,105
	Operation and maintenance			149			196			199			222			208			231			236			544			661
	Loss on long-lived assets			28			363			3			242			22			582			271			394			846
	Depreciation, depletion and amortization			162			170			162			164			152			159			161			494			475
	Taxes, other than income taxes			26			21			31			21			27			26			11			78			74
		Total		418			784			446			995			807			1,359			788			1,648			3,161
Operating income (loss)				(33	)		(207	)		(279	)		(149	)		110			(513	)		(148	)		(519	)		(552	)
Equity earnings and other income (expense)				171			(19	)		(13	)		74			67			584			(282	)		139			725
Earnings (loss) before interest expense and income taxes (EBIT)			$	138		$	(226	)	$	(292	)	$	(75	)	$	177		$	71		$	(430	)	$	(380	)	$	173
Significant Items:
	Operating expenses		$	28		$	384		$	31		$	257		$	24		$	585		$	273		$	443		$	866
	Equity earnings and other income			(119	)		81			50			24			16			(502	)		356			12			(462	)
Total Significant Items			$	(91	)	$	465		$	81		$	281		$	40		$	83		$	629		$	455		$	404

⁽¹⁾  Included in Corporate results in SEC filings

8

PRODUCTION

EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES

(Excludes Intrasegment Transactions)

				2005									2004												Year-to-Date
				First			Second			Third			First			Second			Third			Fourth			2005			2004
				(In millions)
Operating revenues
	Natural gas			$	353		$	354		$	354		$	368		$	363		$	325		$	372		$	1,061		$	1,056
	Oil, condensate and natural gas liquids (NGL)				85			96			105			77			66			75			87			286			218
	Other(4)				1			2			(10	)		1			1			—			—			(7	)		2
		Total operating revenues			439			452			449			446			430			400			459			1,340			1,276
Transportation and net product costs (1)					(13	)		(12	)		(11	)		(14	)		(13	)		(13	)		(14	)		(36	)		(40	)
		Total operating margin			426			440			438			432			417			387			445			1,304			1,236
Operating expenses
	Depreciation, depletion and amortization				146			157			153			140			131			136			141			456			407
	Production costs(2)				55			59			72			42			44			58			66			186			144
	Other charges(3)				—			2			—			9			2			1			10			2			12
	General and administrative expenses				41			43			45			36			37			47			53			129			120
	Taxes, other than production and income taxes				4			4			1			2			1			(2	)		1			9			1
			Total		246			265			271			229			215			240			271			782			684
Operating income					180			175			167			203			202			147			174			522			552
Equity earnings and other income					3			1			2			1			2			3			2			6			6
Earnings before interest expense and income taxes (EBIT)				$	183		$	176		$	169		$	204		$	204		$	150		$	176		$	528		$	558
Significant Items:
	Operating expenses			$	—		$	2		$	—		$	9		$	2		$	1		$	10		$	2		$	12
Total Significant Items				$	—		$	2		$	—		$	9		$	2		$	1		$	10		$	2		$	12

(1)	Amounts are included in operating expenses on our consolidated statement of income
(2)	Production costs include lease operating costs and production related taxes (including ad valorem and severance taxes)
(3)	Other charges include restructuring costs and loss on long-lived assets
(4)	Includes Brazil’s mark-to-market loss of $11 million recorded in the third quarter of 2005

