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arnold-j/sent/565.
|
subject: Re: Devon
content: will call you tonight
Karen Arnold <[email protected]> on 03/27/2001 08:09:06 PM
To: [email protected]
cc:
Subject: Devon
Why did you sell Devon Energy???? I still own it. should I sell?
Any decision regarding your return?
It is cold and rainy here, high today was 45!!!
| ||
arnold-j/sent/566.
|
subject: Still Getting Involiced for Your Deal #258505
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/26/2001 02:56
PM ---------------------------
"Piazza, Perry A [CORP]" <[email protected]> on 03/26/2001 02:46:53 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: Still Getting Involiced for Your Deal #258505
John - Could you please alert your back office that they are still invoicing
us on a Nov-Mar strip that was traded on June 20, 2000 at $4.105. That deal
was cancelled per our discussion and rebooked for half the volume in
November (I beleive it was November). Your deal number on the rebook is
QF9221.1 I beleive. I beleive Dutch Quigley on your end was involved when
we originally discussed the deal.
Thanks and call if you have any questions.
Perry A. Piazza
Citibank/Salomon Smith Barney
Global Commodities
390 Greenwich Street, 5th Floor
New York, NY 10013-2375
Phone: (212) 723-6912 / (212) 723-6979
Fax: (212) 723-8556
E-Mail: [email protected] <mailto:[email protected]>
| ||
arnold-j/sent/567.
|
subject: Re: power gen
content: where are you getting those numbers?
[email protected] on 03/26/2001 12:56:07 PM
To: [email protected]
cc:
Subject: power gen
while we're stroking each other on the bear stuff-you notice the weekly y on y
power gen /demand numbers have fallen from double digit increases each week to
now nearly flat to +2% ish each week depstie cold east and hot west.
| ||
arnold-j/sent/568.
|
subject: Re: easter weekend
content: yes
i dont know. both have their merits
"Jennifer White" <[email protected]> on 03/26/2001 01:41:38 PM
To: [email protected]
cc:
Subject: easter weekend
Jen and Paula are definitely going to NYC for the long weekend. Think
about what you want to do, and I'll call you tonight to discuss:
Do you want to spend the long weekend with me or do your own thing?
If you want to spend it with me, would you rather go to the beach or
to NYC?
___________________________________________________________________
To get your own FREE ZDNet Onebox - FREE voicemail, email, and fax,
all in one place - sign up today at http://www.zdnetonebox.com
| ||
arnold-j/sent/569.
|
subject: RE: Receipt of Hedge Fund Information
content: Mike:
which one of the hedge funds closes today?
| ||
arnold-j/sent/57.
|
subject:
content: you think that's a valid excuse? whatever....
| ||
arnold-j/sent/570.
|
subject: Re: distillates
content: yea, i think the two dumps in the market are when everybody realizes the
loss of demand, which is in the first 4 inj numbers. customer buying and
fear about the summer will keep may at a decent level. if my theory holds,
eventually that wont be enough to hold the market up and m pukes. second
puke is in the winter when 4th quarter production is 4-5% on y/y basis,
demand still weak (economic weakness isn't a 3 month problem), industry
realizes that not only is it ok to get to 500-700 bcf in march but you
should, and early winter weather will not match 2000. we develop large y/y
surplus in x and z. z futures hold up because some risk premium still exists
for rest of winter. by late december, just trying to find a home for gas.
think decent chance f futures finish with a 2 handle.
[email protected] on 03/25/2001 08:16:26 PM
To: [email protected]
cc:
Subject: Re: distillates
f puts?? you mean january? u mean june and january???
[email protected] on 03/25/2001 07:30:38 PM
To: Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject: Re: distillates
just when i'm turning really bearish you're starting to turn bullish on me.
weather to me relatively unimportant. yes, it will leave us with 30 bcf or
so less in storage than if we had mild weather. i think it is masking a
major demand problem. think what the aga numbers would be with moderate
weather. when we get into injections, i think we'll see a big push down.
spec and trade seem bearish but hesitant to get short. customer buying
still strong. thus even with the demand picture becoming clearer, we
haven't moved down. however i think when the picture becomes clearer (i.e.
-when we start beating last year's injections by 20 bcf a week), trade will
get short. customers very unsophistocated. the story they keep telling us
is we're coming out 400 bcf less than last year, thus the summer has to be
strong. when we start inj, customers will start seeing other side of
story. pira finally came out this week and said stop buying. to me, the
mrkt just a timing issue. i want to be short before the rest of the idiots
get short. i continue buying m,f puts. projecting k to settle 450 and m
400.
[email protected] on 03/23/2001 01:44:10 PM
To: [email protected]
cc:
Subject: distillates
this strength cud persist awhile-is a little bullish ngas demand since we
now
above parity in some places. shit theres so many things shaking my faith on
the
short bias of this thing. weather hot /west cold est, hydo, califronia,mkt
talking new engl shortages.oil demand cont to show stellar y on y and curve
recoveriung, opec hawkish stance for px support.
i think we close the y on y gap still significantly but im starting to
question how when,how much and how long prices come off in apr-jun?
thanks god i can trade oil cuz i have made anything in ngas to speak of.
short
term still sort of neutral ngas-beleive we range bound. u prob know this
but
hearing texas rr data coming out pretty bearish prodcution-good news .
regards
| ||
arnold-j/sent/571.
|
subject: Re: distillates
content: just when i'm turning really bearish you're starting to turn bullish on me.
weather to me relatively unimportant. yes, it will leave us with 30 bcf or
so less in storage than if we had mild weather. i think it is masking a
major demand problem. think what the aga numbers would be with moderate
weather. when we get into injections, i think we'll see a big push down.
spec and trade seem bearish but hesitant to get short. customer buying still
strong. thus even with the demand picture becoming clearer, we haven't moved
down. however i think when the picture becomes clearer (i.e.-when we start
beating last year's injections by 20 bcf a week), trade will get short.
customers very unsophistocated. the story they keep telling us is we're
coming out 400 bcf less than last year, thus the summer has to be strong.
when we start inj, customers will start seeing other side of story. pira
finally came out this week and said stop buying. to me, the mrkt just a
timing issue. i want to be short before the rest of the idiots get short. i
continue buying m,f puts. projecting k to settle 450 and m 400.
[email protected] on 03/23/2001 01:44:10 PM
To: [email protected]
cc:
Subject: distillates
this strength cud persist awhile-is a little bullish ngas demand since we now
above parity in some places. shit theres so many things shaking my faith on
the
short bias of this thing. weather hot /west cold est, hydo, califronia,mkt
talking new engl shortages.oil demand cont to show stellar y on y and curve
recoveriung, opec hawkish stance for px support.
i think we close the y on y gap still significantly but im starting to
question how when,how much and how long prices come off in apr-jun?
thanks god i can trade oil cuz i have made anything in ngas to speak of. short
term still sort of neutral ngas-beleive we range bound. u prob know this but
hearing texas rr data coming out pretty bearish prodcution-good news .
regards
| ||
arnold-j/sent/572.
|
subject: Re: FW: Rick Buy Report Tomorrow--Your comments needed
content: We ahave not initiated a 24/7 gas product yet but are creating the
capabilities to launch at some point in the near future
From: Frank Hayden/ENRON@enronXgate on 03/22/2001 10:49 AM
To: Geoff Storey/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT
cc:
Subject: FW: Rick Buy Report Tomorrow--Your comments needed
I received this email and they are inquiring as to the new gas 24/7
electronic trading. Has this taken off? Who is managing it and are there
any positions associated with it?
Thanks,
Frank
-----Original Message-----
From: Tongo, Esther
Sent: Tuesday, March 20, 2001 3:29 PM
To: Hayden, Frank;
Cc:
Subject: Rick Buy Report Tomorrow--Your comments needed
The weekly Rick Buy update this week is on Thursday morning, so we will
report trading results as of and for the 5 days ended Tuesday, March 20th.
Please prepare comments on your area's positions and P/L - one to two
sentences - and e-mail them to me, with a copy to Cassandra Schultz, Veronica
Valdez and Matthew Adams, no later than noon, Houston time, Wednesday, March
21st (Tomorrow).
Those of you who have sub-limits not reflected on the consolidated DPR
(George in Global Products), and also the new gas 24/7 trader, please provide
trading results on those as well, including the 5-day and YTD P/L and current
NOP and VaR on George (Products EOL trading) - and also on _____ whatever
we're calling the EOL NA Gas auto trader.
Thank you,
Esther
x52456
| ||
arnold-j/sent/573.
|
subject: Here is the Article---no picture though...
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/23/2001 12:32
PM ---------------------------
"Zerilli, Frank" <[email protected]> on 03/23/2001 08:10:05 AM
To: "'[email protected]'" <[email protected]>
cc:
Subject: Here is the Article---no picture though...
Warming Up To Green
BY ERIC ROSTON
Breathe in. Hold it. Hold it. O.K., now breathe out.
Unless you're outdoors in the midst of a cold snap, chances are you
can't see
your breath. And no one would ever ask you to drop a quarter in a tin
box for the
right to free this invisible spirit from your lungs. Yet last November,
Murphy Oil
Corp., based in El Dorado, Ark., voluntarily shelled out several hundred
thousand dollars for the right to cough out carbon dioxide, the same
stuff you
exhaled three sentences ago.
The reason it did so is closely related to events that occurred that
same autumn
day, half a world away, at the Hague. Thousands of policymakers and
scientists
from all over the world had gathered, hoping to dot the i's, cross the
zeds and
umlaut the o's on the 1997 Kyoto Protocol to the U.N. Framework
Convention on
Climate Change. The protocol was devised to curb the industrial emission
of six
gases, CO2 among them, that are slowly--actually quickly in geological
terms--turning the earth into a hothouse. But no final accord was
reached.
In this context, Murphy's purchase of options on 210,000 metric tons of
carbon
(the equivalent of annual exhaust from approximately 27,800 cars) from a
Canadian company that was itself trying to help meet a national target
seems a
bit odd. The market for this kind of trade hasn't been established, and
there isn't
even a global agreement on how carbon dioxide should be valued. Indeed
there
isn't even unanimity on global warming itself.
Yet the transaction is emblematic of industry on the verge of an
environmental
transition. Congress may have snubbed the Kyoto accord, and global
bureaucrats may be stumbling over the details of a carbon-emissions
trading
system. But corporations, against the run of play, are beginning to
confront the
climate conundrum the best way they know how--as a business opportunity.
John Browne, CEO of BP Amoco, and Mark Moody-Stuart, chairman of Royal
Dutch/Shell Group, have both responded to the global-warming threat and
set up
internal systems that exceed goals put forth in Kyoto. Shell and BP have
vowed
to cut their greenhouse-gas emissions 10% each--nearly twice the Kyoto
target--Shell by 2002, BP by 2010. "This isn't an act of altruism," says
Aidan
Murphy of Shell. "It's a fundamental strategic issue for our business."
And not theirs alone. A growing number of corporations, from IBM to your
neighborhood Kinko's, are reducing their greenhouse footprints. DuPont
is
pledging to knock its emissions 65% below 1990 levels by 2010. "There's
been a
shift in the center of gravity in the U.S. corporate community since
Kyoto," says
Alden Meyer of the Union of Concerned Scientists. "Now the view is that
climate
change is serious and we ought to do something about it."
There are a few ways of doing that: invest in renewable energy sources
and "cap
and trade" emissions. That is, set ceilings for worldwide greenhouse-gas
emission
and let nations either sell emission credits if they emit below their
allowance or
buy credits if they exceed permitted levels. The theory is that the
pursuit of
greenbacks will fuel greener business. "Whenever you turn a pollution
cut into a
financial asset," says Joseph Goffman, an attorney at Environmental
Defense,
"people go out and make lots of pollution cuts."
Even where green fervor is of a paler shade, corporations are viewing
the
potential for global regulation as a business risk they need to
consider. Witness
Claiborne Deming, Murphy's CEO, who doesn't see the science of global
warming
as solid enough yet to cry havoc. But Deming hears shareholders
clamoring and
the bureaucrats buzzing. Someone may ask his company to put more than a
quarter in that box when it wants to exhale more than its allotted
amount of CO2.
Breathe in. Hold it. You know the drill.
How much CO2 did you just exhale? Tricky question. Yet that's analogous
to the
one businesses are struggling with on a massive scale. Until they figure
it out,
companies interested in trading will be on their own to determine 1) how
you
buy the right to emit a gas that has no standard of measurement and 2)
how to do
so when no nation currently assigns a CO2 property right. "It's risky as
hell," says
Deming.
Many groups are working to mitigate that risk. The World Resources
Institute
and others are road-testing a system that would make trading less risky
by
creating universal carbon-accounting practices. And four
companies--Arthur
Andersen, Credit Lyonnais, Natsource and Swiss Re--are developing an
exchange
where companies can trade, even in an embryonic market devoid of
legislative
standards. "They're trying to nail down something that will be useful
under laws
that are not yet defined," says Garth Edward, a broker at Natsource, an
energy-trading firm.
The U.S. struggled to introduce a cap-and-trade system into the Kyoto
Protocol,
and achieved it by agreeing to a tough, many say impossible, target:
bringing
emissions 7% below 1990 levels from 2008 to 2012. The irony of the
current
situation is that the Europeans, reluctant to accept trading at first,
have become
its champion; Britain next month will become the first country to embark
on a
national trading system.
Another practice, still hotly debated, is to assign credits for
sequestering carbon
in growing forests. Trees soak up limited amounts of CO2, release oxygen
into the
air and turn carbon into wood.
The Kyoto mechanisms will evaporate without global ratification, thus
setting up
an early environmental test for President Bush, who campaigned against
the
document. But Secretary of State Colin Powell has already heard
preliminary
briefings on the matter as the U.S. preps for the next round of talks,
to be held in
Bonn in mid-July. Bush the First helped pioneer credit trading in 1990,
when he
signed legislation that capped power plants' sulfur dioxide
emissions--the main
ingredient in acid rain--but allowed the plants to swap credits. And
Houston-based Enron, an energy trader whose chairman, Ken Lay, was a
prominent W. campaign adviser, stands to be a huge player in any such
market.
So if it's good for business, Bush the ex-businessman won't need that
big a push.
With him or without him, the monetization of carbon emissions--green for
greed's sake, if nothing else--is gaining momentum. So breathe easy. For
you, it's
still free. But for many companies, the carbon meter will be running
soon. In the
very near future, pollution is going to be either a cost to them or an
opportunity.
| ||
arnold-j/sent/574.
|
subject: Re: today
content: maybe a drink after work...
Caroline Abramo@ENRON
03/23/2001 07:29 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: today
can i grab you for a few minutes after the close to update you on fund stuff.
also, if you do not have plans tonight.. jen fraser and i were thinking of
having a little bbq (i am staying with her).. your presence is requested!!
if not, we are up for a few drinks after work,...
| ||
arnold-j/sent/575.
|
subject: CONFIRMATION: March 30, 2001 Executive Forum
content: please add
---------------------- Forwarded by John Arnold/HOU/ECT on 03/21/2001 05:51
PM ---------------------------
Enron North America Corp.
From: Debbie Nowak @ ENRON 03/21/2001 12:57 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: CONFIRMATION: March 30, 2001 Executive Forum
---------------------- Forwarded by Debbie Nowak/HR/Corp/Enron on 03/21/2001
12:56 PM ---------------------------
From: Debbie Nowak 03/20/2001 09:02 AM
To: David Shields/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Peter
Styles/LON/ECT@ECT, Richard Lydecker/Corp/Enron@Enron, Kathleen E
Magruder/HOU/EES@EES, Steve Pruett/Corp/Enron, George W Posey/HOU/EES@EES,
Matt Harris/Enron Communications@Enron Communications, Richard L
Zdunkewicz/HOU/EES@EES, Jeffrey T Hodge/HOU/ECT@ECT, Cheryl
Lipshutz/HOU/EES@EES, Marty Sunde/HOU/EES@EES, Jesse Neyman/HOU/ECT@ECT,
Scott Josey/Corp/Enron
cc:
Subject: CONFIRMATION: March 30, 2001 Executive Forum
This is to confirm your attendance for the Friday, March 30, 2001 Executive
Forum to be hosted by The Office of the Chairman. The Forum will begin at
2:30 p.m. and ends at 4:00 p.m. in the Enron Building 50M.
If you have any additional questions, please feel free to give me a call.
Thank you.
Debbie Nowak
Executive Development
713.853.3304
| ||
arnold-j/sent/576.
|
subject: Re: Cancellation of EOL Deal #1025253
content: confirm
[email protected] on 03/21/2001 03:02:06 PM
To: [email protected]
cc: [email protected],
[email protected],
[email protected]
Subject: Cancellation of EOL Deal #1025253
John,
Further to our telephone conversation today, this is to confirm in writing
that
you agreed to kill EOL Deal #1025253 @ 2:03 PM. This trade was not confirmed
to
me by EOL, neither reported into "Today's transaction" section. (Therefore I
entered into a duplicate trade on EOL @ 2:06 PM which we agree on)
Thank you for you cooperation, and best regards,
Herve P.E. Duteil
______________________________________________________________________________
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| ||
arnold-j/sent/577.
|
subject: Re: Guggenheim Museum
content: Hey:
Recounted...Can I get 50-60 invites and would need formal invites for
Friday??????
From: Margaret Allen@ENRON on 03/19/2001 05:23 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re: Guggenheim Museum
There will be a corporate lounge for you to congregate in. Does that sound
good? No problem on the thrity tickets. I will hold them for you. Let me
know if you don't think yo uwill be needing all of them. I can also get you
the formal invitations to send out if you would like.
John Arnold@ECT
03/19/2001 11:22 AM
To: Margaret Allen/Corp/Enron@ENRON
cc:
Subject: Re: Guggenheim Museum
On Friday, will there be a private reception or area for us or will our
customers get lost in the crowd?
Probably thinking 30 invites for Friday. Is that ok?
From: Margaret Allen@ENRON on 03/16/2001 10:23 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Guggenheim Museum
Hey Buster,
Hope you had a great time in Cabo! I'm so jealous. I need a vacation
desperately!
