- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the production program was on budget.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
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Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
1. a meaningful company
doing meaningful work
delivering meaningful results
First Quarter 2007
Financial & Operational Update
May 8, 2007
2. Cautionary Statement
Regarding Forward-looking Statements
This presentation 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 presentation, including,
without limitation, changes in unaudited and/or unreviewed financial information; our ability to implement and achieve our objectives in the
2007 plan, including achieving our debt-reduction targets, earnings and cash flow targets; changes in reserve estimates based upon
internal and third party reserve analyses; the effects of any changes in accounting rules and guidance; our ability to meet production
volume targets in our E&P segment; uncertainties and potential consequences associated with the outcome of governmental
investigations, including, without limitation, those related to the reserve revisions and natural gas hedge transactions; outcome of
litigation, including shareholder derivative and class actions related to reserve revisions and restatements; our ability to comply with the
covenants in our various financing documents; our ability to obtain necessary governmental approvals for proposed pipeline projects and
our ability to successfully construct and operate such projects; the risks associated with recontracting of transportation commitments by
our pipelines; regulatory uncertainties associated with pipeline rate cases; actions by the credit rating agencies; the successful close of
our financing transactions; our ability to successfully exit the energy trading business; our ability to close our announced asset sales on a
timely basis; changes in commodity prices for oil, natural gas, and power and relevant basis spreads; inability to realize anticipated
synergies and cost savings associated with restructurings and divestitures on a timely basis; general economic and weather conditions in
geographic regions or markets served by the company and its affiliates, or where operations of the company and its affiliates are located;
the uncertainties associated with governmental regulation; political and currency risks associated with international operations of the
company and its affiliates; competition; 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. The company assumes no obligation to publicly update or revise any forward-looking statements made herein or
any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise.
Certain of the production information in this presentation include the production attributable to El Paso’s 43 percent interest in Four Star
Oil & Gas Company (“Four Star”). El Paso’s Supplemental Oil and Gas disclosures, which are included in its Annual Report on Form 10-K,
reflect its proportionate share of the proved reserves of Four Star separate from its consolidated proved reserves. In addition, the proved
reserves attributable to its proportionate share of Four Star represent estimates prepared by El Paso and not those of Four Star.
Non-GAAP Financial Measures
This presentation includes certain Non-GAAP financial measures as defined in the SEC’s Regulation G. More information on these Non-
GAAP financial measures, including EBIT, adjusted EPS, cash costs, and the required reconciliations under Regulation G, as set forth in
this presentation or in the appendix hereto.
2
3. Defining Our Purpose
El Paso Corporation provides
natural gas and related energy
products in a safe, efficient, and
dependable manner
3
4. Creating a New Culture
the place to work
the neighbor to have
the company to own
4
5. Off to a Great Start
• Pipeline and E&P results on target
• ANR sale closed—balance sheet restored
• Reduced debt to $11.7 billion
• Pipelines upgraded to investment grade by Moody’s
and Fitch
– Company remains on positive outlook
• New hedges for 2008
5
7. Financial Results
$ Millions, Except EPS
Three Months Ended
March 31,
2007 2006
EBIT $ 216 $ 756
Interest and debt expense (283) (331)
Income (loss) before income taxes (67) 425
Income taxes (19) 124
Income (loss) from continuing operations (48) 301
Discontinued operations, net of taxes 677 55
Net Income 629 356
Preferred stock dividends 9 10