9

PRODUCTION

SALES VOLUMES, REALIZED PRICES AND COSTS PER UNIT

				2005						2004								Year-to-Date
				First		Second		Third		First		Second		Third		Fourth		2005		2004
Natural Gas Sales Volumes from Continuing Operations (MMcf)
	Onshore				20,324		24,259		26,489		18,784		18,504		20,204		20,143		71,072		57,492
	Offshore				14,754		13,289		9,831		24,574		19,502		15,810		14,830		37,874		59,886
	Texas Gulf Coast				16,758		16,560		15,115		22,341		23,529		20,616		19,172		48,433		66,486
	International				4,322		3,682		3,845		—		—		2,652		4,196		11,849		2,652
		Total Natural Gas Sales Volumes from Continuing Operations			56,158		57,790		55,280		65,699		61,535		59,282		58,341		169,228		186,516
		Total Natural Gas Sales Volumes from Discontinued Operations(2)			445		91		—		4,694		101		46		429		536		4,841
			Total Natural Gas Sales Volumes		56,603		57,881		55,280		70,393		61,636		59,328		58,770		169,764		191,357
Oil, Condensate and NGL Sales Volumes from Continuing Operations (MBbls)
	Onshore				322		420		554		268		299		288		301		1,296		855
	Offshore				1,028		1,092		830		1,493		909		1,007		981		2,950		3,409
	Texas Gulf Coast				621		605		538		949		729		583		691		1,764		2,261
	International				165		143		146		—		—		135		185		454		135
		Total Oil, Condensate and NGL Sales Volumes from Continuing Operations			2,136		2,260		2,068		2,710		1,937		2,013		2,158		6,464		6,660
		Total Oil, Condensate and NGL Sales Volumes from Discontinued Operations(2)			—		—		—		58		—		—		—		—		58
			Total Oil, Condensate and NGL Sales Volumes		2,136		2,260		2,068		2,768		1,937		2,013		2,158		6,464		6,718
Equivalent Sales Volumes from Continuing Operations (MMcfe)
	Onshore				22,256		26,782		29,807		20,392		20,298		21,933		21,948		78,845		62,623
	Offshore				20,923		19,842		14,809		33,532		24,956		21,845		20,718		55,574		80,333
	Texas Gulf Coast				20,484		20,189		18,345		28,034		27,903		24,117		23,318		59,018		80,054
	International				5,313		4,538		4,723		—		—		3,464		5,308		14,574		3,464
		Total Equivalent Sales Volumes from Continuing Operations			68,976		71,351		67,684		81,958		73,157		71,359		71,292		208,011		226,474
		Total Equivalent Sales Volumes from Discontinued Operations(2)			445		91		—		5,043		101		46		429		536		5,190
			Total Equivalent Sales Volumes		69,421		71,442		67,684		87,001		73,258		71,405		71,721		208,547		231,664
Unconsolidated Affiliate Volumes (Four Star)
	Natural Gas (MMcf)				—		—		1,605		—		—		—		—		1,605		—
	Oil, Condensate and NGL (MBbls)				—		—		92		—		—		—		—		92		—
		Total Equivalent Sales Volumes (MMcfe)			—		—		2,156		—		—		—		—		2,156		—
Weighted Average Realized Prices(1)
	Natural gas including hedges ($/Mcf)			$	6.10	$	5.96	$	6.22	$	5.46	$	5.76	$	5.30	$	6.18	$	6.09	$	5.50
	Natural gas excluding hedges ($/Mcf)			$	5.53	$	6.18	$	7.56	$	5.54	$	5.81	$	5.35	$	6.28	$	6.41	$	5.57
	Oil, condensate and NGL including hedges ($/Bbl)			$	39.11	$	41.80	$	50.17	$	27.32	$	32.57	$	36.32	$	39.44	$	43.59	$	31.57
	Oil, condensate and NGL excluding hedges ($/Bbl)			$	39.45	$	42.48	$	51.28	$	27.31	$	32.57	$	36.44	$	39.89	$	44.30	$	31.61
Production cost
	Average lease operating cost ($/Mcfe)			$	0.61	$	0.76	$	0.74	$	0.49	$	0.51	$	0.67	$	0.74	$	0.71	$	0.55
	Average production taxes ($/Mcfe)			$	0.19	$	0.07	$	0.32	$	0.03	$	0.09	$	0.14	$	0.19	$	0.19	$	0.09
		Total production cost ($/Mcfe)		$	0.80	$	0.83	$	1.06	$	0.52	$	0.60	$	0.81	$	0.93	$	0.90	$	0.64
Average general and administrative cost ($/Mcfe)				$	0.59	$	0.61	$	0.65	$	0.44	$	0.51	$	0.65	$	0.75	$	0.62	$	0.53
Unit of production depletion cost ($/Mcfe)				$	2.00	$	2.05	$	2.11	$	1.58	$	1.64	$	1.75	$	1.81	$	2.05	$	1.66

(1)	Prices are stated after transportation costs
(2)	Includes Canada and Hungary

10

MARKETING AND TRADING

EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES

(Excludes Intersegment Transactions)

			2005									2004												Year-to-Date
			First			Second			Third			First			Second			Third			Fourth			2005			2004
			(In millions)
Gross margin and other revenue			$	(175	)	$	(21	)	$	(389	)	$	(159	)	$	(141	)	$	(120	)	$	(88	)	$	(585	)	$	(420	)
Operating expenses
	Operation and maintenance			10			9			14			13			10			15			15			33			38
	Depreciation, depletion and amortization			1			1			1			3			3			4			3			3			10
	Taxes, other than income taxes			—			1			—			—			—			—			(12	)		1			—
		Total		11			11			15			16			13			19			6			37			48
Operating loss				(186	)		(32	)		(404	)		(175	)		(154	)		(139	)		(94	)		(622	)		(468	)
Equity earnings and other income				1			2			6			11			2			1			9			9			14
Earnings (loss) before interest expense and income taxes (EBIT)			$	(185	)	$	(30	)	$	(398	)	$	(164	)	$	(152	)	$	(138	)	$	(85	)	$	(613	)	$	(454	)
Significant Items:
	Operating expenses		$	—		$	—		$	—		$	2		$	—		$	—		$	—		$	—		$	2
Total Significant Items			$	—		$	—		$	—		$	2		$	—		$	—		$	—		$	—		$	2