I'm trying to get a commitment on numbers from the different groups for the
Guggenheim events. Will you look over this document and tell me which ones
you would like to attend and how many people you would like to bring to each?
Of course, I need it ASAP -- what's new, right?!!
Thanks honey! Margaret
| ||
arnold-j/sent/578.
|
subject: Re:
content: yes but getting haircut until 700. is it too dark then?
"Jennifer White" <[email protected]> on 03/21/2001 03:29:37 PM
To: [email protected]
cc:
Subject:
Do you have any interest in going roller blading with me after work?
___________________________________________________________________
To get your own FREE ZDNet Onebox - FREE voicemail, email, and fax,
all in one place - sign up today at http://www.zdnetonebox.com
| ||
arnold-j/sent/579.
|
subject: From a recent milk carton
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/21/2001 11:15
AM ---------------------------
"Zerilli, Frank" <[email protected]> on 03/21/2001 10:59:27 AM
To: "Eric Carlstrom (E-mail)" <[email protected]>, "Guardian, The
(E-mail)" <[email protected]>, "John Arnold (E-mail)"
<[email protected]>, "Stacey Hoey (E-mail)" <[email protected]>, "Lew
Williams (E-mail 2)" <[email protected]>
cc: "'[email protected]'" <[email protected]>,
"'[email protected]'" <[email protected]>
Subject: From a recent milk carton
-----
>
> A little lost girl has recently been found. Her name is Jessica. She
does
> not know who her daddy is or where she last saw her mom. Please take a
> look
> and see if you recognize her so that we might locate her parents.
>
>
>
- C.DTF
| ||
arnold-j/sent/58.
|
subject: Re: Credit Suisse First Boston
content: use 380
From: Russell Dyk @ ENRON 11/01/2000 12:06 PM
To: Brad McKay/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Caroline
Abramo/Corp/Enron@Enron
cc:
Subject: Credit Suisse First Boston
CSFB informed us today that their Appalachia hedging deal will likely happen
in the next two weeks. The deal, in short, involves Enron buying an average
volume of 11,500 mmBtu/d at TCO and 5,500 mmBtu/d at CNG for 12 years and 1
month from Dec00.
CSFB would like to get an idea of where the market is now. I've attached a
spreadsheet that details the volumes, which decline with time. Could you
please provide indicative prices, as of tonight's close.
Thanks,
Russ
| ||
arnold-j/sent/580.
|
subject: RE: fundamentals thought dimensions
content: sure
From: Jennifer Fraser/ENRON@enronXgate on 03/21/2001 10:52 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE: fundamentals thought dimensions
today sucks--friday after the close?
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Wednesday, March 21, 2001 10:33 AM
To: Fraser, Jennifer
Subject: Re: fundamentals thought dimensions
how bout today at 400
From: Jennifer Fraser/ENRON@enronXgate on 03/21/2001 09:55 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: fundamentals thought dimensions
when can i come by and have a detailed discussion with you re fundamentals--i
am very interested in your opinions and i dont get here them in the TR meeting
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Tuesday, March 20, 2001 8:36 PM
To: Fraser, Jennifer
Subject: Re: FW: LNG Weekly Update
Looks good. certainly an area we need more focus on. Obviously the most
important aspect of lng is how much gas is coming in, what is that relative
to last year, and what new capacity is coming longer term.
As an aside, nat gas trades as a funciton of the storage spread to last year
and five year averages. It would be very useful if all fundamental analysis
were geared the same way. The fact that lng shipments are x this week is
meaningless. the fact that they are y delta of last year is extremely
useful. if you noticed in the fundies meeting, i was trying to move
discussion that way. what's switching vis a vis last year. whats
production relative to last year. it simplifies the fundamental analysis.
From: Jennifer Fraser/ENRON@enronXgate on 03/12/2001 05:46 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: FW: LNG Weekly Update
An initial effort--please comment
<< File: LNG20010312.pdf >>
| ||
arnold-j/sent/581.
|
subject: Re: fundamentals thought dimensions
content: how bout today at 400
From: Jennifer Fraser/ENRON@enronXgate on 03/21/2001 09:55 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: fundamentals thought dimensions
when can i come by and have a detailed discussion with you re fundamentals--i
am very interested in your opinions and i dont get here them in the TR meeting
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Tuesday, March 20, 2001 8:36 PM
To: Fraser, Jennifer
Subject: Re: FW: LNG Weekly Update
Looks good. certainly an area we need more focus on. Obviously the most
important aspect of lng is how much gas is coming in, what is that relative
to last year, and what new capacity is coming longer term.
As an aside, nat gas trades as a funciton of the storage spread to last year
and five year averages. It would be very useful if all fundamental analysis
were geared the same way. The fact that lng shipments are x this week is
meaningless. the fact that they are y delta of last year is extremely
useful. if you noticed in the fundies meeting, i was trying to move
discussion that way. what's switching vis a vis last year. whats
production relative to last year. it simplifies the fundamental analysis.
From: Jennifer Fraser/ENRON@enronXgate on 03/12/2001 05:46 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: FW: LNG Weekly Update
An initial effort--please comment
<< File: LNG20010312.pdf >>
| ||
arnold-j/sent/582.
|
subject: Re: Guggenheim Museum
content: Do you have interest in having a semi formal party at the guggenheim for our
ny counterparties? was thinking it might be a good pr move.
---------------------- Forwarded by John Arnold/HOU/ECT on 03/20/2001 09:35
PM ---------------------------
From: Margaret Allen@ENRON on 03/19/2001 05:23 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re: Guggenheim Museum
There will be a corporate lounge for you to congregate in. Does that sound
good? No problem on the thrity tickets. I will hold them for you. Let me
know if you don't think yo uwill be needing all of them. I can also get you
the formal invitations to send out if you would like.
John Arnold@ECT
03/19/2001 11:22 AM
To: Margaret Allen/Corp/Enron@ENRON
cc:
Subject: Re: Guggenheim Museum
On Friday, will there be a private reception or area for us or will our
customers get lost in the crowd?
Probably thinking 30 invites for Friday. Is that ok?
From: Margaret Allen@ENRON on 03/16/2001 10:23 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Guggenheim Museum
Hey Buster,
Hope you had a great time in Cabo! I'm so jealous. I need a vacation
desperately!
I'm trying to get a commitment on numbers from the different groups for the
Guggenheim events. Will you look over this document and tell me which ones
you would like to attend and how many people you would like to bring to each?
Of course, I need it ASAP -- what's new, right?!!
Thanks honey! Margaret
| ||
arnold-j/sent/583.
|
subject: Re: SCS Daily Volatility Report as of 3/19/01
content: seeing no increase in physical demand from industrials. however, they cant=
=20
buy enough paper. energy customer deal flow has a conspicuous habit of=20
buying high and selling low. seeing virtually no producer selling. strip=
=20
will continue to be well supported through early spring. last year custome=
rs=20
sold all the way up, transferring their price risk to marketers and specs. =
=20
market for most part was very orderly move up during the summer. volatilit=
y=20
was in the pukes because everybody was long. now, customers are all buying=
. =20
move down should be orderly as is met with a lot of short covering from tra=
de=20
and volatility should come from short covering moves like today's. =20
market waiting to see those first two injection numbers. if we are beating=
=20
last year by 20 bcf, lights out. move down may also scare producers to do=
=20
some term selling, putting pressure on whole curve. =20
[email protected] on 03/20/2001 03:21:41 PM
To: [email protected]
cc: =20
Subject: Re: SCS Daily Volatility Report as of 3/19/01
maybe yur rite but 47% for sep still over valued. ive ve been buying deep=
=20
otm
(jun and july 4.00 strikeputs as well. collpse in oil curve gives me a litt=
le
more confidence eventually we follow.but agree its a little early.i say we=
=20
draw
this week 30 ish, lhand next week a small draw then builds-and if im rite s=
hud
be substantial from there. i was long twice near 5 bucks but saw no rally s=
o i
sold for nothing-shit-no patience
any indication industrial demand on the rise from the cxustomer side?
certainly numbers /withdrawels suggest not.. the weather has been lousy for=
=20
the
shotrs-cudnt be more construcictve-cold east hot west-terrific. but while t=
he
ranks are bullis/concerned over californication-those fukkers are outta gas=
=20
and
power anyway shud be more of an east west issue than anything-they conitue
ultimate px/economy destruction-in a way bearish.
think mite be worth going long straddles in a week or so
regards
[email protected] on 03/20/2001 04:06:55 PM
To: Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject: Re: SCS Daily Volatility Report as of 3/19/01
heffner how?
was pretty long coming into today just playing the range. sold everything
on the way up. will be s scale up seller probably through options.
certainly a short squeeze in trade today and i don;t think anything changes
tomorrow except maybe trade gets more confident in the short at the higher
level and if cash rejects higher prices.
will be buying lots of puts on the way up so i guess for me vol is not too
high. i was short vol and covered it all this morn. think we could be in
for some turbulence here
[email protected] on 03/20/2001 10:48:43 AM
To: [email protected]
cc:
Subject: SCS Daily Volatility Report as of 3/19/01
vol seems rich here for ngas no/ what do we do here with flat price? how
was
cabo?
---------------------- Forwarded by Steve LaFontaine/GlobalCo on 03/20/2001
11:48 AM ---------------------------
[email protected] on 03/20/2001 08:18:54 AM
To: [email protected]
cc: (bcc: Steve LaFontaine/GlobalCo)
Fax to:
Subject: SCS Daily Volatility Report as of 3/19/01
The attached report will be downloaded into microsoft word.
Have a nice day.
Regards,
SCS
S.C.S. Straddle Report for CL as of 3/19/2001
Option Future
Month Strike Set Vol Set
OTMP 2200 1 159.2
STD APR01 2650 40 50.0 2674
OTMC 2700 10 55.5
OTMP 2500 45 39.5
STD MAY01 2700 228 37.2 2692
OTMC 2900 43 37.4
OTMP 2450 66 38.9
STD JUN01 2700 315 36.4 2699
OTMC 3000 57 36.2
OTMP 2450 87 36.9
STD JUL01 2700 370 35.3 2698
OTMC 3100 63 36.1
OTMP 2400 99 36.6
STD AUG01 2700 423 34.9 2683
OTMC 3150 72 35.6
OTMP 2350 108 36.7
STD SEP01 2650 458 34.4 2664
OTMC 3200 75 35.0
OTMP 2300 116 36.7
STD OCT01 2600 488 33.8 2642
OTMC 3200 83 34.2
OTMP 2300 131 36.0
STD NOV01 2600 512 33.7 2620
OTMC 3200 90 34.2
OTMP 2250 131 35.3
STD DEC01 2600 527 32.6 2597
OTMC 3200 94 33.3
OTMP 2200 130 34.9
STD JAN02 2600 570 33.5 2574
OTMC 3000 139 32.9
OTMP 2200 140 33.7
STD FEB02 2550 535 30.3 2551
OTMP 2100 148 31.5
STD JUN02 2450 560 28.6 2456
OTMC 3300 84 30.4
OTMP 2000 163 28.7
STD DEC02 2350 612 27.9 2328
OTMC 3000 115 27.4
OTMP 1900 174 25.1
STD DEC03 2250 628 24.9 2198
S.C.S. Straddle Report for HO as of 3/19/2001
Option Future
Month Strike Set Vol Set
STD APR01 7000 368 41.8 7038
OTMC 7400 80 47.4
STD MAY01 7000 645 35.9 6885
OTMC 7500 128 38.4
STD JUN01 7000 816 34.2 6870
OTMC 7700 134 34.2
OTMP 6800 425 33.9
STD JUL01 6900 988 34.1 6910
OTMC 8000 188 37.4
OTMP 6800 462 33.6
STD AUG01 7000 1105 33.9 6965
OTMC 8200 209 36.4
OTMP 6600 409 33.9
STD SEP01 7000 1236 33.9 7040
OTMC 8900 184 37.8
OTMP 6600 431 33.9
STD OCT01 7100 1348 33.9 7110
OTMC 8800 251 37.3
S.C.S. Straddle Report for HU as of 3/19/2001
Option Future
Month Strike Set Vol Set
OTMP 8400 97 42.6
STD APR01 8700 467 42.7 8743
OTMC 9200 84 44.3
S.C.S. Straddle Report for NG as of 3/19/2001
Option Future
Month Strike Set Vol Set
OTMP 4750 46 47.8
STD APR01 5000 305 48.4 5035
OTMC 5250 76 50.1
OTMP 4600 122 48.1
STD MAY01 5050 612 47.0 5062
OTMC 5750 95 47.9
OTMP 4550 178 47.5
STD JUN01 5100 802 46.3 5092
OTMC 5950 147 48.0
OTMP 4500 219 47.2
STD JUL01 5150 990 47.4 5132
OTMC 6200 192 49.3
OTMP 4450 241 46.1
STD AUG01 5150 1118 46.7 5152
OTMC 6500 195 48.6
OTMP 4400 291 47.1
STD SEP01 5150 1267 47.7 5132
OTMC 6500 256 49.4
OTMP 4250 281 47.5
STD OCT01 5150 1393 48.7 5137
OTMC 6000 434 50.7
OTMP 4500 379 47.1
STD NOV01 5250 1470 48.2 5257
OTMC 7500 284 54.4
OTMP 4500 388 47.0
STD DEC01 5450 1661 48.4 5377
OTMC 6750 451 50.8
STD SEP02 2700 2003 42.2 4519
STD DEC02 2950 2131 44.4 4730
OTMP 2700 141 37.6
STD MAR03 2750 1928 37.6 4459
OTMC 4750 410 48.2
=0F:
| ||
arnold-j/sent/584.
|
subject: Re: Your Invitation to Enron's Executive Forum - 1st Quarter 2001
content: Debbie:
If you have availability for either session, please sign me up. I was unsu=
re=20
I would be able to attend until now, hence the late notice.
Thanks,
John
=20
=09Enron North America Corp.
=09
=09From: Debbie Nowak @ ENRON 03/07/2001 02:35 P=
M
=09
To: Paul Adair/Corp/Enron@Enron, Jeffery Ader/HOU/ECT@ECT, James A=20
Ajello/HOU/ECT@ECT, Jaime Alatorre/NA/Enron@Enron, Joao Carlos=20
Albuquerque/SA/Enron@Enron, Phillip K Allen/HOU/ECT@ECT, Ramon=20
Alvarez/Ventane/Enron@Enron, John Arnold/HOU/ECT@ECT, Alan=20
Aronowitz/HOU/ECT@ECT, Jarek Astramowicz/WAR/ECT@ECT, Mike=20
Atkins/HOU/EES@EES, Philip Bacon/NYC/MGUSA@MGUSA, Dan Badger/LON/ECT@ECT,=
=20
Wilson Barbee/HR/Corp/Enron@ENRON, David L Barth/TRANSREDES@TRANSREDES,=20
Edward D Baughman/HOU/ECT@ECT, Kenneth Bean/HOU/EES@EES, Kevin=20
Beasley/Corp/Enron@ENRON, Melissa Becker/Corp/Enron@ENRON, Tim=20
Belden/HOU/ECT@ECT, Ron Bertasi/LON/ECT@ECT, Michael J Beyer/HOU/ECT@ECT,=
=20
Jeremy Blachman/HOU/EES@EES, Donald M- ECT Origination Black/HOU/ECT@ECT,=
=20
Roderick Blackham/SA/Enron@Enron, Greg Blair/Corp/Enron@Enron, Ernesto=20
Blanco/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brad Blesie/Corp/Enron@ENRON,=
=20
Riccardo Bortolotti/LON/ECT@ECT, David J Botchlett/HOU/ECT@ECT, Hap=20
Boyd/EWC/Enron@Enron, Dan Boyle/Corp/Enron@Enron, William S Bradford/HOU/EC=
T,=20
Michael Brown/NA/Enron@Enron, William E Brown/ET&S/Enron, Harold G=20
Buchanan/HOU/EES@EES, Don Bunnell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bob=
=20
Butts/GPGFIN/Enron@ENRON, Christopher F Calger/PDX/ECT@ECT, Eduardo=20
Camara/SA/Enron@Enron, Nigel Carling/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,=
=20
Cary M Carrabine/Corp/Enron@Enron, Rick L Carson/HOU/ECT, Rebecca=20
Carter/Corp/Enron@ENRON, Lou Casari/Enron Communications@Enron=20
Communications, Chee Ken Chew/SIN/ECT@ECT, Craig Childers/HOU/EES@EES, Paul=
=20
Chivers/LON/ECT@ECT, Larry Ciscon/Enron Communications@Enron Communications=
,=20
Edward Coats/Corp/Enron, Remi Collonges/SA/Enron@Enron, Bob Crane/HOU/ECT,=
=20
Deborah Culver/HOU/EES@EES, Les Cunningham/HOU/EES@EES, Greg=20
Curran/CA/Enron@Enron, Wanda Curry/HOU/EES@EES, Mike=20
Dahlke/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Hardie Davis/Corp/Enron, Anthon=
y=20
Dayao/AP/Enron@Enron, Michel Decnop/LON/ECT@ECT, Joseph Deffner/HOU/ECT,=20
David W Delainey/HOU/EES@EES, Tim DeSpain/HOU/ECT@ECT, Timothy J=20
Detmering/HOU/ECT@ECT, Janet R Dietrich/HOU/EES@EES, Richard DiMichele/Enro=
n=20
Communications@Enron Communications, Andy Dingsdale/EU/Enron@ENRON, Mark=20
Dobler/HOU/EES@EES
cc: =20
Subject: Your Invitation to Enron's Executive Forum - 1st Quarter 2001
The Office of the Chairman would like to invite you to participate at an=20
Enron Executive Forum. This invitation is extended to
anyone who attended an Executive Impact and Influence Program within the pa=
st=20
two years. These informal, interactive forums
will be 90 minutes in length and held several times per year.
Most of the participants in the Executive Impact and Influence program have=
=20
indicated a strong desire to express opinions, share
ideas, and ask questions to the Office of the Chairman. Although not=20
mandatory to attend, the forums are designed to address those issues. They=
=20
also afford the Office of the Chairman opportunities to speak directly to i=
ts=20
executive team, describe plans and initiatives, do =01&reality checks=018, =
create a=20
=01&rallying point=018 and ensure Enron=01,s executive management is on the=
=01&same=20
page=018 about where Enron is going---and why.