Net income available to common stockholders $ 620 $ 346
Diluted EPS from continuing operations $(0.08) $0.42
Diluted EPS from discontinued operations 0.97 0.07
Total diluted EPS $ 0.89 $0.49
Diluted shares (millions) 694 724
7
8. Items Impacting 1Q 2007 Results
$ Millions, Except EPS
Pre-tax After-tax EPS
Continuing operations $ (67) $ (48) $(0.08)
Adjustments*
Debt repurchase costs $ 201 $ 128 0.18
MTM loss on production-related derivatives $ 87 $ 56 0.08
Adjusted EPS—Continuing operations $ 0.18
Discontinued operations (ANR) $ 1,048 $ 677 $ 0.97
Adjustments
Gain on sale of ANR-related assets $(1,007) $ (651) (0.94)
$ 19 $ 12
Debt repurchase costs (ANR) 0.02
Adjusted EPS—Discontinued operations (ANR) $ 0.05
Continuing operations includes higher debt costs
with no contribution from ANR
*Assumes 36% tax rate 8
9. Business Unit Contribution
$ Millions
Three Months Ended
March 31, 2007
EBIT DD&A Cash Capex
Core Business
Pipelines $ 364 $ 94 $ 196
Exploration & Production 179 170 585*
Other Business
Marketing (135) 1 –
Power 18 –
Corporate & Other
Debt repurchase costs (201) – –
Other (9) 6 2
Total $ 216 $ 271 $ 783
*Includes $254 MM South Texas acquisition 9
10. Cash Flow Summary
$ Millions
Three Months Ended
March 31,
2007 2006
Net income (loss) from continuing operations $ (48) $301
Non-cash adjustments 489 401
Subtotal 441 702
Working capital changes and other (93) 160
Cash flow from continuing operations 348 862
Discontinued operations (35) 89
Cash flow from operations $313 $951
$783* $373
Capital expenditures
$ 37 $ 36
Dividends paid
*Includes $254 MM South Texas acquisition 10
11. First Quarter Debt Reduction
$ Millions
Total EPC debt tender $ (2,591)
Open market repurchase (229)
Revolver repayment (70)
Retirements/other (183)
SNG redemption/tender (450)
Total $ (3,523)
New SNG financing 500
Net debt reduction $ (3,023)
11
12. Successful Return to Investment Grade
• SNG $500 MM offering—March 2007
– 5.9% coupon replaces 8.875% and 6.7% coupons
– Investment grade covenants replace high yield covenants
• EPNG $355 MM offering—April 2007
– 5.95% coupon replaces 7.625% coupon
– Investment grade covenants replace high yield covenants
Debt reduction and refinancings provide
approximately $250 MM in annual savings
12
14. Marketing Results
$ Millions
Three Months Ended
March 31
2007 2006
EBIT
MTM for production-related derivatives $ (87) $162
MTM for other natural gas derivative contracts (24) 47
MTM power contracts (17) 11
Settlements, demand charges, and other (7) (15)
Operating expenses and other income – 3
EBIT $(135) $208
Loss driven by reduced value of production-related derivatives
14
15. 2007 Natural Gas
Hedge Program
Positions as of March 30, 2007
(Contract Months April 2007 – Forward)
100 TBtu
Average cap $11.50 per MMBtu
Ceiling
41 TBtu 59 TBtu 67 TBtu Balance at
$8.00 floor/ $7.71 $7.50 floor Market Price
$16.89 ceiling fixed price
Floors
167 TBtu
Average floor $7.70 per MMBtu
15
16. 2008 Natural Gas Hedge Activities
New & Existing
New Positions Positions
Volumes Avg. Price Volumes Avg. Price
(TBtu) ($/MMBtu) (TBtu) ($/MMBtu)
Fixed price swaps – $ – 5 $ 3.42
Average ceiling 44 $10.53 62 $10.38
Average floor 44 $ 8.00 62 $ 7.42
Will continue to be opportunistic for 2008
Note: See full Production-Related Derivative Schedule in Appendix 16
18. Highlights
• Favorable 1Q results—5% EBIT increase from
1Q 2006
– Incremental revenues from growth projects
– On target for the year
• Throughput up in 2007
• Continued progress on expansion projects
18
19. Pipeline Group Financial Results
$ Millions
Three Months Ended
March 31,
2007 2006
EBIT $ 364 $ 346
Capital expenditures* $ 196 $ 193
Total throughput (BBtu/d)
100% 16,461 15,038
Equity investments 1,579 1,582
Total throughput 18,040 16,620
Note: Amounts do not include ANR and related assets which were sold 2/22/07
*Includes hurricane-related capital, net of proceeds, of $13 MM in 1Q 2007 and
$67 MM in 1Q 2006 19
20. Sharp Increase in
First Quarter Throughput
% Increase 1Q 2007 vs. 1Q 2006
TGP 3% Colder weather, power loads
Power loads
9%
SNG
EPNG 3% Colder weather
Rockies supply,
expansions,
25%
CIG
colder weather
9% throughput increase due to new supply,
expansions, power loads, colder weather
20
21. Milestones Achieved in 2007
On $2 Billion of Committed Growth
$ Millions
Capital
• New Precedent Agreements
– SNG South System III $133–$286
– TGP Carthage $35
• Filed at FERC
– CIG High Plains (50%) $145 (net)
