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: March 26, 2004
(Date of Earliest Event Reported: March 26, 2004)
EL PASO CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 1-14365 76-0568816
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation or
organization)
El Paso Building
1001 Louisiana Street
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 420-2600
Item 5. Other Events and Regulation FD Disclosure
-----------------------------------------
On March 26, 2004, we announced that we have agreed to sell
100 percent of our equity interests in Utility Contract Funding (UCF)
to Bear Stearns' Houston Energy Group, via a wholly owned subsidiary
of The Bear Stearns Companies Inc., for approximately $21.1
million. We expect to take an estimated $100 million pre-tax
charge on this sale based on our investment in the equity of this
entity. The transaction will eliminate non-recourse debt associated
with UCF that we currently consolidate. This debt is estimated to
be $815 million at the time of closing. A copy of this press
release is attached as Exhibit 99.A and is incorporated herein by
reference.
On March 26, 2004, we announced that we received a letter from
the Securities and Exchange Commission stating that they are
conducting a formal investigation of El Paso. We plan to cooperate
fully. A copy of this press release is attached as Exhibit 99.B
and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
---------------------------------
(c) Exhibits.
Exhibit
Number Description
------
99.A Press Release dated March 26, 2004.
99.B Press Release dated March 26, 2004.
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
(Principal Accounting Officer)
Dated: March 26, 2004
EXHIBIT INDEX
Exhibit
Number Description
------ -----------
99.A Press Release dated March 26, 2004.
99.B Press Release dated March 26, 2004.