=============
Page 1 of 41
=============

EXH066-00262



Enron Corp
Earnings Release Details
2nd Quarter 2000

Significant IBIT Variances
Wholesale Buckets Summary
Wholesale Buckets Detail
Business Unit Variance Schedules
Calculation of EPS
Equity in Affiliates
Gains on Sales & Interest Income
Other Income
Interest Expense
Dividends on Preferred of Subs
Earnings Release Support Pages
Statistical Supplement Pages

Distribution:
Rick Causey
Mark Koenig
Paula Rieker
Cedric Burgher
Kathryn Corbally
Scott Vonderheide
Mark Palmer

cc: Bob Butts
Greg Adams



n

page

1-5
6
7-14
15-21
22
23
24
25
26
27
28-34
35-42


0

EC 002893040

GOVERNMENT
EXHIBIT
  4255
  Crim. No. H-04-25 (S-2)


=============
Page 2 of 41
=============

						
Enron Wholesale						
Significant Variances						
(In Millions)						
	2nd Qtr	2nd Qtr		1st Qtr	1 st Qtr	
	2000	1999	Doff	2000	1999	Dirt
Commodity						
Gas trading, exci origination (net of expenses) -						
see summary at (a)	233	(18)	251	32	26	6
Originations						
SPA		-	-	-	7	(7)
Canada	4	3	1	6	5	1
Entex	-	4	(4)	-	6	(6)
FP&L	-	11	(11)	-	-	-
Palm Springs	-	-	-	-	8	(8)
Walton EMC	-	8	(8)	-	-	-
Other gas originations (less than $6m)	3	5	(2)	3	6	(3)
Gas Trading	240	13	227	41	58	(17)
Power trading, exci originations (net of expenses) -						
see summary at (b)	162	17	145	117	122	(5)
Originations						
Genco	11	3	8	21	-	21
Eastern Transportation	-	96	(96)	-	-	-
Other power originations (less than $1 Om)	-	(7)	7	2	(8)	10
Power Trading	173	109	64	140	114	26
Equity trading (index)	11	27	(16)	33	-	33
Interest & FX books	45	16	29	52	29	23
Global liquids (net of expenses)	7	(22)	29	20	16	4
Crude oil prepayments	(19)	(6)	(13)	(28)	(8)	(22)
Weather, paper, coal. SO2	6	15	(9)	16	16	-
Credit adjustment	-	-	-	5	61	(56)
Spread options	65	4	61	24	8	18
Networks expenses	(5)	-	(5)	-	-	
Other (including expenses)	(81)	(75)	(6)	(57)	(70)	13
Other Trading	29	(41)	70	65	52	13
Total Commodity	442	81	361	246	224	22
Assets and Investments						
Fair value income - see summary at (c)	(79)	189	(268)	27	(18)	45
Earnings on JEDI, JEDI II, Condor, others	37	67	(30)	167	34	133
Accrual earnings on merchant Investments	9	16	(9)	5	22	(17)
Finance originations	43	3	40	-	2	(2)
Asset selldowns and 125s - see summary at (d)	14	135	(121)	5	47	(42)
Stock compensation charge	-	(73)	73	-	-	-
Other portfolio related earnings	9	-	9	(49)	(27)	(22)
Merchant Activity	33	339	(306)	155	60	95
Asset operations - see summary at (e)	27	20	7	82	81	21
Development and construction	(5)	(34)	29	(17)	15	(32)
Operations and Development	22	(14)	36	65	76	(11)
Total Assets and Investments	55	325	(270)	220	136	84
Total Unallocated Expense	(60)	(50)	(10)	(47)	(40)	(7)
Total Wholesale	437	356	81	419	320	99

sigvar2g00, summary

(23)

0

EC 002893041

7/20/2000. 5:32 PM

EXH066-00263


=============
Page 3 of 41
=============



WHOLESALE DETAILS per above

(a) Gas trading, excluding originations:
Canada (gross margin)
  US (gross margin)
  Credit reserve adJ - Blue Ridge
Europe (net of expenses)
  Gas transport (Europe)
  South America (gross margin)
Other (including HPL and expenses)

(b) Power trading, excluding originations:
NA - East (gross margin)
  NA - West (gross margin)
Europe
  Other (including expenses)

(c) Fair value Income (loss):
Rhythms (net of hedge amort)
First World
  Kafus
Hedge performance/S&P
  EOGR Exchangeable Notes/shares
Resco (swap)
  Qualitech
Quanta
OPET & OSI - EUR
  NSM
Mariner - NA, ECM and El
Heartland Steel
Cataiytlca
  Techboard - EUR
Papier Masson
ECT investments
Paladin - EUR
  Others (less than $6m)

(d) Asset salldowns and 125s:
Bammel Looper
  Powder River
Guam
  Hams
Italy/Turkey
Puerto Rico
Riverside (Teesside)
Sutton Bridge
  Other (including expenses)

sigvar2g00, summary

					
2nd Qtr
2000	2nd Qtr
1999	
DiH			1st l it
2000	119Qtr
1999	
Diff

18	18	-
269	35	234
-	(32)	32
(21)	(2)	(19)
2	2	-
24	-	24
(59)	(39)	(20)
233	(18)	251

18	52	(34)
56	(3)	59
(12)	10	(22)
2	2	-
(32)	(35)	3
32	26	6

7	24	(17)
145	12	133
57	3	54
(47)	(22)	(25)
162	17	145

(125)	252	(377)
(30)	38	(68)
(29)	37	(66)
(2)	(68)	66
57	-	57
52	-	52
-	(43)	43
-	14	(14)
11	-	11
-	(8)	8
2	(3)	5
(4)	-	(4)
	2	(2)
-	(2)	2
1	-	1
(12)	(30)	18
(79)	189	(268)

12	(12)
5 -	5
- 84	(84)
9 39	(30)
	
14 135	(121)

(39)	66	(105)
91	3	88
102	71	31
(37)	(18)	(19)
117	122	(5)

17	19	(2)
29	13	16
(23)	13	(36)
(14)	(47)	33
-	(25)	25
26	-	26
-	(9)	9
	8	(6)
-	7	(7)
	7	(7)
	(13)	13
-	6	(6)
	9	(9)
(3)	(7)	4
(5)	1	(6)
27	(18)	45

	10	(10)
	5	(5)
	18	(18)
	12	(12)
	2	(2)
5	-	5
5	47	(42)

2



EC 002893042

7/20/2000, 5:32 PM

EXH066-00264


=============
Page 4 of 41
=============



WHOLESALE DETAILS per above

(e) Asset operations:
Equity earnings from:
Europe
  CIESA/TGS
DPC Phase I
Eco Electrica
Korea (SK)
Transredes
Other international

Elektro IBIT
ESA operations
India operations
CALME operations
APACHI operations
Europe management fees
JEDI management fee
EGEP operations
Other (including expenses)

  2nd Qtr 2nd Qtr
  2000 1999 Diff

(6)	(5)	(1)
6	7	(1)
4	3	1
(1)	-	(1)
3	(1)	4
	4	(4)
12	25	(13)
18	33	(15)
24	37	(13)
6	13	(7)
6	1	5
15	12	3
21	(4)	25
2	2	-
5	5	-
7	-	7
(77)	(79)	2
27	20	7

0
  1 s 1st Qtr
  0 1999 Diff
2000

2	2	-
12	7	5
16	-	16
22		22
13	8	5
	4	(4)
9	1	8
74	22	52
36	35	1
8	11	(3)
2	(2)	4
3	9	(6)
21	-	21
2	2	-
5	5	-
4	-	4
(73)	(21)	(52)
82	61	21

n
r


0

EC 002893043

sIqvvr2q00, summary

7/20/2000, 5:32 PM

EXH066-00265


=============
Page 5 of 41
=============

i
Enron Corp
Significant Variances
(in Millions)
  2nd Qtr 2nd Qtr 1st Qtr 1st Qtr
  2000 1999 9 Duff 2000 1999 Diff
Gas Pipeline Group

Gross margin	148	124	24
Operating expenses (Ind deprec)	(93)	(81)	(12)
Equity earnings:			
Citrus	9	5	4
Northern Border	2	2	-
EOTT	(2)	-	(2)
Other	1	1	-
	10	8	2
Other Income:			
Gains on sales	1	-	1
Interest lock	-	-	-
Conoco litigation	-	-	-
Gain on swap	15		
Other	(4)	21	(25)
	12	21	(24)
Gas Pipeline Group	77	72	(10)

Portland General Group			
Gross margin	179	177	2
Operating expenses (Ind deprec)	(122)	(126)	4
Equity earnings	1	3	(2)
Other Income:			
Customer Choice	-	-	-
COLI	1	2	(1)
Other	3	-	3
Other income	4	2	2
Portland General Group	62	56	6

Retail Energy Services			
Gross margin	121	33	88
Operating expenses (Incl deprec)	(109)	(63)	(46)
Minority Interests (Omicron, EES)	1	3	(2)
Other income	11	1	10
Enron Energy Services	24	(26)	50
			
Broadband Services			

Gross margin
Operating expenses (Ind deprec)
Other Income

Exploration and Production

81	-	81
(90)	-	(90)
1	-	1
(6)	-	(6)
		
-	20	(20)

sigvar2go0, summary

4

201	181	20 (A)
(81)	(78)	(3)
6	8	-
2	2	-
(2)	-	(2)
1	-	1
7	8	(1)
		
-	1	(1)
	9	(9)
	9	(9)
1	(4)	5
1	15	(14)
128	126	2

195	199	(4)
(124)	(117)	(7)
1	6	(5)
31	-	31
11	2	9
(9)	2	(11)
33	4	29
105	92	13

127 45	82 (B)
(112) (76)	(36) (C)
1	(1)
1 (1)	2
16 (31)	47

  51 - 51 (D)
(51) - (51) (E)

  12 (12) EC 002893044

7121/00, 10:39 AM

EXH066-00266


=============
Page 6 of 41
=============

S						
Enron Corp						
Significant Variances						
(In Millions)	
220 Qtr	
2nd Qtr		
Qtr
1 s	
1st Qtr	
	2000	1 1999	DIH	0
2000	1999	DIH
Corporate and Other						
Corporate (Including Co 099)						
Corporate expenses and other	(35)	(46)	11	(55)	(24)	(31) (F)
Wessex FX gain	-	(33)	33	-	33	(33)
Azurix earnings	(11)	41	(52)	(6)	(1)	(5)
ECM - sale of leased planes	37	-	37			-
- other (primarily Project Steele)	5	7	(2)	7	7	
EEDC	(1)	(2)	1	-	(1)	1
ECI	-	4	(4)	-	(4)	4
	(5)	(29)	24	(54)	10	(64)
EREC	13	26	(13)	13	15	(2)
Clean Fuels operations	9	(6)	15	(3)	(11)	8
Corporate and Other	17	(9)	26	(44)	14	(58)
Total recurring IBIT	609	469	140	624	533	91
Nonrecurring items (pretax):						
Nonrecurring items	-	-		-	-	-
Total IBIT	609	469	140	624	533	91

Interest expense
Company-obligated preferred of subs
Minority interests:
Elektro
Rawhide
Cherokee
Whitewing
EOG

Pretax earnings
Income tax expense

196	175 21
21	19 2
15	10 5
14	13 1
10	- 10
	
39	23 16
353	252 101
64	30 34

161	175	(14)
18	19	(1)
11	12	(1)
14	14	-
10	-	10
-	13	(13)
	(6)	6
35	33	2
410	306	104
72	53	19

Net income

  289 222 67

  338 253 86
i-
  Ir

(A) Gross margin decreased due to higher rates as a result of seasonality built into rate structure
(B) Gross margin Increased due to MTM Income on deals Signed in 1000 and Investment earnings on the monetization of EMW warrants
(C) Operating expenses Increased due to Increased bonus and phantom stock expense
(D) Gross margin represents dark fiber sales ($30m). software sales ($10m) and MTM on Ventures ($10m)
(E) Operating expenses increased due to Increased headcount (116 at 3199 to over 600 at 3/00). Reported In Corp & Other 1099, Wholesale 2099.
(F) Operating expenses Increased due primarily to IT and advertising

sigvar2g00, summary

5



EC 002893045

7/20/2000, 5:32 PM

EXH066-00267


=============
Page 7 of 41
=============



t.r.. Corp.
wMke.Ie Baskets

Subcateaorv Description
SUMMARY


  2000 by Quarter 1999 by Quarter 00-99 Comparison 99-98 comp
YTD 2Q
  Year 4Q 3Q 6 mo 2Q IQ Year 4Q 3Q 6 mo 2Q IQ Incr (Deer) Incr (Dccr) 99 Yew In" (Dc")

C.14t2	Gas Trading	281.1 -	- 281.1	240.0	41.1	187.2	41.9	74.5	70.8	12.7	58.1	210.3
C.-day	Power Tndieg	313.1 -	- 313.1	172.8	140.3	368.2	102.6	42.3	223.3	108.8	114.5	89.8
r.-Why	Other leading	94.0	94.0	29.6	64.4	72.6	7.0	54.9	10.7	(41.0)	51.7	83.3
	commodity Sales & Seniea	688.2 -	- 688.2	44F4	-245.8	628.0	151.5	171.7	304.8	80.5	224.3	383.4
at.,cew Astt..y	home 6om Mackat tweet	168.4	- 168.4	18.6	149.8	361.0	18.9	123.7	218.4	204.8	13.6	(50.0)
at.a..t aet.a2	Gam on Saks (i.d 125a)	19.7	19.7	14.1	5.6	294.0	28.2	84.2	181.6	134.7	46.9	(161.9)
	Mercaat Activity	188.1	188.1	32.7	155.4	655.0	47.1	207.9	400.0	339.5	60.5	(211.9)
or. r D.. A c~	Asset Opera6nm	108.6 -	- 108.6	26.6	82.0	240.1	130.7	28.6	80.8	19.7	61.1	27.8
op-i.... D.v A c..e	Dew,oprrtem a Cama.cdo.	(21.9)	(21.9)	(4.8)	(17.1)	(45.9)	(30.6)	4.0	(19.3)	(34.1)	14.8	(2.6)
	Op a u , Dev a coma	86.7	86.7	. 21.8	64.9	194.2	100.1	32.6	61.5	(14.4)	75.9	25.2
	Total Assets A 1wntt.eats	274.8	274.8	54.5	220.3	849.2	147.2	240.5	461.5	325.1	136.4	(186.7)
ta.tt~eEy...	UmibcaadExpense	(107.3) -	- (107.3)	(60.0)	(47.3)	(160.8)	(36.2)	(34.1)	(90.5)	(50.1)	(40.4)	(16.8)
	T.6.1 Wholesale	855.7 -	855.7	436.9	418.8	1,316.4	262.5	378.1	675.8	355.5	320.3	179.9

227.3	151.6	35.6
64.0	291.8	76.4
70.6	(32.9)	105.5
361.9	410.5	217.5
(186.2)	123.7	237.3
(120.6)	559.9	(265.9)
(306.8)	683.6	(28.6)
6.9	53.5	186.6
29.3	(27.9)	(18.0)
36.2	25.6	168.6
(270.6)	709.2	140.0
(9.9)	(151.2)	(9.6)
36% 81.4 0.2	%8.5	347.9

EC 002893046

6.d.t. 2000. 1Qm

6

117512". 127 Im

26%

EXH066-00268


=============
Page 8 of 41
=============

L.n. Cog.
TPke(enle Bwke.
  2000 by Quarter 1999 by Quarter 00.99 CompuiCOL 99-98 iioR
YTD 2Q
  S.bufemrv Year 4Q 3Q 6 mm 2Q IQ Year 4Q 3Q 6 m0 2Q IQ Ina (Dea) (na (Dea) 98 Yew Ina (Dea)
GAa TRABBIG

NA a.. tow,	Ca.ada . G. Tradby	35.4	35.4	17.6	17.8	78.8	3.9	4.8	70.1	18.3	51.8	(34.7)	(0.7)	55.7	23.1
NA O. T.4y	Credit Reeds- Win Rage	-	-		-	(33.0)	(1.0)	-	(32.0)	(32.0)	-	32.0	32.0		(33.0)
NA 0..T.6:4	us -G.To4i.e	324.2	324.2	268.5	55.7	130.7	38.2	60.2	32.3	35.1	(2.8)	291.9	233.4	159.6	(28.9)
NA cab. n.ra	- D.aw.d.A,a (HPtJLRC)	(2.2)	(2.2)	(5.4)	3.2	(4.2)	2.3	(2.5)	(4.0)	(2.7)	(1.3)	1.8	(2.7)	(22.4)	18.2
NA a.. T....a	BrrdgrIa q.ky e..io	5.4	5.4	3.4	2.0		-	-	-		-	5.4	3.4	-	-
NA 0.T.we	On Orlgi..tbm[Abebw(	16.2 -	- 16.2	7.4	8.8	104.0	15.5	25.4	63.1	30.7	32.4	(46.9)	(23.3)	183.5	(79.5)
NA tr.ai..D.,....	Go VNige.pw	(84.6)	(84.6)	(50.7)	(33.9)	(175.6)	(61.4)	(45.8)	(68.4)	(35.2)	(33.2)	(16.2)	(15.5)	(202.2)	26.6
	NA	294.4	294.4	240.8	53.6	100.7	(2.5)	42.1	61.1	14.2	46.9	233.3	226.6	174.2	(73.5)
ENt 0.T..e'.	G.Tr.4q	(33.4)	(33.4)	(20.9)	(12.5)	5.5	7.2	(9.6)	7.9	(1.6)	9.5	(41.3)	(19.3)	(17.7)	23.2
EM 0.. T....4	G. Trayon Rg.ea.n	4.7	4.7	2.3	2.4	9.4	2.5	2.2	4.7	2.3	2.4	-	-	9.2	0.2
Eult 0.. T.."	Go O, dow														
E.R T..a.a....	Go IFWI% get.	(8.5)	(8.5)	(4.6)	(3.9)	(7.4)	(1.2)	(3.3)	(2.9)	(2.2)	(0.7)	(5.6)	(2.4)	(11.7)	4.3
	EUR	(37.2)	(37.2)	(23.2)	(14.0)	7.5	8.5	(10.7)	9.7	(1.5)	11.2	(46.9)	(21.7)	(20.2)	27.7
SA 0. T,""	Goo Tradiq	9.8	9.8	8.2	1.6	(I.1)	(1.1)	-	-	-		9.8	8.2	(2.4)	1.3
SA O.T..L.	C.(.baMTM	(5.7	15.7	15.7	-	82.9	37.5	45.4	-			15.7	15.7		82.9
SA T.41.4Ul aaa	Ga.41$trpcu.	(1.6)	(1.6)	(1.5)	(0.1)	(2.8)	(0.5)	(2.3)				(1.6)	(1.5)		(2.8)
	SA	23.9	23.9	22.4	1.5	79.0	35.9	43.1				23.9	22.4	(2.4) 81.4
APACID 0. Tow,	Go Trading														
APACHI 0. T..	G.Or a00.	-	-	-		-	-						-		
APACHI r..w, E.,....	Go trading														
	APACHI														
	G.,,-.	281.1	281.1	240.0	41.1	187.2	41.9	74.5	70.8	12.7	38.1	210.3	367% 227.3	17.e 151.6	35.6