11

MARKETING AND TRADING

OPERATING DATA

		2005							2004												Year-to-Date
		First		Second		Third			First			Second			Third			Fourth			2005			2004
Price Risk Management Statistics
	Forward Trading Book (in millions)	$	46	$	36	$	(270	)	$	(525	)	$	(626	)	$	(752	)	$	(61	)	$	(270	)	$	(752	)
	Average VAR (in millions)(1)	$	20	$	23	$	42		$	33		$	31		$	35		$	51		$	28		$	33
	Physical Gas Delivery (BBtu/d)		1,534		1,597		1,564			2,073			1,735			1,793			1,724			1,565			1,867
	Physical Power Sales (MMWh)		15,096		14,505		15,457			23,493			22,652			27,346			21,982			45,058			73,491
	Financial Settlements (BBtue/d)		8,081		7,595		6,810			25,033			18,804			17,952			17,072			7,490			20,587

Analysis of Price Risk Management Activities and Forward Book

      Trading Portfolio Value at Risk:

	September 30, 2005
	(In millions)
One Day VAR-95% Confidence Level at 9/30/05	$	58
Average VAR-95% Confidence Level during 2005	$	28
High VAR-95% Confidence Level during 2005	$	58
Low VAR-95% Confidence Level during 2005	$	12

				September 30, 2005
				Forward			Return of Cash			Total Cash
				Trading Book			Collateral(2)			Expectations(3)
				(In millions)
Risk Management Assets and Liabilities
	Mark to Market Value and Cash Liquidation
		2005		$	12		$	343		$	355
		2006			(234	)		479			245
		2007			(22	)		(20	)		(42	)
		2008			9			(87	)		(78	)
		2009			5			(71	)		(66	)
		Remainder			(40	)		32			(8	)
			Total	$	(270	)	$	676		$	406

⁽¹⁾  Average VAR was calculated using the historical simulation methodology at a 95% confidence level.

(2)	Return of cash collateral includes margin posted against our production hedge payables that are included in production segment’s non-trading book.
(3)	Estimated present value of our expected settlements of accrual positions through 2028, assuming a reasonable utilization of transportation and storage capacity, were $(279) million at September 30, 2005.

12

POWER

EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES

(Excludes Intersegment Transactions)

			2005									2004												Year-to-Date
			First			Second			Third			First			Second			Third			Fourth			2005			2004
			(In millions)
Gross margin and other revenue			$	59		$	101		$	52		$	160		$	194		$	155		$	134		$	212		$	509
Operating expenses
	Operation and maintenance			51			78			55			97			97			102			78			184			296
	Loss on long-lived assets			27			361			—			240			16			77			266			388			333
	Depreciation, depletion and amortization			12			10			6			16			12			14			12			28			42
	Taxes, other than income taxes			7			9			7			11			13			10			6			23			34
		Total		97			458			68			364			138			203			362			623			705
Operating income (loss)				(38	)		(357	)		(16	)		(204	)		56			(48	)		(228	)		(411	)		(196	)
Equity earnings and other income (expense)				(12	)		(24	)		(25	)		35			46			41			(297	)		(61	)		122
Earnings (loss) before interest expense and income taxes (EBIT)			$	(50	)	$	(381	)	$	(41	)	$	(169	)	$	102		$	(7	)	$	(525	)	$	(472	)	$	(74	)
Significant Items:
	Operating expenses		$	27		$	380		$	—		$	243		$	15		$	80		$	266		$	407		$	338
	Equity earnings and other income (1)			61			81			50			23			15			11			346			192			49
Total Significant Items			$	88		$	461		$	50		$	266		$	30		$	91		$	612		$	599		$	387
EBIT
	Domestic power		$	12		$	44		$	(161	)	$	(73	)	$	41		$	(33	)	$	(392	)	$	(105	)	$	(65	)
	International power			(41	)		(416	)		127			(84	)		70			42			(117	)		(330	)		28
	Power G&A			(21	)		(9	)		(7	)		(12	)		(9	)		(16	)		(16	)		(37	)		(37	)
		Total Power	$	(50	)	$	(381	)	$	(41	)	$	(169	)	$	102		$	(7	)	$	(525	)	$	(472	)	$	(74	)

⁽¹⁾  Includes $159 million of losses from our investment in MCV, which reflects our proportionate share of a significant impairment recorded by MCV during the third quarter of 2005.

