31986--3/5/2008--EL_PASO_NATURAL_GAS

related topics

{financial, litigation, operation}

{gas, price, oil}

{cost, contract, operation}

{operation, natural, condition}

{cost, regulation, environmental}

{condition, economic, financial}

{debt, indebtedness, cash}

{personnel, key, retain}

Our revenues are generated under contracts that must be renegotiated periodically, some of which are for a substantial portion of our firm transportation capacity. Fluctuations in energy commodity prices could adversely affect our business. The agencies that regulate us and our customers could affect our profitability. Environmental compliance and remediation costs and the costs of environmental liabilities could exceed our estimates. Our operations are subject to operational hazards and uninsured risks. The expansion of our business by constructing new facilities subjects us to construction and other risks that may adversely affect our financial results. Our business requires the retention and recruitment of a skilled workforce and the loss of employees could result in the failure to implement our business plan. Adverse changes in general domestic economic conditions could adversely affect our operating results, financial condition, or liquidity. Risks Related to Our Affiliation with El Paso Our relationship with El Paso and its financial condition subjects us to potential risks that are beyond our control. We may be subject to a change of control if an event of default occurs under El Paso s credit agreement.

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31986--3/5/2008--EL_PASO_NATURAL_GAS_CO