	POTPLR TRARRIG															
NA	P....To.iy	Power-ean	(32.3)	(32.3)	6.7	(39.0)	101.4	5.3	6.3	89.8	24.0	65.8	(122.1)	(17.3)	122.8	(21.4)
NA	P...TowP	Power-wen	236.1	236.1	144.8	91.3	47.8	11.9	21.1	14.8	12.1	2.7	221.3	132.7	79.1	(31.3)
NA	P...T.we	Offer	-	-	-	-	(1.0)	(1.0)	-	-			-		-	(1.0)
NA	P..w To4:y	Power OrigY.do. (B bebwl	33.2 -	- 33.2	10.5	22.7	125.1	106.7	15.3	3.1	3.1	-	30.1	7.4	-	125
NA	Tr..i.PE.p...	Powerra41Lr.P...e	(43.0)	(43.0)	(26.0)	(17.0)	(80.8)	(25.9)	(I0.1)	(34.8)	(19.1)	(15.7)	(8.2)	(6.9)	(83.9)	3.1
		NA	194.0	194.0	136.0	58.0	192.5	97.0	22.6	72.9	20.1	52.8	121.1	115.9	118.0	74.5
El'!	n.. town	Power Trading	159.3	159.3	57.1	102.2	127.7	24.9	29.0	73.8	3.2	70.6	85.5	53.9	134.1	(6.4)
EUR	P...tr.A.e	P... d..do.ICbelow)	- -	- -	-	-	66.1	(9.7)	(6.5)	82.3	88.9	(6.6)	(82.3)	(88.9)	43.7	22.4
EM	Tr..:.r,.Pw..	Powerradiage.Pema	(41.5)	(41.5)	(22.6)	(189)	(9.0)	(3.4)	(2.7)	(2.9)	(1.7)	(1.2)	(38.6)	(20.9)	(4.0)	(5.0)
		EUR	117.8	117.8	34.5	83.3	184.8	11.8	19.8	153.2	90.4	62.8	(35.4)	(55.9)	173.8	11.0
SA	P- T""	Po ..Trill g	0.8	0.8	F2	-(O .4)	((.5)	(1.6)	1.8	(1.7)	(1.7)	-	2.5	2.9	-	(1.5)
SA	P.-T.we	Power Grginnio.	-	-		-										
SA	nw.eE.p..r	Powerradrge.Pewa	(0.4)	(0.4)	(0.3)	(0.1)	(3.4)	(2.3)	(1.1)				(0.4)	(0.3)		(3.4)
		$A	0.4	0.4	0.9	(0.5)	(4.9)	(3.9)	0.7	(1.7)	(1.7)		2.1	2.6		(4.9)
APACHI P.. T..ei.	Power Tradng	3.1	3.1	2.3	0.8	3.2	0.2	3.1	(0.1)	1.0	(1.1)	3.2	1.3		3.2
APACHI P..w T.."@	Power Oriewdo e	-	-	-			-		_						
APACHI T.4iryP+P...r	Powvrd(gegr.ae.	(2.2)	(2.2)	(0.9)	(1.3)	(7.4)	(2.5)	(3.9)	(1.0)	(1.0)		(1.2)	0.1		(7.4)
		APACHI	0.9	0.9	1.4	(0.5)	(4.2)	(2.3)	(0.8)	(1.1)		(1.1)	2.0	1.4		(4.2)
		Power arn4i.g	313.1	313.1	172.8	140.3	368.2	102.6	42.3	223.3	108.8	114.5	89.8	71% 64.0 0 6	291.8	76.4
	OTHLH TI4ORIG															
NA	MM. T. O.,	Coal Tradng	6.9	6.9	3.5	3.4	37.3	16.3	9.4	11.6	3.9	7.7	(4.7)	(04)	8.3	290
NA	C.M.T....q	Credit RaerveMjormsot	5.0	5.0	-	5.0	49.5	-	14.0	35.5		35.5	(30.5)	-	28.3	21.2
NA	aM.T..9	AmonofHPLFV	(14.2)	(14.2)	(7.1)	(7.1)	(28.4)	(7.1)	(7.1)	(14.2)	(7.1)	(7.1)			(28.4)	
NA	00- T.&.1	Eq.iryTradbg	44.8	44.8	11.4	33.4	54.3	16.0	11.1	27.2	27.2	-	17.6	(15.8)	-	54.3
NA	c.aw Tr.."	I.ernr A FX Books	67.5	67.5	39.2	28.3	91.2	23.3	24.6	43.3	21.2	22.1	24.2	180	74.2	17.0
NA	O.hwTdaq	Otbairadiq	(0.3)	(0.3)	(0.3)	-	(2.5)	(0.2)	(2.3)	-		-	(03)	(0.3)	-	(25)
NA	cm- Tr.6iq	PCT Trading	9.1	9.1	6.2	2.9	21.9	1.0	8.5	12.4	86	3.8	(3.3)	(2.4)	11.1	10.8
+A	aETr..y	S02Trdiq	(3.2)	(3.2)	(6.9)	3.7	(6.8)	(4.0)	(3.4)	0.6	(0.2)	0.8	(3.8)	(6.7)	1.1	(7.9)
u	aM.T....e	WadwTdf.g	9.5	9.5	3.8	5.7	13.4	2.6	4.6	6.2	L5	4.7	3 3	2.3	5.5	7.9
.A	T.".E.P...r	G,wradwgc.ye.w	(72.7)	(72.7)	(45.2)	(27.5)	(155.1)	(51.5)	(35.7)	(61.9)	(27.9)	(340)	(10.8)	(17.3)	(90.7)	(644)
		NA	52.4	52.4	4.6	47.8	74.8	(9.6)	23.7	60.7	27.2	33.5	(8.3)	(22.6)	9.4	65.4

ewrE.. 30". 111W



EC 002893047 I~vae. 9 21 M

23%

MIA

=XH066-00269


=============
Page 9 of 41
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	E.... C..p.																
	Tibskok Sonatas																
				2000 by Quarter					1999 by Quarter			00-99 Comparison	99-98		
													YTD	2Q			
	Subaleeorv		Year 4Q	3Q 6 mo	2Q	IQ	Year	4Q	3Q	6 mo	2Q	IQ	lace (Deer)	bier (Deer)	98 Year Ina (Deer)	
ECM	o4. T.."s	S.ap t.ce.e-8NA	6.6	6.6		6.6	-	-	-	-	-	-	6.6	-	-		
ECM	T.dM EAper.	Expenses															
		ECM	6.6	6.6		6.6							6.6				
Elm	cas.7..d.p	adi Reserve AdjnlnM	-	-			104.6	39.6	40.0	25.0	-	25.0	
(25.0)	-	
5.2	
99.1	
(LR	ar.T..dln	own ON FTq.yee a	(47.1)	(47.1)	(18.7)	(28.4)	(38.4)	(12.9)	(13.1)	(12.4)	(6.4)	(6.0)	(34.7)	(12.3)	(10.3)	(28.1)	
SIR	OR. T..r a	ETOI.	17.1	17.1	5.1	12.0	-	-	-	-	-	-	17.1	5.1		-	
Sun	or. T.r:E	ETOLE.pensa	(8.5)	(8.5)	(5.0)	(3.5)	-	-	-		-	-	(8.5)	(5.0)	-	-	
SUR	O+.T...e	Gb alTnd.l	45.2	45.2	14.1	30.4	58.2	2.9	35.0	20.3	(8.6)	28.9	24.9	23.4	72.1	(I3.9)	
Em	Od. T..A.a	I.RSnstt FX Bmb	30.2	30.2	6.1	24.1	24.5	3.3	18.8	2.4	(5.0)	7.4	27.8	11.1	11.7	5.1	
Elm	o+. T..dkm	Od.a Trading	0.3	0.3	0.1	0.2	9.6	4.6	5.0	-	0.8	(0.8)	0.3	(0.7)	(5.4)	15.0	
SUR	err. Tm#.g	P..de.cy Rdeare	-		-	-	-	-	-	-		-	-	-	40.8	(40.3)	
(CM	err. T..r.a	Spread Option	19.3	89.3	65.4	23.9	50.1	30.2	9.6	10.3	4.1	6.2	79.0	61.3	16.4	33.7	
Ever	ou.T.g.a	soon erdge	0.1	0.1	0.7	0.1	(5.0)	(1.0)	(1.3)	(2.7)	2.0	(4.7)	n 3.5	
(1.3)-	
-	
(3.0)	
ELM	Ou.T..&M	Teesside l)dlitia	(0.8)	(0.1)	(0.4)	(0.4)	(13.2)	1.0	(11.8)	(2.4)	(10.5)	1.1	1.6	10.1	-	(13.2)	
(EM	T.", E.,-.	Global Trahi*E.penea	(17.6)	(17.6)	(7.7)	(9.9)	(49.3)	(10.5)	(13.3)	(25.5)	(12.5)	(13.0)	7.9	4.8	(35.8)	(13.5)	
SIAM	T.s.EE.,...	O6aua4 wads	(56.0)	(56.0)	(28.2)	(27.8)	(143.3)	(40.6)	(37.7)	(65.0)	(32.1)	(32.9)	9.0	3.9	(143.7)	0.4	
		Em	52.9	52.9	32.2	20.7	(2.2)	16.6	31.2	(50.0)	(68.2)	18.2	102.9	100.4	(42.3)	40.1	
SA	OW. T..4q	Odta Trading	-		-	-			-	-			-		-	-	
IA	T,.&.4, .p....	E.Pe+ua	(4.2)	(4.2)	(2.0)	(2.2)							(4.2)	(2.0)			
		$A	(4.2)	(4.2)	(2.0)	(2.2)							(4.2)	(2.0)			
APA[m o... T..d.a	Od a Trading															
APAC7a T.. i1 E.p....	EapeRRa															
		APAQII															
NTT.K	dE T..dwe	Nawe.b eepe.aa	(5.1)	(5.1)	(5.1)								(5.1)	(5.1		-	
		N17MK	(S.I)	(5.1)	(5.1)								(S.1) PDIVAOI (S.I) .DIVAN			.DIVAN
EA..-	o.r.T.r:y	Transfer ETOL to Retail	(1.6)	(8.6)	(0.1)	(8.5)							(8.6)	(0.1)			
		E3:..s	(8.6)	(8.6)	(0.1)	(8.5)						-	(8.6) @DIVMI (0.1) aDtVAl1		-	.DIVAN
		Otle T. .I	94.0	
94.0	
29.6	
64.4	
72.6	
7.0	
54.9	
10.7	
(41.0)	
$1.7	
83.3	
161% 70.6 (1.7)	
(32.9)	
105.5	
-321%
		TOTAL COMMODITY	688.2	688.2	442.4	245.8	628.0	151.5	171.7	304.8	10.5	224.3	313.4	171% 361.9 49	410.5	217.5	33%
	INCOME FROM RQRC7tANT DIVEST															
NA	F.i.V.a.i.....	Fair vakeiooe.eIDbelo.)	(58.3) -	- (58.3)	(70.1)	11.8	(1.2)	17.4	36.5	(55.1)	(61.6)	6.5	(3.2)	(8.5)	53.0	(54.2)	
NA	F.i VA. i....	Rhyth R FV . raksa	-	-	-	-	136.0	-		136.0	136.0	-	(136.0)	(136.0)	-	136.0	
NA	ET.....FV.ai.k.	3EDI	135.6	135.6	25.5	110.1	10.7	(23.9)	17.9	16.7	(3.6)	20.3	118.9	29.1	-	10.7	
NA	ET....-FV..aet..	3EDI11	57.1	37.1	17.3	39.8	91.5	6.1	(13.8)	99.2	86.9	12.3	(42.1)	(69.6)		91.5	
NA	Ep.....FV.r.k.	Easerm	0.4	0.4	(0.3)	0.7	(0.5)	(1.1)	1.9	(1.3)	(1.3)	-	1.7	1.0	-	(0.5)	
NA	Ew- FV .A:M.	Other equity .-i p	-	-	-	-	1.6	0.1	-	1.5	(0.6)	2.1	(1.5)	0.6	(22.0)	23.6	
NA	S.su.i.a.a	Strecau:ghwme	-	-	-	-	4.6	-	0.6	4.0	1.2	2.8	(4.0)	(1.2)	22.4	(17.8)	
NA	Su...i.p i.e..	Cleeco (3EDl raruceve)													46.0	(46.0)	
NA	Fi.-.ip.ri...	Ca.da	4.3	4.3	4.3	-	-	-	-	-	-		4.3	4.3			
NA	Fln- I.-	Mans..	12.6	12.6	12.6	-	1.8	2.9	(1.2)	0.1	0.1	-	12.5	12.5	17.3	(15.5)	
NA	Fl.- wy.rle a	Transits Qehor.e	19.2	19.2	19.2	-	-	-	-	-	-	-	19.2	19.2			
NA	F:......i	We" QFi	6.7	6.7	6.7	-	-	-	-	-	-	-	6.7	6.7		-	
NA	Aew.Y i.e .. nwa/.1...R	Aeaul seome on mach invest	13.9	13.9	8.7	5.2	77.6	39.1	4.2	34.3	15.1	19.2	(20.4)	(6.4)	20.4	57.2	
NA	00- P..M.. R.M.e	ECM Reitpb *(]ED[ ENE Poe		-	-	-	7.0	-	-	7.0	-	7.0	(7.0)	-	0.5	6.5	
NA	a e.la..rli.R.I..d	ENEpw	(79.2)	(79.2)	-	(79.2)	(80.7)	-	-	(80.7)	(31.5)	(49.2)	1.5	31.5	-	(80.7)	
NA	ob. nnr.E. R.Md	ECT I.va...e.a	-	-			9.1	-		9.1	-	9.1	(9.1)	- -	-	9.1	
NA	oh. MMi.R.W.d	RepopWrite Do..(IceECM)	-	-	-	-			-		-		-		7.1	(7.1)	
NA	CAW P.dM.R.1.1d	Odter	(5.5)	(5.5)	0.5	(6.0)	(2.9)	(4.5)	(1.5)	3.1	1.1	2.0	(8.6)	(0.6)	(3.2)	03	
NA	E.p.w-M..M......	Expenses-NA	(64.8)	(64.8)	(23.6)	(41.2)	(93.6)	(32.8)	(21.0)	(39.8)	(19.2)	(20.6)	(25.0)	(44)	(99.2)	5.6	
		NA	42.0	- 42.0	0.8	41.2	161.0	3.3	23.6	134.1	122.6	11.5	(92.1)	-/o1% (121.1) (10)	42.3	118.7	211%

EC 002893048

R.&... ma. no

8

  111 PM

EXH066-00270


=============
Page 10 of 41
=============


I.r.. Cap.
Wbolaede R.ekde

Subcateaory

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ECM	06.PonR.R. El .a
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ECM	OM. P.gbii. R.I.1.4
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ECM	04- P.eb11. R.WN
ECM	0.1.. Polbli.RM*.d
ECM	OO.. Po..blb RM."
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EXH066-00271

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	2000 by Quarter					1999 by Quarter			00-99 Comparison		99-98	arjson	
										YTD 2Q				
Year 4Q	3Q 6 mo	2Q	IQ	Year	4Q	3Q	6 mo	2Q	IQ	Iacr (Decr) Iacr (Decr)		98 Year In" (Decr)	
(52.8) -	(52.8)	(69.9)	17.1	23.4		43.0	(19.6)	-	(19.6)	(33.2) (69.9)		8.1	13.3	
79.2	79.2		79.2	80.6	-	12.2	68.4	31.5	36.9'	10.8 (31.5)		-	80.6	
				(3.5)	(2.4)	-	(1.1)		(1.1)	1.1 -		8.6	(12.1)	
39.8	39.8	14.9	24.9	(10.8)	12.8	(25.9)	2.3	0.7	1.6	37.5 14.2		-	(10.8)	
(1.2)	(1.2)	(0.6)	(0.6)		-		-	-	-	(1-2) (0.6)			_	
(0.1)	(0.1)	(0.1)		(17.9)	(17.9)				-	(0.1) (0.1)		26.6	(44.5)	
11.3	11.3	(4.6)	15.9	-	-	-	-	-	-	11.3 (4.6)			-	
1.2	1.2	1.2	-	-	-		-		-	1.2 1.2		-	-	
(0.3)	(0.3)	(0.1)	(0.2)	2.2	-	0.7	1.5	0.3	1.2	(1.8) (0.4)		-	2.2	
(1.0)	(1.0)		(1.0)	-	-		-			(1.0) -		19.9	(19.9)	
(23.8)	(23.8)	(0.6)	(23.2)	-		-		-	-	(23.8) (0.6)		-	-	
				4.5	4.5								4.5	
(0.1)	(0.))	(0.1)		9.0	-	-	9.0	3.4	5.6	(9.1) (3.5)		-	9.0	
(1.0)	(1.0)	(0.5)	(0.5)	(6.0)	(1.5)	(1.5)	(3.0)	(1.5)	(1.5)	2.0 1.0		(5.7)	(0.3)	
6.8	6.8	3.8	3.0	6.9	6.9	-		-	-	6.8 3.8		-	6.9	
4.1	4.1	3.7	0.4	(0.1)	0.3	1.0	(1.4)	(0.5)	(0.9)	5.5 4.2		0.9	(1.0)	
				(7.2)	-	-	(7.2)	(0.1)	(7.1)	7.2 0.1		-	(7.2)	
15.0	15.0	15.0	-	-	-			-	-	15.0 15.0		-		
						(3.0	(13.0)	(13.0)	-	13.0 13.0		-	-	
(2.3)	(2.3)	-	(2.3)			-	-		-	(2.3) -			-	
												59.2	(59.2)	
												(10.0)	10.0	
(8.p	(8.1)	(8.1)	-	-	-	-	-	-	-	(8.1) (8.1)		-	-	
												(7.1)	7.1	
52.0	52.0	52.0	-	-	-		-	-	-	52.0 52.0		-	-	
				34.0	-	-	34.0	34.0	-	(34.0) (34.0)		-	34.0	
				2.1	2.1			-		-			2.1	
				33.8	-	-	33.8	33.2	0.6	(33.8) (33.2)		6.9	26.9	
(8.1)	(8.I)	(3.2)	(2.9)	(39.2)	(15.2)	15.9	(39.9)	(27.9)	(12.0)	31.8 22.7		(14.1)	(25.1)	
110.6	110.6	0.8	109.8	111.8	(10.4)	58.4	63.8	60.1	3.7	46.8 1265% (59.3)	(1.0)	93.3	18.5	20%
(5.0)	(5.0)	(1.9)	(3.1)	2.5	6.3	2.0	(5.8)	1.0	(6.8)	0.8 (2.9)		1.5	1.0	
10.8	10.8	10.8	-	-				-	-	10.8 10.8			-	
				(14.3)	-	0.5	(14.8)	(1.8)	(13.0)	14.8 1.8		0.2	(14.5)	
0.7	0.7		0.7							0.7				
6.5	6.5	8.9	(2.4)	(11.8)	6.3	2.5	(20.6)	(0.8)	(19.8)	27.1 .117% 9.7	(12.1)	1.7	(13.5)	794%
										IDIVMI	IDIVml			aDIVAII
	_									IDIV/01	/DIVA			/0IV/EI
9.3	9.3	8.1	1.2	7.9	2.3	1.0	4.6	2.5	2.1	4.7 5.6		9.5	(1.6)	
9.3	9.3	8.1	1.2	7.9	2.3	1.0	4.6	2.5	2.1	4.7 224% 5.6	22	9.5	(1.6)	-17%
										IDIViol	CDIV/01			aDIV/OI
				(4.4)	-		(4.4)	-	(4.4)	4.4		(7.5)	3.1	
				4.8	-	-	4.8	3.1	1.7	(4.8) (3.1)		-	4.8	
												16.0	(16.0)	
												(31.6)	31.6	
				0.4			0.4	3.1	(2.7)	(0.4) 15% (3.1)	(10)	(23.1)	23.5	102%
				347.9	77.3	(34.8)	305.4	305.4	-	(305.4) (305.4)			347.9	
				9.8	9.8								9.8	
				357.7	87.1	(34.8)	305.4	305.4		(305.4) IDIVMI (305.4)	(10)		357.7	'Diva
				(163.5)	(66.0)	73.0	(170.5)	(189.3)	18.8	170.5 189.3		-	(163.5)	
				(10.5)	(10.5)	-	-	-		- -		-	(10.3)	
						14.0	(14.0)	(14.0)	-	14.0 14.0				
				(14.0)		(14.0)	-		-	-		-	(140)	
				(11.8)	-		(11.8)	(11.8)		11.8 11.8			(118)	
				9.2	9.2		-			- -		-	9-2	
				(2.4)	(2.4)		-	-	-	-		-	(24)	
				9						EC 002893049	'nM	


