Q: Please join me in congratulating Terry Thorn on his 20th anniversary at Enron and on his decision to step back from the fray, shift gears and retire on August 1. For those of you who have worked with Terry over the years, please stop by and join us at a cocktail reception honoring Terry on Monday, July 23, 5:30-7:00 pm in the 50th Floor Lobby of the Enron Building. Mark Frevert
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A: Retirement Announcement - Terry Thorn

Q: Dave, I have attached the above sample form for your review. I have been unable to find any documentation where we act as an agent for the shipper and contractually agree to remarket their unused capacity. As soon as I find some language, I will forward same to you. As we discussed, the major concerns that I have concerning the Energy Marketing Services Agreement form that Kaiser provided relates to the duties of the Marketer thereunder. ENA is in the business of buying and selling natural gas for its own account and as such any services it agreed to provide relating to most of the items under Articles III and IV would be subject to claims of abuse or violation of fiduciary duties. Specifically, ENA should not agree to perform the items under Article IV, Section A. Parts 1-8, 11; Article IV, Section B. Parts1-2, 4, 6; Article IV, Sections C, E, and F. Otherwise, ENA sales obligations should be patterned in the manner set forth in the Enfolio Contract which provides safeguards for both parties in the event of a default by either. Therefore, we need to work from our Enfolio contract and I will get you some agency language for the confirm to address how we would share any transportation savings that we were able to obtain for them during the term of our sales transaction with them. Please call me after you have had a chance to review the contract.
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A: Sample Enfolio Contract Form Attached

Q: Transwestern's average deliveries to California were 1017 MMBtu/d (93%), with San Juan lateral throughput at 882 MMBtu/d. Total East deliveries averaged 510 MMBtu/d. El Paso's average deliveries to California were 1961 MMBtu/d (76%): - PG&ETop, capacity of 1140 MMBtu/d, deliveries of 643 MMBtu/d (56%) - SoCalEhr, capacity 1025 MMBtu/d, deliveries of 938 MMBtu/d (92%) - SoCalTop, capacity 413 MMBtu/d, deliveries of 380 MMBtu/d (92%) Friday's posted Gas Daily prices: SoCal gas, large pkgs 2.34 (+.03) PG&E, large pkgs 2.35 (+.09) TW San Juan n/a TW Permian 2.165 (-.025) Enron Online bases: Nov-Mar Apr-Oct Perm-CA .15 (-.06) .23 (even) SJ - CA .24 (-.04) .41 (-.03) SJ-Waha .12 (+.02) .22 (-.04) Perm-Waha .03 (even) .04 (even)
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A: California Capacity Report for Week of 10/15-10/19

Q: Ken, Greg, Mark - Thank you for your leadership over the last several weeks and this morning. We appreciate it. Following are some additional thoughts and some more detail on my comments from this morning: The leadership group in that room needs to feel the sense of responsibility to lead our businesses. Everything we say & do - including all written, verbal and "body language" - are signals. We must communicate and lead all day, every day. As an organization, and as part of our culture, we lead with our chin - always have and probably always will. We are going to take our share of bumps and bruises. We have some great businesses here....and we are fortunate. We have grown the size and profitability of our core businesses substantially, and in a market where many companies have not been as successful. Most of our wounds are self - inflicted. We can and should do a better job. I believe this leadership team needs to make an absolute commitment in the following areas: Vision - define what we want this company to be in the next 3-5 years Value - as part of building the World's Leading Company, my vote is that we dedicate our energy towards building long term, sustainable value. This is not about just creating value in the eyes of Wall Street - this is about creating real value, perhaps as defined by "after tax operating profit minus the real cost of capital". Market cap will follow this type of economic value creation. We need to measure it and incent people this way. Teamwork - we are a leadership team. I don't feel as though everyone buys into that nor is it clear that everyone around that table feels a sense of responsibility to lead across the business. I would like to discuss how we improve as a team. Many of our employees (at an average age of 33 years) have never been through: an economic downturn a global military conflict problems like the ones we are currently experiencing at Enron We need big time leadership now....from all who are around that table Clear Demonstration of our leadership - in clear view of our employees, customers and shareholders People - we must make sure to retain and enhance the interest of the employees that add value to Enron everyday. These people need to believe - with our actions - that we are absolutely focused on making sure they have an environment that is conducive to building and creating value over the short, medium and long term. The ball is in our court. We have to lead and be perceived as credible leaders. We've got to dig deep and get down the road - together. If you wish, I would be pleased to discuss this further. Thank you again for your leadership.
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A:
Management & Leadership