el paso puts assets sale note assets sale midcontinent rockies gulf coast areas also play put certain assets like valero mlp lb el paso sell gulf midcontinent rockies assets el paso corp added little flavor 2 25 billion divestiture plan next year pinpointing three major locations gulf mexico midcontinent rocky mountains areas assets sold second quarter 2002 plan part massive overhaul management team within past days comes el paso shores balance sheet triggered part enron corp bankruptcy host problems hit energy industry year according ralph eads president el paso merchant energy group assets things would sold previously position ceo william wise noted el paso earnings next year would less attributable divestitures reduction capital mostly cutbacks international power business wise added 80 el paso earnings interest taxes things point specificity plan part major overhaul announced company wednesday though company specifically announced assets divest next two quarters eads included locations short list gulf mexico assets particularly deepwater el paso significant interests shelf properties gulf midcontinent assets rockies assets including properties piceance basin el paso also divesting texas midstream assets master limited partnership assets include sale epgt texas pipeline gtt formerly pg e gas transmission texas valero el paso energy partners lp epn also sold refinery assets including eagle point refinery coal assets part coastal corp since merged el paso even projected asset sales eads said production 2002 increase 2 reaching 660 bcfe capital budget 1 7 billion budget oriented toward drilling drilling opportunities said eads said el paso views exploration production unit bank expects unit generate 1 billion next year operationally said el paso track add 1 5 bcf gulf mexico south texas properties strongest drilling performance company united states major expansion south texas eads said el paso substantial assets 400 bcfe south texas fields alone 136 locations left booked feel good ability sustain production south texas added company santa fe field best ever found