=============
Page 11 of 41
=============

																	
Enr.. C.q.																	
Wbdo.le Snrkdr																	
			2000 by Quarter					1999 by Quarter			00-99 Comparison		99.98	uison	
												YTD	2Q				
Su too	do	Year 4Q	3Q 6 mo	2Q	IQ	Year	4Q	3Q	6 MO	2Q	IQ	Iocr (Deer)	Iea (Decr)		98 Year I= (Deer)	
EI... %.r I%.bAs R.Ja.d	Recnn Ea c..y expense					(73.0)			(73.0)	(73.0)		73.0	73.0			(73.0)	
	Eons					(266.0)	(69.7)	73.0	(269.3)	(288.1)	18.8	269.3	1432% 288.1	(10)		(266.0)	.DIVAi
	Lc.. -MerdutInvest	168.4	161x.4	18.6	149.8	361.0	18.9	123.7	218.4	204.8	13.6	(50.0)	.30% (186.2)	(0.9)	123.7	237.3	192%
GAINS ON SAas																	
NA Sad-WS" ..	B.aarellarlpet(12S)	-				10.0	-		10.0	-	10.0	(10.0)			27.0	(17.0)	
NA S.Rdn...S.w	Mid Tea (Cyeb.e 125)														40.0	(40.0)	
NA S..d...da.b.	Pft do Rim (125)	-	-	-	-	16.6	-	-	16.6	11.8	4.8	(16.6)	(11.8)		24.2	(7.6)	
NA i.ad...da.w	PNeb.l$ Po.er Plant	-	-	-	-	27.0	-	27.0	-	-	-	-	-		-	27.0	
NA 5.116...54.	(tiojcdRock (12S)					27.4	6.9	20.5								27.4	

NA S.S6..s.W	
Wi.dRiver(12S)	

-			

-	
16.9	-	
16.9							
4.3	
12.6	
NA S.116.wa r.	Hamewr COSyressor S.Ie					1.2	1.2								6.3	(5.1)	
	NA					99.1	8.1	64.4	26.6	11.8	14.8	(26.6)	.190% (11.8)	(1.0)	101.8	(2.7)	.3%
EEC7d S.04-Ws"	NaOee. Badar(125)														49.0	(49.0)	
ECM s.nd....aw	Poland	-	-	-	-	7.8	7.8	-	-	-	-	-	-		-	7.8	
ECM Sm6.ra.l..	P.geet Cede						(Fl-)										
	E04				-	7.8	7.8								49.0	(41.2)	
EI1R 5.46...M..	Bimkld	-	-	-	-	4.8	4.8	-	-	-	-	-	-		-	4.8	
ELM S.IM...rs.b.	Poland	-	-			7.5	7.5	-	-		-		-		-	7.5	
EUR S.n6...a.r.	RWersside Y/ (125)		-	-	-				-		-		'		
e5.0	
(85.0)	
EM a.lw.a.S.l.	Riverside S (125)	-		-	-	2.0	-	-	2.0	-	2.0	(2.0)	-		-	2.0	
EUR SAW-11"	Sum. Brdge 7 (125)	8.7	8.7	8.7	-	-	-	-	-	-	-	8.7	8.7		21.4	(21.4)	
EUR S.IwwO.b.	Soon Bridge 4 (125)					39.0		0.3	36.7	38.7		(38.7)	(38.7)			39.0	
	SUM	8.7	8.7	8.7		53.3	12.3	0.3	40.7	38.7	2.0	(32.0)	.1400% (30.0)	(0.1)	106.4	(53.1)	-So%
SA S.Iw.r/S.k.	Coiab.	-	-	-	-	(1.6) -	(1.6)	-	-	-	-	-		-	(1.6)	
SA S.II ...l.w	ERPeeltl -						-					-					
	SA					(1.6)	(1.6)					IDIVAI	.DIVAN	-	(1.6)	#DIVAI
Idi.																	
I.di. S.Iww.S.1.	Eayeew																
	India											-	IDIV/01	DIVAI			.DIVAI
CAINE S.Iw..sd.	P.era Rio. (Cluarebill 125)	-	-	-	-		-		-	-	-	-			166.6	(166.6)	
CALMS 5.1wvi.I..	Em Elee.iu	0.3	0.3		0.3	-	-		-	-	-	0.3	-		-	-	
cALMe S.R6.,s4.	Hains	5.4	5.4	5.4	-			-	-	-	-	5.4	5.4		-	-	
CALMS 5..6...54..	E.Pmes																
	CALMS	5.7	5.7	5.4	0.3							5.7	'D1vtot 5.4	IDlvAt	166.6	(166.6)	.100%
APACIB S4w.,.'S4.	Gnam(125)	-	-	-	-	14.0	-	-	14.0		14.0	(14.0)	-		-	14.0	
APACHI 5.II w.&S.w	Expenes																
	APACHI					14.0			14.0		14.0	(14.0)	-too%	.DIVAN		14.0	HDIV/01
El HQ Sdw..s w	Goarn		-	-	-	0.5	-	-	0.5	-	0.5	(0.5)	-		-	0.5	
El 110 S.Iw.rS.w	Iny/rmkey(125)	-			-	89.0	-	6.0	83.0	75.3	7.7	(83.0)	(75.3)		199.5	(110.5)	
El S.Iw ws.k.	Eapeares	-		-	-	-	-						-		(63.4)	63.4	
	E1					89.5		6.0	83.5	75.3	8.2	(83.5)	.io1.% (75.3)	(to)	136.1	(46.6)	.34%
FE&CC S.Iw.WS.w	Poland	1-3	1.3	-	1.3	-	-	-	-			1-3	-		-	-	
EEac C s.11d.es.I..	India Pbase It	3.2	3.2	-	3.2	-	-	n	-	-	-	3.2	-			'	
EEacC S.Iw..s.w	Pawn Rim	0.8	0.8	-	0.8	-	-	-	-	-	-	0.8	-		-	-	
FEACC S.II..WS.w	on..	-		-		4.0	-	-	4.0	-	4.0	(4.0)	-		-	4.0	
FE5CC S.Iw.s.k.	Iny/rokey(125)	-	-	-	-	12.8		-	12.8	8.9	3.9	(12.8)	(8.9)		-	12.8	
EE.CC alws.l..	Some Bridge (dereemtr rev)	-	-	-	-	11.7	-	11.7		-						11.7	
EE5CC S.II .rS.i..	Teenide (dercoron m)					3.4		3.4					-			3.4	
	EP.5CC	5.3	5.3		5.3	31.9		15.1	16.8	8.9	7.9	(11.5)	.146% (8.9)	(10)	-	31.9	nDIVro1
	G.las an sales find 125.)	19.7 -	- - 19.7	14.1	5.6	294.0	28.2	84.2	181.6	134.7	46.9	(161.9)	.345% (120.6)	(..9)	559.9	(265.9)	47%

EC 002893050

5.4...2p00. 200.

10

712.1 000. 1' 27 M

EXH066-00272


=============
Page 12 of 41
=============


It .ra. Cery.
Wh.Iu I. B.rkda

			2000 by Quarter					1999 by Quarter			00-99 Comparison		99.98 comparison	
												YTD		2Q				
Subcateaorv	Description	Year 4Q	3Q 6 me	2Q	IQ	Year	4Q	3Q	6 mo	2Q	IQ	Incr (Decr)	Incr (Decr)		98 Ycar	Incr (Decr)	
																	
ASSET oPUAnorts																		
ECM 0p...i..	/EDI M5.m F.e	10.2	10.2	5.1	5.1	20.0	4.5	5.3	10.2	5.1	5.1	-		-		23.0	(3.0)	
ECM op...i..	Other	_	_													0.1	(0.1)	
	ECM	10.2 -	- 10.2	5.1	5.1	20.0	4.5	5.3	10.2	5.1	5.1	-	0%		-	23.1	(3.1)	-13%
Flm Op...i..	Asacn	9.7	9.7	7.0	2.7	(3.0)	(0.7)	(1.8)	(0.5)	(1.2)	0.7	10.2		8.2		(2.1)	(0.9)	
El at op...i...	Ennci	(11.5)	(11.5)	(7.4)	(4.1)	(9.5)	(3.7)	(1.7)	(4.1)	(6.4)	2.3	(7.4)		(1.0)		(11.9)	2.4	
FUR o ...n...	Equity E.nlnp	8.5	8.5	1.5	7.0	18.6	15.5	1-2	1.9	1.7	0.2	6.6		(0.2)		17.3	1.3	
Elm op ni-a	Mass ps..mtFas	4.0	4.0	1.8	2.2	10.7	3.7	4.0	3.0	1.5	1.5	1.0		0.3		9.9	0.8	
Emt op-r...	E.pema	(27.8)	(27.8)	(15.0)	(12.8)	(50.3)	(20.3)	(15.8)	(14.2)	(7.0)	(7.2)	(13.6)		(8.0)		(36.6)	(13.7)	
	EUR	(17.1)	(17.1)	(12.1)	(5.0)	(33.5)	(5.5)	(14.1)	(13.9)	(11.4)	(2.5)	(3.2)	128%	(0.7)	0.1	(23.4)	(10.1)	43%
SA op..i.p.	ElckEoIBIT	59.8	59.8	23.6	36.2	110.6	31.9	6.7	72.0	37.0	35.0	(12.2)		(13.4)		-	110.6	
SA op...i..	Operstioe0	13.2	13.2	5.7	7.5	22.2	9.2	(11.2)	24.2	13.0	1I.2	(11.0)		(7.3)		-	22.2	
SA Op...iar	Equity Eamiop-TGSICIESA	18.2	18.2	6.0	12.2	31.6	7.8	9.7	14.3	7.3	7.0	3.9		(1.3)		38.2	(6.4)	
SA op.a..	Equity Eami..p-Ttwteda	-	-	-	-	13.4	3.3	2.3	7.8	3.9	3.9	(7.8)		(3.9)		6.0	7.4	
SA Op...i..	Equity Er.mp-06a	3.0	3.0	1.0	2.0	3.4	3.3	(0.2)	0.1	-	0.1	2.9		1-0		5.0	(1.6)	
SA op-a..	Equity Ear.i.p-CEG/Rip/Gaspan	3.2	3.2	3.2	-	(1.5)	(3.9)	0.3	2.1	6.0	(3.9)	1.1		(2.8)		-	(I.S)	
SA Op..i....p...	Ecpema	(33.2)	(33.2)	(17.0)	(16.2)	(4.8)	1.7	12.7	(19.2)	(12.1)	(7.1)	(14.0)		(4.9)			(4.8)	
	SA	64.2	64.2	22.5	41.7	175.I	53.5	20.3	101.3	55.1	46.2	(37.1)	-saA	(32.6)	(06)	49.2	125.9	256%
1.4i. op"...	Opentipm	8.0	8.0	6.0	2.0	7.0	6.4	1.7	(1.1)	0.7	(1.8)	9.1		5.3		-	7.0	
Is" Op-man	Equity Eami.p-Dsbbol1	20.8	20.8	4.4	16.4	30.0	19.6	7.8	2.6	2.6	-	18.2		1.8			30.0	
Imi. Op..i....p....	Espcma	(5.7)	(5.7)	(3.1)	(2.6)	(12.3)	(6.2)	(3.5)	(2.6)	(2.6)		(3.1)		(0.5)		-	(12.3)	
	India	23.1	23.1	7.3	15.8	24.7	19.8	6.0	(1.1)	0.7	(1.8)	24.2	-1344%	6.6	9.4		24.7	,ntv/ol
CALMS op......	Openriou	18.1	18.1	14.7	3.4	46.1	30.6	(5.4)	20.9	12.2	8.7	(2.8)		2.5		-	46.1	
CALMS op.ml...	Equity Eame.p-older	9.8	9.8	4.3	5.3	(1.2)	(7.2)	1.5	4.5	1.7	2.8	5.3		2.8		-	(1.2)	
CALMS Op.-	Equity Eami.p-EaaEIecbica	20.8	20.8	(1.1)	21.9	-	-	-	-	-	-	20.8		(1.1)		-	-	
CALMS op.....	Equity Eami.p-Ce..aaas	2.2	2.2	1.3	0.9	7.9	1.4	3.4	3.1	3.0	0.1	(0.9)		(1.7)		-	1.9	
CALMS Op..ti.....p..	Eapnncs	(3.5)	(3.5)	(3.5)		2.6	(3.2)	13.4	(7.6)	(4.7)	(2.9)	4.1		1.2			2.6	
	CALMS	47.4	47.4	15.9	31.5	55.4	21.6	12.9	20.9	12.2	8.7	26.5	305%	3.7	0.3		55.4	6w/O1
APACM Op..%.	Bataaps Po.er	23.0	23.0	11.5	11.5	10.8	-	-	10.8	-	10.8	12.2		11.5			10.8	
APAC/p Op..1..	Haua.	11.0	11.0	3.1	7.9	7.5	-	-	7.5	_	7.5	3.5		3.1		-	7.5	
APACIO op..ti...	Sklrnan 3ialing	7.2	7.2	7.2	-	-	-	-	-	-	-	7.2		7.2		-	-	
ApAcmop..n...	Other	0.9	0.9	(1.1)	2.0	100.4	106.6	(9.5)	3.3	(3.9)	7.2	(2.4)		2.8		-	100.4	
APACM Op.ui...	Equity Eraup-Other	2.9	2.9	1.8	1.1	4.9	2.2	0.8	1.9	0.7	1.2	1.0		1.1		4.4	0.5	
APACM Opraio.	Equity Earoe.p-SK E.m.	15.9	15.9	3.4	12.5	11.7	1.0	4.1	6.6	(I. 1)	7.7	9.3		4.5		-	11.7	
APACHIOp...li....sp..	Eapemes	(67.6)	(67.6)	(28.8)	(38.8)	(122.1)	(104.1)	8.8	(26.8)	0.4	(27.2)	(40.8)		(29.2)			(122.1)	
	APACHI	(6.7) -	- (6.7)	(2.9)	(3.8)	13.2	5.7	4.2	3.3	(3.9)	7.2	(10.0)	.139%	1.0	(0))	4.4	8.9	200
El Op..i..	Other	(4.9)	(4.9)	0.2	(5.1)	(52.4)	(13.6)	(6.1)	(32.7)	(31.4)	(1.3)	27.8		31.6		(5.2)	(47.2)	
El op-i...	Equity Eami..p	-	-	-	-	13.2	1.0	(1.8)	14.0	12.6	1.4	(14.0)		(12.6)		15.3	(2.1)	
El 110 OP.li..	Write.o12H.ma.aas.devetopmleatme	(15.7)	(IS.7)	(15.7)	_	-	-					(15.7)		(15.7)			_	
EIHQ Opn.iau	San Jose	(3.1)	(3.1)	(0.8)	(2.3)	(8.9)	(2.2)	(2.5)	(4.2)	(2.3)	(1.9)	1.1		1.5		(9.9)	1.0	
	El	(23.7) -	(23.7)	(16.3)	(7.4)	(48.1)	(34.8)	(10.4)	(22.9)	(21.1)	(1.8)	(0.8)	44%	4.8	(02)	0.2	(48.3)	-24150Y
EGEP op..ao.	EAPopentiou	71.3	71.3	37.4	33.9	41.2	27.9	13.3	-	-	-	71.3		37.4			41-2	
F.OFP Opn.i..	Expenses	(60.1)	(60.1)	(30.3)	(29.8)	(26.7)	(21.0)	(5.7)		-		(60.1)		(30.3)			(26.7)	
	EGEP	11.2	11.2	7.1	4.1	14.5	6.9	7.6			-	11.2	IDIV/01	7.3	6DIV/01		14.5	6DIV/Ot
Ecl op..or.	Dark Obey A so/Mare suite	-	-	-		140.0	97.0	32.2	10.8	10.8	-	(10.8)		(10.8)			140.0	
ECI tsp.......	Equity cani.p	-	-	-	-	2.5	(2.6)	4.6	0.5	(1.0)	1.5	(0.5)		1.0			2.5	
ECU op.. o...	Espeua					(120.7)	(55.4)	(37.0)	(28.3)	(26.8)	(1.5)	28.3		26.8			(120.7)	
	ECI					21.8	39.0	(0.2)	(17.0)	(17.0)		17.0	NDiV/ol	I7.0	(1.0)		21.8	6DIVro.
Eli.- op...io..	COS adjotat.e.t					(3.0)		(3.0)									(3.0)	
	EErm					(3.0)		(3.0)					IDrvro1		6DIV/01		(3.0)	9DIVmi
	Aasel Opcr.llou	108.6 -	108.6	26.6	82.0	240.1	130.7	28.6	80.8	19.7	61.1	27.8	45%	6.9	9.4	53.5	186.6	34,%

EC 002893051

B.a... Men. Men I I

rap-roe.. 5 n PM

=XH066-00273


=============
Page 13 of 41
=============

It- C-9.																		
Wh.le..le Baea.b																		
			2000 by Qu.ner					1999 by Quarter			00-99 Couparisac		99-98	isoe	
												YTD		2Q				
Subcaft	Dee ido.	Year 4Q	3Q 6 mo	2Q	IQ	Year	4Q	3Q	6"w	2Q	IQ	Ina (Den)	(ncr (Dea)		98 Yea to= (Deer)	
KVU.OPSONT a Oot	isiRDC71DN																	
El6l D. a cw	Samoan add"																	
	EUR												IDIV/a		PDIVIOI			IDIV/Ot
SA IL. A car	Dev real																	
SA D..ac..r	E.pe..e	(8.2)	(8.2)	(4.7)	(3.5)	(37.2)	(19.1)	(3.2)	(14.9)	(7.2)	(7.7)	6.7		2.5		-	(37.2)	
SA D.. a e.m	CESP Fe pie (bas)	-		-	-	-	(1.0)	1.0										
SA D., A C-	Imow income							(3.4)	3.4	3.4		(3.4)		(3.4)				
	SA	(8.2)	(8.2)	(4.7)	(3.5)	(37.2)	(20.1)	(5.6)	(II.5)	(3.8)	(7.7)	3.3	.43%	(0.9)	of		(37.2)	.Dive
I.A. D.. a C...	Dee fen																	
wmw n.acr	E.P.a...	(16.1)	(16.1)	(11.7)	(4.4)	(9.7)	(4.9)	(2.6)	(2.2)	(1.0)	(1.2)	(13.9)		(10.7)			(9.7)	
	India	(16.1) -	(16.1)	(11.7)	(4.4)	(9.7)	(4.9)	(2.6)	(2.2)	(1.0)	(1.2)	(13.9)	1156%	(10.7)	10.7		(9.7)	adV/a
CALME D.. a Car	Dee has	3.7	3.7	2.6	1.1	6.3	-	-	6.3	(0.2)	6.5	(2.6)		2.8			6.3	
CAL.4 D..ae.e	E.pem.es	(18.7)	(18.7)	(10.3)	(8.4)	(13.9)	(4.8)	(1.7)	(7.4)	(4.2)	(3.2)	(11.3)		(6.1)		-	(13.9)	
CM-ME D.. A C-	I.wam w en,.	-	-		-	3.2	0.3	(1.1)	4.0	4.0	-	(4.0)		(4.0)		-	3.2	
C.LME D.. A C...	Dow (nes					3.3	(0.3)	0.2	3.4	3.4		(3.4)		(3.4)			3.3	
	CALME	(15.0)	(15.0)	(7.7)	(7.3)	(1.1)	(4.8)	(2.6)	6.3	3.0	3.3	(21.3)	.64s%	(10.7)	(3.6)		(1.1)	PDIVNl
APACIR De a C..r	Dee ho	-	-	-		-	-		-	-	-	-		-		-	-	
APAC7R D.. A Cr	E.peww																	
	APACHI												VDIV/01		DIV/01			IDIVAR
el w.aC.r	LMplbmlmme							2.1	(2.1)	(2.1)	-	2.1		2.1		8.1	(8.1)	
F.I D.. a Car	Dee eap (.uu-.p ce.n v.iuem	-	-	-	-	(8.2)	-	6.7	(14.9)	(14.9)	-	14.9		14.9		(95.9)	87.7	
El D.. A CW	E.P...es (inel HQ .Boc)					(41.4)	(13.4)	2.0	(30.0)	(23.5)	(6.5)	30.0		23.5			(41.4)	
	e1					(49.6)	(13.4)	10.8	(47.0)	(40.5)	(6.5)	47.0	.723%	40.5	(1.0)	(87.8)	38.2	-44%
EFACC D.. A c....	Aeewee. - EEkCC	6.1	6.1	2.7	3.4	6.2	3.3	2.9	-	-	-	6.1		2.7		-	6.2	
EeaCC a.ac...	ai.b.- EE&CC	1.7	1.7	1.1	0.6	4.9	1.5	2.2	1.2	1.2	-	0.5		(0.1)		-	4.9	
EE*CC 13e a Cr	Dana  E1i0CC		-	-	-	4.6	(0.1)	4.7									4.6	
EEacc D..ac...	G..e- EE*CC		-	-	-	1.9	-	0.6	1.3	0.4	0.9	(1.3)		(0.4)		3.3	(1.4)	
eEacc a. a c...	India raw 11. 81000	7.0	7.0	3.2	3.8	-	-	-	-	-	-	7.0		3.2		-	-	
EFACC D..aea	Nep-OAee- EE0CC	6.6	6.6	6.4	0.2	13.5	9.2	(0.7)	5.0	2.4	2.6	1.6		4.0		2.1	11.4	
EFACC D.. A Cwm	Nep - Gee Ce..q- EE*CC	3.7	3.7	2.6	111	-	-	-	-	-	-	3.7		2.6		-	-	
E.FACC d-&Cr	Nryre-Position - EE000	-	-	-	-	-	-	-	-	-	-	-		-		6.0	(6.0)	
EE&CC D.. &C.	Oda - EE&CC	8.2	8.2	6.2	2.0	9.0	5.1	0.6	3.3	1.8	1.5	4.9		4.4		(5.7)	14.7	
EE*CC De Ac-	Poland - EEacC	1.3	1.3	1.3	-	2.3	0.2	0.4	1.7	1.7	-	(0,4)		(0.4)		-	2.3	
EP*CC De&C.r	Peceesake, - EE&CC	(18.4)	(18.4)	(5.4)	(13.0)	1.3	(7.4)	(2.9)	11.6	1.7	9.9	(30.0)		(7.1)		19.6	(18.3)	
EFACC D..aC	Sam. Bridp-EE&CC	1.2	1.2	1.2	-	5.3	-	(3.8)	9.1	-	9.1	(7.9)		1.2		15.4	(10.1)	
EEACC rk.ac*	Temide(dnrmssrree)-EE&CC	-	-	-	-	-	-	-	-	-	-	-		-		13.3	(13.3)	
EEACC O..Acr	T.Aey(eoro.)- EE000	-	-	-	-	(0.3)	0.8	-	(1.1)	(4.0)	2.9	1.1		4.0		3.9	(6.2)	
EFACC Is. A e.w	wenmwglmePae.enkmw . EE/CC					3.0			3.0	3.0		(3.0)		(3.0)			3.0	
	EE&CC	17.4	17.4	19.3	(1.9)	51.7	12.6	4.0	35.1	8.2	26.9	(17.7)	.66%	11.1	14	59.9	(8.2)	.14%
	Deeigwaam&ca.wr.esn.	(21.9)	(21.9)	(4.8)	(17.1)	(45.9)	(30.6)	4.0	(19.3)	(34.1)	14.8	(2.6)	IS%	29.3	(09)	(27.9)	(I8.0)	69%
	TOTAL ASSETS a INVESTMENTS	274.8	274.8	54.5	220.3	849.2	147.2	240.5	461.5	325.1	136.4	(186.7)	-137%	(270.6)	0.6)	709.2	140.0	3o%
.A	U.slbcakd E.peroe.- NA	(80.1)	(80.1)	(47.4)	(32.7)	(125.2)	(26.8)	(25.5)	(72.9)	(38.4)	(34.5)	(7.2)		(9.0)		(123.6)	(1.6)	
:IIR	UnalbnkdExpenses -EUR	(27.2)	(21.2)	(12.6)	((4.6)	(35.6)	(9.4)	(8.6)	(17.6)	(11.7)	(5.9)	(9.6)		(0.9)		(27.6)	(8.0)	
	TOTAL UNALLOCATED	(107.3)	(107.3)	(60.0)	(47.3)	(160.8)	(36.2)	(34.1)	(90.5)	(50.1)	(40.4)	(16.8)	42%	~ (9.9)	0.2	(151.2)	(9.6)	6%
	TOTAL WHOLESALE	855.7 -	- 855.7	436.9	418.8	1,316.4	262.5	378.1	675.8	355.5	320.3	179.9	94%	81.4	6.1	968.5	347.9	36%

