IN: This is an email
The following customers are currently covered by Fred Lagrasta's middle market desk primarily for derivative transactions. In all cases except for Hallwood, ENA Denver has a relationship with these customers that primarily covers their physical business, we would like to expand that business to cover their Derivative business as well. The list is based on priority. We would be willing to cover them for their West Gas business only. Fred could continue to cover their East, Central and Oil/Liquids business. Xcel Energy (PSCo) and affiliate e Prime. Devon Energy Cross Timbers Hallwood Energy Forest Oil Prima Patina Oil and Gas Westport

What is the subject?

OUT: Middle Market Customers that Denver would like full responsibility for

IN: This is an email
All: I know that credit and legal are currently stretched to the limits but pushing your credit priorities will require some coordination. Here's a brief recap of yesterday's meeting: ALMOST DONE: Cargill, Idacorp, Utilicorp BRANT: Dynegy Canada, Occidental, Duke Energy Marketing Limited P'p ED: Mieco, Inc. RUSSELL: PanCanadian Energy Services, WPS Energy Services TANYA: J.Aron (we need commercial help to push this) Please review the comments taken at each meeting and distributed to everyone. Please use Lotus Notes to record/review activity. We are depending on you to take needed action as required and we are doing the same. Thanks. Sara

What is the subject?

OUT: Credit "Top Tens"

IN: This is an email
Dear Global Oil Retainer Client, PIRA is expanding its weekly assessment of global refining profitability to include Mediterranean and Singapore refining regions - key additions to those already provided on a weekly basis, which include "cracking" for WTI crude in the U.S. Gulf, Chicago and Group 3; "cracking" for LLS crude in the U.S. Gulf; and "cracking" and "hydroskimming" for Brent crude in N.W. Europe. These margins are based on PIRA's proprietary crude yields, and represent industry or "swing" refinery margins. The added margins are "cracking" and "hydroskimming" for Urals crude in the Mediterranean, and "cracking" and "topping" margins for Dubai crude in Singapore. The $/Bbl margins represent incremental cash operating margins, which equal gross product worth, less delivered crude cost, less variable refining operating costs. Margins are calculated and plotted for each day that prices are available. PIRA will continue to publish margin charts every Monday afternoon at www.pira.com. Look for further announcements in the future as PIRA continues to enhance worldwide refining information for its Retainer Clients, including margin analysis in other key refining regions. PIRA Energy Group

What is the subject?

OUT:
PIRA's Weekly Refinery Margin Charts