To accommodate anticipated demand, we currently have two sessions:
Choice: (Please rank in order of preference 1 or 2 for a session below. Yo=
u=20
will attend only one session.)
______ Thursday, March 29, 2001 from 2:30 p.m. to 4:00 p.m. in EB50M
______ Friday, March 30, 2001 from 2:30 p.m. to 4:00 p.m. in EB50M
The Office of the Chairman will host the forum. Here=01,s how it will work:
? Each session will have approximately 20 participants.
? The format will be honest, open, interactive dialogue.
? This will be your forum. Don=01,t expect to simply sit and listen to=20
presentations.=20
? This will not be the place for anonymity. You can safely ask your own=20
questions and express your own opinions.
? You can submit questions/issues in advance or raise them during the forum=
.
? Some examples of topics you might want to discuss include, but are not=20
limited to: the direction of Enron, business goals/results, M&A activitie=
s,=20
projects/initiatives, culture, leadership, management practices, diversity,=
=20
values, etc.
Because the forum will work only if everyone actively participates, we=20
encourage you to accept this invitation only if you=20
intend to have something to say and if you are willing to allow others to d=
o=20
the same. For planning purposes, it is essential that=20
you RSVP no later than Friday, March 16, 2001 by return e-mail to Debbie=20
Nowak, or via fax 713.646.8586. =20
Once we have ensured an even distribution of participants throughout these=
=20
sessions, we will confirm with you, in writing,
as to what session you will attend. We will try to honor requests for firs=
t=20
choices as much as possible. =20
Should you have any questions or concerns, please notify Gerry Gibson by=20
e-mail ([email protected]). Gerry can also be reached at 713.345.6806=
.
Thank you.
| ||
arnold-j/sent/585.
|
subject: Dinner Invitation - April 10, 2001 (For Trading Track)
content: i rsvp
---------------------- Forwarded by John Arnold/HOU/ECT on 03/20/2001 08:40
PM ---------------------------
From: John J Lavorato/ENRON@enronXgate@enronXgate on 03/15/2001 05:41 PM
Sent by: Kimberly Hillis/ENRON@enronXgate
To: Louise Kitchen/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Phillip K
Allen/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Thomas A
Martin/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Mark Dana Davis/HOU/ECT@ECT,
Fletcher J Sturm/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect, Karen
Buckley/ENRON@enronXgate, Chuck Ames/NA/Enron@Enron, Bilal
Bajwa/NA/Enron@Enron, Russell Ballato/NA/Enron@Enron, Steve
Gim/NA/Enron@Enron, Mog Heu/NA/Enron@Enron, Juan Padron/NA/Enron@Enron, Vladi
Pimenov/NA/Enron@Enron, Denver Plachy/NA/Enron@Enron, Paul
Schiavone/ENRON@enronXgate, Elizabeth Shim/Corp/Enron@ENRON, Matt
Smith/NA/Enron@ENRON, Joseph Wagner/NA/Enron@Enron, Jason
Wolfe/NA/Enron@ENRON, Virawan Yawapongsiri/NA/Enron@ENRON
cc: Ted C Bland/ENRON@enronXgate
Subject: Dinner Invitation - April 10, 2001 (For Trading Track)
You are cordially invited to attend cocktails and dinner on April 10, 2001 at
La Colombe d'Or restaurant located at 3410 Montrose Blvd (a map can be found
at www.lacolombedor.com). Cocktail hour will start at 7:00 pm with dinner to
follow.
Please note: this dinner is for the Trading Track Program.
Please RSVP to Ted Bland at extension 3-5275 before April 6, 2001.
| ||
arnold-j/sent/586.
|
subject: Re: FW: LNG Weekly Update
content: Looks good. certainly an area we need more focus on. Obviously the most
important aspect of lng is how much gas is coming in, what is that relative
to last year, and what new capacity is coming longer term.
As an aside, nat gas trades as a funciton of the storage spread to last year
and five year averages. It would be very useful if all fundamental analysis
were geared the same way. The fact that lng shipments are x this week is
meaningless. the fact that they are y delta of last year is extremely
useful. if you noticed in the fundies meeting, i was trying to move
discussion that way. what's switching vis a vis last year. whats
production relative to last year. it simplifies the fundamental analysis.
From: Jennifer Fraser/ENRON@enronXgate on 03/12/2001 05:46 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: FW: LNG Weekly Update
An initial effort--please comment
| ||
arnold-j/sent/587.
|
subject: Re: Trip to Houston
content: Andy:
Good to hear. There continue to be a proliferation of new systems coming
online in the US; two more start in the next two months. We are pretty close
to finalizing a plan to open our system to everyone in terms of accepting
limit orders and posting best bid/offer regardless of whose it is. In this
framework, Enron would sleeve credit for free should two third parties be
matched on our system. However, we would hold the book, getting to see what
everyone was doing at all times. The idea is that if we can move the
industry's order flow from 30-40% EOL to 60% EOL, we get a huge information
advantage in addition to a couple trading advantages, namely we have first
priority on all numbers even if we are joining a limit bid posted by a
counterparty before us and second, we posess a proprietary stack manager that
will allow us to transact on attractive limit orders faster than our
competitors. Still working on technical issues. The decision to open EOL
markets would be done on a product by product basis. Give me a call if you
want to discuss.
Andrew Fairley
03/13/2001 11:14 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re: Trip to Houston
John
Redmond & I have now had a few weeks to implement some of your advice with
regard to EOL for UK gas.
We have managed to double our average daily volumes, and are capturing a
considerably greater share of the market. (We estimate 50% now).
Spectron are getting about 20-30% of the number of trades we do. There are
still some counterparties who insist on paying through our numbers and paying
brokerage so they do not show us what we are doing! As far as we are
concerned we only use SpectronLive on UK gas when we are executing the
strategy you mentioned below.
Once again, thanks for your help
All the best,
Andy
John Arnold
21/02/2001 04:26
To: Andrew Fairley/LON/ECT@ECT
cc:
Subject: Re: Trip to Houston
Andy:
Enjoyed meeting with you.
One more thing I did not address. My ultimate goal is to move all volume to
EOL. However, in addition to the NYMEX, we have about 6 other viable
electronic trading systems. We make it a point to never support these if
possible. We will only trade if the other system's offer is at or greater
than our bid. For instance, if we are 6/8 but have a strong inclination to
buy and another system is at 7, I will simultaneously lift their 7's and move
my market to 7/9. The lesson the counterparty gets is he will only get the
trade if I'm bidding 7 and he will only get executed when it is a bad trade
to him. People have learned fairly quickly not to leave numbers on the other
systems because they will just get picked off. If they don't post numbers on
the other systems, the systems get no liquidity and die.
I mention this because I have heard that Enron is a fairly large trader on
Spectron's system. I don't know whether it is in regards to gas, power, or
metals. Just something to think about and maybe talk about with the other
traders.
John
Andrew Fairley
02/20/2001 11:15 AM
To: Phillip K Allen/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Scott
Neal/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Barry Tycholiz/NA/Enron@ENRON,
Keith Holst/HOU/ECT@ect
cc: David Gallagher/LON/ECT@ECT
Subject: Trip to Houston
Thank you so much for your time last week.
David and I found the time especially valuable. We have spotted several
issues helpful for our own market.
This should certainly help in the growth of our markets here in Europe. We
trust it won't be too long before we see similarly impressive results from
our side of the pond.
Best regards
Andy
| ||
arnold-j/sent/588.
|
subject: Re: SCS Daily Volatility Report as of 3/19/01
content: heffner how?
was pretty long coming into today just playing the range. sold everything =
on=20
the way up. will be s scale up seller probably through options. certainly=
a=20
short squeeze in trade today and i don;t think anything changes tomorrow=20
except maybe trade gets more confident in the short at the higher level and=
=20
if cash rejects higher prices. =20
will be buying lots of puts on the way up so i guess for me vol is not too=
=20
high. i was short vol and covered it all this morn. think we could be in=
=20
for some turbulence here
[email protected] on 03/20/2001 10:48:43 AM
To: [email protected]
cc: =20
Subject: SCS Daily Volatility Report as of 3/19/01
vol seems rich here for ngas no/ what do we do here with flat price? how wa=
s
cabo?
---------------------- Forwarded by Steve LaFontaine/GlobalCo on 03/20/2001
11:48 AM ---------------------------
[email protected] on 03/20/2001 08:18:54 AM
To: [email protected]
cc: (bcc: Steve LaFontaine/GlobalCo)
Fax to:
Subject: SCS Daily Volatility Report as of 3/19/01
The attached report will be downloaded into microsoft word.
Have a nice day.
Regards,
SCS
S.C.S. Straddle Report for CL as of 3/19/2001
Option Future
Month Strike Set Vol Set
OTMP 2200 1 159.2
STD APR01 2650 40 50.0 2674
OTMC 2700 10 55.5
OTMP 2500 45 39.5
STD MAY01 2700 228 37.2 2692
OTMC 2900 43 37.4
OTMP 2450 66 38.9
STD JUN01 2700 315 36.4 2699
OTMC 3000 57 36.2
OTMP 2450 87 36.9
STD JUL01 2700 370 35.3 2698
OTMC 3100 63 36.1
OTMP 2400 99 36.6
STD AUG01 2700 423 34.9 2683
OTMC 3150 72 35.6
OTMP 2350 108 36.7
STD SEP01 2650 458 34.4 2664
OTMC 3200 75 35.0
OTMP 2300 116 36.7
STD OCT01 2600 488 33.8 2642
OTMC 3200 83 34.2
OTMP 2300 131 36.0
STD NOV01 2600 512 33.7 2620
OTMC 3200 90 34.2
OTMP 2250 131 35.3
STD DEC01 2600 527 32.6 2597
OTMC 3200 94 33.3
OTMP 2200 130 34.9
STD JAN02 2600 570 33.5 2574
OTMC 3000 139 32.9
OTMP 2200 140 33.7
STD FEB02 2550 535 30.3 2551
OTMP 2100 148 31.5
STD JUN02 2450 560 28.6 2456
OTMC 3300 84 30.4
OTMP 2000 163 28.7
STD DEC02 2350 612 27.9 2328
OTMC 3000 115 27.4
OTMP 1900 174 25.1
STD DEC03 2250 628 24.9 2198
S.C.S. Straddle Report for HO as of 3/19/2001
Option Future
Month Strike Set Vol Set
STD APR01 7000 368 41.8 7038
OTMC 7400 80 47.4
STD MAY01 7000 645 35.9 6885
OTMC 7500 128 38.4
STD JUN01 7000 816 34.2 6870
OTMC 7700 134 34.2
OTMP 6800 425 33.9
STD JUL01 6900 988 34.1 6910
OTMC 8000 188 37.4
OTMP 6800 462 33.6
STD AUG01 7000 1105 33.9 6965
OTMC 8200 209 36.4
OTMP 6600 409 33.9
STD SEP01 7000 1236 33.9 7040
OTMC 8900 184 37.8
OTMP 6600 431 33.9
STD OCT01 7100 1348 33.9 7110
OTMC 8800 251 37.3
S.C.S. Straddle Report for HU as of 3/19/2001
Option Future
Month Strike Set Vol Set
OTMP 8400 97 42.6
STD APR01 8700 467 42.7 8743
OTMC 9200 84 44.3
S.C.S. Straddle Report for NG as of 3/19/2001
Option Future
Month Strike Set Vol Set
OTMP 4750 46 47.8
STD APR01 5000 305 48.4 5035
OTMC 5250 76 50.1
OTMP 4600 122 48.1
STD MAY01 5050 612 47.0 5062
OTMC 5750 95 47.9
OTMP 4550 178 47.5
STD JUN01 5100 802 46.3 5092
OTMC 5950 147 48.0
OTMP 4500 219 47.2
STD JUL01 5150 990 47.4 5132
OTMC 6200 192 49.3
OTMP 4450 241 46.1
STD AUG01 5150 1118 46.7 5152
OTMC 6500 195 48.6
OTMP 4400 291 47.1
STD SEP01 5150 1267 47.7 5132
OTMC 6500 256 49.4
OTMP 4250 281 47.5
STD OCT01 5150 1393 48.7 5137
OTMC 6000 434 50.7
OTMP 4500 379 47.1
STD NOV01 5250 1470 48.2 5257
OTMC 7500 284 54.4
OTMP 4500 388 47.0
STD DEC01 5450 1661 48.4 5377
OTMC 6750 451 50.8
STD SEP02 2700 2003 42.2 4519
STD DEC02 2950 2131 44.4 4730
OTMP 2700 141 37.6
STD MAR03 2750 1928 37.6 4459
OTMC 4750 410 48.2
=0F:
| ||
arnold-j/sent/589.
|
subject: daily charts and matrices as hot links 3/20
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/20/2001 07:19
AM ---------------------------
[email protected] on 03/20/2001 07:05:45 AM
To: [email protected]
cc:
Subject: daily charts and matrices as hot links 3/20
The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. , 2000 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Please look at the improved natural gas matrices.
Crude http://www.carrfut.com/research/Energy1/crude33.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas33.pdf
Distillate http://www.carrfut.com/research/Energy1/hoil33.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded33.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG33.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG33.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL33.pdf
Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606 USA
Tel: 312-368-6149
Fax: 312-368-2281
[email protected]
http://www.carrfut.com
| ||
arnold-j/sent/59.
|
subject:
content: hey podner:
where are you buying me dinner tonight?
| ||
arnold-j/sent/590.
|
subject: Re:
content: wanna bring me back to work?
Matthew Arnold
03/19/2001 03:25 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re:
halleleujah. want to bring it by later?
John Arnold
03/19/2001 03:23 PM
To: Matthew Arnold/HOU/ECT@ECT
cc:
Subject:
you'll be happy to know i get my car back today
| ||
arnold-j/sent/591.
|
subject: Re: Receipt of Hedge Fund Information
content: just got it today. thanks
"Gapinski, Michael" <[email protected]> on 03/15/2001 03:54:42
PM
To: "Arnold John (E-mail)" <[email protected]>
cc:
Subject: Receipt of Hedge Fund Information
John -
I had our Alternative Investments Group ship the offering materials for 4
different hedge funds to your office, and I wanted to confirm that you
received them. Please let me know.
Thanks,
> Michael Gapinski
> Account Vice President
> Emery Financial Group
> PaineWebber, Inc.
> 713-654-0365
> 800-553-3119 x365
> Fax: 713-654-1281
> Cell: 281-435-0295
>
Notice Regarding Entry of Orders and Instructions: Please
do not transmit orders and/or instructions regarding your
PaineWebber account(s) by e-mail. Orders and/or instructions
transmitted by e-mail will not be accepted by PaineWebber and
PaineWebber will not be responsible for carrying out such orders
and/or instructions. Notice Regarding Privacy and Confidentiality:
PaineWebber reserves the right to monitor and review the content of
all e-mail communications sent and/or received by its employees.
| ||
arnold-j/sent/592.
|
subject:
content: you'll be happy to know i get my car back today
| ||
arnold-j/sent/593.
|
subject:
content: dinner this week? i'm free mon-wed
| ||
arnold-j/sent/594.
|
subject: Re: Guggenheim Museum
content: On Friday, will there be a private reception or area for us or will our
customers get lost in the crowd?
Probably thinking 30 invites for Friday. Is that ok?
From: Margaret Allen@ENRON on 03/16/2001 10:23 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Guggenheim Museum
Hey Buster,
Hope you had a great time in Cabo! I'm so jealous. I need a vacation
desperately!
I'm trying to get a commitment on numbers from the different groups for the
Guggenheim events. Will you look over this document and tell me which ones
you would like to attend and how many people you would like to bring to each?
Of course, I need it ASAP -- what's new, right?!!
Thanks honey! Margaret
| ||
arnold-j/sent/595.
|
subject: Re: Attached Invitation from IDRC Houston Chapter
content: remove me from your email list
Shirley Sklar <[email protected]> on 03/15/2001 01:13:13 PM
To: [email protected]
cc: Ed Jarboe <[email protected]>, Shirley Sklar <[email protected]>
Subject: Attached Invitation from IDRC Houston Chapter
Attached is an invitation from the IDRC Houston Chapter.
The following section of this message contains a file attachment
prepared for transmission using the Internet MIME message format.
If you are using Pegasus Mail, or any another MIME-compliant system,
you should be able to save it or view it from within your mailer.
If you cannot, please ask your system administrator for assistance.
---- File information -----------
File: HOUSTON41001.doc
Date: 15 Mar 2001, 13:59
Size: 71680 bytes.
Type: Unknown
- HOUSTON41001.doc
| ||
arnold-j/sent/596.
|
subject: Re: hub cash?
content: cash goes out trading +1 to +3 j/k a piece
[email protected] on 03/15/2001 08:31:31 AM
To: [email protected]
cc:
Subject: Re: hub cash?
hey i cant get eol on my hotel int connection. cud u tell me what delta for
hub
cash was yest am and this am??? thanks
ps also saw u in fortune magazine-back of your head. your famous dude.
[email protected] on 03/15/2001 09:27:09 AM
To: Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject: Re: utilites?
so argument more switching than outright lost demand? where are petro
prices on a comparable equivalence?
[email protected] on 03/15/2001 08:17:02 AM
To: [email protected]
cc:
Subject: Re: utilites?
enjoy cabo-im not really surpised at lack of dmand recovery-will be slow to
recover esp with failing econ growth. the one thing concerns me about bear
side
is implied demand for us petro products is huge. doesnt seem to suggest an
econmic impact on that side. having said that absulte px for petro much
much
lower relative to natgas
| ||
arnold-j/sent/597.
|
subject: Re: hub cash?
content: i have a very pretty back of the head
cash went out around 2-4 back yesterday.
today it is 3 back right now
bo trying to sell j/k at 4.5 on the open
[email protected] on 03/15/2001 08:31:31 AM
To: [email protected]
cc:
Subject: Re: hub cash?
hey i cant get eol on my hotel int connection. cud u tell me what delta for
hub
cash was yest am and this am??? thanks
ps also saw u in fortune magazine-back of your head. your famous dude.