EC 002893052

Boa.. 300.. Sow

12

7na1eoo. 1 17 PM

=XH066-00274


=============
Page 14 of 41
=============

Er.u C..P.
Vtkaleale B.cketa

Subeateaorv
IAI GASOMGU(AflONI-NA
NA Oaai. IC..-earl	APEA
NA Oi i+r+ 1Ce..diy)	BPA
NA 0-9--ma- Ic .31	cow"
NA Oaa...ir1(Ys..diy)	Ca.Ma
NA adriw.m IOw...iy)	CWW ARR.k7
NA O.iaa.a...(C..-Wky)	DePeae
NA	Dake?adae,
NA O.iai..ai...(9.w+M,)	Ewes
NA OA .r:.. #C--"ft)	Ft Iane
NA Oria.wimrlCw..da7)	FP&L
NA aiai..wr IC...sat)	Hkaaa Paw&Ccl.nbi Path
NA ai.:Mir fc-o"	MSCFA
NA Q(a:..a... IC..-.day)	Ode 0.ighaYetl
NA r7rip.ri...IC.w..dat)	Puts SPrf pus. Sn Fra.cbee
NA Orip.wlr laY,	Peoples
NA Odel.rir (C....My)	QsMeck
NA O.i/riw. N'..nd:	WAPA
NA (7ry.Ni.a tc.oeo M,)	WAN EMC
NA O. 1i..li... (C.w...iy)	wEaa Ceal
NA 0.yv wi... (c..w.Ai.yl	WHIP (BPA)
	NA
lal POWER OMGmAflONS - NA
NA cm . (Cam lAy)	Caaaa
NA O.iaw..i- ICm..A&.r)	Gam
NA Oriai.w:w lc....."	Geaw.PeakeN Traeacaoa
NA OAi.wi.. (Cmw..Mr)	Oala Dri1laadam
NA Oiai.w....4C~yl	Usit d lllsmi..tisa
	NA
Id POWER ORIG1NAflONS-CUR
EUR r7ria...i. (C....wdAy)	Ea(a. I Tik 11
FUR 0ria..a... (C-day)	Ewes I Till III
FUR Om ti...iom 4C.awMily)	Rulers 11
EUR Oria..a.m 4Cww.wdiry)	Earn Trngoralb.
EIiR 0.ia:.i... (C.--&,)	Ea.. Cab
El O O.iais..m (C..wdi.y)	Ose. Origl.adnn
EUR Oria.Hi.. Pp.-.	Eai.eaa

EUR

	2000 by Quarter					1999 by Quana			00.99	arisoo	99-91	soo
										YTD	2Q		
Year IQ	3Q 6 mo	2Q	IQ	Year	4Q	3Q	6 am	2Q	IQ	Ina (Dea)	locr (Dea)	98 Year IRa (Decr)
				5.0	-	5.0	-	-	-		-		5.0
-	-	-	-	7.0	-	-	7.0	-	7.0	(7.0)	-	4.9	2.1
												6.5	(6.5)
10.1	10.1	3.8	6.3	11.7	1.4	1.7	8.6	3.2	5.4	1.5	0.6	-	11.7
												10.0	(10.0)
												11.5	(11.5)
												3.5	(3.5)
				10.1	-	-	10.1	4,1	6.0	(10,1)	(4.1)	31.0	(20.9)
				1.1	-	1.1	-	-	-	_	_	-	1.1
				8.3		(2.2)	10.5	10.5	-	(10.5)	(10.5)	-	8.3
												2.7	(2.7)
										,y		3.1	(3.1)
6.1	6.1	3.6	2.5	15.5	1.6	2.9	11.0	5.0	6.0	(4.9)	(1.4)	21.3	(5.8)
-	-	-	-	1.0	-	-	8.0	-	8.0	(8.0)	-		8.0
				14.0	4.0	10.0	-	-	-			-	14.0
				6.9	-	6.9	-		-		-		6.9
												41.6	(41.6)
				7.9		-	7.9	7.9		(7.9)	(7.9)	-	7.9
				8.5	8.5								1.5
												47.4	(47.4)
16.2	16.2	7.4	8.8	104.0	15.5	25.4	63.1	30.7	32.4	(46.9)	(23.3)	183.5	(79.5)
				5.5	5.5	-	-		-			-	5.5
31.6	31.6	10.5	21.1	40.6	22.2	15.3	3.1	3.1	-	28.5	7.4	_	40.6
-	-	-	-	49.0	49.0	-	-	-	-	-	-	-	49.0
1.6	1.6	-	1.6	-	-	-	-		-	1.6			
				30.0	30.0								30.0
33.2	33.2	10.5	22.7	125.1	106.7	15.3	3.1	3.1		30.1	7.4		125.1
-	-											7.0	(7.0)
												16.9	(16.9)
	-	-			-		-	-		-	-	42.8	(42.8)
				%.3	-		96.3	%.3	-	(96.3)	(%.3)	-	96.3
												(2.3)	2.3
				(30.2)	(9.7)	(6.5)	(14.0)	(7.4)	(6.6)	14.0	7.4	(20.7)	(9.5)
				66.1	(9.7)	(6.5)	82.3	88.9	(6.6)	(82.3)	(88.9)	43.7	22.4

EC 002893053



13

7/2a7000, 1 27 PM

EXH066-00275


=============
Page 15 of 41
=============

															
	19.r.. Corp.														
	wkokad. B.ekrs.														
				2000 by Quarter				1999 by Quarter			00-99 Comparison	99-98 comparison
												YTD	2Q		
	Subcateaorv	Description	Year 4Q	3Q 6 tno	2Q	IQ	Year 4Q	3Q	6 mo	2Q	IQ	Incr (Deer)	Incr (Deer)	98 Year	Incr (Deer)
															
	IDI PAR VALOR INCOMS-NA													
NA	Fair V.h. I...n.	Bib. FV												4.5	(4.5)
NA	Fair V.h.. I...m.	Bibo Eq.iy												6.2	(6.2)
NA	Far VA. I.-	Black Mountain FV	-				7.3 3.0	4.3						-	7.3
NA	Fair Value i....	Canada PV	0.9	0.9	0.9	-	(1.6) (1.6)	-	-		-	0.9	0.9	(2.2)	0.6
NA	Fair V.L.I.....	C..6kre BaRab FV	-	-	-	-	- -	-	-	-	-	-	-	6.0	(6.0)
NA	F... v.." r.....	Centbr. Riveniee [PC	(5-0)	(5.0)		(5.0)	(2.2)		(2.2)	(2.2)		(2.8)	2.2	-	(2.2)
NA	Fair Vas- b-	Carmo FV	0.1	0.1	0.1	-	(5.6) -		(5.6)	(5.6)	-	5.7	5.7	-	(5.6)
NA	saw Val. i.m...	Cauydca FV	-	-	-	-	16.5 8.0	-	8.5	2.0	6.5	(8.5)	(2.0)	-	16.5
NA	F.kV.l.l.ee..	City F..wFV	(1.0)	(1.0)	(1.0)	-	- -	-	-	-	-	(1.0)	(1.0)	5.5	(5.5)
NA	Fair V.h" i.....	Cook Inks FV												2.3	(2.3)
NA	Far Val. I....	Comps Fv	-		-	-	(8.0) -	-	(8.0)	(5.1)	(2.9)	8.0	5.1	(3.0)	(5.0)
NA	Far V.k.Ic o	Cypa. Earl FV	-	-	-	-	(5.0) -	-	(5.0)	(5.0)	-	5.0	5.0	-	(5.0)
NA	Fair Val. I.-	Ent cow Po.er FV	-		-		4.4 -	-	4.4	-	4.4	(4.4)	-	-	4.4
NA	F.r v.l..:m.	EmgM Fv	0.5	0.3	0.5	-	10.8 -	10.8	-	-	-	0.5	0.5	-	10.8
NA	Far V.I. L...	Fist Worm FV	(0.8)	(0.8)	(29.6)	28.8	96.8 4.0	41.4	51.4	38.4	13.0	(52.2)	(68.0)	-	%.8
NA	F.i,VA-I, ..	Heanl.dSIMFV	(4.3)	(4.3)	(4.3)	-	6.7 -	-	6.7	-	6.7	(11.0)	(4.3)	11.6	(4.9)
NA	F.PV.I..i.c...	Fledge PerForm.oceFV	(16.0)	(16.0)	(2.0)	(14.0)	(105.9) 4.0	(5.7)	(104.2)	(68.2)	(36.0)	88.2	66.2	1.2	(107.1)
NA	F.kv.I..I.....	H.gaRawla	(5.6)	(5.6)	(5.6)	-	- -	-	-	-		(5.6)	(5.6)	-	-
NA	F.k Val. I.-	NV Marine	1.5	1.5	1.5							1.5	1.5	-	
NA	Fwv.I.i.m..	R.rr.FV	(52.1)	(52.1)	(29.7)	(23.4)	47.8 (4.5)	-	52.3	38.9	13.4	(104.4)	(67.6)	11.9	35.9
NA	Fair V.I.1.....	KaOky Canyon Fv	-	-	-	-	- -	-	-	(2.1)	2.1	-	2.1	-	-
NA	Fair V.MI.....	Under Oil	1.2	1.2	1.2		-	-	-	-	-	1.2	1.2		
NA	Fair Va. I.-	Mariner FV	2.3	2.3	2.3	-	14.7 -	-	14.7	(2.7)	17.4	(12.4)	5.0	-	14.7
NA	F.kV.I-i.m..	Merlin	(10.3)	(10.3)	(10.3)	-	- -	-	-	-	-	(10.3)	(10.3)	-	-
NA	Fair V.I. I.-	NSM FV	-	-		-	(10.6) -	-	(10.6)	(8.2)	(2.4)	10.6	8.2	(3.4)	(7.2)
NA	F.k V.I. I....	Oco.ra F.lb FV	-	-		_	(2.7) _	_	(2.7)	(2.7)	-	2.7	2.7	8.0	(10.7)
NA	Fair Volo i....,,	Olker-FV	2.9	2.9	3.1	(0.2)	(1.2) 0.3	(2.7)	1.2	(0.8)	2.0	1.7	3.9	4.3	(5 S)
NA	F. V.I. is.<.-	rapier Masson FV	1.0	1.0	1.0	-	10.3 4.2	-	6.1	-	6.1	(5.1)	1.0	-	10.3
NA	Fc. Val. i.....	Qoaliieck Fv	-	-	-	-	(67.7) -	-	(67.7)	(42.6)	(25.1)	67.7	42.6	-	(67.7)
NA	F.rVA.I.oo..	QomuFV	25.6	25.6	-	25.6	5.4	(11.6)	17.0	14.3	2.7	8.6	(143)	7.3	(1.9)
NA	Fair V.I.ls....	RaaMKaMa FV	-	-			(4.8) -		(4.8)	(2.2)	(2.6)	4.8	2.2	(0.1)	(4.7)
NA	Fair V.h.a l.r.n.	Repap FV												(7.1)	7.1
NA	Fai, val. i.r...	Smlctared credit FV	-	-	-	-	(7.8) -	-	(7.8)	(7.8)		7.8	7.8	-	(7.8)
NA	F... V.1.. i.....	Veooco FV	0.9	0.8	0.8		1.2	-	1.2		1.2	(0.4)	0.8		1.2
		NA	(58.3)	(58.3)	(70.1)	11.8	(1.2) 17.4	36.5	(55.1)	(61.6)	6.5	(3.2)	(8.5)	53.0	(54.2)
															
	191 FAIR VALUE VICOFR-[CM													
ECM	Fair V.h. ioc...	ECF Investments - FV	-	-	-	-	- -	-	-		-			6.3	(6.3)
ECM	Fa., V.I. I.c.c.	EOG Eacha..geshk Notes - FV	(81.9)	(81.9)	(81.9)	-					-	(81.9)	(81.9)	-	-
ECM	F.i,V.h.k.e...	EOG Hedge Basket -FV	-	-		-	-	-	-				-	1.5	(I.S)
ECM	F.I. V.I. l.m..	EOGR Hedge- FV	(2.4)	(2.4)	(2.4)	-	- -	-	-	-		(2.4)	(2.4)	-	-
ECM	F.cV.I.i.....	EOGR-FV	139.4	139.4	139.4	-	43.0 -	43.0	-	-	-	139.4	139.4	-	43.0
ECM	Fair V.L, inc...	Lag. American Basket - FV	-	-	-	-	-			-			-	0.3	(0.3)
ECM	F.W V.I.i.....	Marine: -FV	-	-	-	-	(9.0) -	-	(9.0)	-	(9.0)	9.0	-	-	(9.0)
ECM	F.. V.I..i.....	Rhythms -FV	(125.0)	(125.0)	(125.0)	-	-	-		-		(125.0)	(125.0)		.
ECM	F.kV.I.i......	Rkylkn.Hedge-FV	17.1	17.1	-	17.1	- -	-	-		-	17.1			
Eon	F.irV.I.i,..,.	S&PHedge -FV				
-	(10.6)		(10.6)	-	(10.6)	10.6			(10.6)
		ECM	(52.8) -	- (52.8)	(6i.
9)	17.1	23.4	43.0	(19.6)		(19.6)	(33.2)	(69.9)	8.1	IS.3
															
	IFI FAIR VALUE BICOoa-91													
El	hr v.l- i.a....	Adrian Resources FV	-	-	-		-	-					-	(2.2)	22
El	F.i, V.1.. 1.......	Baebaq nFV												(2.3)	23
F.I	saw V.1. i....	Manic FV												2.0	(20)
El	F.k v.h- is..	NSM FV	_			_	(4.4)	-	(4.4)	_	(4.4)	4.4	-.		(4.4)
El	F.. v.l. a.....	Pramps Fv												(5.0)	5.0
		El					(4.4)		(4.4)		(4.4)	4.4		(7.5)	3.1
															
														
	B.e6. IQ", FO.a					14						EC 00289	3054 n.ao.a.,.,vM

EXH066-00276


=============
Page 16 of 41
=============


0 9 0

Enron Corp
Gas Pipeline Group (EGPG4)
Detailed Variation Analysis
2nd Quarter

Revenues 7771
NNG
TW
Other Ops

Cost of Sales 7771
NNG
TW
Other Ops

Gross Margin
  7-71
NNG
TW
Other P/L Ops

O atin Expenses ind taxes
NNG
TW
EOTT
Other Ops
NNG - depredation
TW - depreciation
Other Ops - depreciation

Operating Income

Equity Earnings
NNG (Trailblazer, Overthrust)
Citrus
Northern Border
EOTT
Other
  TOTAL

)Gains on Sales )
NNG (Overthrust/Kingman LandlZavala)
NNG (Tejas/Champlin)

  6 Mo Ended June 30 Second Quarter First Quarter
  2000 1999 Incr(Deer) 2000 1999 Incr(Decr) 2000 1999 Incr(Decr)

  287.4 231.1 58.3
82.6 76.6 6.0
  1.6 2.5 (0.9)
371.6 310.2 61.4

  121.8 89.7 31.9 1
43.3 37.5 5.8 1
0.8 0.8
  165.7 128.0 37.7

  165.8 141.4 24.4 A
39.3 39.1 0.2 8
0.8 1.7 (0.9)
  205.9 182.2 23.7

  11.1 2.6 8.5
11.7 3.0 8.7
22.8 5.8 17.2

  10.3 2.1 8.2 1
7.8 2.0 5.8 J
18.1 4.1 14.0

  0.8 0.5 0.3
3.9 1.0 2.9 C
4.7 1.5 3.2

276.3	228.5	47.8	111.3	87.8	23.7	165.0	140.9	24.1
70.9	73.6	(2.7)	35.5	35.5	-	35.4	38.1	(2.7)
1.6	2.5	(0.9)	0.8	0.8		0.8	1.7	(0.9)
348.8	304.6	44.2	147.6	123.9	23.7	201.2	180.7	20.5
								
111.1	100.9	10.2	57.5	50.1	7.4 K	53.6	50.8	2.8 0
18.8	21.7	(2.9)	9.5	10.8	(1.3) L	9.3	10.9	(1.6) E
0.3	0.5	(0.2)	0.1	0.5	(0.4)	0.2	-	0.2
11.0	2.6	8.4	8.4	2.9	5.5	2.6	(0.3)	2.9 F
22.8	24.2	(1.4)	11.7	12.3	(0.6)	11.1	11.9	(0.8)
9.8	9.2	0.6	5.0	4.6	0.4	4.8	4.6	0.2
	0.2	(0.2)					0.2	(0.2)
173.8	159.3	14.5	92.2	81.2	11.0	81.6	78.1	3.5
								
