Hoping to distinguish itself from its general partner, El Paso Corp., El Paso Energy Partners LP has decided to change its name to GulfTerra Energy Partners LP and will begin trading on the New York Stock Exchange under the symbol “GTM,” rather than its current symbol, EPN.

The company, which was the third-largest master limited partnership in the United States at year-end 2002 by total assets, said the name change would become effective on May 15.

CEO Robert G. Phillips said it was important to distinguish the company’s assets, businesses and growth path from that of its general partner. While El Paso Corp. has been hammered by investors, who have pushed down its stock to as low as $3.33 in response to federal investigations, energy market turmoil, declining credit ratings and a proxy battle over the composition of the company’s board of directors, EPN shares slumped last fall and then recovered. EPN shares were up 16 cents Thursday to $34.50. Meanwhile the shares of some of its peers in the pure midstream business are much higher.

“GulfTerra Energy Partners is a new name that reflects the increased size and scope of the partnership’s midstream operations, both offshore and onshore, and is an important element in our publicly stated plan to improve our corporate governance model,” said Phillips.

“In February 2003, we announced a number of initiatives designed to position the partnership as a stand-alone entity including early compliance with new requirements established by the NYSE and the Sarbanes-Oxley Act of 2002 regarding corporate governance,” he noted. “Many of the initiatives we are in the process of implementing are more fully described in our 2002 Form 10-K and include, among other things: expanding the number of independent board members, reorganizing our structure, and changing our name.”

Phillips also said the GulfTerra name and new logo symbolize the origins of the partnership in the Gulf of Mexico and its assets in key onshore supply basins across the United States.

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