El Paso Corporation | Introduction
Introduction
1001 Louisiana Street
Houston, Texas 77001
U.S.A.
Telephone: (713) 420-2600
Fax: (713) 420-6030
Web site: http://www.elpaso.com
Public Company
Incorporated: 1928
Employees: 11,855
Sales: $12.1 billion (2002) Stock Exchanges: New York Ticker Symbol: EP
NAIC: 486210 Pipeline Transportation of Natural Gas
With over 55,000 miles of pipeline in its arsenal, El Paso Corporation—formerly known as El Paso Energy and the El Paso Natural Gas Company—owns and operates one of the largest natural gas transmission systems in North America and is one of the region's largest independent natural gas producers. The company expanded rapidly in the mid-to late 1990s, acquiring Tenneco Energy, Sonat Inc., and Coastal Corporation in multi-billion dollar deals. El Paso faced controversy in the early 2000s related to its involvement in California's energy crisis. In addition, accounting errors forced it to restate its financial performance from 1999 to 2003. The revisions slashed the value of its oil and gas assets by $2.7 billion. El Paso has been divesting non-core assets and restructuring in attempt to revamp its image.