175.0	145.3	29.7	55.4	42.7	12.7	119.6	102.6	17.0

1.9	0.8	1.1
15.5	11.8	3.9
3.4	4.1	(0.7)
(3.9)	(0.3)	(3.6)
16.9	16.2	0.7

1.0	0.9	0.2
9.0	5.3	3.7 M
1.7	2.3	(0.6)
(1.8)	(0.3)	(1.5)
9.9	8.1	1.8

  1.0 - 1.0 1.0 - 1.0
0.7 (0.7) - - -
  1.0 1.0 - 1.0 0.3 0.7

0.9	- 0.9 G
6.5	8.3 0.2
1.7	1.8 (0.1)
(2.1)	(2.1) H
7.0	8.1 (1.1)

  0 7 (0.7)
0.7 (0.7)

EC 002893055

Var2000 Other, GPG

15

7/21/00, 9 14 AM

EXH066-00277


=============
Page 17 of 41
=============



Enron Corp
Gas Pipeline Group (EGPG4)
Detailed Variation Analysis
2nd Quarter

Other Income
Interest Income
99 Interest Lock /'98 KN Deposit
99 Conoco 1'98 Kansas Ad valorem refund
99 Bear Paw & KMI 1'98 Vehicles sales
NP (Reknb. Of Transcanads Payment)
NNG Overth ust 2000
NNG Conoco 2000
ENA swap 2000
Other
  TOTAL

  6 Mo Ended June 30 Second Quarter First Quarter
  2000 1999 lncr (Decr) 2000 1999 Incr (Decr) 2000 1999 Incr (Dea)

0.8	11.3	(10.5)
	9.0	(9.0)
	9.0	(9.0)
	(2.8)	2.8
	9.0	(9.0)
1.0	-	1.0
(2.0)	-	(2.0)
14.7	-	14.7
(2.3)	0.5	(2.8)
12.2	36.0	(23.8)

0.5 11.3 (10.8) N

-	9.0	(9.0)
0.1	-	0.1
(2.0)	-	(2.0)
14.7		14.7 0
(2.3)	1.1	(3.4)
11.0	21.4	(10.4)

0.3	-	0.3
	9.0	(9.0)
	9.0	(9.0)
	(2.8)	2.8
0.9	-	0.9
	(0.6)	0.6
1.2	14.6	(13.4)

IBIT 205.1 198.5 6.6

NNG
TW
Citrus
EOTT
Other Ops

  TOTAL IBIT
Interest Expense

Int on 3rd party debt
Other trade interest
Capitalized interest

int exp - trade

Interco Interest (inc)lexp

157.6	120.4	37.2
42.2	42.7	(0.5)
15.5	11.6	3.9
(3.2)	10.9	(14.1)
(7.0)	12.9	(19.9)
205.1	198.5	6.6

  20.4 19.6 0.8
- 7.4 (67.1)
  (0.2) (1.0) 0.8
20.2 28.0 (65.5)

  77.3 72.5 4.8

55.5	26.3	29.2
20.9	20.1	0.8
9.0	5.3	3.7
(1.3)	10.9	(12.2)
(6.8)	9.9	(16.7)
77.3	72.5	4.8

  9.9 9.8 0.1
3.8 (3.8)
  (0.1) (0.3) 0.2
9.8 13.3 (3.5)

  127.8 126.0 1.8

102.1	94.1	8.0
21.3	22.6	(1.3)
6.5	6.3	0.2
(1.9)	-	(1.9)
(0.2)	3.0	(3.2)
127.8	126.0	1.8

  10.5 9.8 0.7
3.8 (3.6)
  (0.1) (0.7) 0.6
10.4 12.7 (2.3)

  (59.7) (56.6) (3.1) (29.5) (28.6) (0.9) (30.2) (28.0) (2.2)
(39.5) (30.6) (68.6) (19.7) (15.3) (4.4) (19.8) (15.3) (4.5)

A Margins increased S9mm primarily due to new rates in 2000. rate case reserve of S9.4mm in 1999 and 84.2mm rate case refund reserve reversal In 2000.
B Bloomfield Bistl contract buyout In 1999 of S3.6mm partially offset by $2.8m of operational gas sales In 2000.
C Operational gas sales
D Higher Corporate allocations In 2000.
E Fuel used In operations in 1999.
F Primarily due to SAP system costs of 82.5mm In 2000.
G Trailblazer Partnership Income
H EOTT was reported in Corp & Other In 1999.
I Base Gas Sale In 2000 resulted in 551.2MM of revenue and $9. 1MM in costs.
J Primarily operational gas sales (sale of Iinepack) in 2000.
K SBA Fees In 2000 S2.4mm. Regulatory Amortization In 2000 $2.3, Higher Corporate allocations In 2000 $3.3, Other S1.4mm.
L Unaccounted fuel percentage dropped In 2000, compared to 1999. resulting in upside.
M Lower financing costs, due to interest hedge on debt.
N Lower EOTT Interest income
O Earnings from derivative related to '99 Base Gas transaction were locked In during 2000.


0

EC 002893056

Var2000 Other, GPG

16

7121/00, 9' 14 AM

=XH066-00278


=============
Page 18 of 41
=============


9 0

Enron Corp
Portland General (PGE4)
Detailed Variation Analysis
2nd Quarter

	8 Mo Ended June 30	Second Quarter			First Quarter	
	2000	1999	Incr(Decr)	2000	1999 Incr(Decr)		2000	1999 Incr(Decr)
IBIT										
Gross revenues										
PGG Retail & Other	532.5	594.7	(62.2)	249.4	321.0	(71.6)		283.1	273.7	9.4
PGG Wholesale	295.9		295.9	181.9	(25.2)	207.1		114.0	25.2	88.8
	828.4	594.7	233.7	431.3	295.8	135.5		397.1	298.9	98.2
Cost of sales										
PGG	(453.9)	(219.1)	(234.8)	(251.4)	(119.3)	(132.1)		(202.5)	(99.8)	(102.7)
Other										
	(453.9)	(219.1)	(234.8)	(251.4)	(119.3)	(132.1)		(202.5)	(99.8)	(102.7)
										
Gross margin	374.5	375.8	(1.1)	179.9	176.5	3.4	A	194.6	199.1	(4.5)
										
Operating expenses	(120.7)	(117.9)	(2.8)	(61.3)	(64.8)	3.3	8	(59.4)	(53.3)	(6.1)
DDBA (ind fair value)	(92.5)	(93.8)	1.1	(46.2)	(47.1)	0.9		(46.3)	(46.5)	0.2
Taxes, other	(33.2)	(31.4)	(1.8)	(15.3)	(14.4)	(0.9)		(17.9)	(17.0)	(0.9)
Equity in earnings of unconsol	2.5	9.3	(6.8)	1.2	3.7	(2.5)	C	1.3	5.6	(4.3)
Other income, net										
Customer Choice	31.0							31.0	-	31.0
COLT	11.3	3.5	7.8	0.6	1.8	(1.2)		10.7	1.7	9.0
BPC stock sale	5.7		5.7	-	-	-		5.7	-	5.7
Stock agreement	(11.5)		(11.5)	-	-	-		(11.5)	-	(11.5)
Other	0.5	2.4	(1.9)	3.4	0.5	2.9	D	(2.9)	1.9	(4.8)
IBIT	167.6	147.9	19.7	62.3	56.4	5.9		105.3	91.5	13.8
										
										
Interest Expense										
Int on 3rd party debt	31.2	29.8	1.4	16.7	13.2	3.5	E	14.5	16.8	(2.1)
Other trade interest	4.8	4.1	0.7	1.5	2.5	(1.0)		3.3	1.6	1.7
Capitalized interest	(1.4)	(0.7)	(0.7)	(0.8)	(0.3)	(0.5)		(0.6)	(0.4)	(0.2)
Int exp - trade	34.6	33.2	1.4	17.4	15.4	2.0		17.2	17.8	(0.6)
Interco Interest (inc)/exp	(1.J		(1.0)	(0.5)	(0.2)	(0.3)		(0.5)	0.2	(0.7)
	33.6	33.2	0.4	16.9	15.2	1.7		16.7	18.0	(1.3)

A GM Incr due to PGE taking advantage of a long position in a high cost market
B Incr due to $3.7m gas transportation reclass now In GM
C Seneca one-lime gain of $2.5 In 1999
D Incr due to reversal of land demolition reserve offset by reduced COLT Income
E Incr. In debt related to new debt issue of $150mm


9

- EC 002893057

Var2000 Other, PGE

17

712 1100, 9:14 AM

EXH066-00279


=============
Page 19 of 41
=============



  Enron Corp
  Retail Energy Services (RETAIL4)
Detailed Variation Analysis
  2nd Quarter

  IBIT
Gross revenues
  Gas sales
Power sales
Power MTM
Facilities Services
Outsource 6 Other
EES Int'I
  Investment Earnings
Total Gross revenues

  Cost of sales
Gas
  Power
Facilities Services
Outsource & Other
EES Inl'I
Total cost of sales

Gross margin
Gas sales
Power sales
Power MTM
Facilities Services
Outsource & Other
EES Int'l
  Investment Earnings
Total Gross margin

  Operating expenses
Deprec & amort
Taxes, other
Other income, net
IBIT before Min. Int.

  Minority Interest in Omnicron
Minority Interest in EES
  BIT

  Interest Expense

  6 Mo Ended June 30 Second Quarter First Quarter
  2000 1999 Incr (Do") 2000 1999 Incr (Dea) 2000 1999 Incr (Decr)

509.3	3282	181.1
250.0	98.7	1513
149.7	47.1	102.6
268.4	230.4	38.0
1607	0.2	160.5
144.1		144.1
	5.0	(5.0)
1,482.2	709.6	772.6

2539 - 144.6	1092
178.4	61.4	117.0
76.7	18.7	58.0
135.8	118.4	17.4
119.5	(6.9)	126.4
76.1	-	76.1
	3.8	(3.8)
840.3	340.0	500.3

255.5	183.6	71.9
71.6	37.3	34.3
73.0	28.4	446
132.6	112.0	206
41.2	7.1	34.1
68.0	-	60.0
	1.2	(1.2)
641.9	369.6	272.3

  (502.8) (322.5) (180.3)
(243.4) (105.3) (138.1)
(232.9) (198.1) (348)
(171.1) (5.5) (165.6)
(108.2) - (108.2)

(1,258.4) (631.4) (627.0)

8.5	S.7	0.8
6.6	(6.6)	13.2
149.7	47.1	1026
35.5	32.3	3.2
(10.4)	(5.3)	(5.1)
35.9	-	35.9
	5.0	(5.0)
223.8	78.2	145.6
(194.0)	(125.9)	(68.1)
(18.0)	(10.1)	(7.9)
(4.7)	(3.3)	(1A)
32.5	0.8	317
39.6	(603)	99.9

  (0.8) 0.6
0.3 4 1 (3.8)
  39.9 (568) 96.7

  (247.3) (140.6) (1067)
(172.6) (63.5) (109.1)
(119.2) (1015) (17.7)
(128.8) (0.9) (127.g)
  (51.0) (51.011

(718.9) (306.5) (412.4)

6.5	4.0	2.5
5.8	(2.1)	7.9
76.7	18.7	58.0 A
18.6	16.9	(0.3)
(93)	(7.8)	(1.5)
25.1	-	25.1 B
	3.8	(3.8)
121.4	33.5	87.9

  (255.5) (181.9) (73.6)
(70.8) (41.8) (29.0)
  (113.7) (96.6) (17.1)
(42.3) (46) (37.7)
(57.2) - (57.2)

(539.5) (324.9) (214.6)

-	1.7	(1.7)
0.8	(4.5)	6.3
73.0	28.4	44.8
18.9	15.4	3.5
(1.1)	2 5	(3.6)
toe	-	10.8
	1.2	(1.2)
102.4	44.7	57.7

(97.8)	(56.6)	(41.2) C	(962)	(69.3)	(26.9)
(8.9)	(3.9)	(5.0)	(9.1)	(62)	(2.9)
(2.1)	(2.9)	0.8	(2.6)	(0.4)	(2.2)
10.7	1.1	9.6 0	21.8	(0.3)	22.1
23.3	(288)	52.1	16.3	(31.5)	47.8
	0.7	(0.7)	-	(1.3)	1.3
0.1	2.0	(1.9)	0.2	2.1	(1.9)
23.4	(26.1)	49.5	16.5	(30.7)	47.2

  Int on 3rd party debt 1.2 - 12 1.3 - 1.3 (0.1) (0.1)
Other trade interest 4.5 (4.5) - 2.6 (2.6) - 1.9 (1.9)
Capitalized interest (0.4) (0.4) (0.3) (0.3) (0.1) (0.1)
  tntexp-Made 0.8 4.5 (3.7) 1.0 2.6 (1.6) (0.2) 1.9 (21)

  Interco interest (incyexp

Var2000 Other. EES

  5.1 5 1 5.1 5.1
  5 9 4 5 1.4 6.1 2.6 3.5 (0.2) 1.9 (21)

B EES international was not a segment in 1999.
C General and administrative expenses increased $16 million as a result of increased business operations. $6 mean
for IT/outsourceg, $8 million for incentive pay accruals and $11 million for inclusion of EES international.
0 Monet nation of EMW warrants resulted in a $25.0 million dollar gain. This was partially offset by the net equity loss
in the earnings of the New Power Company which approximated $16 million.

A Mark to Market (Gas and Power) gross margin increased $57.7 million due to recognizing MTM income
on deals closed approximately $76.4 million.

18



EC 002893058

7121100, 9 14 AM

EXH066-00280


=============
Page 20 of 41
=============


0 0 9

Enron Corp
Enron Broadband Services (EBS)
Detailed Variation Analysis
2nd Quarter

IBIT
Gross revenues
  Dark fiber & software sales
Other
Total Gross revenues
Cost of sales
  Dark fiber & software
Other
Total cost of sales
Gross margin
  Dark fiber & software sates
Other
Total Gross margin
Operating expenses
Deprec & amort
Taxes, other
Other income, net

IBIT

Interest Expense
  -77-71

Int on 3rd party debt

  8 Mo Ended June 30 Second Quarter First Quarter
  2000 1999 Incr(Dccr) 2000 1999 Incr(Decr) 2000 1999 Incr(Decr)

  200.0 200.0 152.5 152.5 47.5 - 47.5
9.6 9.6 (2.0) (2.0) 11.6 11.6
  209.6 - 209.6 150.5 150.5 59.1 59.1

  (73.4) - (73.4) (65.6) - (65.6) (7.8) - (7.8)
(4.2) (4.2) (4.2) (4.2)
  (77.6) - (77.6) (69.8) - (69.8) (7.8) - (7.8)

  126.6 - 126.6
5.4 5.4
  132.0 - 132.0

(126.1)	- (126.1)
(11.2)	- (11.2)
(4.6)	- (4.6)
1.6	- 1.6
(8.3)	(8.3)

  86.9 - 86.9 0 39.7 - 39.7 A
(8.2) - (6.2) E 11.6 11.6 B
80.7 80.7 51.3 - 51.3

(79.1)	- (79.1) F
(8.3)	(8.3)
(2.6)	(2.6)
1.3	- 1.3
(8.0)	(8.0)

(47.0)	- (47.0) C
(2.9)	- (2.9)
(2.0)	- (2.0)
0.3	0.3
(0.3)	(0.3)

Other trade interest 0.1 - 0.1 0.1 - 0.1
Capitalized Interest
  Int exp - trade 0.1 - 0.1 0.1 - 0.1 - - -
Interco interest (inc)lexp 9.1 - 9.1 8.1 6.1 3.0 - 3.0
9.2 - 9.2 6.2 6.2 3.0 - 3.0

A Fiber sold from Salt Lake City to New Orleans of $30mm and software sale to Inktomi of $10mm.
8 Rhythms mark to market of S19mm partially offset by mark to market on ventures of $11 mm.
C Higher operating expenses due primarily to Increase In headcount from 116 at 3/31199 to over 600 In March 2000.
D Primarily due to fiber sold from Salt Lake City to New Orleans of $90 mm.
E 1999 includes $286.1mm MTM on Rhythms. 2000 includes (S4.2mm) Merchant
F Higher operating expenses due primarily to increase in headcount from 195 at 6/30/99 to over 1000 in June 2000.

EC 002893059

Var2000 Other, EBS

19

7/21/00, 9:14 AM

EXH066-00281


=============
Page 21 of 41
=============



Enron Corp
Corporate and Other (CPOTH4)
Detailed Variation Analysis
2nd Ouarter

	6 Mo Ended June 30	Sec	ond Quart	er	First Ousmer	
	2000	1999 Inrx (Osa)	2000	1999 Incr (Osa)	2000	1999 Incr (Decry
Revenues									
Corporal. - Other	5.0	14.6	(9.6)	34	(1.5)	5.4	1.1	16.3	(152)
ECM-Other		11.5	(11.5)	(5.3)	5.8	(11.1)	5.3	57	(04)
ECI	-	-	-		(19.2)	19.2	-	192	(19.2)
Elims -									
CorplEOG hedge to EOG	-	(27.0)	27.0	-	(42)	4 2	-	(22.8)	22.8
Rhythms redass					18.8	(16.8)		(188)	16.6
	5.0	(0.8)	5.8	(1.4)	(0.4)	(1.0)	6.4	(o.4)	6.6
Cost of Sates									
Corporate - Other	4.5		4.5	33		3.3	1.2		1.2
	4.5		4.5	3.3		3 3	1.2		1.2
Gross M									
Corporate-Other	0.5	14.8	(14.3)	06	(1.5)	2.1	(0.1)	10.3	(164)
ECM-Other	-	11.5	(11.5)	(5.3)	5.6	(11.1)	5.3	5.7	(04)
ECI	-	-			(19.2)	19.2		19.2	(192)
EMms-									
Corp/EOO hedge to EOG	-	(27,0)	27.0	-	(42)	42	-	(228)	22.8
Rhythms redass					18.8	(16.6)		(16.6)	18.6
	0.5	(0.6)	1.3	(4.7)	(0.4)	(43)	5.2	(0.4)	s.6
a Expenses taxes									
Corporate -									
Other	101.6	1495	(47.9)	43.1	1239	(800)	56.5	25.0	329
Cory Finance (Co 099)	(1.1)	(58)	4.7	(0.1)	(3.0)	2.9	(10)	(2.8)	1.8
ECM - Other	20	14	0.8	1.2	1.0	0.2	0.6	0.4	04
EEDC	1.6	1.9	(0.3)	12	14	(02)	0.4	0.5	(01)
ECI	-				(6.4)	6.4		6 4	10.4)
EOTT		-		-	(0.2)	0.2		02	(0.2)
EWns-									
Wessex rsdass					33.2	(33.2)		(33.2)	33.2
	104.1	77.5	28.6	45.4	804	(35.0)	58.7	(2.9)	61.6
Operating Income	(103.6)	(75.3)	(25.3)	(50.1)	(80.8)	30.7	(53.5)	2.5	(560)
E Earnings									
Corporate -									
Aturix	(16.6)	424	(59.2)	(16.8)	430	(59.8)		(0.6)	0.6
Other	-	0.1	(01)	6 0	(2.5)	6 5	(00)	2.6	(00)
ECI					(1.5)	1.5		1.5	(1.5)
EOTT					5.1	(5.1)		(5.1)	5.1
TOTAL	(16.8)	42.5	(59.3)	(10.8)	44.1	(54.9)	(6.0)	(1.6)	(44)
Interest Income									
Corporate - Other	14.0	10.7	3.3	1.4	10.7	(9.3)	12.6	-	12.8
Cory Finance (Co 099)		-		-				-	-
ECU - Other	1.6	-	1 6	1.6	-	1.6			-
EEDC	-				-	-			-
EES R.sco			-		-	-	-		-
ECI	-	-		-	(04)	04	-	0.4	(04)
EOTT					(5.3)	5.3		5.3	(53)
	15.6	10.7	4.9	3.0	5.0	(2.0)	12.6	5.7	6.9
Other Income									
Corporate - Other									
Other	(1.7)	(84)	6 7	4.6	(96)	142	(63)	12	(7.5)
Corp Finance (Co 099)	(2.8)	(2.2)	(0.6)	03	(2.2)	2.5	(3.1)		(31)
ECM-Other	495	4.0	45.5	47.2	22	450	23	1.8	0.5
ECI			-		02	(02)	-	(02)	02
EOTT			
-		(0.2)	0.2		0.2	(02)
TOTAL	45.0	47	40 1	52.1	1.9	50.2	(7.1)	3.0	(10.1)
t81T - CPOTH4	(59.6)	(20.2)	(39.6)	(5.8)	(29.8)	24.0	(54.0)	96	(63.6)

