HOUSTON, March 28, 2003 — El Paso Corp. has announced that its Board of Directors voted unanimously to add J. Michael Talbert, current chairman and former chief executive officer of Transocean Inc., to the board effective April 1, 2003, and appointed John Bissell as lead director. The board also appointed Joe B. Wyatt to lead the board’s compensation committee, and Robert W. Goldman to head the finance committee.
Ronald L. Kuehn, Jr., El Paso’s chairman and chief executive officer, said, “We are delighted to welcome Talbert to El Paso’s strong board. He brings more than 30 years of experience in the oil and gas industry. We value his insight to help us continue with our significant progress on the implementation of our operational and financial plan. In addition, we are confident that Bissell’s exceptional record of strong leadership and experience will be central to this company and its board as we work to focus on our core businesses, reduce expenses, strengthen the balance sheet, and enhance liquidity.”
Bissell assumes the role of lead director from Ronald L. Kuehn, Jr. who was named chairman chief executive officer on March 12. Bissell will also assume leadership of the previously appointed internal CEO search committee consisting of Ronald Kuehn, Jr., Joe B. Wyatt and Juan Carlos Braniff.
Talbert was named chairman of Transocean Inc. in October 2002. He served Transocean and its predecessor companies as chief executive officer from 1994 until October 2002, and has been a member of the Board of Directors since 1994. Previously, Talbert was president and chief executive officer of Lone Star Gas Company, a natural gas distribution company and subsidiary of ENSERCH Corporation, from 1990 to 1994. He was also president of Texas Oil & Gas Company from 1987 to 1990, and served in various positions at Shell Oil Company from 1970 to 1982. Talbert is also a past chairman of the National Ocean Industries Association (NOIA) and a member of the University of Akron’s College of Engineering Advancement Council. Talbert graduated from the University of Akron with a BS in Chemical Engineering and received an MBA from Loyola University.
El Paso Corporation is a provider of natural gas services and the largest pipeline company in North America. The company has core businesses in pipelines, production, midstream services, and power. El Paso Corporation, rich in assets and fully integrated across the natural gas value chain, is committed to developing new supplies and technologies to deliver energy. For more information, visit www.elpaso.com .