Subject: "29th floor".

Body: Tana, The suite of offices on 29 will be complete with a fax machine and an additional analog line for P.C. dial-up access by close of business today. The only exception to your requirements is for an additional table in the empty room. I believe that will be in by mid day tomorrow. We will prepare 32 Thursday.

Subject: "Master Netting: Noble Affiliates, Inc.".

Body: Noble Relationship - Parent is Noble Affiliates, Inc. Noble Gas Marketing Inc. Financial Products with ENA (ISDA 96016637) Physical Gas with ENA (master firm puchase/sale 96001113 Guaranties: Incoming - $45mm from Noble Affiliates, Inc. covering Noble Gas Marketing Inc. benefiting ENA. Covers financial and physical natural gas, crude oil and other petroleum products. Outgoing - $10mm covering ENA for benefit of Noble Gas Marketing Inc. Covers financial products. Samedan Oil Corporation Financial Products with ENA (ISDA 96009168) Physical Gas with ENA Upstream Company LLC (GTC)

Subject: "Acquisition of PNM capacity".

Body: Lorraine: here's what we would have to show FERC, along with some of my comments. Let me know if you have additional ideas, and I'll turn it into a draft to send around to the usual suspects. 1. Rate impact on TW customers; method by which TW would collect the costs of the acquired capacity. - I assume TW would be at risk for any undercollection of revenue associated with the PNM capacity; thus there is no cost-shift potential to other shippers. - Net costs will be separately recorded. 2. Would acquisition of PNM capacity enable TW to gain control over access to upstream capacity and supply sources in a manner which would permit TW to limit customer choices or improperly tie use of the acquired capacity to other pipeline services? (I think Mary Kay will be able to help us explain the "no tying" part). 3. Would TW's marketing affiliates receive preferential treatment? - No TW marketing affiliate will be involved in the proposed transaction - Acquisition of PNM capacity will not result in any undue preference or advantage to any affiliated entity. 4. Will TW as a holder of capacity receive preferential treatment over PNM's customers, to the detriment of PNM's customers? - No. PNM will be making the capacity available to TW only during periods in which it has unused capacity available on its system, so any impact on PNM shippers should be minimal. - Service contract under PNM's tariff does not provide for unduly preferential treatment of TW. 5. How will capacity be managed or otherwise integrated into TW's existing open access operations? - TW will enter into service agreements with PNM from time to time to transport gas on the portion of PNM's line from Blanco, NM (i.e., the Blanco Hub operated by TW) to Rio Puerco, NM, where PNM's system interconnects with TW's mainline. Resulting available capacity will be posted according to TW's tariff. - The capacity will be used to serve customers under TW's FTS-1, LFT and ITS (right?) rate schedules from the Blanco receipt point to delivery points on TW's system. - Lorraine -- we need to discuss our arrangement with PNM -- Would we be

Subject: "Fuel Oil Sample".

Body:
Doug, This note is just to confirm my voicemail message this morning indicating that the charges for the Fuel Oil sample check for vanadium should be charged to Co# 0413, RC # 106230. According to the spec sheet I have, the ASTM method for vanadium is D3605 and the units of measurement are ppm (wt). Again, I appreciate your patience in this frustrating issue. Charlie