Var2000 Other. Cap A Other 20

n


0

EC 002893060

721100. 9.14 AM

EXH066-00282


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Page 22 of 41
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Enron Corp									
Corporate and Other (CPOTH4)									
D tweed Variation Analysis									
2nd Quarter									
	6 Mo	Ended June 30	Second Quarter	First Quarter	
	2000	1999 PG 7(01")	2000	1999 1ns (Des)	2000	1999 Ins (Decry
EREC EREC.ERECMI									
Gross Margin									
Slam Lake I	-	42,	(42.1)		42.1	(42.1)		-	-
Storm Lake 11		13.9	(139)	-	0.7	(0.7)	-	13.2	(13.2)
Delaware Mountain Power		1.6	(1.6)	-	1.6	(1.6)			
German Sub-tack.'	13.8	6.0	7.8	6.2	47	1.5	76	1.3	63
Lake B.nton 1			-	-					
Lake Benton II	10.7	-	18.7	15.7	-	15.7	3 0		3.0
Oer.r	7.7	(1.1)	8.0	5.2	(2.2)	7.4	25	1.1	1.4
	40.2	62.5	(223)	27.1	46.9	(19.8)	13.1	15.6	(2.5)
Op Costs & Expanses	(31.3)	(30.0)	(T3)	(16.4)	(17.0)	(1.4)	(12.9)	(13.0)	0.1
Equity in Unconsol Subs									
Ouaiied Facility Partnerships	16.4		164	4.5		4.5	11.9	-	11.9
Other	03	(1.5)	1.8	0.3	(0.0)	1.1	-	(0.7)	0.7
Other ncom. (exd Min Int)	0.3	12.3	(12.0)	(0.1)	0.0	(0.9)	0.4	11.5	(11.1)
IBIT-EREC	25.9	43.3	(17.4)	13.4	29.9	(18.5)	12.5	33.4	(09)
EREC-Minority Interest	0.6	(2.1)	2.7		(3.4)	3.4	0.6	1.3	(07)
	26.5	41.2	(14.7)	13.4	26.5	(13.1)	13.1	14.7	(1.8)
Clean Fuels									
Revenues	113.4	63.6	298	50.S	44.2	143 A	549	39.4	155 A
Cost of Sales	(77.6)	(502)	(19.6)	(35.7)	(296)	(6.1) B	(42.1)	(26.6)	(135) B
Reversai against charge to r.ll.d loss.	I S.4	15.4	-	7.7	7.7	-	7.7	7.7	-
FAS 121 Impairment	-	-						-	'
Op Costs & Expenses	(45.7)	(57.5)	11.6	(21.7)	(286)	6.9 C	(24.0)	(28.9)	4.9 C
Equity n Unconsol Subs			-					-	-
Other income (red Min tnt)	0.4	0 4		0.2	0.8	(0.6)	0.2	(0.4)	0.6
IBIT -CF	57	(16.3)	22.0	9.0	(5.5)	14.5	(3.3)	(10.6)	7.5
IBIT-C BOther									
Corporate-Other	(105.6)	(899)	(15.7)	(47.3)	(038)	36.5	(59.3)	(01)	(522)
Corp Finance (Co 099)	(17)	3.6	(53)	0.4	0.8	(04)	(2.1)	2.8	(4.9)
ECM - Other	49.1	14.1	35.0	42.3	1.0	353	6.0	7.1	(03)
EEOC	(16)	(2.3)	0.7	(1.2)	0.6)	06	(04)	(05)	0.1
EES Rsco	-	(3.5)	3.5	-	(3.5)	3 5			
ECI		-	-	-	(14.5)	145	-	14.5	(145)
Eon	-	-		-	(0.2)	0 2	-	0 2	(02)
Eims		57.5	157.6)		66.2	168.2)		(5.4)	8 4
TOTAL	(59.6)	(20.2)	(39.6)	(5.8)	(29.8)	24.0	(54.0)	96	(63.6)
EREC	26.5	-	26.5	13.4	(14.7)	28.1	13.1	14.7	(1.0)
Clean Fuels	5.7	57.8	(52.1)	90	68.6	(59.0)	(3.3)	(10.6)	75
TOTAL IBIT-Corp&Other	(27.6)	91.9	(119.5)	18.6	72.1	(5.5)	(44.2)	19.8	(64.0)

A Primarily due to higher MTBE and methanol prices.
B Primarily due to higher feedstodr prices.
C Due to no MTBE lease payment in 2000. partially offset by plant outage costs.


0 , 0

EC 002893061

Var2000 Other. Cap a Other

7111/00. 9 14 AM

21

EXH066-00283


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0
ENRON CORP
CALCULATION OF EARNINGS PER SHARE

Numerator:
Basic
  Income before cumulative effect of accounting changes
Preferred stock dividends:
  Second preferred stock
  Series A Junior Voting Convertible Pref. Stock
Series B Convertible Pref. Stock
  Income available to common shareholders before cumulative
effect of accounting changes
  Cumulative effect of accounting changes
Income available to common shareholders
Diluted
  Income available to common shareholders
  Effect of assumed conversion of dilutive securities:
Second preferred stock
  Junior Voting Convertible Pref. Stock
  Income before cumulative effect of accounting changes
Cumulative effect of accounting changes
  Income available to common shareholders after
assumed conversions

Denominator:
Denominator for basic earnings per share - weighted-average shares
Effect of assumed conversion of dilutive securities:
  Preferred stock
Stock options
Dilutive potential common shares
Denominator for diluted earnings per share - adjusted
weighted-average shares and assumed conversions

Basic earnings per share:
  Before cumulative effect of accounting changes
Cumulative effect of accounting changes
  Basic earnings per share

Diluted earnings per share:
  Before cumulative effect of accounting changes
Cumulative effect of accounting changes
Diluted earnings per share

3 - months ended
June 30,
  2000 1999



6 - months ended
June 30,
  2000 1999

S 288.9 S 222.0 S 626.6 S 475.0

(4.3) (5.0)

(16.4)	(14.0)
	
268.2	203.0
	
$ 268.2 S	203.0
S 268.2 S	203.0

S (8.7) S (9.0)

S (32.9) $	(14.0)
	
S 585.0 S	452.0
S	(131.0)
S 585.0 S	321.0

S 585.0 S 452.0

  4.3 5.0
16.4 -
  288.9 208.0
S 288.9 S 208.0

733.4 708.2

S	8.7 $ 9.0
S	32.9 S -
$	626.6 S 461.0
S	- S (131.0)

S 626.6 S 330.0

728.0 695.8

  84.9 35.4 84.9 36.0
43.9 27.5 44.1 26.1
128.8 62.9 129.0 62.1

  862.2 771.1 857.0 757.9

S 0.37 $ 0.29
S - S -
S 0.37 S 0.29

S 0.80 S 0.65
S - S (0.19)
S 0.80 S 0.46

$ 0.34 S 0.27
S - S -
S 0.34 S 0.27

S 0.73 $ 0.61
S - $ (0.18)
S 0.73 $ 0.43

22


0

EC 002893062

EXH066-00284


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Enron Corp.
Equity in Affiliates
2nd Olr 2000

	1000	2000 3000	4000 Year	1099	2099 3099 4099	Year
Equity In Affiliates						
GPG:						
NNG (Overthrust)	0.9	1.0	1.9	-	0.7	0.7
Ciws	6.4	9.1	15.5	6.3	5.3	11.6
EOTT	(2.1)	(1.8)	(3.9)	-	(0.2)	(0.2)
Other P/L Ops	1.8	1.7	3.5	1.8	2.3	4.1
	7.0	10.0	17.0	8.1	8.1	16.2
PGE (Seneca)	1.2	1.3	2.5	5.6	3.8	9.4
Wholesale:						
ENA:						
JEDI			-			-
JEDI II			-			-
Other	152.6	45.9	198.5	34.8	81.4	116.2
	152.6	45.9	198.5	34.8	81.4	116.2
EGF:						
JEDI SLID			-			-
Other	15.9		15.9	1.6		1.6
	15.9		15.9	1.6		1.6
Europe	7.0	0.3	7.3	0.2	1.7	1.9

CALME

Centragas	1.3	1.3			
EcoEle trica	(1.1)	(1.1)	-		-
Other 28.1	4.5	32.6			
28.1	4.7	32.8			- -
APACHI:					
SK Enron	4.1	4.1			-
Other 13.6	1.1	14.7	-		
13.6	5.2 -	- 18.8		-	-
India:					
Dabhol 16.4	4.4	20.8			-
16.4	4.4 -	- 20.8	-	-	-
ESA:					
TGS/CIESA	6.0	6.0			-
CEGIRIO/GASPART	3.2	3.2			
Other 14.2	1.0	15.2			
14.2	10.2 -	7-244	-	-	-
El regions			20.3	36.7	
ECM	(3.4)	(3.4)		0.7	
Total Wholesale 247.8	67.3	315.1	56.9	120.5	119.7
EES 1.9	1.7	3.6	-		-
EBS 0.2	0.8	1.0		(13.5)	(13.5)
Corporate:
d
A					
zu
x
Other 5.9	
(5.9)	-	
(2.3)	
43.3	-
41.0
5.9	(5.9)		(2.3)	43.3 -	41.0
Total Enron 264.0	75.2	339.2	68.3	182.2	172.8
Other Income202000.sis. Equity in Affil					
				23	

Comments



EC 002893063

712112000, 11 23 AM

EXH066-00285


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Enron Corp.
Gains, Interest Income
2nd Qtr 2000

Gains on Sales
EOG
GPG
PGE
Wholesale:
ENA
EGF
Europe
CALME
APACHI
India
ESA
El HQ/Regions
ECM
EGEP
EE&CC
EES
EBS
Corporate:
Corporate
EGF - Cochise
Total Enron


0 0

1000	2000 3000 4000	Year
		
-	1.0	1.0
5.7	1.7	7.4
(0.2)	(1.8)	(2.0)
(5.0)	5.1	0.1
0.3	1.5	1.8
(0.7)	(1.2)	(1.9)
(0.1)		(0.1)

1Q99 2Q99 3Q99 4Q99 Year Comments


  0.7 0.3 1.0
- 0.4 0.4

  (0.6) 0.8 0.2
0.2 (0.3) (0.1)

		
(5.7)	3.6 -	- (2.1) (0.4) 0.5 - - 0.1
17.9	27.1	45.0 -
-	0.1	0.1 -
0.3		0.3 11.6 (0.8) 10.8
	38.5	38.5 -
18.2	72.0 -	- 90.2 11.9 0.4 - - 12.3

Interest Income					
EOG	-		-	0.2	0.2 0.4
GPG	0.4	0.4	0.8		11.3 11.3
PGE	0.2	0.3	0.5	0.2	0.2 0.4
Wholesale:					
ENA	11.7	7.4	19.1	9.1	17.6 26.7
EGF	(0.9)		(0.9)	1.8	1.8
Europe	1.8	1.0	2.8	0.7	1.5 2.2
CALME	3.6	10.6	14.2		-
APACHI	0.2	2.5	2.7		-
India			-		-
ESA	3.7	3.7	7.4		-
El HQ/Regions	0.1	0.1	0.2	4.0	7.8 11.8
ECM		(2.4)	(2.4)		0.3
EGEP			-		-
EE&CC	2.8	3.9	6.7		-
	23.0	26.8 -	- 49.8	15.6	27.2 - - 42.5
EES	1.0	2.0	3.0		1.2 1.2
EBS		0.7	0.7		0.5 0.5
Corporate	13.5	2.4	15.9	6.5	5.9 12.4
					
Total Enron	38.1	32.6 -	- 70.7	22.5	46.5 - - 68.7
Other Income2Q2000.xis. Gains, Interest income		24	

2000 Includes 38.5 Projed Cochise (planes)

EC 002893064

7/21/2000, 11:23 AM

EXH066-00286


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!					S		!
Enron Corp.							
Other Income							
2nd Qtr 2000							
	1000	2000 3000 4000	Year	1Q99	2099 3Q99	4Q99 Year	Comments
							
Other Income							
EOG	-		-	1.1	3.7	4.8	
GPG:							
NNG Interest swap term	-			9.1		9.1	
NNG Other	0.8	11.1	11.9	-	0.2	0.2	
TW	-	(0.1)	(0.1)	-		-	
Other	-	(0.5)	(0.5)	(0.7)	10.0	9.3	
	0.8	10.5 -	11.3	8.4	10.2 -	- 18.6	202000 k.*Ift. 14 7 @U srq 2000.12 0) W40 C- 2M. p 2) 00w
							
PGE:							
Customer Choice reversal	31.0		31.0			-	
COLI	10.7		10.7	1.2		1.2	
Stock camp agreement	(11.5)		(11.5)			-	
Other	(3.2)	2.1	(1.1)	6.1	1.6	7.7	
	27.0	2.1 - -	29.1	7.3	1.6 -	- 8.9	
							
Wholesale:							
ENA	1.3	21.8	22.9	2.3	4.0	8.3	202000 iidu... 4 s crk 4 0.aa mrr. i... 10. Oh. a.e.on, .e 943
EGF	-		-	4.2		4.2	
Europe	3.2	(0.7)	2.5	2.1	(4.1)	(2.0)	
CALME	1.8	(1.2)	0.8			-	
APACHI	(3.4)	(3.4)	(6.8)			-	
India		6.4	6.4			-	
ESA	4.7	0.5	5.2			-	
EGEP	(3.2)	(4.8)	(8.0)			-	
EE&CC		0.2	0.2			-	
El HO/Regions:							
FX on ESA debt/forwards			-	13.7		13.7	
Other	1.1	(11.7)	(10.6)	-	12.6	12.6	
ECM		(2.1)	(2.1)		(1.0)	(1.0)	
Total Wholesale	5.5	4.8 - -	10.3	22.3	11.5 -	- 33.8	
							
EES	0.9	(20.1)	(19.2)	-	0.7	0.7	
							
EBS	0.1	(0.2)	(0.1)	-	0.1	0.1	
							
Corporate:							
EGF	-	10.8	10.8			-	
Other	(2.7)	3.2	0.5	8.4	(1.0)	5.4	
	(2.7)	14.0	11.3	6.4	(1.0) -	- 5.4	
							
Total Enron	31.6	11.1	42.7	45.5	26.8 -	- 72.3	

Other lncome2O2000.xls. Other income

EC 002893065

7/21/2000, 11:23 AM

  25
EXH066-00287


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Enron Corp.
Interest Expense
(Minions of Dollars)

Interest on third party debt
Co 99 only
  Interest on long-term debt
Interest on short-term debt
Other Interest
  Interest rate swaps

Corp & Elims (excluding Co 99)
Corp - Interest an short-term debt
ECM (Corp)
EREC
Clean Fuels

EOO
GPG-NNG/TW
PGG
Wholesale:
North America (Ind Whole elims)
Enron - Europe
CALME
APACHI
South America
San Juan
India
El Regions
ECM (Wholesale)
EGEP (Wholesale)

EBS
EES
Total 3rd Party

Capitalized Interest
EOG
GPG
PGG
North America (incl Whole elims)
CALME
APACHI
ESA
India
El HO
El Regions
EBS
EES
EREC
Clean Fuels
Total Capitalized Interest

Amort of debt discount
Discount on assigned receivables

Total Intercompany Interest

Total Interest Expense



  1999 Actuals
  1 at Otr 2nd (2tr 3rd Otr 4th Qtr Year

  2000 Actuals 2nd Otr
1st air 2nd Qtr 3rd Qtr 4th Qtr Year Variance

79.5	80.4	99.0	91.8	350.7	100.5	101.7	202.2	21.3
11.9	13.1			25.0	1.9	1.1	3.0	112.0)
2.0	2.7	0.9	2.5	6.1	0.1	2.3	2.4	(0.4)
(3.0)	(3.2)	(4.5)	10.0	(0.7)	6.5	15.6	22.1	16.6
90.4	93.0	95.4	104.3	383.1	109.0	120.7	229.7	27.7
1.2	3.8	9.9	4.4	19.3	2.7	4.6	7.5	1.0
		6.5	19.4	25.9	22.5	9.0	31.5	9.0
(0.4)	10.5)	(0.7)	16.11	(7.7)	(0.4)	29.7	29.3	30.2
0.6	0.3	0.3	0.6	1.7	0.8	1.6	2.3	1.2
	-	0.1		0.1	-	-	-	-
17.3	17.9	9.6	-	44.6			-	(17.9)
13.4	13.7	13.0	12.1	52.2	10.5	9.9	20.4	13.5)
16.2	15.5	16.7	19.6	70.0	17.6	15.2	36.0	2.7
(0.4)	0.8	4.6	(4.T)	0.2	0.3	-	0.3	(0.8)
10.2	(2.0)	6.5	2.3	17.0	4.7	(1.1)	3.6	0.9
					0.5	(0.3)	0.2	(0.3)
				-	0.7	2.2	2.9	2.2
					(1.5)	(3.1)	(4.6)	(3.1)
-					0.2	0.2	0.4	0.2
						0.1	0.1	0.1
29.4	34.4	30.9	121.6)	80.9	(1) -	-		(34.4) (2)
			5.1	6.1	2.2	4.2	6.4	4.2
		0.8	(0.81					
392..	33.2	50.7	"(1911	103.2	-- 1.1	-- -2.2
- -- -	9.3
-- -	(31.01
1.1	2.6	(3.7) -	.
2.6	..__._
2.t1...	 -	--'0.1	0.1	(2.6)
1.9	2.7	1.6	(2.7)	3.5	(0.1)	.
........
13	.....1.2	(1.4)
102 !	1t12 2	199 4	134.E	890.9	169.9	._.._.__
.
.
197..	311.3	16.2

(3.2)	(3.1)	(1.5)		(7.8)
(0.7)	(0.3)	(0.2)	(0.4)	(1.6)
(0.4)	(0.4)	(0.4)	(0.5)	(1.7)
(3.2)	(6.2)	(8.3)	(7.2)	(22.9)
(1.0)	(0.7)	(4.6)	(1.0)	(7.3)
			(7.2)	(7.2)
		(0.2)	(0.1)	(0.3)
(4.4)	(4.3)	(3.2)	0.4	(11.5)
(0.2	(0.3)	(0.2)	(0.2)	(0.9)
				
1.5	2.6	4.2	2.6	11.1
3.3	5.7	0.5	(1.6)	7.9
				
	0.0			

  174.6 175.2 187.6 119.4 656.7
1 1 119.4 6

  (1) 1999 4th qtr decrease due to the restructuring of Elektro Debt.
  (2) 1st qtr decrease due to El's trade Merest expense being reported by regions in 2000.
Inlexp2g00.xls, interest

26

(0.1)	(0.1)	(0.2)
(0.6)	10.6)	(1.4)
(8.2)	(7.3)	(15.5)
	(1.1)	(1.4)
	(2.1) (2.1)
(0.3)	(0.4) (0.7)
(0.7)	0.9	0.2
(0.1)	(0.3) 110.41
(2.2)	(1.5) (3.7)
(0.1)	4, )	(0.2
(12 3)	(	- 5.4)
3.7	4.7	8.4

  3.1
0.2
(0.4)
(1.1)
(1.4)
(2.1)
(0.4)
0.9
0.7
(0.3)
2.8
0.2
2i

2.1
(5.7)



  161.3 195.5 356.8 20.3
3 .