13

POWER

OPERATING DATA

				2005						2004								Year-to-Date
				First		Second		Third		First		Second		Third		Fourth		2005		2004
Price Risk Management Statistics
	Forward Non-trading Book (in millions)			$	65	$	60	$	56	$	1,823	$	946	$	905	$	665	$	56	$	905
Asset Statistics
	Power Assets Capacity (Net Megawatts Owned)
		Domestic			1,022		905		905		3,982		3,715		1,950		1,341		905		1,950
		International			4,403		4,307		3,447		4,446		4,446		4,456		4,487		3,447		4,456
			Total		5,425		5,212		4,352		8,428		8,161		6,406		5,828		4,352		6,406
	Power Generation Volumes (MMWh) — for consolidated plants only				499		322		315		1,512		1,593		1,810		1,339		1,136		4,915

14

FIELD SERVICES

EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES

(Excludes Intersegment Transactions)

			2005									2004										Year-to-Date
			First			Second			Third			First		Second		Third			Fourth			2005			2004
			(In millions)
Gross Margin			$	3		$	7		$	7		$	45	$	44	$	53		$	23		$	17		$	142
Operating expenses
	Operation and maintenance			(1	)		4			29			26		25		19			32			32			70
	(Gain) loss on long-lived assets			1			6			3			2		6		506			(6	)		10			514
	Depreciation, depletion and amortization			1			1			1			3		4		3			2			3			10
	Taxes, other than income taxes			—			1			—			4		2		2			—			1			8
		Total		1			12			33			35		37		530			28			46			602
Operating income (loss)				2			(5	)		(26	)		10		7		(477	)		(5	)		(29	)		(460	)
Equity earnings and other income				180			2			4			26		20		538			1			186			584
Earnings (loss) before interest expense and income taxes (EBIT)			$	182		$	(3	)	$	(22	)	$	36	$	27	$	61		$	(4	)	$	157		$	124
Significant Items:
	Operating expenses		$	1		$	6		$	31		$	3	$	7	$	505		$	(6	)	$	38		$	515
	Equity earnings and other income			(180	)		—			—			1		1		(513	)		10			(180	)		(511	)
Total Significant Items			$	(179	)	$	6		$	31		$	4	$	8	$	(8	)	$	4		$	(142	)	$	4
Equity earnings from GulfTerra Energy Partners, L.P.(1)			$	—		$	—		$	—		$	34	$	29	$	31		$	6		$	—		$	94
Cash Distributions from GulfTerra Energy Partners, L.P.
	Common unit ownership		$	—		$	—		$	—		$	7	$	7	$	7		$	5		$	—		$	21
	Series C unit ownership			—			—			—			8		8		8			—			—			24
	General partner ownership			—			—			—			21		22		22			2			—			65
		Total	$	—		$	—		$	—		$	36	$	37	$	37		$	7		$	—		$	110

⁽¹⁾  In September 2004, in connection with the closing of the merger between GulfTerra and Enterprise, we completed the sale of substantially all of our interests in GulfTerra, as well as nine processing plants located in South Texas to affiliates of Enterprise. The GulfTerra interests sold were our interest in the general partner of GulfTerra, 10.9 million Series C units and 2.9 million GulfTerra common units. Our total gross cash proceeds from the sales were approximately $1.03 billion. In addition to the cash proceeds, we received a 9.9 percent interest in the general partner of the combined organization, Enterprise Products GP, LLC. Our remaining GulfTerra common units were exchanged for approximately 13.5 million common units in Enterprise as a result of the merger. As of December 31, 2004, we had approximately $257 million of investments in unconsolidated affiliates on our balance sheet related to Enterprise. We sold our remaining interests to Enterprise in January 2005.