[email protected] on 03/15/2001 09:27:09 AM
To: Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject: Re: utilites?
so argument more switching than outright lost demand? where are petro
prices on a comparable equivalence?
[email protected] on 03/15/2001 08:17:02 AM
To: [email protected]
cc:
Subject: Re: utilites?
enjoy cabo-im not really surpised at lack of dmand recovery-will be slow to
recover esp with failing econ growth. the one thing concerns me about bear
side
is implied demand for us petro products is huge. doesnt seem to suggest an
econmic impact on that side. having said that absulte px for petro much
much
lower relative to natgas
| ||
arnold-j/sent/598.
|
subject: Re: utilites?
content: so argument more switching than outright lost demand? where are petro
prices on a comparable equivalence?
[email protected] on 03/15/2001 08:17:02 AM
To: [email protected]
cc:
Subject: Re: utilites?
enjoy cabo-im not really surpised at lack of dmand recovery-will be slow to
recover esp with failing econ growth. the one thing concerns me about bear
side
is implied demand for us petro products is huge. doesnt seem to suggest an
econmic impact on that side. having said that absulte px for petro much much
lower relative to natgas
| ||
arnold-j/sent/599.
|
subject: Re: utilites?
content: heffner a little bullish, eh?
| ||
arnold-j/sent/6.
|
subject: Re: EDF trades switched to ABN
content: come by whenever
Sarah Wesner@ENRON
12/12/2000 01:31 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: EDF trades switched to ABN
John - I need to talk to you about this, are you free today? Sarah
| ||
arnold-j/sent/60.
|
subject:
content: Stinson:
Can we do the meeting today at 4:00?
| ||
arnold-j/sent/600.
|
subject: Re: utilites?
content: agree with contango story . cash to futures pretty bullish but a picture
where agressive inj now are bearish later. so curve should flatten. also
back of curve (cal2,3) under a lot of pressure now. customers will be buying
all the way down and will get fucked just like last year. contango has been
under considerable pressure even with the front falling...any rally should
result in those snapping in to 4. good scalp in my opinion.
definitely seeing your side on the $5 level. surprised we havent gotten more
demand back as we sit at these lower levels.
off to cabo today for a long weekend. kind of exhausted at work right now so
a much needed break.
[email protected] on 03/15/2001 07:50:59 AM
To: [email protected]
cc:
Subject: Re: utilites?
i wud think apr shud also start to find support from contangos, storage
players,
ie pretty attractive contangos given the bullsih mkt sentiment, and spec a
little short will eventually roll. i bullspd a little little at 5.5 just for a
scalp. if cash converges which it shud as we fall in px then shud see sprds
find
support at the 5-6 ct level/month? ?
other than that-im still bearish-5 bucks not sustainable longer term and
nothing yet telling me otherwise. economy and oil curve also not going to help
ngas. buying 4.00 summer puts
thanks for comments on utilites-i'll bet they buy all the way down but i
think
theyll have so much gas coming at em if we stay at these levels the mkt will
ultiamtely force em to back down.
in ny yest and today-saw the red hot chili peppers last nite , was awsome,
small place about 1000 fans,maybe for a charity. also here for some of those
covert operations we talked about a while back. wkup.
| ||
arnold-j/sent/601.
|
subject: Yahoo! Sports Tournament Pick'em
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/15/2001 07:28
AM ---------------------------
"[email protected]" <jfk51272 on 03/14/2001 11:13:41 AM
To: [email protected]
cc:
Subject: Yahoo! Sports Tournament Pick'em
Wednesday, March 14, 09:13:39 AM PT
Hello [email protected],
You have been invited to join jfk51272's Private Group in Yahoo!
Sports Tournament Pick'em.
In order to join the group, just go to
http://tournament.fantasysports.yahoo.com/men, sign up and
choose to Join a Private Group. Then, when prompted, enter the
following information...
Group ID#: 36853
Password: done
We will send you a confirmation with further details once you
have completed the registration process.
Note from jfk51272:
Entry Fee is U.S. $50.00 WINNER TAKE ALL!!!!
--Tournament Pick'em Commissioner
http://tournament.fantasysports.yahoo.com/men
| ||
arnold-j/sent/602.
|
subject: Yahoo! Sports Tournament Pick'em
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/14/2001 05:16
PM ---------------------------
"[email protected]" <jfk51272 on 03/14/2001 11:13:41 AM
To: [email protected]
cc:
Subject: Yahoo! Sports Tournament Pick'em
Wednesday, March 14, 09:13:39 AM PT
Hello [email protected],
You have been invited to join jfk51272's Private Group in Yahoo!
Sports Tournament Pick'em.
In order to join the group, just go to
http://tournament.fantasysports.yahoo.com/men, sign up and
choose to Join a Private Group. Then, when prompted, enter the
following information...
Group ID#: 36853
Password: done
We will send you a confirmation with further details once you
have completed the registration process.
Note from jfk51272:
Entry Fee is U.S. $50.00 WINNER TAKE ALL!!!!
--Tournament Pick'em Commissioner
http://tournament.fantasysports.yahoo.com/men
| ||
arnold-j/sent/603.
|
subject: Re: how are your broker relationships?
content: houston would be easy ireland kinda tough
From: Jennifer Fraser/ENRON@enronXgate on 03/13/2001 12:51 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: how are your broker relationships?
what is the probability of you procuring some U2 tickets? We would dearly
love to attend the concert in ireland at slane castle in august....I couldn't
dial fast enough to get them
Jen Fraser
713-853-4759
| ||
arnold-j/sent/604.
|
subject: Re: BNP PARIBAS Commodity Futures Weekly AGA Survey
content: 71
[email protected] on 03/14/2001 08:18:25 AM
To: [email protected]
cc:
Subject: BNP PARIBAS Commodity Futures Weekly AGA Survey
Good Morning,
Just a reminder to get your AGA estimates in by Noon EST (11:00 CST) TODAY.
Last Year -31
Last Week -73
Thank You,
George Ellis
BNP PARIBAS Commodity Futures, Inc.
______________________________________________________________________________
_______________________________________________________
Ce message et toutes les pieces jointes (ci-apres le "message") sont etablis
a l'intention exclusive de ses destinataires et sont confidentiels. Si vous
recevez ce message par erreur, merci de le detruire et d'en avertir
immediatement l'expediteur.
Toute utilisation de ce message non conforme a sa destination, toute
diffusion ou toute publication, totale ou partielle, est interdite, sauf
autorisation expresse.
L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS
(et ses filiales) decline(nt) toute responsabilite au titre de ce message,
dans l'hypothese ou il aurait ete modifie.
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addressees and are confidential. If you receive this message in error, please
delete it and immediately notify the sender.
Any use not in accord with its purpose, any dissemination or disclosure,
either whole or partial, is prohibited except formal approval.
The internet can not guarantee the integrity of this message. BNP PARIBAS
(and its subsidiaries) shall (will) not therefore be liable for the message
if modified.
______________________________________________________________________________
_______________________________________________________
| ||
arnold-j/sent/605.
|
subject: Re: Question
content: Sorry, have no idea.
From: Ann M Schmidt@ENRON on 03/14/2001 08:43 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Question
Hi John,
I work in Corp. PR and Eric Thode recommended that I drop you and email with
respect to a question I have about specific trade types that no one seems to
know the answer to. I wanted to know if you knew what ST and MLT trades are
and just so you know, in case it makes a difference, these are in context to
French power trading. I know you are extremely busy but if you get a chance
I would greatly appreciate your comments.
Thanks, Ann
x54694
| ||
arnold-j/sent/606.
|
subject: Re: utilites?
content: very funny today...during the free fall, couldn't price jv and xh low enough
on eol, just kept getting cracked. when we stabilized, customers came in to
buy and couldnt price it high enough. winter versus apr went from +23 cents
when we were at the bottom to +27 when april rallied at the end even though
it should have tightened theoretically. however, april is being supported
just off the strip. getting word a lot of utilities are going in front of
the puc trying to get approval for hedging programs this year.
[email protected] on 03/13/2001 11:07:13 AM
To: [email protected]
cc:
Subject: utilites?
hey johnny. hope all is well. what u think hrere? utuilites buying this break
down? charts look awful but 4.86 ish is next big level.
jut back from skiing in co, fun but took 17 hrs to get home and a 1.5 days to
get there cuz of twa and weather.
| ||
arnold-j/sent/607.
|
subject: Re: ooops....
content: what are you doing tonight?
| ||
arnold-j/sent/608.
|
subject:
content: what are you doing tonight
| ||
arnold-j/sent/609.
|
subject: Re: ooops....
content: how about benjys?
| ||
arnold-j/sent/61.
|
subject: Re: video shoot
content: that's fine
Heather Alon
11/01/2000 12:59 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: video shoot
Hi John,
John Lavorato needs to leave earlier tonight so we will need to start
shooting a little earlier today, around 5:00. Will this work for you?
Thanks,
Heather
3-1825
| ||
arnold-j/sent/610.
|
subject: Re:
content: just a vicious rumor... my birthday's not till next year.
Jennifer Shipos
03/08/2001 12:22 PM
To: [email protected]
cc:
Subject:
Tomorrow, eh! How old are you going to be... 20?
| ||
arnold-j/sent/611.
|
subject: Re: ooops....
content: it was almost worth buying a ticket
"Jennifer White" <[email protected]> on 03/08/2001 07:30:39 AM
To: [email protected]
cc:
Subject: ooops....
Someone did win the lottery. Perhaps I shouldn't watch the news on mute
if I want to get the story straight.
Also...another La Strada brunch this Sunday. Will it ever end???
---- "Jennifer Brugh" <[email protected]> wrote:
> Hi everyone!
>
> It's that time again, yep La Strada time! On Sunday, March 11th we
> are
> meeting at La Strada on Westheimer at 11:00 to wish farewell to Courtney.
>
> Let me know if you can make it!
>
> Jennifer
>
>
___________________________________________________________________
To get your own FREE ZDNet Onebox - FREE voicemail, email, and fax,
all in one place - sign up today at http://www.zdnetonebox.com
| ||
arnold-j/sent/612.
|
subject: Enron Mentions
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/08/2001 09:46=
=20
AM ---------------------------
From: Ann M Schmidt@ENRON on 03/08/2001 08:11 AM
To: Ann M Schmidt/Corp/Enron@ENRON
cc: (bcc: John Arnold/HOU/ECT)
Subject: Enron Mentions
Family Holding
Forbes, 03/19/01
The New Forecast For Meteorologists: It's Raining Job Offers --- Energy=20
Trading Firms Snap Up Grads of an Inexact Science; No Blow-Dryer? No Proble=
m
The Wall Street Journal, 03/08/01
ENRON PROVIDES TRADING SERVICES TO MANX ELECTRICITY UNDER NETA
CRL, 03/08/01
Energy Trading Companies Pay Big for Weather Talent, WSJ Says
Bloomberg, 03/08/01
ENRON FAILS TO ATTRACT BIDS FOR 30 PCT STAKE IN INDIAN OIL FIELD
Asia Pulse, 03/07/01
SINGAPORE: PetroChina plans five gas, products lines by 2005.
Reuters English News Service, 03/07/01
Companies People Ideas
Family Holding
BY Phyllis Berman
03/19/2001
Forbes
102
Copyright 2001 Forbes Inc.
Lemuel Green, a flour mill owner, took the excess power from the water-turn=
ed=20
generator at his mill in 1908 and sold it between dusk and midnight to=20
anybody in Alton, Kan. who knew what to do with it. Soon he quit the millin=
g=20
business and started stringing transmission lines across the western part o=
f=20
the state. Before his death in 1930 he had built a utility that lit 56 Kans=
as=20
communities.=20
Kansas City's UtiliCorp United is perhaps the only fourth-generation=20
family-controlled electric utility in the country. Today the outfit, once=
=20
called Missouri Public Service, is headed by Lemuel Green's two=20
great-grandsons.
Richard Green, 46, took over as chief executive in 1985, three years after=
=20
his father's death. At the time Missouri Public Service served 200,000=20
customers in two states and had $245 million in revenues. Richard's brother=
=20
Robert, now 39, joined him three years later.=20
Standing pat was not an option. Deregulation was in the air, and the rules=
=20
were changing. The brothers remade the company. They spent $4 billion buyin=
g=20
utilities in other parts of the U.S., Canada, Australia and New Zealand.=20
UtiliCorp now serves 4 million customers in seven states and four countries=
.=20
More important, they veered off into other parts of the energy business. In=
=20
1986 they acquired gas properties from Peoples Natural Gas of Omaha and got=
a=20
two-person gas-trading operation as part of the deal. That little trading=
=20
operation, now a subsidiary called Aquila, turned into something almost as=
=20
valuable as all the rest of the company, with its 4,500 megawatts of power=
=20
generated in some 22 power plants around the country.=20
"My brother and I received strong advice that we would never be able to be=
=20
competitive in this business," says Bob Green. Oh, yeah? Aquila has 1,100=
=20
employees and competes with the likes of Duke, Dynegy and Enron. According =
to=20
Natural Gas Week, Aquila was the fourth-largest power-and-gas marketer in t=
he=20
country last year. Aquila trades a host of other products as well-everythin=
g=20
from weather-condition hedges to bandwidth.=20
Problem: Trading operations require capital just as power plants do. The=20
solution, until now, has been what brother Bob calls "our 'asset lite'=20
strategy. We want to control the capacity, not own it." So Aquila may provi=
de=20
the gas to power a so-called merchant plant, one that produces electricity =
to=20
sell in the market, in return for a claim on its production. But so far=20
Aquila has not been a big player in the most profitable parts of the=20
business-taking on big risk in larger transactions, the way Enron and Dyneg=
y=20
do.=20
What to do? In mid-December UtiliCorp announced that it would offer 19.9% o=
f=20
Aquila to the public, raising capital while creating a market value for its=
=20
trading operation, just as competitors Constellation Energy and Southern=20
Company are doing. The hope is that the new entity will garner a multiple o=
f=20
20 to 45 times earnings. Then, if all were to go as planned, UtiliCorp woul=
d=20
spin off the rest of the operation in a tax-free distribution.=20
The timing looks good. Aquila has no material exposure in the California=20
market. Furthermore, the volatility in that market has been a bonanza for=
=20
many firms that trade power, including Aquila. Its trading subsidiary is th=
e=20
reason UtiliCorp's earnings were up 28% last year, to $206 million, on $29=
=20
billion in sales. UtiliCorp's shares doubled in the past year to $30.=20
But will the California crisis nonetheless poison the market for an Aquila=
=20
stock offering? It might. And UtiliCorp cannot afford to hold its breath in=
=20
the capital markets forever. Even with its "asset-lite" strategy, the compa=
ny=20
is far more leveraged than most utilities, with debt at 56% of capital,=20
versus the 50% norm for electric utilities. The offering is supposed to rai=
se=20
$425 million or so that could be used to pay down a bit of the parent's $2.=
9=20
billion in debt.=20
If Bob Green is walking a financial tightrope, you could never tell it by=
=20
talking to him. "We see this company as our heritage," he says confidently.=
=20
This despite the fact that after seven equity offerings the family's share =
of=20
UtiliCorp is now 4%, down from 15% when Richard took over.=20
Might the Greens lose their heirloom in a takeover battle? They might, but=
=20
they might come out ahead anyway. Look at the family history. Lemuel sold=
=20
some of his utility assets for $6.6 million in 1927 and diversified into=20
California orange groves. The assets were resold to Samuel Insull, the=20
midwestern electricity magnate who came to a bad end when his pyramid of=20
holding companies collapsed during the Depression. Years later, after=20
Congress reacted with a law that busted up multistate electric utilities, B=
ob=20
and Rick's grandfather bought back Lemuel Green's utility properties for a=
=20
song.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.=20
The New Forecast For Meteorologists: It's Raining Job Offers --- Energy=20
Trading Firms Snap Up Grads of an Inexact Science; No Blow-Dryer? No Proble=
m
By Chip Cummins
Staff Reporter of The Wall Street Journal
03/08/2001
The Wall Street Journal
A1
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Two years ago, Bradley Hoggatt was heading for an academic career in=20
meteorology, intent on discovering more about how hurricanes form. But just=
=20
before he started working on a doctorate, a very different opportunity blew=
=20
in.=20
Now Mr. Hoggatt forecasts weather for a floor full of M.B.A.s who trade=20
billions of dollars in weather-sensitive energy commodities such as natural=
=20
gas and electricity for Aquila Inc., the trading subsidiary of a big Midwes=
t=20
utility.
