EL Paso Corporation Responds to Trading Activity

El Paso Corporation issued a statement responding to the unusual trading activity in its stock. "The death of our corporate treasurer, Charles Dana Rice, has been a great loss to our corporation and to me personally," said William A. Wise, chairman, president, and chief executive officer. "This is a tragic event for our company; however, the market reaction is unwarranted. We announced a comprehensive repositioning plan last week and are making good progress in implementing this plan, as was recognized both by Standard & Poor's and Moody's in their reaffirmation of El Paso's solid investment-grade credit rating last week. There is no information with respect to the company's performance or credit that was not fully discussed as a part of the public presentations made by the company at that time."