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: February 5,
2007
EL
PASO
CORPORATION
(Exact
name of
Registrant as specified in its charter)
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Delaware
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1-14365
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76-0568816
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(State
or
other jurisdiction of
incorporation
or organization)
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(Commission
File Number)
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(I.R.S.
Employer
Identification
No.)
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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
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
ྑ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
ྑ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
ྑ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
ྑ Pre-commencement
communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item
8.01. Other
Events.
On
February 5,
2007, we entered into agreements with the United States Attorney’s Office for
the Southern District of New York (“SDNY”), the Office of Foreign Assets Control
(“OFAC”) and the Securities and Exchange Commission (“SEC”). The agreements
provide for resolution of the pending investigations involving the participation
of El Paso Corporation, The Coastal Corporation and their subsidiaries in
the
United Nations Oil-for-Food Program (the “Program”).
The
Coastal
Corporation was involved in the Program starting in 1996. El Paso acquired
The
Coastal Corporation in January 2001 and continued to participate in the Program
until May 2002. Following 2000, neither The Coastal Corporation nor El Paso
purchased any Iraqi oil directly from the Government of Iraq under the Program.
Rather, after that date, The Coastal Corporation and El Paso only purchased
Iraqi oil from third parties. Based upon representations of the SDNY regarding
records maintained by the former Government of Iraq, for the period from
June
2001 until May 2002, El Paso purchased Iraqi oil from various third parties
on
which approximately $5.48 million in illegal surcharges had been paid to
the
Government of Iraq either by the third parties that purchased the oil directly
from the Government of Iraq under the Program or by other third party
intermediaries. Although El Paso took steps designed to prevent the purchase
of
Iraqi oil from third parties on which illegal surcharges had been paid, such
procedures proved to be inadequate.
The
agreements with
the SDNY, OFAC and the SEC obligate us to pay approximately $7.73 million,
consisting of a payment of approximately $5.48 million to the United States
and
$2.25 million to the SEC. It is the intent of the SDNY that the $5.48 million
payment will subsequently be transferred to the Development Fund of Iraq
(sanctioned on May 21, 2003, by United Nations Security Council Resolution
1483), which is an Iraqi organization established to distribute funds to
purchase various humanitarian goods for the benefit of the Iraqi people.
The
agreements also require us to continue to cooperate with the ongoing
investigations of the SDNY, OFAC and SEC into the Program.
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.
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EL
PASO CORPORATION
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By:
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/s/John
R. Sult
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John
R. Sult
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Senior
Vice
President and Controller
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(Principal
Accounting Officer)
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Dated: February 6,
2007