15

OTHER NON-REGULATED⁽¹⁾

EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES

(Excludes Intersegment Transactions)

			2005									2004												Year-to-Date
			First			Second			Third			First			Second			Third			Fourth			2005			2004
			(In millions)
Gross margin and other revenue			$	19		$	16		$	8		$	30		$	14		$	17		$	17		$	43		$	61
Operating expenses
	Operation and maintenance			5			6			7			9			8			6			4			18			23
	(Gain) loss on long-lived assets			—			(4	)		—			—			—			(1	)		3			(4	)		(1	)
	Depreciation, depletion and amortization			2			1			1			2			2			2			3			4			6
	Taxes, other than income taxes			3			1			—			2			5			6			2			4			13
		Total		10			4			8			13			15			13			12			22			41
Operating income (loss)				9			12			—			17			(1	)		4			5			21			20
Equity earnings and other income (expense)				(1	)		—			—			1			(3	)		1			3			(1	)		(1	)
Earnings (loss) before interest expense and income taxes (EBIT)			$	8		$	12		$	—		$	18		$	(4	)	$	5		$	8		$	20		$	19
Significant Items:
	Operating expenses		$	—		$	(4	)	$	—		$	—		$	—		$	(1	)	$	3		$	(4	)	$	(1	)
Total Significant Items			$	—		$	(4	)	$	—		$	—		$	—		$	(1	)	$	3		$	(4	)	$	(1	)
EBIT
	Global Networks (Telecom)		$	—		$	8		$	(2	)	$	(2	)	$	(6	)	$	—		$	7		$	6		$	(8	)
	LNG			—			—			—			—			(2	)		—			(3	)		—			(2	)
	EnCap			4			2			1			15			—			2			—			7			17
	Petroleum Markets Other			4			2			1			5			4			3			4			7			12
		Total EBIT	$	8		$	12		$	—		$	18		$	(4	)	$	5		$	8		$	20		$	19

⁽¹⁾  Included in Corporate results in SEC filings

16

EL PASO CORPORATION

SCHEDULE OF SIGNIFICANT ITEMS

				2005									2004												Year-to-Date
				First			Second			Third			First			Second			Third			Fourth			2005			2004
				(In millions)
				(Unaudited)
Restructuring costs
	Employee severance, retention and transition costs			$	1		$	2		$	—		$	27		$	6		$	2		$	3		$	3		$	35
	Facility closures				—			27			—			—			—			30			50			27			30
		Total restructuring costs			1			29			—			27			6			32			53			30			65
Impairments and net (gain) loss on sale of long-lived assets
	Long-lived assets impairment				28			366			3			246			23			576			279			397			845
	Long-lived assets net (gain) loss on sales				—			(5	)		—			(7	)		(6	)		5			(8	)		(5	)		(8	)
	Minority interest related to Nejapa impairment				—			(6	)		—			—			—			—			—			(6	)		—
		Total (gain) loss on long-lived assets			28			355			3			239			17			581			271			386			837
Impairments and net (gain) loss on sale of investments
	Equity investments impairment				85			88			159			18			19			14			346			332			51
	Equity investments net (gain) loss on sales				(204	)		(1	)		(110	)		6			(1	)		(520	)		(6	)		(315	)		(515	)
	Cost basis investments impairment				—			—			—			—			(2	)		2			2			—			—
		Total (gain) loss on investments			(119	)		87			49			24			16			(504	)		342			17			(464	)
Macae receivable impairment					—			18			—			—			—			—			—			18			—
Gas supply contract termination					—			—			28			—			—			—			—			28			—
Western Energy Settlement					59			—			—			—			—			—			—			59			—
		Total Significant Items impacting EBIT		$	(31	)	$	489		$	80		$	290		$	39		$	109		$	666		$	538		$	438
Significant Items impacting EBIT by segment:
	Pipeline Group			$	—		$	(2	)	$	(1	)	$	4		$	1		$	(4	)	$	(16	)	$	(3	)	$	1
	Production				—			2			—			9			2			1			10			2			12
	Marketing and Trading				—			—			—			2			—			—			—			—			2
	Power				88			461			50			266			30			91			612			599			387
	Field Services				(179	)		6			31			4			8			(8	)		4			(142	)		4
	Other non-regulated				—			(4	)		—			—			—			(1	)		3			(4	)		(1	)
	Corporate (see below)				60			26			—			5			(2	)		30			53			86			33
		Total Significant Items impacting EBIT		$	(31	)	$	489		$	80		$	290		$	39		$	109		$	666		$	538		$	438
Corporate
	Significant Items:
		Operating expenses		$	1		$	26		$	—		$	5		$	(2	)	$	30		$	50		$	27		$	33
		Western Energy Settlement			59			—			—			—			—			—			—			59			—
		Equity earnings and other income			—			—			—			—			—			—			3			—			—
			Total Significant Items	$	60		$	26		$	—		$	5		$	(2	)	$	30		$	53		$	86		$	33

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