With no business background himself, Mr. Hoggatt is also trading complex=20
financial contracts based on his predictions. "I'm putting my money where m=
y=20
mouth is," says the tall, square-shouldered 28-year-old.=20
Weathermen and women have become a hot commodity in the exploding=20
energy-trading business. While off-target forecasts on television may=20
frustrate parents and schools and embarrass politicians, as they did this=
=20
week on the East Coast, they can lose bundles for electricity and natural-g=
as=20
traders. So as trading has boomed, so has demand for trained meteorologists=
,=20
a profession that traditionally hasn't paid all that well and is often the=
=20
butt of jokes.=20
From Wall Street to Houston's Louisiana Street, where many energy companies=
=20
have set up shop, recent graduates are earning twice what they would earn a=
t=20
the National Weather Service or in academia. "The appetite for weather is=
=20
insatiable," says James L. Gooding, director of meteorology at Duke Energy=
=20
Corp. A former NASA scientist, Dr. Gooding will be adding a fourth forecast=
er=20
to his Houston team in the next year.=20
Enron Corp., an energy-trading giant based in Houston, has more than double=
d=20
its staff of weather forecasters to nine in the past three years, plucking=
=20
talent from places like the Weather Channel. Williams Cos., a Tulsa, Okla.,=
=20
competitor, is endowing university fellowships to lure meteorology students=
.=20
And since 1999, Aquila, which is owned by UtiliCorp United Inc., of Kansas=
=20
City, Mo., has hired two other meteorologists from Mr. Hoggatt's alma mater=
,=20
the University of Wisconsin, plus another scientist with a Ph.D. in=20
climatology.=20
That hiring paid off a bit during this week's winter storm in the Northeast=
.=20
While many on the East Coast were getting miscues from TV weathermen on a=
=20
pending, possibly historic blizzard that fizzled in New York and other=20
cities, traders at Aquila simply looked to Mr. Hoggatt.=20
Last Friday, Scott Macrorie, an electricity trader for the Mid-Atlantic=20
region at Aquila, stopped by to see how the storm was progressing. Mr.=20
Hoggatt's team told him temperatures in his region of interest would be low=
er=20
because of the storm, though the snowfall forecast on TV seemed a little=20
high. Sure enough, temperatures fell and snowfall in many cities was less=
=20
than predicted, lifting electricity prices and making Mr. Macrorie a profit=
=20
that he says was in the tens of thousands of dollars.=20
About 500 university students in the U.S. graduate each year with bachelor'=
s=20
degrees in meteorology, according to the American Meteorological Society. A=
n=20
additional 300 or so graduate with masters degrees or doctorates. Until jus=
t=20
a few years ago, those graduates didn't typically have many options: TV for=
=20
those who had the blow-dried look, back-office jobs with the government or =
a=20
handful of private consultants for those who didn't. Research was an option=
.=20
And some airlines and utilities kept a few meteorologists on staff to help=
=20
position airplanes or power-line repair trucks during storms.=20
Now, deep-pocketed trading companies are offering many meteorologists with=
=20
graduate degrees salaries ranging from $60,000 to $90,000. Performance and=
=20
trading bonuses can double or even triple the figure. That compares with th=
e=20
roughly $33,000 the National Weather Service pays a junior forecaster with =
a=20
graduate degree.=20
"It's a bit unusual for meteorologists to have the prospect of lucrative=20
employment after graduation," says John Nielsen-Gammon, a professor of=20
atmospheric sciences at Texas A&M University. "This is a bit of a switch."=
=20
So far, there has been no dearth of meteorological talent available, partly=
=20
because the National Weather Service wrapped up a big expansion project in=
=20
the mid-1990s and slowed hiring. It hires only to replace people who leave,=
=20
about 30 to 50 meteorologists a year.=20
And the high-pressure world of billion-dollar commodity bets isn't for=20
everyone. When Carl Altoe graduated from Penn State, one of the nation's to=
p=20
meteorology programs, he got a heavy sales pitch from Enron. "It's quite an=
=20
impressive place," he says of Enron's trading floor, but he wasn't sure=20
forecasting skills alone would be enough to make the grade. "I would be=20
afraid that if money wasn't made in a hurry, I'd be tossed," says Mr. Altoe=
,=20
who accepted a position with the National Weather Service in Marquette, Mic=
h.=20
For others, having forecasts count puts a new thrill in the old art. After=
=20
two years as a manager at the Weather Channel's Latin American division in=
=20
Atlanta, Jose Marquez posted his resume on an Internet job site run by the=
=20
American Meteorological Society. Enron called.=20
"Have you heard about Enron?" Mr. Marquez remembers being asked. "And I sai=
d,=20
honestly, `No.'"=20
During a visit, Mr. Marquez, a 33-year-old Navy-trained meteorologist, foun=
d=20
Enron's trading floor exhilarating. Enron courted Mr. Marquez heavily,=20
tracking him down three times during his Christmas vacation in Puerto Rico.=
=20
Mr. Marquez decided the sprawling trading floor was just the sort of active=
=20
work place he was looking for. Also, he'd be getting a 10% to 15% boost ove=
r=20
his Weather Channel salary, before potential bonuses from Enron.=20
"I'm getting more money than I would anywhere else," he says.=20
Weather has long affected prices of everything from grain at Chicago's earl=
y=20
commodity markets to the stocks of retail companies on Wall Street. Jon=20
Davis, a meteorologist for Salomon Smith Barney in Chicago, started=20
forecasting the weather for agriculture traders back in 1985.=20
But volatile energy prices have raised the stakes for forecasters who are=
=20
able to gauge air-conditioning use in the summer or natural-gas demand duri=
ng=20
the winter heating season. Meanwhile, all sorts of companies are turning to=
=20
energy traders and Wall Street for "weather derivatives," complex contracts=
=20
used to hedge financial risks associated with the weather. "With every=20
passing year, you do more energy and more energy," Mr. Davis says.=20
Despite big advances in data collection and modeling, betting millions of=
=20
dollars on weather forecasts can still be tricky business. Short-term=20
forecasts are pretty good. Predicting weather two weeks from now is chancy.=
=20
Most meteorologists get their data from the government, particularly the=20
National Weather Service. Many then tweak it with their own interpretations=
=20
or forecasting models.=20
Disappointed last year by poor long-term forecasts from 11 private=20
consultants, Aquila has a contest offering $100,000 to the meteorologist or=
=20
team that can best predict temperatures in 13 major U.S. cities over the=20
course of a year. "I call it the forecast bakeoff," says Mr. Hoggatt.=20
The high stakes also mean more pressure on forecasters. WSI Corp., a=20
Billerica, Mass., weather-forecasting firm, started an energy service last=
=20
year, and Jeffrey A. Shorter, a WSI vice president, says energy clients can=
=20
be less forgiving than his other clients in TV and aviation, especially whe=
n=20
the forecasts are wrong. But, he adds, "presumably, more often than not,=20
we're right."
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.=20
ENRON PROVIDES TRADING SERVICES TO MANX ELECTRICITY UNDER NETA
2001-03-08 08:43 (New York)
(The following is a reformatted version of a press release issued
by Enron and received via electronic mail. The release was not confirmed
by the sender.)
ENRON AND MANX ELECTRICITY ANNOUNCE POWER TRADING AGREEMENT
London, March 8 -- Enron announced today that it has concluded a
long-term power trading agreement with the Manx Electricity Authority
(MEA), representing one of the first deals with an embedded generator
specifically designed for the New Electricity Trading Arrangements
(NETA). Under the agreement Enron will provide 24-hour trading services
to MEA under NETA in an innovative deal structured to maximise the value
of the electricity interconnector between the Isle of Man and UK
mainland.
The =01A45 million interconnector runs between Bispham in Lancashire
and Douglas on the Isle of Man and is capable of carrying 40MW in each
direction. At 105km it is the longest AC interconnector cable in the
world.
"The development costs of the interconnector to the UK placed us
under pressure to put the link to the highest and best economic use and
we feel our relationship with Enron has accomplished this" said Mike
Proffitt, Chief Executive of MEA.
"Our commitment to reducing the price of electricity on the Isle of
Man is firmly embedded in MEA's five year plan and our trading
partnership with Enron will greatly assist us in achieving this goal."
Richard Lewis, Managing Director of UK gas and power at Enron,
commented: "This is a great transaction for both parties and fits well
into Enron's trading portfolio. MEA will benefit from Enron's expertise
as one of the UK's leading energy traders and will provide us with their
skills as operators of their generation plant and the interconnector. It
is significant in that we believe it is one of the first embedded
generation transactions specially tailored for the new trading
arrangements."
Media Contacts:
Alex Parsons
Enron
Tel: 020 7783 2394
Alison Cottier
Manx Electricity
Tel: 01624 687798
(db)LO
-END-
-0- (CRL) Mar/08/2001 13:43 GMT
Energy Trading Companies Pay Big for Weather Talent, WSJ Says
2001-03-08 06:47 (New York)
Kansas City, March 8 (Bloomberg) -- The growth of energy
trading floors in the past several years has made meteorology a
glamour profession, even for forecasters who never even intended
to predict the weather on television, the Wall Street Journal
reported.
Weather affects commodities trading and determines
electricity and natural gas supply and demand. That's why large
energy trading companies like Enron Corp., Williams Cos. and
UtiliCorp United Inc. recruit top weather-forecasting talent, the
paper said. Meteorologists with graduate degrees can command
$60,000 to $90,000 a year, far higher than the $33,000 the
National Weather Service pays a junior staffer.
Energy traders use in-house weather forecasts to make quick
bets on the direction of electricity and natural gas prices. Fast
and accurate predictions can earn huge profits, the paper said.
Many meteorologists say they like the pace and action of the
trading floor. While some in the profession work in broadcasting,
most meteorologists labor in the less visible and action-oriented
worlds of academia or government research, the paper said.
(Wall Street Journal 3-8 A1)
ENRON FAILS TO ATTRACT BIDS FOR 30 PCT STAKE IN INDIAN OIL FIELD
03/08/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.
NEW DELHI, March 8 Asia Pulse - US energy major Enron Corporation's bid to=
=20
sell its 30 per cent stake in Panna-Mukta and Tapti oil and gas field has m=
et=20
with lukewarm response primarily due to inherent problems with the project.=
=20
Several glitches in the joint venture agreement and disputes with other=20
partners in the joint venture, Oil and Natural Gas Corporation (ONGC) and=
=20
Reliance, have kept away international oil giants like Royal Dutch Shell,=
=20
British Petroleum and BHP of Australia, industry sources said.
While Enron is believed to have pegged the sale price of its stake in the=
=20
Indian venture at US$700 million, independent evaluations by various domest=
ic=20
and international companies have discounted the figure between US$250 to=20
US$380 million factoring several pending agreements and unresolved issues,=
=20
sources said.=20
ONGC, which holds 40 per cent stake in the US$900 million venture, Reliance=
,=20
having 30 per cent interest in the gas fields, and Indian Oil Corporation=
=20
(IOC) are among the 4-5 companies that are left in the fray for acquiring=
=20
Enron Oil and Gas India Ltd (EOGIL's) stake in Panna-Mukta and Tapti fields=
.=20
Inspite of over three years of operation, Panna oilfield's processing tarif=
f=20
has not yet been fixed with ONGC and the promoters have not yet reached a=
=20
final agreement on gas transportation cost from Tapti, sources said.=20
Besides, delivery point for Panna has not been determined which has resulte=
d=20
in a 10 per cent revenue loss which the government deducts from the total g=
as=20
revenue of the company.=20
(PTI) 08-03 1002
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.=20
SINGAPORE: PetroChina plans five gas, products lines by 2005.
By Chen Aizhu
03/07/2001
Reuters English News Service
(C) Reuters Limited 2001.
SINGAPORE, March 8 (Reuters) - PetroChina has mapped out plans for a massiv=
e=20
pipeline gridwork to be in place by 2005 and to ship huge hydrocarbon=20
reserves in China's west to its thriving east, government and industry=20
officials said on Thursday.=20
"A total of five pipelines are planned in the 10th five-year plan=20
(2001-2005), four gas and one for refined oil products," a senior industry=
=20
official told Reuters by telephone from Beijing.
Officials estimated total cost of the projects at 50 billion yuan ($6=20
billion) at least.=20
Topping the agenda and the largest of the five projects is the 4,200-km gas=
=20
trunk line winding eastwards from China's central Asian region Xinjiang to=
=20
the Yangtze River Delta.=20
Construction of the $4.8-billion project is set to start later this year.=
=20
Officials said construction would begin with the 1,600-km eastern section=
=20
from Jinbian in northwest Shaanxi province to Shanghai, where initial gas=
=20
supply is expected to land in 2003.=20
The longer western section connecting Tarim to Jinbian is slated for=20
completion by 2005, officials said.=20
PetroChina aims to move between 12 and 20 billion cubic metres (bcm) of gas=
=20
through the trunkline in 2005.=20
HUGE UNTAPPED RESERVES=20
Officials estimated about 720 bcm of recoverable gas reserves remain in the=
=20
Shan-Gan-Ning and Tarim basins. PetroChina's most recent big discovery in t=
he=20
Sulige field in the northern Ordos basin has proven reserves of 220 bcm.=20
PetroChina is hoping to lure foreign firms to invest in the project,=20
including top three oil majors ExxonMobil , Royal/Dutch Shell Group and BP=
=20
Amoco .=20
Also under planning is a three bcm-per-year gas pipeline from Jinbian to=20
Beijing, Hebei and Shandong. Sources said Shell and PetroChina were jointly=
=20
studying the project.=20
A third gas line is planned from Zhongxian in the gas-rich southwest Sichua=
n=20
to Wuhan and Hunan provinces in central China, officials said.=20
U.S. gas and electricity firm Enron Corp is a joint developer in the Sichan=
=20
gas block, which will send supplies via the proposed 740-km line.=20
Sichuan, which produced 7.995 bcm of gas in 2000, is presently China's top=
=20
gas producer, according to official data.=20
The fourth gas pipe, stretching 953-km eastwards from Qaidam basin to Lanzh=
ou=20
in the northwest, is expected to be operational in May with an annual=20
capacity of two bcm, according to Beijing-based industry newsletter China=
=20
OGP.=20
The project, which targets PetroChina's subsidiary refineries in Lanzhou,=
=20
will cost 2.25 billion yuan, China OGP said.=20
LONGEST PRODUCTS LINE TO MOVE OIL SOUTH=20
PetroChina also is set to build a 1,247-km refined products pipeline from=
=20
Lanzhou to oil-thirsty Sichuan to move surplus products out of the remote=
=20
northwest region.=20
A feasibility study for the line, which would be the longest products=20
pipeline in China, was approved recently, a senior official with the State=
=20
Development Planning Commission told Reuters from Beijing.=20
Officials said the project would replace rail transport and eventually cut=
=20
PetroChina's oil distribution cost.=20
"The railway system has a bottleneck which only allows a limited oil flow a=
t=20
one time, and it's much more expensive (than pipeline)," said a Beijing-bas=
ed=20
PetroChina official.=20
When built in 2005, PetroChina would be supplying five million tonnes a yea=
r=20
of mostly gasoline and diesel to Sichuan, one of China's most populous=20
province and which buys most of its oil by rail or ship from neighbouring=
=20
provinces.=20
($1=3D8.277 yuan).
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.=20
| ||
arnold-j/sent/613.
|
subject: Fw: ETKT Confirmation -
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/08/2001 07:36
AM ---------------------------
"Tony Policastro \(Elite Brokers\)" <[email protected]> on 03/07/2001
11:55:29 AM
Please respond to "Tony Policastro \(Elite Brokers\)" <[email protected]>
To: <[email protected]>
cc:
Subject: Fw: ETKT Confirmation -
----- Original Message -----
From: "Crystal Schwartz" <[email protected]>
To: <[email protected]>
Sent: Wednesday, March 07, 2001 11:43 AM
Subject: ETKT Confirmation -
> SALES AGT: CS/YCSIZM
>
> ARNOLD/JOHN
>
>
> TONY POLICASTRO
>
>
>
>
>
> DATE: MAR 07 2001 PERSONAL
>
> SERVICE DATE FROM TO DEPART ARRIVE
>
> CONTINENTAL AIRLINES 16MAR HOUSTON TX SAN JOSE CABO 1145A 135P
> CO 1237 Y FRI G.BUSH INTERCO LOS CABOS
> EQP: BOEING 737-300
> SEAT 07E CONFIRMED
> ***MIDDLE SEAT ONLY PLEASE CHECK AT AIRPORT
>
> CONTINENTAL AIRLINES 18MAR SAN JOSE CABO HOUSTON TX 214P 550P
> CO 1236 H SUN LOS CABOS G.BUSH INTERCO
> EQP: BOEING 737-300
> SEAT 14F CONFIRMED
>
> AIR FARE 1281.00 TAX 71.23 TOTAL USD 1352.23
> SVC FEE USD 15.00
>
> INVOICE TOTAL USD 1367.23
>
>
>
> RESERVATION NUMBER(S) CO/I7R7SX
>
> ARNOLD/JOHN TICKET:CO/ETKT 005 7025570376
> ARNOLD/JOHN MCO: 890 8108674936
>
> ***********************************************
> THIS IS A TICKETLESS RESERVATION. PLEASE HAVE A
> PICTURE ID AVAILABLE AT THE AIRPORT. THANK YOU
> ***********************************************
> NON-REFUNDABLE TKT MINIMUM $100.00 CHANGE FEE
> **********************************************
> THANK YOU FOR CALLING VITOL TRAVEL
>
>
> =====
> Vitol Travel Services
> 1100 Louisiana Suite 3230
> Houston, Texas 77002
> Phone - 713-759-1444
> Fax - 713-759-9006
>
> __________________________________________________
> Do You Yahoo!?
> Get email at your own domain with Yahoo! Mail.
> http://personal.mail.yahoo.com/
>
| ||
arnold-j/sent/614.
|
subject: daily charts and matrices as hot links 3/8
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/08/2001 07:23
AM ---------------------------
[email protected] on 03/08/2001 07:05:03 AM
To: [email protected]
cc:
Subject: daily charts and matrices as hot links 3/8
The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. , 2000 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude88.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas88.pdf
Distillate http://www.carrfut.com/research/Energy1/hoil88.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded88.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG88.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG88.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL88.pdf
Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606 USA
Tel: 312-368-6149
Fax: 312-368-2281
[email protected]
http://www.carrfut.com
| ||
arnold-j/sent/615.
|
subject: Re: BNP PARIBAS Commodity Futures Weekly AGA Survey
content: 67
[email protected] on 03/07/2001 09:39:04 AM
To: [email protected]
cc:
Subject: BNP PARIBAS Commodity Futures Weekly AGA Survey
Good Morning,
Just a reminder to get your AGA estimates in by Noon EST (11:00 CST) TODAY.
Last Year -37
Last Week -101
Thanks,
George Ellis
BNP PARIBAS Commodity Futures, Inc.
______________________________________________________________________________
_______________________________________________________
Ce message et toutes les pieces jointes (ci-apres le "message") sont etablis
a l'intention exclusive de ses destinataires et sont confidentiels. Si vous
recevez ce message par erreur, merci de le detruire et d'en avertir
immediatement l'expediteur.
Toute utilisation de ce message non conforme a sa destination, toute
diffusion ou toute publication, totale ou partielle, est interdite, sauf
autorisation expresse.
L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS
(et ses filiales) decline(nt) toute responsabilite au titre de ce message,
dans l'hypothese ou il aurait ete modifie.