0

EC 002893066 7/212100.9 11 AM

EXH066-00288


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				#				I
Enron Corp.								
Dividends on Preferred of Subs								
(Millions of Dollars)								
(Preliminary)			1999 Actuals				2000 Actuals	
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr 3rd Qtr 4th Qtr	Year
(VEST:								
Enron Capital Trust I (IP1) - TONS	4.1	4.2	4.2	4.1	16.6	4.2	4.1	8.3
Enron Capital Trust 11 (964) - TOPrS	3.0	3.1	3.0	3.1	12.2	3.0	3.0	6.0
Enron Capital Trust III (970) - ACTs	2.7	2.6	2.7	2.8	10.8	3.2	3.3	6.5
Enron Capital LLC (579) - MIPS	4.3	4.2	4.3	4.3	17.1	4.3	4.2	8.5
Enron Capital Resources LP (655) - MIPS	1.7	1.7	1.7	1.7	6.8	1.7	1.7	3.4
Organizational Partner, Inc (604)	0.4	0.4	0.4	0.4	1.6	0.4	0.4	0.8
	16.2	16.2	16.3	16.4	65.1	16.8	16.7 -	33.5
PGE	0.6	0.6	0.5	0.6	2.3	0.6	0.6	1.2
EEC (445)	2.2	2.1	2.2	2.1	8.6	-	2.1	2.1
ESA (43C)		-	-	-	-	-		-
CALME					-	-	2.4	2.4
Rounding entry					-	0.7	(0.7)	-
Total dividends on Pref of Subs	19.0 _	_._.__.....18.8	19.0	19.1	-76.0	- - ie.1		38.2 -
		18.9	19.0	19a-	76.0			

Intexp2g00.xls, div on pref

27

EC 002893067

7/21/2000, 9:18 AM

EXH066-00289


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  0


  0



  ENRON CORP.
Table I - Earnings Summary
(Unaudited: in millions, except per share data)

Revenues

Transportation and Distribution:
Gas Pipeline Group

  Portland General Wholesale Energy Operations a-.;: Services
Retail Energy Services
Broadband Services
Exploration and Production (a)
Corporate and Other (including intercompany eliminations)
Total Revenues

After tax results

Net income excluding nonrecurring items
Non-recurring item:
  Cumulative effect of accounting changes
Net income

Earnings per share (diluted) (b)(c)

EPS (diluted) excluding nonrecurring items
Non-recurring item:
  Cumulative effect of accounting changes
EPS (diluted)

Average shares outstanding (diluted) (b)(c)

  Quarter Ended
June 30,
  2000 1999

Six Months Ended
June 30,

2000 1999

$ 166 $	128 $	372 $	310
431	296	828	595
15,547	8,694	27,548	15,289
840	340	1,482	710
151	-	210	-
-	204	-	407
(249)	10	(409)	(7)
$ 16,886 $	9,672 $	30,031 $	17,304

$ 289 $ 222 $ 627 $ 475

(131)

$ 289 $ 222 $ 627 $ 344
$ 0.34 $ 0.27 $ 0.73 $ 0.61

  (0.18)
$ 0.34 $ 0.27 $ 0.73 $ 0.43

  862.2 771.1 857.0 757.9

(a) Reflects results of Enron Oil & Gas through August 16, 1999, date of share exchange transaction.
(b) Shares outstanding and EPS amounts have been restated to reflect the two-for-one common stock split
effective August 13, 1999.
(c) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the first two quarters of 2000.

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0


0


0

  Second Quarter 2000

  ENRON CORP.
Table 2a - Results by Segment
(Unaudited: in millions, except per share amounts)

IBIT:
Transportation and Distribution:
  Gas Pipeline Group
Portland General
Wholesale Energy Operations and Services
Retail Energy Services
Broadband Services
Corporate and Other
IBIT
Interest and Related Charges, net
Dividends on Preferred Securities
of Subsidiaries
Minority Interests
Income Tax Expense
Net Income
Preferred Dividends (a):
Second Preferred Stock
Series B Preferred Stock
Earnings on Common Stock

Average Number of Shares Used:
Basic
  Diluted (a)

Earnings per Common Share:
Basic
  Diluted

Non-
Recurring Recurring Total

$ 77$	-$ 77
62	- 62
437	- 437
24	- 24
(8)	- (8)
17	- 17
609	- 609
196	- 196
21	- 21
39	- 39
64	- 64
289	- 289
4	- 4
17	- 17
$ 268 $	- $ 268

  733.4
862.2 - 862.2

  $ 0.37
$ 0.34 $ - $ 0.34

(a) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the first two quarters of 2000

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Second Quarter 1999

  ENRON CORP.
Table 2b - Results by Segment
(Unaudited: in millions, except per share amounts)


0



IBIT:
Transportation and Distribution:
  Gas Pipeline Group
Portland General
Wholesale Energy Operations and Services
Retail Energy Services
Broadband Services
Exploration and Production (a)
Corporate and Other
  IBIT
Interest and Related Charges, net
Dividends on Preferred Securities
of Subsidiaries
Minority Interests
Income Tax Expense
Net Income Before Cumulative Accounting Changes
Cumulative Effect of Accounting Changes, net of tax
Net Income (Loss)
Preferred Dividends:
Second Preferred Stock
Series A Preferred Stock
Earnings (Loss) on Common Stock

Average Number of Shares Used (b):
Basic
  Diluted

Earnings (Loss) per Common Share (b):
Basic
  Diluted

(a) Reflects results of Enron Oil & Gas through August 16, 1999, date of share exchange transaction.
(b) Shares outstanding and EPS amounts have been restated to reflect the two-for-one common stock split
effective August 13, 1999.

Non-
Recurring Recurring Total

$ 72 $	- $ 72
56	- 56
356	- 356
(26)	- (26)
20	- 20
(9)	- (9)
469	- 469
175	- 175
19	- c; 19
23	- 23
30	- 30
222	- 222
222	- 222
5	- 5
14	- 14
$ 203 $	- $ 203

  708.2
771.1 - 771.1

  $ 0.29
$ 0.27 $ - $ 0.27

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0

  Six Months 2000

  ENRON CORP.
Table 2c - Results by Segment
(Unaudited: in millions, except per share amounts)


0



IBIT:
Transportation and Distribution:
Gas Pipeline Group
Portland General
Wholesale Energy Operations and Services
Retail Energy Services
Broadband Services
Corporate and Other
IBJT
Interest and Related Charges, net
Dividends on Preferred Securities
of Subsidiaries
Minority Interests
Income Tax Expense
Net Income
Preferred Dividends (a):
Second Preferred Stock
Series B Preferred Stock
Earnings on Common Stock
Average Number of Shares Used:
Basic
  Diluted (a)

Earnings per Common Share:
Basic
  Diluted

  Non-
Recurring Recurring Total

$ 205 $	- $	205
167	-	167
856	-	856
40	-	40
(8)	-	(8)
(27)	-	(27)
1,233	-	1,233
357	-	357
39	-	39
74	-	74
136	-	136
627	-	627
8	-	8
33	-	33
$ 586 $	- $	586
		
		728.0
857.0	-	857.0
		
	$	0.80
$ 0.73 $	- $	0.73

(a) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the first two quarters of 2000

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0

  Six Months 1999

  . ENRON CORP.
Table 2d - Results by Segment
(Unaudited: in millions, except per share amounts)





IBIT:
Transportation and Distribution:
  Gas Pipeline Group
Portland General
Wholesale Energy Operations and Services
Retail Energy Services
Broadband Services
Exploration and Production (a)
Corporate and Other
  IBIT
Interest and Related Charges, net
Dividends on Preferred Securities
of Subsidiaries
Minority Interests
Income Tax Expense
Net Income Before Cumulative Accounting Changes.
Cumulative Effect of Accounting Changes, net of tax
Net Income (Loss)
Preferred Dividends:
Second Preferred Stock
Series B Preferred Stock
Earnings (Loss) on Common Stock

Average Number of Shares Used (b):
Basic
  Diluted

Earnings (Loss) per Common Share (b):
Basic
  Diluted

  Non-
Recurring Recurring Total

$ 198 $	-	$	198
148	-		148
676	-		676
(57)	-		(57)
32	-		32
5	-		5
1,002	-		1,002
350	-		350
38	-		38
56	-		56
83	-		83
475	-		475
-	(131)		(131)
475	(131)		344
9	-		9
14	-		14
$ 452 $	(131)	$	321
			
			695.8
757.9	757.9		757.9
			
		$	0.46
$ 0.61 $	(0.18)	$	0.43

(a) Reflects results of Enron Oil & Gas through August 16, 1999, date of share exchange transaction.
(b) Shares outstanding and EPS amounts have been restated to reflect the two-for-one common stock split
effective August 13, 1999.

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ENRON CORP.
Table 3a - Business Highlights
(Unaudited)

		Quarter Ended			Six Months Ended
		June 30,			June 30,	
		2000	1999		2000	1999
	Gas Pipeline Group							
(In Millions)	
$	
148	
$	
124	
$	
349 $	
305
Net Revenues		76		65		141	126
Operating Expenses							
Depreciation & Amortization		17		17		33	34
Equity in Earnings		10		8		17	16
Other Income, net		12		22		13	37
IBIT	$	77	$	72	$	205 $	198
							
Total Volumes Transported (BBtu/d) (a)							
Northern Natural Gas		3,237		3,553		3,691	4,046
Transwestem Pipeline		1,606		1,419		1,584	1,475
Florida Gas Transmission		1,591		1,546		1,571	1,386
Northern Border Pipeline		2,429		2,404		2,447	2,444
Portland General							
(In Millions)							
Revenues	$	431	$	296	$	828 $	595
Purchased Power & Fuel		252		119		454	219
Operating Expenses		76		79		154	149
Depreciation & Amortization		46		48		92	94
Other Income, net		5		6		39	15
IBIT	$	62	$	56	$	167 $	148
Retail Customers (end of period, thousands)		726		711		726	711

Electricity Sales (Thousand MWh)

Residential	1,480	1,618	3,841	3,960
Commercial	1,769	1,746	3,641	3,562
Industrial	1,235	1,083	2,404	2,103
Total Retail	4,484	4,447	9,886	9,625
Wholesale	4,909	3,053	9,190	4,391
Total Sales	9,393	7,500	19,076	14,016

(a) Reflects 100% of each entity's throughput volumes.


0

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  ENRON CORP.
Table 3b - Business Highlights
(Unaudited)

Wholesale Energy Operations and Services
(In Millions)
Commodity Sales and Services
Assets and Investments
Unallocated Expenses
  IBIT

Commodity Sales and Services
Physical Volumes (BBtue/d) (a)
Gas:
  United States
Canada
Europe and Other

Quarter Ended Six Months Ended
June 30, June 30,
  2000 1999 2000 1999
$ 442 $ 81 $ 688 $ 305
55 325 275 461
(60) (50) (107) (90)
$ 437 $ 356 $ 856 $ 676

15,851	8,038	16,035	8,560
6,587	4,475	5,488	4,216
3,593	1,223	3,031	1,510
26,031	13,736	24,554	14,286
595	513	526	534
26,626	14,249	25,080	14,820
5,048	8,822	5,591	6,565
15,056	10,637	13,613	10,119
46,730	33,708	44,284	31,504

  Transport Volumes
Total Gas Volumes
  Crude Oil and Liquids
Electricity (b)
  Total Physical Volumes (BBtue/d) (a)



Electricity Volumes (Thousand MWh)				
United States	124,089	94,966	226,992	180,928
Europe and Other	12,912	1,833	20,756	2,221
Total	137,001	96,799	247,748	183,149
Financial Settlements (Notional)(BBtue/d)	152,627	82,699	147,247	88,803
Energy Services				
Revenues (in millions)	$ 840 $	340 $	1,482 $	710
IBIT (in millions)	24	(26)	40	(57)
Total Contract Value (in billions)(c)	3.8	1.7	7.5	2.3
Broadband Services				
Revenues (in millions)	$ 151 $	- $	210 $	-
IBIT (in millions)	(8)	-	(8)	-
Total Contract Value (in millions)(c)	19	-	50	-
DS-3 Months Delivered (d)	985	-	1,417	-

(a) Includes third-party transactions of Enron Energy Services. EC 002893074
(b) Represents electricity volumes, converted to BBtue/d.
(c) Represents customers' estimated future expenditures.
(d) Digital service, level 3 (DS-3) is equal to 28 T-1 channels and operates at 45 megabits per second.



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0 9 0

SELECTED FINANCIAL DATA
Enron Corp. and Subsidiaries
  1998 1999 2000
On Millions. Except Per Share Amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr YTD

Revenues, Net of Intercompany													
Transportation and Distribution													
Gas Pipeline Group	$ 184	$ 141	$ 145	S 167	$ 637	$ 178 $	121	$ 160	$ 175	S 634	$ 202	$ 163	$ 365
Portland General	320	269	280	327	1,196	299	296	407	377	1.379	397	382	779
Wholesale Energy Operations and Services	4,738	5,774	10,225	6.483	27.220	6,516	8.558	10.677	9,750	35,501	11,847	15,271	27,118
Retail Energy Services	195	154	400	323	1.072	363	301	345	509	1.518	603	770	1,373
Broadband Services	-	-	-	-	-	-		-	-	-	59	151	210
Exploration and Production (1)	198	176	186	190	750	149	175	105	-	429		-	-
Corporate and Other	47	43	84	211	385	127	221	141	162	651	37	149	186
Total	5 682	6 557	11 320	7 701	1 31260	7 632	9 672	$ 11835	S 10 973	40112	13145	16886	$ 30 031

Net Income													
Income (Loss) Before Interest Minority Interests and Income Taxes													
Transportation and Distribution													
Gas Pipeline Group S	126 S	72 $	69 $	84	$ 351	$ 126 $	72 $	85 $	97 $	380	$ 128 $	77 $	205
Portland General	79	62	61	84	286	92	56	52	105	305	105	62	167
Wholesale Energy Operations and Services	249	241	277	201	968	320	356	378	263	1,317	419	437	856
Retail Energy Services	(27)	(43)	(23)	(26)	(119)	(31)	(26)	(18)	7	(68)	16	24	40
Broadband Services	-	-		-	-	-	-	-	-	-	-	(8)	(8)
Exploration and Production (1)	43	29	25	31	128	12	20	33	-	65	-	-	-
Corporate and Other	1	16	4	26	7	14	9	23	1	17	44	17	27
IBIT-Recurring	471	345	405	400	1,621	533	469	507	473	1,982	624	609	1,233
Non-Recurring Items (See Analysis of Reported Earnings)	-	-		39	39	-	-	13	-	13	-	-	-
Total IBIT	471	345	405	361	1,582	533	469	520	473	1,995	624	609	1,233
Interest and Related Charges, net	133	131	134	152	550	175	175	187	119	656	161	196	357
Dividends on Company-Obligated Preferred Securities of Subsidiaries	19	20	19	19	77	19	19	19	19	76	18	21	39
Minority Interests	25	19	16	17	77	33	23	38	41	135	35	39	74
Income Tax Provision (Benefit)	80	30	68	3	175	53	30	14	35	104	72	64	136
Net Income Before Cumulative Changes	214	145	168	176	703	253	222	290	259	1,024	338	289	627
Cumulative Effect of Accounting Changes, net of tax						131				131			
Net Income	214	145	168	176	703	12	222	290	259	893	338	289	627
Preferred Stock Dividend (2)	4	5	4	4	17	4	19	19	24	66	20	21	41
Eamirq on Common Stock $	210 $	140 $	164 $	172	$ _ 686	$ 118	203	271	235	827	318	268	586

Earnings Per Share p)
  Basic S 0.34 0.22 $ 0.25 $ 0.26 $ 1.07 S 0.17 $ 0.29 $ 0.38 $ 0.33 1.17 $ 0.44 0.37 0.80
Diluted
  Recurring S 0.32 $ 0.21 S 0.24 $ 0.24 $ 1.00 $ 0.34 $ 0.27 S 0.27 $ 0.31 $ 1.18 $ 0.40 $ 0.34 S 0.73
Non-Recurring Items (See Analysis of Reported Earnings) - - - 0.01 0.01 0.18 - 0.08 0.08 - -
  R ed t 032 t 021 024 t 025 S 101 016 S 1297 t nss t 031 t t to t non s 034 s n

e rt							
Depreciation, Depletion and Amortization							
Transportation and Distribution							
Gas Pipeline Group	i 16 $	17 $	17 $	20 $	70	$	17 $
Portland General	44	45	47	47	183		46
Wholesale Energy Operations and Services	39	38	52	66	195		57
Retail Energy Services	5	9	8	9	31		6
Broadband Services	-	-	-	-	-		
Exploration and Production (1)	72	73	84	86	315		82
Corporate and Other	6	8	7	12	33		7
Total	S 182 S	190 S	215 S	240 $	827 __		215

(1) Relecb results of Enron O16 Gas enough August 16,1999, Me date of the share exchange tansaction; Wowing Ihis dale the results d ere exploration and production
operations in India and China are i ckrded in Wholesale Energy Operations and Services.
(2) The Sewnd Retried Sbck and eb Series 8 Preferred Sbck acs both dsubve in to feat two quarters o(2000.
(3) Adjusted b reW two-tor-one cannon sock spM elective August 13. 1999.

35

17 5	18	$ 14	$ 66	$	16	$ 17	$ 33
47	43	44	180		46	46	92
70	71	96	294		75	85	160
4	9	10	29		9	9	18
					3	8	11
89	43	(1)	213		-	-	

EC 002893075

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ANALYSIS OF REPORTED EARNINGS
r~~. e..t.us .3 .


9 0

		1998			1999		2000 -_
(in Millions, Except Per Share Amounts)	1st Qtr	2nd Qtr 3rd Qtr 4th Qtr	Year	1st Qtr 2nd Qtr	3rd Qtr 4th Qtr	Year	1st Qtr 2nd Qtr
Diluted Earnings Per Share - Recurring (t)	S 0.32	S 0.21 $ 0.24 S 0.24 $	1.00	S 0.34 $ 0.27	$ 0.27 S 0.31	$ 1.18	$ 0.40 $ 0.34
							
Non-Recurring Earnings (Loss) items Per Share fl) (2)							
Corporate and Other							
Gain on sale of subsidiary stock -	-	- - 0.07	0.07	- -	0.44 -	0.45	- -
Charge for reflect losses on contracted MTBE production	-	- - (0.06)	(0.06)	-	- -	-	- -
Charge to reflect impairment of MTBE asset	-	- - -	-	- -	(0.36) -	(0.36)	- -
Cumulative effect of accounting changes (31	-	-	-	(0.18) -	-	(0.17)	- -
Total Non-Recurring Earnings (Loss) items Per Share	-	- 0.01	0.01	(0.18) -	0.08 -	(0.08)	- -
Reported Diluted Earnings Per Share	$ 0.32	$ 0.21 $ 0.24 $ 0.25 $	1.01	$ 0.16 $ 0.27	$ 0.35 S 0.31	$ 1.10	$ 0.40 $ 0.34
Average Number of Common Shares Used in Diluted Computation (1) (3)	659.6	692.7 712.6 716.4	695.3	744.6 771.1	781.1- 779.1	769.0	851.9 862.2
							
Non-Recurring Earnings (Loss) items - After tax							
Corporate and Other							
Gains on sales of subsidiary stock	$ -	$ - $ - $ 45 $	45	$ - $ -	$ 345 $ -	$ 345	$ - $ -
Charge to reflect losses on contracted MTBE production	-	- - (40)	(40)	- -	- -	-	- -
Charge to reflect impairment of MTBE asset		- - -	-	- -	(278) -	(278)	- -
Cumulative effect of accounting changes (3)	-	- -	-	(131) -	-	(131)	- -
Total Non-Recurring Earnings (Loss) Items - After tax	$ -	$ - $ $ 5 $	5	$ (131) $ -	$ 67 $ -	$ (64)	$ - $
							
Non-Recurring Earnings (Loss) items - Pretax							
Corporate and Other							
Gains on sales of subsidiary stock	$ -	$ - $ - $ 22 $	22	$ - $ -	$ 454 $ -	$ 454	
-
$ - $
Charge to reflect losses on contracted MTBE production	-	- - (61)	(61)	- -	- -	-	- -
Charge to reflect impairment of MTBE asset	-	- - -	-	- -	(441) -	(441)	- -
Cumulative effect of accounting changes (3)	-	- - -	-	(200) -	- -	(200)	
Total Non-Recurring Earnings (Loss) items - Pretax	$ -	$ - $ - $ (39) $	(39)]	[$_(200) $ -	$ 13 $ -	$ (187)	$ -_$
-

(I)Adjusted b redact two-for-one corrarmn stock split effective August 13, 1999.
(2)Except where a specirc tax rate applied, assumes a 35% tax rate.
(3)Primariir due to the adoption of an accounting pronouncement requiring that costs for at start-up activities and organization costs be expensed as incurred.