• Recently placed in service
– SNG Cypress $255
In 2007 will complete 6 additional growth projects
totaling $300 MM
21
22. SNG Cypress Pipeline Placed in Service
SC • 167 miles—Elba Island to
Southern
FGT interconnect in
Natural
northern Florida
Elba Island
GA
• 220 MMcf/d
SNG Cypress
Pipeline
• 20-year FT commitments
Florida Gas
Transmission
• $255 MM capital
• $32 MM estimated annual
FL
EBIT impact
• Part of $1.2 billion
Elba-related projects
22
23. Cypress Pipeline Timeline & Risk Management
Signed FERC
FERC FERC
Commercial Preliminary In-service
Application Certificate
Agreements Determination May 2007
June 2005 June 2006
Dec. 2004 Nov. 2005
2005 2006 2007
Regulatory Risk
Capex Risk
Construction
Pipe Ordered
Contract
Dec. 2005
July 2006
Project delivered on time and on budget
23
24. Pipeline Summary
• Pipelines on track for another great year
• Focus on delivery of committed growth projects
• Safe operations
• More growth projects under development
24
25. Exploration &
Production
a meaningful company doing meaningful work delivering meaningful results 25
26. First Quarter Highlights
• Production and capital program on target
• Closed $254 MM South Texas acquisition
• Progress in Brazil
– Exploration wells drilling
– Pinaúna development project
• Increased organization capability
26
27. E&P Results
$ Millions
Three Months Ended
March 31,
2007 2006
EBIT1 $ 179 $ 199
Capital expenditures $ 353 $ 225
Acquisitions $ 254 $ –
Production (MMcfe/d)
Consolidated volumes 750 694
Four Star volumes 70 71
Production costs ($/Mcfe)2 $ 1.27 $ 1.02
General and administrative expenses ($/Mcfe) 0.69 0.67
Taxes other than production & income ($/Mcfe) 0.03 0.02
Total cash costs ($/Mcfe)3 $ 1.99 $ 1.71
1Does not include $17 MM benefit from cash settlements on production-related derivatives in Marketing segment
in 2007 and $13 MM loss from cash payments in 2006
2Includes lease operating costs and production-related taxes
3Excludes costs and production associated with equity investment in Four Star
27
28. Production Update
MMcfe/d
830 820
810
785
765 17 16
23
22
32
182
209
189
165
133
189
182
183
195 187
415 422 433
405 411
1Q 2006 2Q 2006 3Q 2006 4Q 2006 1Q 2007
Onshore TGC GOM/SLA International
Exited first quarter at 830 MMcfe/d—mid-point
of full year guidance
Note: Includes proportionate share of Four Star equity volumes 28
31. E&P Cash Costs
$/Mcfe
$1.99
$1.95
$1.86 $1.91 $0.03
$1.71 $0.03
$0.04 $0.05
$0.02
$0.69
$0.57 $0.50
$0.62
$0.67 $0.24
$0.32 $0.32
$0.33
$0.29
$1.12
$1.03
$0.95
$0.87
$0.73
1Q 2006 2Q 2006 3Q 2006 4Q 2006 1Q 2007
Direct Lifting Costs Production Taxes
General & Administrative Taxes Other Than Production & Income
Note: Excludes cost associated with equity investment in Four Star 31
32. Brazil Activities
Cacau & Açai
• Two wells
Brazil • Spud in February
• 100% WI
• Prove upside on
Pinaúna exploration
• Assessment by 3Q
Bia
Rio de Janeiro
• One well
• Spud in March
• 35% WI
• Assessment by 3Q
32
33. Onshore Success
Organic Production Growth*
(MMcfe/d)
433
422
415
411
405
1Q 2Q 3Q 4Q 1Q
2006 2006 2006 2006 2007
• Onshore activity levels on track and on budget
• Area highlights
– Raton: Drilled 74 vertical wells in 1Q (most aggressive quarter to-date)
– Rockies:
• Successful water flood implementation in Sussex
• Successful recompletion results in Altamont
– Arklatex
• Accelerated drilling
• Improved market access at Holly Field
*Includes our 43.1% share of Four Star 33
34. E&P Summary
• Production and activity levels on target
• Continued focus on execution and process improvement
• Full-year expectations unchanged
34
35. Off to a Great Start
• Good first quarter results
• E&P on track
• Pipelines delivering on expansions
• Financial health restored
35
36. a meaningful company
doing meaningful work
delivering meaningful results
First Quarter 2007
Financial & Operational Update
May 8, 2007
38. Disclosure of Non-GAAP
Financial Measures
The SEC’s Regulation G applies to any public disclosure or release of material information that includes a non-GAAP
financial measure. In the event of such a disclosure or release, Regulation G requires (i) the presentation of the most
directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the
differences between the non-GAAP financial measure presented and the most directly comparable financial measure
calculated and presented in accordance with GAAP. The required presentations and reconciliations are attached.