------------------------------------------------------------------------------
----
This message and any attachments (the "message") are intended solely for the
addressees and are confidential. If you receive this message in error, please
delete it and immediately notify the sender.
Any use not in accord with its purpose, any dissemination or disclosure,
either whole or partial, is prohibited except formal approval.
The internet can not guarantee the integrity of this message. BNP PARIBAS
(and its subsidiaries) shall (will) not therefore be liable for the message
if modified.
______________________________________________________________________________
_______________________________________________________
| ||
arnold-j/sent/616.
|
subject: Re: rebuttal
content: confused... what are you disagreeing with me in regards to demand destruction?
From: Jennifer Fraser/ENRON@enronXgate on 03/07/2001 08:55 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: rebuttal
I am definitely a bigger fan of the crude complex for the next few months.
Agree the defcon 5 bubble has burst for natgas. Disagree about the demand
destruction.
? I think some demand is just permanently gone ( i.3. cheaper BTUs in ASIA-
Pacific and plants just wont run here anymore). But I think that we are
underestimating the structural changes in energy demand. Just as the economy
is less dependent on heavy industry for its health, energy demand is
changing. Since just about everyone missed the boat on the increased power
demand as a result of Silicon Valley, I think we don't have a good handle on
what the drivers of the new power generation really are.So what i'm saying
is that industrial demand will weaken, demand in service based industries
will increase. Also energy is a much smaller component of the cost structure
in service industries.
? Also I think in 2000, people had sticker shock-- they couldn't have
imagined 10$ gas, but now that volatility and higher prices are firmly
entrenched in their minds --- they will find ways of running their factories.
Also they will budget for these prices instead of $2.50
? See NG Week (3/5/01) Nevada power price hikes affecting casinos ---
increases of 20%. When asked the implication for missed earnings and their
plans for demand conservation, one casino official replied 'We're in the
bright lights business'
? I don't believe the economic doom and gloom
First of all no one wants a repeat of the 1990 recession ( which was much
worse outside of the US) Every central bank in the G7 has or will cut rates
this week. The US will follow suit or it will have a very expensive dollar
which will blow exports. With all of the monetary slack, consumer credit will
not tighten and thus buying will continue ( witness the lack of destruction
in big ticket items purchasing). Heavy manufacturing is contracting but this
is not everything. Productivity gains are strong. The economy is becoming
more service based and traditional industrial barometers are not telling the
whole story.
? Finally, I am London and it is not doom and gloom over here.
well there's my 2 cents.
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Wednesday, March 07, 2001 2:31 PM
To: Fraser, Jennifer
Subject: RE:
i think jv strip prices to where we price out enough demand to get to 2.8.
whther that price level is 425 or 725 is arguable. i think it's close to
here. but when we get to november and we have 2.8 and don;'t repeat the
weather of this past winter and we have 2.5 bcf more supply and people
realize that we have 2.3 bcf to withdraw before there are any
problems...bombs away.
From: Jennifer Fraser/ENRON@enronXgate on 03/07/2001 01:00 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE:
Why do you think nov mar is worth $3.75?
Also whats your schedule looking like next week----care to meet for a
beverage?
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Tuesday, March 06, 2001 5:03 PM
To: Fraser, Jennifer
Subject: Re:
What it's trading what I think it's really worth
apr oct 540 500
nov mar 547 375
cal 2 491 400
cal 3 460 325
Obviously most bearish the further out you go. However, the game right now
is not sell and hold...although it will be soon. The game is where will it
be tomorrow and next week and next month. The market is structurally short
term gas thanks to our friends from california. where ca is buying power,
williams and calpine and dynegy dont care of the gas costs 450 or 475 or 500
or 525. irrelevant. so term is not going down in the short term unless the
front comes into the 400's and scares some producers to start hedging or we
or el paso can find fixed price lng to the tune of 250,000 a day for 10 years.
From: Jennifer Fraser/ENRON@enronXgate on 03/06/2001 10:37 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject:
what are your thoughts on
ap-oct
nov-mar
02
03
price levels and outlooks
thanks
Jen Fraser
713-853-4759
| ||
arnold-j/sent/617.
|
subject: RE:
content: i think jv strip prices to where we price out enough demand to get to 2.8.
whther that price level is 425 or 725 is arguable. i think it's close to
here. but when we get to november and we have 2.8 and don;'t repeat the
weather of this past winter and we have 2.5 bcf more supply and people
realize that we have 2.3 bcf to withdraw before there are any
problems...bombs away.
From: Jennifer Fraser/ENRON@enronXgate on 03/07/2001 01:00 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE:
Why do you think nov mar is worth $3.75?
Also whats your schedule looking like next week----care to meet for a
beverage?
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Tuesday, March 06, 2001 5:03 PM
To: Fraser, Jennifer
Subject: Re:
What it's trading what I think it's really worth
apr oct 540 500
nov mar 547 375
cal 2 491 400
cal 3 460 325
Obviously most bearish the further out you go. However, the game right now
is not sell and hold...although it will be soon. The game is where will it
be tomorrow and next week and next month. The market is structurally short
term gas thanks to our friends from california. where ca is buying power,
williams and calpine and dynegy dont care of the gas costs 450 or 475 or 500
or 525. irrelevant. so term is not going down in the short term unless the
front comes into the 400's and scares some producers to start hedging or we
or el paso can find fixed price lng to the tune of 250,000 a day for 10 years.
From: Jennifer Fraser/ENRON@enronXgate on 03/06/2001 10:37 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject:
what are your thoughts on
ap-oct
nov-mar
02
03
price levels and outlooks
thanks
Jen Fraser
713-853-4759
| ||
arnold-j/sent/618.
|
subject:
content: http://sokolin.com/1998's.htm
1998 monbousquet
| ||
arnold-j/sent/619.
|
subject: FW: 2001 Natural Gas Production and Price Outlook Conference Call
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/06/2001 04:40
PM ---------------------------
"Piasio, Stephen [FI]" <[email protected]> on 02/23/2001 08:09:13 AM
To:
cc:
Subject: FW: 2001 Natural Gas Production and Price Outlook Conference Call
> <<...OLE_Obj...>>
>
> 2001 Natural Gas Production and Price Outlook Conference Call
>
>
> <<...OLE_Obj...>> Salomon Smith Barney <<2001 Natural Gas Conference
> Call.doc>>
> Energy Research Group
> Analyst Access Conference Call
>
> 2001 Natural Gas Production and Price Outlook
> Hosted by:
> Bob Morris and Michael Schmitz
> Oil and Gas Exploration & Production Analysts
>
> Date & Time:
> FRIDAY (February 23rd)
> 11:00 a.m. EST
>
> Dial-in #:
> US: 800-229-0281 International: 706-645-9237
>
> Replay #: (Reservation: x 819361)
> US: 800-642-1687 International: 706-645-9291
>
> Accessing Presentation:
> * Go to https://intercallssl.contigo.com
> * Click on Conference Participant
> * Enter Event Number: x716835
> * Enter the participant's Name, Company Name & E-mail address
> * Click Continue to view the first slide of the presentation
>
> Key Points:
> 1. Natural gas storage levels appear to be on track to exit March at
> roughly 700-800 Bcf, compared with just over 1,000 Bcf last year at the
> end of the traditional withdrawal season.
> 2. Meanwhile, domestic natural gas production should rise 3.0-5.0% this
> year, largely dependent upon the extent of the drop in rig efficiency, or
> production added per rig.
> 3. Nonetheless, under most scenarios, incorporating numerous other
> variables such as the pace of economic expansion, fuel switching and
> industrial plant closures, it appears that storage levels at the beginning
> of winter will be near or below last year's 2,800 Bcf level.
> 4. Thus, it appears likely that the "heat" will remain on natural gas
> prices throughout 2001.
> 5. Consequently, we believe that many E&P shares will post solid gains
> again this year, spurred largely by mounting confidence in the
> sustainability of strong natural gas prices.
>
>
- 2001 Natural Gas Conference Call.doc
| ||
arnold-j/sent/62.
|
subject:
content: Dave:
Can you do the same printout today of children for product #33076
Thanks
John
| ||
arnold-j/sent/620.
|
subject: Re: eia power demand
content: any reaction to this?
[email protected] on 03/06/2001 01:16:41 PM
To: [email protected]
cc:
Subject: eia power demand
(Recasts, adds details)
WASHINGTON, March 6 (Reuters) - U.S. electricity demand
will grow by about 2.3 percent in 2001, down from 3.6 percent
growth last year due to the nation's slowing economy, the U.S.
Energy Information Administration said on Tuesday.
Natural gas demand will also grow at about 2.3 percent this
year, the EIA said in its monthly supply and demand report.
Natural gas is the third most popular fuel used by U.S.
electricity generating plants after nuclear and coal.
U.S. electricity demand in the first quarter of 2001 was
forecast at about 896 billion kilowatt hours (kwh), the EIA
said. That is slightly higher than the 895.8 billion kwh
forecast by the agency last month.
For the entire winter heating season of October through
March, electricity demand was forecast to rise by 4.6 percent
from the previous year, the EIA said. The increase was driven
by the residential and commercial sectors, which were forecst
to be higher by 8 and 4 percent, respectively.
More electricity plants were expected to switch from
natural gas back to fuel oil as oil prices drift lower, the
government report said.
"This trend is expected to continue through the first
quarter 2001," the EIA said. "Although the favorable price
differential for oil relative to gas is expected to continue
through the forecast period, by the second half of 2001,
expected increases in gas-fired capacity are expected to keep
gas demand for power generation growing."
The monthly report also said that mild weather has eased
natural gas prices in California, but the state still faces gas
supply and deliverability bottlenecks affecting its electricity
plants.
California has been fighting all winter to maintain
| ||
arnold-j/sent/621.
|
subject: Re: Greg's Bill
content: i dont know sounds good to me
Greg Whalley
02/28/2001 05:32 PM
Sent by: Liz M Taylor
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Greg's Bill
Johnny,
What does Greg owe you for the champagne? Is it $896.00?
Liz
| ||
arnold-j/sent/622.
|
subject: RE:
content: i loved them in that i thought they were going to go up...i think they still
might
3 weeks ago now
short term very bullish neutral
medium term neutral neutral
longer term neutral bearish
From: Jennifer Fraser/ENRON@enronXgate on 03/06/2001 11:34 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: RE:
what changed your mind re 02 and 03 --2 weeks ago you told me you loved
them....why are bearish out the back?
Jen Fraser
Enron Global Markets Fundamentals
713-853-4759
-----Original Message-----
From: Arnold, John
Sent: Tuesday, March 06, 2001 5:03 PM
To: Fraser, Jennifer
Subject: Re:
What it's trading what I think it's really worth
apr oct 540 500
nov mar 547 375
cal 2 491 400
cal 3 460 325
Obviously most bearish the further out you go. However, the game right now
is not sell and hold...although it will be soon. The game is where will it
be tomorrow and next week and next month. The market is structurally short
term gas thanks to our friends from california. where ca is buying power,
williams and calpine and dynegy dont care of the gas costs 450 or 475 or 500
or 525. irrelevant. so term is not going down in the short term unless the
front comes into the 400's and scares some producers to start hedging or we
or el paso can find fixed price lng to the tune of 250,000 a day for 10 years.
From: Jennifer Fraser/ENRON@enronXgate on 03/06/2001 10:37 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject:
what are your thoughts on
ap-oct
nov-mar
02
03
price levels and outlooks
thanks
Jen Fraser
713-853-4759
| ||
arnold-j/sent/623.
|
subject: Re:
content: What it's trading what I think it's really worth
apr oct 540 500
nov mar 547 375
cal 2 491 400
cal 3 460 325
Obviously most bearish the further out you go. However, the game right now
is not sell and hold...although it will be soon. The game is where will it
be tomorrow and next week and next month. The market is structurally short
term gas thanks to our friends from california. where ca is buying power,
williams and calpine and dynegy dont care of the gas costs 450 or 475 or 500
or 525. irrelevant. so term is not going down in the short term unless the
front comes into the 400's and scares some producers to start hedging or we
or el paso can find fixed price lng to the tune of 250,000 a day for 10 years.
From: Jennifer Fraser/ENRON@enronXgate on 03/06/2001 10:37 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject:
what are your thoughts on
ap-oct
nov-mar
02
03
price levels and outlooks
thanks
Jen Fraser
713-853-4759
| ||
arnold-j/sent/624.
|
subject: Re: contangos vs winter putspds
content: theres only one thing i can think of... storage field turning around gives
cash market completely different feel. instead of utilities looking to sell
gas everday, they look to buy it. huge difference in feel of mrket. not so
much actual gas but completely different economics of how marginal mmbtu gets
priced. tightening cash market causes cash players to buy futures... hence
the tendency for a spring rally every year. read heffner today...even he
talks about it
[email protected] on 03/06/2001 10:22:18 AM
To: [email protected]
cc:
Subject: Re: contangos vs winter putspds
so let me ask you-if they dont buy flat px wfrom here with mega cold east
weather, cash contangos,px only 25 cts from lows, after huge apr/oct
buying-what
would take us to much higher levels?? ie whats the risk of being short today?
clueless and confused
[email protected] on 03/06/2001 10:51:13 AM
To: Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject: Re: contangos vs winter putspds
no real bias today positive numbers sell negative numbers buy...
looking into other stuff
[email protected] on 03/06/2001 09:15:40 AM
To: [email protected]
cc:
Subject: Re: contangos vs winter putspds
agreewith all, im mega bear summer 2nd q but for the time being weather and
as u
said uncertainy likely to lend itself so little downside until either
weather
gets warm or injections get big. i dont see the flow as you know but i talk
to a
cupla utitlities and the bias same as you menioned. ive neutralized bear
book a
bit cuz i cant afford to fite this thing. with deep pockets tho-i scale up
sell
next 2-3 weeks take a bet on 200 ish injections in april and 400 in may-ie
records
aug/oct-yes-low risk-wasnt substantially more inverted when we were 4
bucks
higher-low risk but not a great reward. oct/nov-yea-wont make much for
another
few months on that so it range trades but ill cont to bersd it cuz if end
summer
that strong im always always more bullish the front of winter.
other thing i wonder is how wide these summer contangos cud get-as
everyone so
bullish futs for the next few weeks at least.
weather here sucks to day-tree almost fell on me driving into work-close
one,sahud be about 2 ft of white stuff when its said and done. dunno how
long i
can stay but doesnt look all that great for me getting out to steamboat
manana!!
heres a hypothetical.... we agree that demand loss y on y somwhere from 4.5
to
5.0 today, do you guys think that we can see a substantial demand recovery
if
prices dont retreat? my ffeeling is no for at least another 90 days or
more.thots?
any thots on flat px today-im slitely long vs bearsds?
| ||
arnold-j/sent/625.
|
subject: Re: contangos vs winter putspds
content: no real bias today positive numbers sell negative numbers buy...
looking into other stuff
[email protected] on 03/06/2001 09:15:40 AM
To: [email protected]
cc:
Subject: Re: contangos vs winter putspds
agreewith all, im mega bear summer 2nd q but for the time being weather and
as u
said uncertainy likely to lend itself so little downside until either weather
gets warm or injections get big. i dont see the flow as you know but i talk
to a
cupla utitlities and the bias same as you menioned. ive neutralized bear book
a
bit cuz i cant afford to fite this thing. with deep pockets tho-i scale up
sell
next 2-3 weeks take a bet on 200 ish injections in april and 400 in may-ie
records
aug/oct-yes-low risk-wasnt substantially more inverted when we were 4 bucks
higher-low risk but not a great reward. oct/nov-yea-wont make much for another
few months on that so it range trades but ill cont to bersd it cuz if end
summer
that strong im always always more bullish the front of winter.
other thing i wonder is how wide these summer contangos cud get-as everyone
so
bullish futs for the next few weeks at least.
weather here sucks to day-tree almost fell on me driving into work-close
one,sahud be about 2 ft of white stuff when its said and done. dunno how long
i
can stay but doesnt look all that great for me getting out to steamboat
manana!!
heres a hypothetical.... we agree that demand loss y on y somwhere from 4.5 to
5.0 today, do you guys think that we can see a substantial demand recovery if
prices dont retreat? my ffeeling is no for at least another 90 days or
more.thots?
any thots on flat px today-im slitely long vs bearsds?
| ||
arnold-j/sent/626.
|
subject: Enron Mentions - 03-04-01
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/06/2001 07:48
AM ---------------------------
From: Ann M Schmidt@ENRON on 03/05/2001 08:23 AM
To: Ann M Schmidt/Corp/Enron@ENRON
cc: (bcc: John Arnold/HOU/ECT)
Subject: Enron Mentions - 03-04-01
Utility Deregulation: Square Peg, Round Hole?
The New York Times, 03/04/01
3 Executives Considered to Head Military
Los Angeles Times, 03/04/01
Bush leaning toward execs for military
The Seattle Times, 03/04/01
Enron's Chief Denies Role as Energy Villain / Critics regard Kenneth Lay as
deregulation opportunist
The San Francisco Chronicle, 03/04/01
Enron boss says he's not to blame for profits in energy crisis
Associated Press Newswires, 03/04/01
The Stadium Curse? / Some stocks swoon after arena deals
The San Francisco Chronicle, 03/04/01
Money and Business/Financial Desk; Section 3
ECONOMIC VIEW
Utility Deregulation: Square Peg, Round Hole?
By JOSEPH KAHN
03/04/2001
The New York Times
Page 4, Column 6
c. 2001 New York Times Company
WASHINGTON -- IN the forensic pursuit of what caused California's power
failure, the Bush administration, the energy industry and many analysts have
granted immunity to deregulation.
Robert Shapiro, a managing director of Enron, the giant electricity marketer,
says the California mess should in no way affect deregulation in other
states, ''because California didn't really deregulate.'' Spencer Abraham, the
new energy secretary, said Californians simply goofed, setting up a
''dysfunctional'' system. It is the way California deregulated, not
deregulation itself, that should take the blame, they say.
Yet some economists argue that California's troubles should inform the debate
about whether -- not just how -- to deregulate. Among them is Alfred E. Kahn,
the Cornell University economist who helped oversee the creation of free
markets in the rail, trucking and airline industries.
