IN: As everyone is aware, Peoples provided notification to Enron MW, L.L.C. of its desire for credit support or termination effective December 28th of the Master Physical Agreement between EMW and PGL. Richard and I met with Raulie, Dave and Tim this morning to discuss the implications of the termination and our ability to continue to fulfill our obligations regarding the deals that are subject to the Master. After much discussion, they (PGL) have agreed to delay any termination until either the end of January or February (they are going to discuss internally which makes more sense). Therefore, unless a higher power overturns our agreement, PGL intends to issue a letter amending their previous notification/assurance letter. If anyone has any questions or comments, please let Richard or me know at your earliest convenience. Thanks - Gregg

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OUT: Enron MW/Peoples Master

IN: This is an automatically generated Delivery Status Notification. Your message has been successfully relayed to the following recipients, but the requested delivery status notifications may not be generated by the destination. ddellacona@hess.com

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OUT: Delivery Status Notification (Relay)

IN: I talked w/ Ed McMichael about Noble WRT rescinding our termination if Noble were willing to pay in full all amounts due. Ed said he would rather cause the position to be terminated (moving the approximately $40M MTM value out of the "live" status) than he would collect the $39M of outstanding invoices. Ed's rationale is that any amounts settled (invoiced) will ultimately be collected in full w/ interest so there's no need to continue to wear the $40M MTM risk. Therefore, I will let our termination letter stand as issued and do not plan to contact Noble. Susan: please be sure to note that the termination letter was sent 3/11/02. Thanks

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OUT: Noble Gas Marketing Inc

IN: Our new office supply house is Boise Cascade, and we just got the capability to place an order. We plan to radically scale down the supplies we previously kept in stock, but we will maintain a rudimentary supply of the basics. If you need an office supply that is not typically stocked or if you would like to see the catalog, please ask Mollie or me.

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OUT:
We Can Now Order Office Supplies!