Additional detail regarding non-GAAP financial measures can be reviewed in El Paso’s full operating statistics, which
will be posted at www.elpaso.com in the Investors section.
El Paso uses the non-GAAP financial measure “earnings before interest expense and income taxes” or “EBIT” to assess
the operating results and effectiveness of the company and its business segments. The company defines EBIT as net
income (loss) adjusted for (i) items that do not impact its income (loss) from continuing operations, such as
extraordinary items, discontinued operations, and the impact of accounting changes; (ii) income taxes; (iii) interest and
debt expense; and (iv) distributions on preferred interests of consolidated subsidiaries. The company excludes interest
and debt expense and distributions on preferred interests of consolidated subsidiaries so that investors may evaluate
the company’s operating results without regard to its financing methods or capital structure. El Paso’s business
operations consist of both consolidated businesses as well as investments in unconsolidated affiliates. As a result, the
company believes that EBIT, which includes the results of both these consolidated and unconsolidated operations, is
useful to its investors because it allows them to evaluate more effectively the performance of all of El Paso’s businesses
and investments. Exploration and Production per-unit total cash costs or cash operating costs equal total operating
expenses less DD&A and cost of products and services divided by total production. It is a valuable measure of
operating efficiency. Adjusted EPS is earnings per share excluding debt repurchase and MTM charges in the production-
related derivatives during the quarter. It is useful in analyzing the company’s on-going earnings potential.
El Paso believes that the non-GAAP financial measures described above are also useful to investors because these
measurements are used by many companies in the industry as a measurement of operating and financial performance
and are commonly employed by financial analysts and others to evaluate the operating and financial performance of the
company and its business segments and to compare the operating and financial performance of the company and its
business segments with the performance of other companies within the industry.
These non-GAAP financial measures may not be comparable to similarly titled measurements used by other companies
and should not be used as a substitute for net income, earnings per share or other GAAP operating measurements.
38
41. Business Unit Contribution
$ Millions
Three Months Ended
March 31, 2006
EBIT DD&A Cash Capex
Core Business
Pipelines $ 346 $ 93 $ 193
Exploration & Production 199 146 175
Other Business
Marketing 208 1 –
Power 3 –
Corporate & Other – 10 5
Total $ 756 $ 250 $ 373
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42. Non-GAAP Reconciliation:
E&P Cash Costs
1Q 2006 2Q 2006 3Q 2006 4Q 2006 1Q 2007
Total Total
Total Total Total
Per Unit Per Unit Per Unit Per Unit Per Unit
($ MM) ($ MM)
($ MM) ($ MM) ($ MM)
($/Mcfe) ($/Mcfe) ($/Mcfe) ($/Mcfe) ($/Mcfe)
Total operating expense $ 275 $ 4.40 $ 301 $ 4.60 $ 318 $ 4.64 $ 335 $ 4.78 $ 328 $ 4.86
Depreciation, depletion,
and amortization (146) (2.34) (156) (2.39) (163) (2.38) (180) (2.57) (170) (2.52)
Costs of products and services (0.35) (0.35) (0.31) (0.30) (0.35)
(22) (22) (23) (21) (24)
Per unit cash cost* $ 1.71 $ 1.86 $ 1.95 $ 1.91 $ 1.99
Total equivalent volumes (MMcfe)* 62,500 65,386 68,490 70,142 67,442
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*Excludes volumes and costs associated with equity investment in Four Star
44. 2007 Analysis of
Working Capital and Other Changes
$ Millions
Three Months Ended
March 31, 2007
Margin collateral $ 20
Changes in price risk management activities 71
Settlements of derivative instruments (11)
Net changes in trade receivable/payable (69)
Prepaid interest related to debt repurchases (59)
Settlement of liabilities (57)
Other 12
Total working capital changes & other $ (93)
44