''I am worried about the uniqueness of electricity markets,'' Mr. Kahn said.
He is still studying whether the design flaws in California's market explain
the whole problem. But he is sounding a note of skepticism.
''I've always been uncertain about eliminating vertical integration,'' he
said, referring to the old ways of allowing a single, heavily regulated power
company to produce, transmit and distribute electricity. ''It may be one
industry in which it works reasonably well.''
Mr. Kahn's comments might sound a little heretical. When this former Carter
administration official was pushing deregulation, it was still a novel and
politically risky concept. Today, getting government out of most businesses
is part of the Washington economic canon.
Moreover, few people believe that California, the first state to overhaul its
electricity sector from top to bottom, has proved a good laboratory. To
satisfy interest groups, the markets were designed in an awkward way, which
soured some deregulation experts on California before the first electron went
on the auction block.
Among the quirks: The state required utilities to buy nearly all their power
on daily spot markets, rather than arranging long-term contracts that might
have allowed them to hedge risk. Consumer prices were also fixed, making it
impossible for utilities to pass on higher wholesale costs.
Paul L. Joskow, an expert on electricity markets at the Massachusetts
Institute of Technology and a former student of Mr. Kahn's, remains hopeful
that the kinks can be ironed out.
In New England and the the Middle Atlantic states, as well in as Britain,
Chile and Argentina, all places that have restructured electricity markets,
regulators have had to adjust market rules to correct flaws. They have found
ways to check the tendency of power sellers to exploit infant markets and
charge high prices, Mr. Joskow said.
Regulators have also had to establish new markets that, through price
signals, encourage power companies to build enough generating capacity so
that they have reserves for peak hours. During peak hours, shortages and
price spikes can substantially raise average prices.
''If they can do it in Britain, Chile and Argentina, then I think we can do
it here,'' Mr. Joskow said.
Still, he warns that proper regulation requires tough political choices.
Allowing high prices to pass through to consumers is one. Making sure
Nimbyism does not prevent the construction of power plants is another.
''The political system must rise to the task,'' Mr. Joskow said, or the ''old
way might be the best we can do.''
Mr. Kahn knows a bit about the old way. In the mid-1970's, he headed the New
York Public Service Commission, which oversaw electricity and other regulated
industries. The drawbacks were legendary. Local utilities had an endemic
tendency to overestimate demand to justify new power plants, for which
consumers paid through steady rate increases. Nearly everyone assumed that
competition would slash prices.
But though free markets do a better job managing rail, phone and airline
prices, they have yet to match regulators' ability to juggle the complexities
of electricity, Mr. Kahn said.
Regulators tended to apply heavy political pressure on utilities to keep
prices as low as possible and profit margins steady but thin. The vertical
integration of electricity monopolies may have also had advantages, Mr. Kahn
said. Engineers coordinated power plants and transmission lines in ideal
ways. Planners who saw the need for new plants helped find a place for them
to be built. ''The players all depended on one another,'' he said.
California has probably not derailed deregulation efforts. But it has made
people wonder anew whether market forces work for kilowatts as they do for
widgets.
Photo: Alfred E. Kahn
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
National Desk
3 Executives Considered to Head Military
From Associated Press
03/04/2001
Los Angeles Times
Home Edition
A-25
Copyright 2001 / The Times Mirror Company
WASHINGTON -- Three corporate executives are under consideration to lead the
Air Force, Army and Navy, administration officials said Saturday.
The three have been interviewed by Defense Secretary Donald H. Rumsfeld, and
the White House was expected to announce this week that it will send their
names to the Senate for confirmation, the Washington Times reported, quoting
unidentified sources.
Gordon R. England, 63, who retired recently from General Dynamics Corp.,
would be nominated as Navy secretary; James G. Roche, 61, a vice president at
Northrop Grumman Corp., is the pick to head the Air Force; and the choice to
head the Army is Thomas E. White, 57, a retired Army general and an executive
with Enron Corp. White also once worked as an assistant to Colin L. Powell,
Bush's secretary of State.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
News
Bush leaning toward execs for military
The Associated Press
03/04/2001
The Seattle Times
Sunday
A9
(Copyright 2001)
WASHINGTON--Three corporate executives are under consideration to lead the
Air Force, Army and Navy, administration officials said yesterday.
The three men have been interviewed by Defense Secretary Donald Rumsfeld, and
the White House was expected to announce next week that it will send their
names to the Senate for confirmation, The Washington Times reported
yesterday, quoting unidentified sources.
But two Bush administration sources, speaking on condition of anonymity, told
The Associated Press that President Bush has not made a decision and that the
nominations were not a certainty.
The Times said Gordon England, 63, who retired last week as a vice president
at General Dynamics, would be nominated as Navy secretary. England was
responsible for the company's information systems and international programs.
The newspaper also said James Roche, 61, a vice president at Northrop
Grumman, was the pick to head the Air Force. Roche, a retired Navy captain,
worked in the State Department during the Reagan administration and later was
Democratic staff director for the Senate Armed Services Committee.
The nominee for Army secretary was said to be Thomas White, 57, a retired
Army general and an executive with Enron, a Houston-based energy company.
White was executive assistant to Secretary of State Colin Powell when Powell
was chairman of the Joint Chiefs of Staff.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
NEWS
Enron's Chief Denies Role as Energy Villain / Critics regard Kenneth Lay as
deregulation opportunist
David Lazarus
Chronicle Staff Writer
03/04/2001
The San Francisco Chronicle
FINAL
A1
(Copyright 2001)
Kenneth Lay is one of the energy "pirates" accused by California's governor
of fleecing consumers. As chairman of Enron Corp., the world's largest energy
trader, Lay is arguably the biggest, baddest buccaneer of them all.
But that's not how he wants to be seen. And he certainly doesn't like taking
knocks from Gov. Gray Davis for having contributed to California's energy
mess.
"It's very unfair," Lay said, his brown eyes taking on a puppy- dog quality.
"He's trying to vilify us. But we didn't make the rules in California. We had
nothing to do with creating the problem."
He gazed out from his plush, 50th-floor office. Houston's downtown
skyscrapers jutted like sharp teeth against the overcast sky.
"Everyone played by the rules," Lay said. "Now our reputations are being
maligned."
In a sense, he's right. The ultimate blame does rest with California
policymakers for deregulating the state's electricity market in such a
ham-fisted way that power giants like Enron cleaned up by exploiting
loopholes in the system.
But Enron was no innocent bystander during the restructuring process.
"Enron and Ken Lay were one of the major players behind the push for
deregulation in California," said Janee Briesemeister, senior policy analyst
in the Austin office of Consumers Union. "A lot of what's happening in
California was their idea."
Those familiar with the state's deregulation efforts said Enron was
especially eager to ensure that a newly created Power Exchange, where
wholesale power would be bought and sold, was separate from the Independent
System Operator, which would oversee the electricity grid.
"This fragmented the wholesale market, making it harder to monitor," said
John Rozsa, an aide to state Sen. Steve Peace, D-El Cajon, widely regarded as
the godfather of California's bungled deregulation measures.
"Enron isn't in the business of making markets work," Rozsa said. "They're in
the business of making a buck."
In an ironic twist, however, Enron now could play a pivotal role in helping
the state remedy past errors and find its energy footing. The company has
that much clout.
SEEKING LAY'S BLESSING
Thus, as the governor pushes ahead with a scheme to purchase the transmission
lines of California's cash-strapped utilities, he didn't hesitate to call
recently seeking Lay's personal blessing for the plan.
This must have been a sweet moment for the man who just weeks earlier had
been castigated by Davis in the governor's State of the State speech.
"I told him we couldn't support it," Lay said, a hint of a smile playing
across his lips. "It will lead to an even less efficient transmission grid
and, longer term, it could make things worse."
Why would Davis swallow his pride and court favor with Enron's big cheese?
Simple: Davis will need the Bush administration's backing to make the
power-line sale fly, and, many believe, there's no faster way to reach the
new president than via the Houston office of his leading corporate patron.
Lay, 58, and his company have donated more than $500,000 to Bush's various
political campaigns in recent years, and he placed Enron's private jet at
Bush's disposal during the presidential race.
So great is Lay's influence with the president that some insist he is now
serving effectively as shadow energy secretary, shaping U.S. energy policy as
he sees fit.
"There's a long history of Enron pulling the levers of its political
relationships to get what it wants," said Craig McDonald, director of Texans
for Public Justice, a watchdog group. "What Ken Lay thinks energy policy
should be isn't very different from what George Bush and Dick Cheney think it
should be."
ANOTHER VIEWPOINT
Lay, of course, sees things differently. At the mere mention of his close
rapport with the president, his eyes glazed over and he mechanically recited
the words he has repeated numerous times in recent months.
"I have known the president and his family for many years," Lay said. "I've
been a strong supporter of his. I believe in him and I believe in his
policies."
He insisted that reports of his having sway over Bush on energy matters are
"grossly exaggerated."
Still, it is striking that Bush's quick decision after taking office to limit
federal assistance in solving California's energy woes virtually mirrored
Lay's own thoughts on the situation. So, too, with the administration's
hands-off approach to resolving the crisis.
Whatever else, California's power woes have been very kind to Enron's bottom
line. The company's revenues more than doubled to $101 billion last year.
They haven't hurt Lay, either. According to company records, his pay package
more than tripled last year to $18.3 million.
Lay and other Enron officials steadfastly refuse to break out the company's
California earnings from other worldwide business activities. But Lay
conceded that Enron's profit from California energy deals last year was "not
inconsequential."
"We benefit from the volatility," he said.
CAPTIVE MARKETPLACE
That's putting it mildly. It could be said that California's energy mess was
tailor-made for Enron, which is almost uniquely positioned to prosper from a
captive marketplace in which electricity and natural gas prices are
simultaneously soaring skyward.
To understand why that is, one must look closely at Enron's complex business
model. The company is much more than just a middleman in brokering energy
deals.
Lay, with a doctorate in economics and a background as a federal energy
regulator, set about completely reinventing Enron in 1985 after taking over
what was then an unexceptional natural-gas pipeline operator.
As he saw it, the real action was not in distribution or generation of
energy, but in transacting lightning-fast deals wherever electricity or gas
is needed -- treating energy like a tradable commodity for the first time.
Enron is now the leader in this fast-growing field, and uses that advantage
to consolidate its position as the market-maker of choice for energy buyers
and sellers throughout the country.
It also exploits its size and trading sophistication to structure unusually
creative deals. For example, if electricity prices are down but natural gas
prices up, Enron might cut a deal to meet a utility's power needs in return
for taking possession of the gas required to run the utility's plants.
Enron could then turn around and sell that gas elsewhere, using part of the
proceeds to purchase low-priced electricity from another provider, which it
ships back to the original utility.
"We do best in competitive markets," Lay said. "These are sustainable
markets."
TRADING FRENZY
Enron's trading floors buzz all day long with frantic activity as mostly
young, mostly male employees scan banks of flat-panel displays in search of
the best deals. Rock music blares from speakers, giving the scene an almost
frat-party atmosphere.
The company's trading volume skyrocketed last year with the advent of an
Internet-based bidding system, which logged 548,000 trades valued at $336
billion, making Enron by far the world's single biggest e-commerce entity.
Kevin Presto, who oversees Enron's East Coast power trades, called up the
California electricity market on his computer. With a few quick mouse clicks,
he showed that Enron at that moment was buying power in the Golden State at
$250 per megawatt hour and selling it at $275.
"Some days we're at $250, some days $300 and some days $500," Presto said
over the steady thump-thump of the trading floor's rock 'n' roll soundtrack.
"There's truly a problem out there."
This is a recurring theme among Enron officials: California's electricity
market is broken and Enron would prefer it if things just settled down. As
Lay himself put it, "The worst thing for us is a dysfunctional marketplace."
In reality, California's dysfunctional marketplace means Enron isn't just
making piles of money, it's seeing profits both coming and going.
LOTS OF BUSINESS IN CALIFORNIA
The company's energy services division, which handles the complete energy
needs of large institutions, counts among its clients the University of
California and California State school systems, Oakland's Clorox Co., and
even the San Francisco Giants and Pac Bell Park.
Enron purchases electricity on behalf of these clients from Pacific Gas and
Electric Co., which by law must keep its rates frozen below current market
values. At the same time, Enron sells power to PG&E at sky-high wholesale
levels.
In other words, Enron is buying back its own electricity from PG&E for just a
fraction of the price it charges the utility.
"These guys are the pariahs of the power system," said Nettie Hoge, executive
director of The Utility Reform Network in San Francisco. "Why do we need
middlemen? They don't do anything except mark up the cost."
To be fair, energy marketers such as Enron can help stabilize an efficient
marketplace by promoting increased competition between buyers and sellers.
This has proven the case in Pennsylvania, where Enron actively trades among
about 200 market participants.
But in an inefficient market such as California, a company like Enron can
easily exacerbate things by exploiting loopholes in the state's ill-conceived
regulatory framework.
Sylvester Turner, a Houston lawmaker who serves as vice chairman of the state
committee that oversees Texas utilities, said he can't blame Enron and other
power companies for pursuing profits in California.
"California set up some bad rules, and these companies played by the rules
California set up," he said. "At the end of the day, they will behave to
enhance their bottom lines."
But as Texas proceeds toward deregulation of its own electricity market next
year, Turner said he has learned from California's experience -- and is
taking steps to prevent Texas' power giants from shaking down local
consumers.
LESSONS FROM GOLDEN STATE
He has written a bill intended to give the Texas Public Utility Commission
more authority in cracking down on market abuses. The power companies are
fighting the legislation as hard as they can.
Not least among Turner's worries is that Texas will see what California
officials believe happened in their state: A deliberate withholding of power
by leading providers until surging demand had pushed prices higher.
"I have that concern," he said. "I don't necessarily take these companies at
their word."
For his part, Lay insists that Enron has never deliberately manipulated
electricity prices.
"I don't know of any of that," he said. "It's so easy to conjure up
conspiracy theories."
As a sign of Enron's commitment to solving California's energy troubles, Lay
said he supported Davis when the state began negotiating long-term power
contracts on behalf of utilities.
So how many contracts has Enron signed?
Suddenly, the hurt, puppyish expression vanished from Lay's face, and a
harder, more steely look glinted from his eyes.
"None," he said. "We won't be signing until we're certain about recovering
our costs."
Consider this a shot across California's bow.
PHOTO; Caption: Chairman Kenneth Lay said Enron had "nothing to do with
creating the (energy) problem."
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron boss says he's not to blame for profits in energy crisis
03/04/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
SAN FRANCISCO (AP) - Yes, his business has profited handsomely from
California's energy crisis, but Enron Corp. Chairman Kenneth Lay says he
shouldn't be a scapegoat in California's energy crisis.
That hasn't swayed Gov. Gray Davis, who has skewered energy companies such as
Houston-based Enron for selling expensive power to California.
"Never again can we allow out-of-state profiteers to hold Californians
hostage," Davis warned in his State of the State address.
More recently, however, Davis called Lay to discuss negotiations as the state
looks to buy power transmission lines from troubled utilities.
"I told him we couldn't support it," Lay told the San Francisco Chronicle in
an interview at his Houston office. "It will lead to an even less efficient
transmission grid and, longer term, it could make things worse."
Lay is not just any private-sector energy czar - Enron Corp. is the world's
largest energy trader and Lay is a close friend of President George Bush. Lay
and his corporation have donated more than $500,000 to Bush's various
political campaigns in recent years and he offered Bush use of Enron's
private jet during the presidential race.
But Lay said it's economics, not politics, that matter in California's energy
crisis. And he thinks it unfair that Davis has blamed out-of-state energy
brokers for the protracted problems.
"We didn't make the rules in California," Lay said. "We had nothing to do
with creating the problem."
The problem, many analysts agree, began with the state's deregulation of the
power industry in 1996. Enron encouraged deregulation, and the state's
ensuing power crisis has been lucrative for the corporation.
Enron's stock jumped 86 percent in 2000 and its revenues more than doubled to
$101 billion. Lay, 58, was compensated accordingly - he received nearly $16
million in stock and cash beyond his $1.3 million salary last year, compared
with less than $4 million in bonuses in 1999.
Lay refused to say how much Enron has made off California's crisis, though he
conceded the profit was "not inconsequential."
"We benefit from the volatility," said Lay, who took over Enron in 1985 and
has helped turn the corporation into a major player in the trading of
electricity as a commodity.
But Lay rejected suggestions that Enron has manipulated prices upward by
insisting California pay dearly for last-minute power that has helped keep
the lights on in recent months.
"I don't know of any of that," he said. "It's so easy to conjure up
conspiracy theories."
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
BUSINESS
NET WORTH
The Stadium Curse? / Some stocks swoon after arena deals
Kathleen Pender
03/04/2001
The San Francisco Chronicle
FINAL
B1
(Copyright 2001)
Is buying the name of a big-league stadium the kiss of death for a company,
or does it only seem that way?
From Network Associates Coliseum in Oakland to the unfinished CMGI Field
outside Boston, the nation is dotted with sports venues named after companies
whose stocks have been sacked.
The Super Bowl champion Baltimore Ravens play in a stadium named after
PSINet, whose stock has fallen 92 percent to $1.25 a share since it bought
naming rights.
The problem names are not all tech.
The owners of the TWA Dome in St. Louis and Pro Player Stadium in Miami are
looking for new corporate sponsors because their current ones are bankrupt.
TWA is an airline. Pro Player was part of underwear-maker Fruit of the Loom.
The home of the Anaheim Angels could be in the market for a new name if
Edison International, parent of electric utility Southern California Edison,
runs out of juice.
Of course, these companies were not in trouble when they promised to pay tens
or hundreds of millions of dollars to have their names plastered on a
ballpark or arena.
In fact, many were at their peak.
Which begs the question: Should investors get worried when a company in which
they own stock puts its name up among the floodlights?
Brian Pears, head of equity trading with Wells Capital Management, wonders if
companies are susceptible to some weird strain of the "Sports Illustrated
curse." It seems as if any athlete who is pictured on the cover of SI
magazine invariably loses his next game or pulls a groin muscle.
