IN: This is an email
<<MF June 1st 2001.pdf>> Good Friday Morning - Comments From The Local Guys! In comments made by Steve Slifer, Lehman Brothers' economist, he indicates that the U.S. economy remains in limbo - neither in recession nor in recovery. After a string of weaker-than-expected economic data, Friday's employment report came in stronger than expected. Payroll employment fell 19,000 in May, as expected, but there were large net upward revisions of 153,000 to March and April. The unemployment rate fell a tenth, to 4.4%. On the surface, this suggests strength in the economy; however, the drop was caused by a decline in the number of people looking for jobs. This is a sign of weakness, not strength. However, there has been a rise in both major measures of consumer confidence in May, and Congress passed a major tax cut, including almost a percentage point worth of economic stimulus in 3Q. All of this leaves us where we started: more near-term economic weakness and another 25 basis point rate cut by the Federal Reserve on June 27, The 30-year US T-Bond yield is 5.70%. . The 5-year is trading at 4.90%. Spot crude oil is trading at $27.90 p/b. Natural Gas - Henry Hub - is trading at $3.94 p/mcf. AD Time: New Federal Insider-Trading Rule (Rule 10b5-1) have been adopted by the SEC under the Securities Exchange Act of 1934. This rule greatly enhances an insider's/employee's ability to trade his/her corporate shares during blackout periods. Previously, without the protection of this new SEC rule, employees and insiders could safely trade only outside of designated blackout windows. Under this new rule, insiders/employees may have the ability to purchase and sell their corporate shares even during blackout periods if a written plan was established and in force when the insider/employee was not in possession of material, non-public information. The new rule contains other restrictions and should be reviewed carefully. Lehman Brothers has established a turn-key plan that take into account the regulatory procedures for establishing such a plan. Please email us or call us for more information. Lehman Brothers' Research.

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OUT: The Morning Market Call - Friday June 1st, 2001
QUESTION: Kathy Kelly EXCELLENT The performance of the group in the area of operations/logistics is superior. Kathy is able to manage multiple tasks and is able to get performance form her people. Even with the dramatic growth of our business, the ops group has been able to manage to sustain a very high level of performance. I think Kathy could improve in the commercial area (idetifying important data/market info) and thinking of ways to improve our business model though systems, organizational structure, etc.. Ed Terry SASTIFACTORY/STRONG Similar comments as above in the area of operations/logistics. Ed's scope is fairly narrow, very centered to operations/logistics. I would like Ed to improve his ability/wllingness to make decisions. Very little commercial understanding, although shows interest in learning.
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ANS: evaluations
NNG Gomez Plant, Site Cleanup has been completed. All activities associated with the items identified during the sale of the facility have been corrected. Becuse ET&S owns and WGR operates, there is a concern that WGR may not adhear to compliance and housekeeping at the facility. This has been the case in the past. Discussions will be held with Enron Legal to address these concerns. TW Bell Lake Gas Plant, Ground Water Remediation. A revised Water Development Easement from the State Land Office was received. This will allow TW access to install one additional downgradient groundwater monitor well. The tentative schedule to install the well will be the week of September 13th. A construction permit application for installation of an SVE remediation system for the North Crawar C/S was mailed to the TNRCC. The State of New Mexico conducted an air quality inspection of the Atoka No. 2 C/S. No items or deficiencies were identified by the agency. The Title V air permit application for the Atoka No. 3 C/S was mailed to the State of New Mexico, Air Qualtiy Bureau. The Notice of Intent air permit application for the Crawford C/S was mailed to the State of New Mexico, Air Quality Bureau. Annual blanket request letters were submitted to the USFWS in New Mexico and Texas for renewal. A meeting was held in Houston with John Woodyard of Roy F. Weston and ET&S mgt. addressing PCB activity in natural gas pipelines as related to the PG&E PCB Topock Lateral issue.
Q: What is a potential subject line for this email?
answer: Weekly Activity Report, Roswell Area
Sorry, but I still can't talk. Although Marie is not in today, I can have Susan Bailey (Ext. 34737) contact Morgan to alert them that the faxed docs are coming. We also will need a signature on the agreement itself and I can't recall if Marie sent that already. Please call Susan so that we can be more specific about what might happen today (and whether it can wait until Monday morning when Marie returns). I have not received anything from Robert. Thanks. Sara
Answer: Brokerage Account
Here is an email: Gerald, our group for service contracts are still in tact. Linda Harris, at 345-6488 or Jane Scelzo at 345-6489 can help you with this one...I think. I do not see it listed, but it could be something pending. Linda and Jane, he thinks one of the entities in ETS might have a contract for some work that's being done in the Gulf Coast Region. Could it be an EE&CC contract? Gerald will be calling one or both of you for your assistance. Thanks.
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A: PBKBB
QUESTION: Hello, Michelle! You came and spoke to my new hire class last Monday. I have a pending book deal with Zondervan publishing and wanted to make sure that there was no problem re the confidentiality agreement. I am certain there will be no problem. I have been a minister for 22 years and have a proposal being pitched by the senior editor at Zondervan to their editorial review board. The book will draw on my leadership/team-building experiences in the church and will be written from the perspective of a minister / mba. It will have nothing to do with Enron. Please let me know when would be a good time to come by. All The Best,
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ANS:
can we talk briefly?