EC- 002893076

36

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0
CAPITAL STRUCTURE AND STATISTICS
Enron Corp. end SubsldlwW					0							0
			1995					1999			2000	
Millions, Ex Per Share Amounts	1al Qtr	2nd Qtr	3rd Gtr	4th Qtr	Year	let Gtr	2nd qtr	3rd qtr	4th Qfr	Year	111111 qtr	2nd Qtr
Common Shares Outstanding (it												
Average. Basic	610.0	638.6	658.8	661.8	642.4	683.4	708.0	714.1	715.3	705.3	722.5	733.4
Average. Diluted	659.6	692.7	712.6	716.4	695.3	744.6	771.1	761.1	779.1	769.0	851.9	862.2
End of Period, Diluted	663.4	713.2	716.2	718.2	718.2	764.4	779.0	781.1	783.2	783.2	861.3	858.3
Market Price Per Share (end of period) (tl	S 23.188 S	27.032 S	26.750 $	28.531 3	28.531	$ 32.125 S	40.875 S	41.063 $	44.375 $	44.375	$ 74.875 $	64.500
Dividends Per Share												
Cumulative Second Preferred Corrertibe Stock ('Series 11 Rl (3)(4)	$ 3.242 S	3.242 S	3.242 $	3.413 S	13.139	$ 3.413 S	3.413 S	3.413 S	3.413 S	13.652	S 3.413 S	3.413
Junior Convertible Preferred Stock ('Series A') (sl	-	-	-			-	59.150	59.233	-	118.383	-	-
Junior Mandibriy Convertible Preferred Stock ('Series B') (4l Is)	-	-				-	-	4.333	65.000	69.333	65.000	65.000
Co.mionStock jil	0.119	0.119	0.119	0.125	0.482	0.125	0.125	0.125	0.125	0.500	0.125	0.125
Company-Obligated Preferred Stock of Subsidiaries												
8% Cumulative Preferred ('Series C) (3	0.500	0.500	0.500	0.500	2.000	0.500	0.500	0.500	0.500	2.000	0.500	0.500
9% Cumulative Preferred ('Series K) (3)	0.563	0.563	0.563	0.563	2.252	0.563	0.563	0.563	0.563	2.252	0.563	0.563
8.57% Cumulative Preferred	2,142.500	2,142.500	2,142.500	2,142.500	8,570.000	2,142.500	2,142.500	2.142.500	2.142.500	8,570.000	2,142.500	2,142.500
7.39% Cumulative Preferred	1,847.500	1,847.500	1,847.500	1.847.500	7.390.000	1.847.500	1,847.500	1.847.500	1,647.500	7,390.000	1.847.500	1,847.500
8.30% Trust Odgknaled Preferred ('Series T') (3)	0.519	0.519	0.519	0.519	2.076	0.519	0.519	0.519	0.519	2.076	0.519	0.519
8.125% Trust Originated Preferred ('Series R')131	0.508	0.508	0.508	0.508	2.032	0.508	0.508	0.508	0.508	2.032	0.508	0.508
7.1 % Cumulative Preferred	19.878	19.878	19.878	19.878	79.512	19.678	19.878	19.878	19.878	79.512	19.878	19.878
Adjustable Rate Trust Securities R)	14.465	14.798	14.484	13.934	57.681	13.653	12.968	13.177	14.430	54.228	16.105	11.691
7.75% Cumulative Preferred	1.938	1.938	1.938	1.938	7.750	1.938	1.938	1.938	- 1.938	7.750	1.938	1.938
LNG Poorer 11, L.LC. Preference Units	-		-			-		-			-	18.125

Capita Structure

Total Debt	$ 6,835 S	6,989 $	8,475 S	7,357 $	7.357	$ 9,419 S	8,979 $	8.592 S	8,152 $	8.152	S 10,172	We
Percent	46.2	44.1	48.3	41.9	41.9	44.1	41.5	41.4	38.5	38.5	43.7	Na
MoodyInterests	$ 1,153 S	1.089 S	1,142 S	2.143 S	2.143	S 2,125 S	2,475 S	1,822 S	2,430 S	2.430	S 1,872	n/5
Percent	7.8	6.9	6.5	12.2	12.2	9.9	11.4	8.8	11.5	11.5	8.0	n/a
Company-Obligated Preferred Securities of Subsidiaries	$ 993 S	993 S	993 $	1,001 $	1,001	S 1,001 $	1.001 $	1,001 $	1.000 $	1.000	S 1,099	We
Percent	6.7	6.2	5.6	5.7	5.7	4.7	4.6	4.8	4.7	4.7	4.7	n/a
Shareholders' Equity	$ 5,814 $	6,787 S	6.951 $	7.048 $	7,048	$ 6.824 $	9.206 6	9.345 $	9,570 $	9,570	S 10,140	n/a
Percent	39.3	42.8	39.6	40.2	40.2	41.3	42.5	45.0	45.3	45.3	43.6	We
	Annual	Date	Optional	Redemption			Securities				
PREFERRED STOCK	Dividend Rate	Issued	Call Date	Price	Authorized	O	riginal Issue	Outstanding at 6130/2000	
Enron Corp. Second Preferred Stock ('Series J')12113) (4)	S 13.65	8/83	8/93 S	100	1,370,000		2.396,455		1,272,684		
Enron Corp. Junior Maditoriy Convertible Preferred Stock ('Series 8') (4)(s)	6.500%	9/99	Na	4,000	250,000		250.000		250,000		
Preferred Securities of Subsidiary Companies											
Enron Capital LLC. ('Series C') (3)	8.000%	11193	11198	25	9.200,000		8.550,000		8,550.000		
Enron Capital Resources. L. P. ('Series K) (3)	9.000%	7194	8/99	25	3,000.000		3,000,000		3,000.000		
Enron Equity Corp.	8.570%	12/94	12199	100,000	880		880		680		
Enron Equity Corp.	7.390%	4196	4101	100,000	150		150		150		
Enron Capital Trust I ('Series T) m	8.300%	11196	12101	25	8,000,000		8.000.000		8,000,000	
Enron Capital Trust II ('Series R') (3I	8.125%	1/97	3102	25	6,000,000		6,000.000		6.000,000	E C 0	02893077
Private Placement	7.100%	3197	4102	1118 (7)	20,000		20.000		20,000		
Enron Capital Trust III Ie	Variable	6197	Variable	1,000	200.000		200.000				
Portland General Electric Company is)	7.750%	6/93	n/a	100	30.000,000		300,000		300.000		
LNG Power II, L.LC. Preference Units	7.250%	3/00	We	1,000	140,000		140,000		136,076	-	
(1) Agus1sd Is ,Meet k.abara con.nm.bd split .eacb. August 13. tee0.				(5) On S.pbntr 24.1950. one shoe d Swiss 8 Aria Mad" convertible Pldrr.d Sbd .r bus W in .along. Our each "a of Swiss	
(2) Each "s Is canrbb hi 27.304 Mao d Enon earmm dad d to botl.r's option 1, M al by E" In 1903 (a*mbd b c osn n pod pi	A Afar Voiq Calr.r0bb Pr.Nn.d Sbck. Each ohms d	Swiss B b maul" cmwebt.:nb 200 shares of Erron cammn sbd on	
.Mcive August 13, 1909). The d.idad Is equal b to N O.r d 010.50 per Mas ar ft gr:vaYd dividers! 9rd would b. paid 1 M dues had barn conwW.	Jaw" is. 2003.						
(3) Pub" Off on to Now Yak Stock Eachmg..				(8)	R.d.ard Jun. 4. 2000.						
(4) Tie S.co d Pretrial Sbd and M Swiss B Prdwr.d Stock cue boat dkdv. h M id kr quarts d 2000.			(7)	R.dwwins prim vain bard m aigbal Wu. .iamb.					
				(5)	C.nr5daled by Eaon b.giniq July 1.1997						
										Printed 712112000	11 47 AM
				37							Pg 3

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CONSOLIDATED BALANCE SHEET
Enron Corp. and Subsidiaries
  1998 1999 2000
(In Millions) 3131 6130 9130 12131 3131 6130 9130 12131 3131

Current Assets
  Cash and cash equivalents
Trade and other receivables, net
  Assets from price risk management activities
Inventories
  Other
Total Current Assets
Investments and Other Assets
  Investments in and advances to unconsolidated equity affiliates
Assets from price risk management activities
  Goodwill
Other
Total Investments and Other Assets
Property, Plant and Equipment, at cost
  Less accumulated depreciation, depletion and amortization
Net Property, Plant and Equipment
Total Assets
Current Liabilities
Accounts payable
  Liabilities from price risk management activities
Short-tern debt
  Other
Total Current Liabilities
Long-term Debt
Deferred Credits and Other Liabilities
Deferred Income taxes
  Liabilities from price risk management activities
Other
  Total Deferred Credits and Other Liabilities
Minority Interests
Company-Obligated Preferred Securities of Subsidiaries
Shareholders' Equity
  Cumulative second preferred convertible stock
Junior voting convertible preferred stock
Common stock
  Retained earnings
  Cumulative foreign currency translation adjustment
Common stock held in treasury
  Restricted stock and other
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity

S 173 S	175 $	383 $	111	$	296 S	286 $	316 S	288	S 466
1,936	2,762	2,337	2,893		3,534	3,522	3,851	3,548	4,352
1,889	2.120	1,654	1,904		1,554	1,756	2,156	2.205	3,139
163	291	369	514		458	557	613	598	437
574	523	597	511		603	772	631	616	939
4,735	5,871	5.340	5,933		6,445	6.893	7,567	7,255	9.333
									

2.649	2,761	4,382	4.433	4,632	4,779	4.968	5.03'' r^	6.020
1.281	2,370	2,063	1,941	2,271	2,364	3,052	2,929	3,428
1,883	1,884	1,976	1,949	2,690	2,696	2,636	2,799	2,905
4.007	4.091	4,509	4,437	5,076	5,599	5,578	4,681	5,101
9,820	11,106	12,930	12,760	14,669	15,438	16,234	15,445	17,454
13,942	14,318	15,064	15,792	17,197	17,507	12,924	13,912	14,012
4.695	4,810	5,037	5,135	5,612	5,691	3,149	3,231	3,315
9,247	9.508	10,027	10,657	11,585	11,816	9,775	10,681	10,697
$ 23,802 S	26,485 $	28,297 S	29,350	$ 32,699 $	34,147 $	33,576 $	33,381	$ 37,484
$ 1.806 $	1,974 $	1,822 $	2,380	$ 2,694 $	2,603 $	2.281 $	2,154	$ 2,914
1,774	1,888	1,774	2,511	1,542	2,386	2,829	1,836	2,697
		1,102	-		-	-	1,001	1,884
669	920	1,208	1,216	1,408	1,457	1.559	1,768	1,695
4,249	4,782	5,906	6,107	5,644	6,446	6,669	6,759	9,190
6,835	6,989	8,475	7,357	9,419	8,979	8,592	7,151	8,288
2,158	2,052	2,040	2,357	2,194	2,352	1,908	1,894	1,791
884	2,086	1,222	1,421	1,852	2,068	2,521	2,990	3,510
1,716	1,707	1.568	1,916	1,640	1.620	1,718	1,587	1,594
4,758	5.845	4,830	5,694	5,686	6.040	6,147	6,471	6,895
1,153	1,089	1,142	2,143	2,125	2,475	1.822	2,430	1,872
993	993	993	1,001	1,001	1,001	1,001	1,000	1,099
133	132	132	132	131	131	130	130	129
-	-	-	-	1,000	1,000	1,000	1,000	1,000
4,230	5,084	5,110	5,117	6,249	6,588	6,640	6,637	7,041
1.989	2,051	2.138	2,226	2,256	2,369	2,537	2.698	2.922
(147)	(159)	(170)	(162)	(711)	(760)	(853)	(741)	(756)
E
(256)	(247)	(202)	(195)	(50)	(1)	(1)	(49)	(16)
C 002893078
(135)	74	57	(70)	(51)	121	(108)	(105)	180)
5,814	6,787	6,951	7,048	6,824	9,206	9,345	9,570	10,140
S 23 Rn2 S	2R 4M S	78 2q7 S	29 35n	S 32 699 1	34.147 S	33.576 S	33.381	S 37.484

  Prided 7/21/2000 11 47 AM
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CONSOLIDATED STATEMENT OF CASH FLOWS
Enron Corp. and Subsidiaries

		YTO 1996			YTD 1999		YTD 2000
ja	31311	11130	W30	1					
Cash Flows From Operating Activities									
Reconciliation of net Income (loss) to net cash provided by (used In) operating activities									
Not income (loss) before extraordinary items S	214 S	359	$ 527	S 703	S 122 $	344	S 634	$ 893	$ 338
Cumulative effect of accounting changes, net of tax	-	-	-	-	131	131	131	131	-
Depreciation, depletion and amortization	182	372	587	827	215	451	676	870	172
Impairment of long-lived assets	-	-	-		-	-	441	441	
Deferred income taxes	54	60	109	87	2	(11)	(38)	21	30
Equity n eami gs o1 unconsoidated affiliates	(44)	(153)	(160)	(97)	(68)	(230)	(269)	(309)	(264)
Gains on sales of assets and investments	(27)	(32)	(31)	(82)	(12)	(12)	(468)	(541)	(18)
Changes n components of working capital	(158)	(660)	(372)	(233)	(556)	(909)	(1,072)	(1,000)	(313)
Net assets from price risk management activities	(249)	(253)	(458)	350	(518)	247	55	(395)	(52)
Merchant assets and investments:									
Realized gains onsales	(48)	(252)	(368)	(628)	(22)	(161)	(252)	(756)	(31)
Proceeds bum sales	134	629	855	1,434	26	561	708	2,217	199
Additions andunrealized gains	(103)	(282)	(515)	(721)	(135)	(829)	(1,049)	(827)	(517)
Other operating activities	95	39	203		155	380	460	483	11111
Not Cash Provided by (Used In) Operating ActlvlOes	50	251	29	1,640	660	38	43	1,228	45
Cash Flows From Investing Ac ivitln									
Capital experdltues	(288)	(585)	(1,231)	(1,905)	(519)	(969)	(2,022)	(2,363)	(496)
Equity investments	(49)	(151)	(1,470)	(1,659)	(409)	(648)	(718)	(722)	(316)
Proceeds from sales of Investments and other assets	3	58	59	239	43	138	245	294	17
Acquisition of subsidiary stock	-	(180)	(180)	(180)					(619)
Business acquisitions, net of cash acquired	-	(25)	(87)	(104)	(38)	(40)	(213)	(311)	(10)
Other investing activities	158	254	262	356	20	3+	41	405	6
Not Cash Provided by (Used In) Investing AcUvltlss	49	(1,137)	3171	3,965	(1,130)	1,859	315	350	1493
Cash Flows From Financing Actlvitles									
Issuance of long-term debt		305	1.253	1,903	114	1,301	1,570	1,716	1.361
Repayment of long-helm debt	(42)	(341)	(388)	(870)	(68)	(645)	(1.417)	(1,837)	(393)
Net increase (decrease) n short-term borrowings	623	769	1,997	(158)	1.119	128	2,038	1,565	962
Issuance of company-obligated preferred securities of subsidiaries	-	-	-	8	-	-	-		105
Issuance of common stock	2	844	867	867	839	889	889	852	179
Issuance of subsidiary equity	-	-	-	828	-	513	513	568	
Dividends paid	(99)	(204)	(307)	(414)	(113)	(227)	(346)	(467)	(156)
NeI (acquisition) disposition of treasury stock	3	7	6	13	119	101	223	139	70
Other financing activities	4	13	15	89	35	68	6	1	
Not Cash Provided by Financing Activities	445	1.393	3,413	2266	1975	2,072	3,403	2,456	2,128
Increase (Dscraass)In Cash and Equivalents	3	5	213	(59)	1 5	175	205	177	178
Cash and Cash Equivalents, Beginning of Period	170	170	170	170	111	Ill	111	III	288
Cash and Cash Equivalents, End of Period	173	175	383	Ill	296	286	316	288	466
Capital Expenditures									
Transportation and Distribution									
Gas Pipeline Group S	31 S	69	$ 164	$ 181	$ 25 $	50	$ 66	$ 120	S 10
Portland General	34	72	104	129	29	60	128	196	31
Wholesale Energy Operations and Services	72	116	290	706	278	610	1,035	1,216	317
Retail Energy Services	16	27	39	75	22	34	49	64	17
Broadband Services	-	-	-	-	-	-	-	-	71
Exploration and Production	118	271	580	690	92	180	227	226	-
Corporate and Other	17	30	54	124	73	35	517	541	50
Total	288	585	1,231	1,905	519	969	2,022	2,363	496
Equity Investments									
Transportation and Distribution									
Gas Pipeline Group $	- $	-	$ -	$ 27	S S	-	$ -	S -	S
Portland General	12	16	22						
Wholesale Energy Operations and Services	43	160	1,475	703	381	647	709	712	304
Retail Energy Services	-	-	-	-	-		-		-
Broadband Services	-	-	-	-		-	-		
Exploration and Production			-	-	-	-			-
Corporate and Other	(ii)	25	2	929	28	1	9	10	12
Total	49	151	1,470	1659	409	648	718	722	316

39

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  1 9 0
SELECTED FINA AND OPERATING HIGHLIGHTS
Transoortatlon and Distribution - Gas Pipeline Grouo

				1998								1999						2000	
n Millions, Except Where Noted		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr		Year		1st Qtr		2nd Qtr
Gas Pipeline Group																				
Gross Margin	$	192	$ 137	$ 144	$ 167	$ 640	S	181	S	124	$	145	$	176	$	626	$	201	$	148
Operating Expenses		69	68	68	71	276		61		65		64		74		264		65		76
Depredation and Amortization		16	17	17	20	70		17		17		18		14		66		16		17
Equity in Earnings of Unconsolidated Affiliates		11	9	8	4	32		8		8		14		8		38		7		10
Other Income, net		8	11	2	4	25		15		22		8		1		46		1		12
Reported Income Before Interest and Taxes	$	126	$ 72	$ 69	S 84	$ 351	$	126	$	72	$	85	$	97	$	380	S	128	$	77
Northern Natural Gas (100% Owned)																				
Transportation Revenues	$	150	$ 98	$ 105	S 127	S 480	$	140	$	87	$	86	$	137	$	450	S	164	S	69
Average Transportation Rate (per MMBtu)	S	0.37	$ 0.28	$ 0.30	S 0.33	S 0.32	$	0.35	$	0.27	$	0.27	S	0.40	$	0.32	S	0.44	S	0.23
Gas Transportation Btu/d		4,476	3,879	3,792	4,252	4,098		4,464		3,553		3.525		3,738		3,820		4,147		3,237
Transwestem Pipeline (100% Owned)																				
Transportation Revenues	S	35	$ 37	$ 37	S 36	$ 145	$	35	$	35	$	36	$	36	$	142	$	36	$	36
Average Transportation Rate (per MMBIu)	$	0.23	$ 0.24	$ 0.25	$ 0.27	$ 0.25	$	0.28	S	0.27	$	0.25	$	0.27	$	0.27	$	0.24	$	0.25
Gas Transportation BBtu/d		1,668	1,707	1,564	1,492	1,608		1,393		1,419		1.575		1,460		1,462		1.566		1,606
Florida Gas Transmission (50% Owned)																				
Transportation Revenues	$	76	$ 78	$ 76	$ 76	$ 306	$	75	$	76	$	78	$	76	$	305	$	76	S	77
Average Transportation Rate (per MMBtu)	S	0.71	$ 0.65	$ 0.56	$ 0.64	S 0.63	$	0.68	$	0.54	$	0.47	$	0.54	$	0.56	S	0.54	$	0.53
Gas T tion BBtu/d		1,182	1,328	1.471	1,310	1.324		1,225		1,546		1,659		1,538		1,495		1.563		1,591
Northern Border Pipeline (8% Owned)																				
Transportation Revenues	$	48	$ 49	$ 49	$ 51	$ 197	$	74	$	73	$	74	$	78	$	299	$	76	$	77
Gas Transportation (BBtu/d)		1,839	1,737	1,723	1,781	1,770		2,388		2,405		2,419		2,406		2,405		2,464		2,429
Rate per 100 Dekatherm Miles	$	0.037	$ 0.037	$ 0.037	$ 0.037	$ 0.037	$	0.037	$	0.037	$	0.036	$	0.036	$	0.037	$	0.041	$	0.041

40

EC 002893080

Printed 721!2000 11 47 AM
P96

r.,, inns nfOnfl