Business celebrities suffer from a similar phenomenon: Amazon.com Chief
Executive Officer Jeff Bezos was named Time magazine's 1999 person of the
year just before his company's stock price tanked.
Don Hinchey, who advises buyers and sellers in naming-rights deals, doesn't
think the curse holds true in stadium and arena deals.
"You can make a case that a company is doing well when it acquires a naming
rights sponsorship, but you can't necessarily say it corresponds with a peak
in its business," says Hinchey, director of creative services for the Bonham
Group in Denver.
TRACKING NAMING FIRMS
To find out if Hinchey is right, I tracked the stock market performance of
publicly held companies since they bought naming rights to 47 big-league
sports venues in North America.
I excluded facilities named after subsidiaries of larger companies, including
Miller Park in Milwaukee (Miller Brewing is part of Philip Morris) and Pac
Bell Park in San Francisco (Pacific Bell is owned by SBC Communications,
which is putting its own name on an arena in San Antonio).
I used the announcement date as a starting point because stadium naming deals
are, after all, marketing endeavors. The announcement of a deal generates
tons of publicity, which is considered positive, even if the publicity is
negative and even if the stadium won't open for several years.
Then I compared each company's stock market performance with the Standard &
Poor's 500 index during the same period.
The bottom line: 29 of the 47 companies that bought stadium or arena names
are trading at a higher stock price today than when the deals were announced,
according to data from FactSet Research Systems. (Two companies each bought
two names and were counted twice.)
But -- and this is a big but -- only 13 of them beat the S&P 500 during the
period since their respective deals were announced.
So buying a stadium name might not be a curse, but it's no guarantee the
company will beat the market.
WINNERS, LOSERS
The companies that have done best since buying a name come from a wide
variety of industries.
The biggest winner is Qualcomm, a wireless telecommunications company.
Although its stock is down 65 percent from its peak, it's still up 746
percent since it agreed to slap its name on a San Diego stadium.
The next-biggest winners include Target (discount stores), Ericsson (telecom
equipment), Coors (beer), Fleet Financial (banking), Pepsi (soft drinks) and
Enron (energy).
The biggest losers are TWA, PSINet (Internet service provider), CMGI
(Internet incubator), Savvis Communications (telecom services) and Network
Associates (network security software).
Network Associates' stock peaked about three months after it bought naming
rights to the Oakland Coliseum in September 1998. Since then, it has suffered
a string of setbacks. After the Securities and Exchange Commission questioned
its accounting practices, it restated its financial results for 1997 and
1998. Its CEO resigned in December.
Network Associates is paying slightly more than $1 million per year for the
coliseum name. It can get out of its 10-year deal after five years.
The company "has been paying us," says Deena McClain, general counsel with
the Oakland-Alameda County Coliseum Authority. "We haven't had any
discussions with them" about changing the contract.
Most naming-rights contracts have "out clauses that allow the parties to
extricate themselves if they want, can or need to in the event of financial
difficulties or if a team moves," says Hinchey.
Although nobody likes to be associated with a loser, stadium owners may
benefit if a troubled company cuts out of a deal early.
That's because stadium name prices have skyrocketed since the mid- 1990s,
when $1 million a year -- give or take -- was average.
In 1999, FedEx agreed to pay $205 million over 27 years to be named home of
the Washington Redskins.
In 2000, CMGI agreed to pay $114 million over 15 years to have its name on
the new home of the New England Patriots. It's questionable what kind of
shape CMGI will be in when the stadium opens next year.
The "10-gallon hat of naming rights deals," says Hinchey, is in Houston,
where Reliant Energy will pay $300 million over 32 years to name the
Astrodome and a new football stadium after itself.
Some customers of Reliant's utility subsidiary were outraged when the deal
was announced because the company was also raising electricity rates.
Some shareholders also get perturbed when their company spends money on a
stadium instead of a new plant or stock dividends.
But Jim Grinstead, editor of Revenues from Sports Venues, says, "you have to
look at the (stadium) purchase in light of total marketing budget. It sounds
like big money, but frequently it's over 20 to 30 years. If you take out
things the company might buy anyway, like tickets and luxury suites, it's
small potatoes."
WHAT A DEAL IS WORTH
The main benefit of a stadium deal is the exposure a company gets when a game
is broadcast on TV or radio or mentioned in print.
"This is the biggest bang for your buck in terms of branding," says Jennifer
Keavney, a Network Associates vice president who negotiated the stadium deal.
She says the cost of her deal, about $1 million a year, "won't even buy you a
Super Bowl ad. It will buy five commercials on a nationally televised
football game, maybe."
The Coliseum, perched beside Interstate 880, also acts like a giant billboard
for the company, which frequently gets mentioned in traffic reports.
Hinchey says most naming deals also include tickets and luxury boxes; on-site
exposure through signage and kiosks; premium nights when the sponsor might
offer samples at the park; and inclusion in programs, tickets and flyers.
Most companies that strike stadium deals want to become a household name
because they sell consumer products or services.
But not always.
3Com sold nothing but corporate networking gear when it bought the name to
Candlestick Park in San Francisco in 1995.
"It was a good move for them," says Jim Grinstead, editor of Revenues from
Sports Venues. "They got the employees they were looking for, the visibility
they were looking for. At the time, they were a player in a crowded field,
and they wanted to look like a fun place to work."
Last April, 3Com extended its original 4-year contract for two more years.
The biggest risk companies run is that the team that plays in their facility
will be a loser.
"Companies invest in an entity that can enhance their brand, their sales and
hospitality efforts. Certainly that loses its luster if the team is not
performing well," Hinchey says. "But corporations realize the team's success
on the field fluctuates. It could be a champion one year, next year in the
dumps."
The same can be said about the corporate sponsors, which is something stadium
owners -- be they taxpayers or business tycoons -- must realize when they
sell a name.
PHOTO; Caption: Rich Gannon of the Oakland Raiders scored in Oakland's
Network Associates Coliseum last year. / Frederic Larson/The Chronicle 2000
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
| ||
arnold-j/sent/627.
|
subject: Re: ecommerce
content: Hard to believe , huh
[email protected] on 03/05/2001 11:31:02 AM
To: [email protected]
cc:
Subject: Re: ecommerce
just saw your picture ion that magazine-one would never imagione that smart
guy
was doing the " rerun" dance at the edf man pary just over a year ago!!!
| ||
arnold-j/sent/628.
|
subject: RE: Pops Order Number 20267 John Arnold
content: I ordered 3 different things...I thought your "wine inventory listings are
updated DAILY" ???
[email protected] (Pops wine Sales) on 03/05/2001 02:28:38 PM
To: <[email protected]>
cc:
Subject: RE: Pops Order Number 20267 John Arnold
Thank You for your on-line order!
The item(s) you ordered are currently out-of-stock. You will be
automatically notified when they become available.
Thanks!!
Pop's Wines & Spirits
256 Long Beach Road
Island Park, New York 11558
516.431.0025
516.432.2648, fax
[email protected]
www.popswine.com
| ||
arnold-j/sent/629.
|
subject: RE: Pops Order Number 20267 John Arnold
content: Not impressive
---------------------- Forwarded by John Arnold/HOU/ECT on 03/06/2001 07:06
AM ---------------------------
[email protected] (Pops wine Sales) on 03/05/2001 02:28:38 PM
To: <[email protected]>
cc:
Subject: RE: Pops Order Number 20267 John Arnold
Thank You for your on-line order!
The item(s) you ordered are currently out-of-stock. You will be
automatically notified when they become available.
Thanks!!
Pop's Wines & Spirits
256 Long Beach Road
Island Park, New York 11558
516.431.0025
516.432.2648, fax
[email protected]
www.popswine.com
| ||
arnold-j/sent/63.
|
subject: Re: Adam Resources
content: thanks
Andy Zipper@ENRON
11/01/2000 08:00 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Adam Resources
FYI
---------------------- Forwarded by Andy Zipper/Corp/Enron on 11/01/2000
07:59 AM ---------------------------
From: Bob Shults@ECT on 10/31/2000 03:56 PM
To: Andy Zipper/Corp/Enron@Enron
cc: [email protected]
Subject: Adam Resources
I talked to Jay Surles and Kenny Policano at Adams Resources and concerning
CATDADDY and POWERTRADE. I informed Jay that it was in violation of their
agreement to "sell, lease, retransmit, redistribute or provide directly or
indirectly,any portion of the content of the Website to any third party."
They indicated that they had provided the id to one of their marketers in New
England. They also suggested that they had a broker that watched spreads for
a commission therefore theoretically the broker was an employee of the
company. After all the bull they agreed to have them shut down and they
would refrain from doing it again.
| ||
arnold-j/sent/630.
|
subject:
content: yes...please change griffith to trading.
thanks,
john
| ||
arnold-j/sent/631.
|
subject: Re: CANCELLED - Trader's Roundtable
content: probably because jeff's out,, but let's go ahead and have it
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re: CANCELLED - Trader's Roundtable
Yes, I'm around all week and, I don't know why the Tuesday meeting was
cancelled.
Gary
| ||
arnold-j/sent/632.
|
subject:
content: dinner or drinks tonight?
| ||
arnold-j/sent/633.
|
subject: Re: contangos vs winter putspds
content: So my point shown a little bit right now.. Weather a little cooler for this
week. Overall normal for 6-10. JV up 12 cents. Think just as customers got
totally fucked last year selling into the rally, they are going to buy all
the way down. Differnence is last year trade very happy to take in all the
length. This year trade not ready to get really short. Not until healthy
inj in April anyways. I think money from here will be made being short,
just question of what and when. Think there'll be enough hedging demand to
keep curve very strong unless phys market just totally rejects price level.
With amount of inj capacity available, hard to believe phys market is going
to dictate prices for next couple months. I think it will be spec and
hedgers dictating. Spec staying on sidelines right now and hedgers buying.
Leads to more upside potential in short term.
My point in V/X was that jv would be strong and cal2 hedging was from sell
side leading to pressure on those spreads. The california term power sales
have totally changed that. Before, the only thing customers were selling was
cal 2. Now, customer interest much more from buyside in cal 2,3 solely from
california. Now turning neutral v/x and x/z. You have very valid points.
i like q/v more though. I think you could have 10 cents of upside in that
with little downside. Thoughts?
| ||
arnold-j/sent/634.
|
subject: Re: friday
content: so according to your analysis, had we been at $2.5 gas and we were not
bordering on a recession, we would have had the highest AGA number of
recorded history for this week, last week, or next week by 15 bcf? seems a
little far fetched to me. Our analysis is saying: gas at 2.50 we would have
had 4.5 bcf a day more demand. that includes commercial residential
industrial switching processing...
as far as 2 bcf/d power gen demand- that counts the fact that last year was
extremely mild versus expectation of normal summer this year, west will be
running every gas unit virtually all hours as power demand is growing maybe
5% still and hydro way down. every molecule that can will flow west from
waha this summer versus little last year. east power prices really havent
reached point of priceing out demand and heat rates healthy enough to where
gas can go up without raising power prices to cut demand. some concern of
more efficient replacing less but hard to quantify. we're trying to build
the stack now to estimate.
frac margins now positive for all but most inefficient processors. will
continue coming back. a little concerned about 2 oil prices. bordering
right there now for places like florida and actually saw fl demand rise
100,000 last week as gas got to parity.
let me look into inj capability. definitely bigger when field is empty from
engineering standpoint so any problems really wont arise until fall when gen
demand low and inj capacity lower...my initial thoughts.
bo seems as neutral as everyone else in the market right now. really
inactive.
to clarify, not raging bull. i like everybody want to see what the inj
numbers in april look like. nobody putting a position on until that starts
to clarify. just think that hedging demand is making market a little short
right now making next move up more likely. would be scale up seller though
not really sure why cash trades at 10-15 back. doesnt make any sense.
however as more fields start turning around throughout month, the stg arb to
great in my opinion to keep spread there. must close one way or the other.
notice that spread tightened to 6-8 towards end of trading friday?
in general think that gas is reaching the elasticity stage right here. 50
cents lower and no switching, no processing, and gain back some demand.
market needs to see some big stg numbers first.
i think the best play right now is to start buying longer term put spreads.
Jan 4/3.5 look great to me. if we get back to 2.8 and don't match last
year's early weather, bombs away.
[email protected] on 03/03/2001 07:03:14 AM
To: [email protected]
cc:
Subject: friday
this doesnt allow for new generation demand-which is unclear cuz it requires
power px, also doesnt accrue for more eficient gen replacing inneficient,
weather of course. but 2bcf/d sounds hi-esp shudnt happen until loads peak in
july-shud be marginal in apr-jun
if you notice im not alot diff than your guys-4.6 demand destruction is
implied but im including a factor for R/C energy conservation-ie poor guys
like
me turning lites off and thermostat down-its making a difference- that will be
less factor in shoulder demand months-reason why i think y on y s&d swing will
be closer to 5 bcf apr-jun, if px doesnt fall and electricity spikes i think
we'll see conservation return cuz i wont turn on my air cnditioner
now rember the 7.4 is vs gas at sub 6.00 ie february which is approx
where
we are today
all that being said yes some demand has come back-but it is as i consider
extraordinary demand destruction-those things which never really have occured
before-like the level for fuel switching in jan and fractionation margins(ie
liquids) which were all non existent a year ago save for residual fuel. some
ammonia/fert prod has come back as well. but when you get down to 2 -3 bcf/d
industrial in the more i think of it-may not be destruction anymore as mucha
unction of an economic slowdown.
anyway -i think i only know two guys that are bearish-me and one of your
big
fund customers(ospraie). we'll see. is collins bullish as well-he seems
quieter
in the mkt lately.
heres another one-what you guys think the industry capacity for injection is
on a weekly basis? we sud test it...in other words if the max is say 105 then
means the basis will uttery colpase on daily cuz mkt will keep futs too hi and
be unable to inject all the gas available? thots
also, you any idea why cash at the hub alway seems to hold a 10-15 ct
discount lately daily vs next month futs? why not 5 or 30 cts? i dont get it
bt
wondering if its transportation or storage cost related.
have a good weekdn my man
---------------------- Forwarded by Steve LaFontaine/GlobalCo on 03/03/2001
07:38 AM ---------------------------
From: Steve LaFontaine on 03/01/2001 05:01 PM
To: [email protected], Terry Sullivan/GlobalCo@GlobalCo
cc:
Fax to:
Subject: friday
i think you are done with hhd/cdd stuff -ie did you complete the cdds vs
utilites demand? also monthly hdds vs residential and commercial
demand?(combined)?, cdds vs total stock change??
if all these are done add them to the summary sheet in usable formula
form-ill
show you what i mean
then we start our price data base from bloom berg
check this out-using the regression you did for nov-march 99/00 came to a draw
of 155 with 195 gw hdds, i decreased the draw by the amount i beleive is the
y
on y supply demand swing. ie 1.5 bcf prod
1.1 bcf./d import
3 bcf/d industrial
1.16 fuel switching
.5 ngl neg processing
1.3 r/c conservation
---------------------------------
=7.4* 7=103 aga came in at 101, so excellant, back testing vs the week prior
cam
to 81, vs aga 81!!!
nt bad-is a very bearish s&d is this continues cuz says injections will be
enoromous in the spring
| ||
arnold-j/sent/635.
|
subject: CANCELLED - Trader's Roundtable
content: Are you around next Tuesday?
---------------------- Forwarded by John Arnold/HOU/ECT on 03/02/2001 04:22
PM ---------------------------
From: Jennifer Burns/ENRON@enronXgate on 03/02/2001 03:29 PM
To: Phillip K Allen/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Michael
Bradley/HOU/EES@EES, Jennifer Fraser/ENRON@enronXgate, Mike
Grigsby/HOU/ECT@ECT, Adam Gross/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect,
Kevin McGowan/Corp/Enron@ENRON, Vince J Kaminski/HOU/ECT@ECT, John L
Nowlan/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Fletcher J Sturm/HOU/ECT@ECT,
Hunter S Shively/HOU/ECT@ECT, Bill White/NA/Enron@Enron, Gary
Hickerson/HOU/ECT@ECT, Jeffrey A Shankman/ENRON@enronXgate, John J
Lavorato/ENRON@enronXgate
cc: Ina Rangel/HOU/ECT@ECT, Judy Zoch/NA/Enron@ENRON, Gloria
Solis/ENRON@enronXgate, Helen Marie Taylor/HOU/ECT@ECT, Tamara Jae
Black/HOU/ECT@ECT, Angie Collins/HOU/ECT@ECT, Shirley Crenshaw/HOU/ECT@ECT,
Kimberly Hillis/ENRON@enronXgate
Subject: CANCELLED - Trader's Roundtable
The trader's roundtable meeting for Tuesday, March 6 at 4:00PM has been
cancelled.
Thanks!
Jennifer
| ||
arnold-j/sent/636.
|
subject: Re: silverman
content: I think you need to check your AGA model. 7.2 bcf/d seems awfully high.
That's saying that had gas been at $2.5, the AGA for the week would have been
151. Look at the AGA history for last week, this week and next week.
94 95 96 97 98 99 00 01
3rd week of Feb -64 -46 -64 -63 -77 -97 -136 -81
4th week of Feb -132 -118 -62 -76 -47 -128 -74 -101
1st week of Mar -27 -132 -118 -57 -54 -69 -37 ??
Do you really think the # would have been 151 with no demand destruction? It
wasn't even really cold. That would have been the highest AGA # of the three
weeks by 15 bcf.
Our guys are thinking 4.5 bcf/d. Pira is saying that Feb as a whole averages
3.5-4 bcf/d. That's just destruction and does not include new production, if
any. Further Pira estimates that March destruction will be about half of
Feb. Assuming that gets to equilibrium: 2 bcf/d demand destruction, 2 bcf/d
more production, 2 bcf/d more gas generation demand. Start with a 400 b
deficit and 200 injection days gets you to flat against last years storage in
current price environment. I think we are fairly priced fundamentally, but
with huge customer imbalance for hedging from buy side, surprises in the
market right now are to the upside in my view. Course hard to imagine $6 for
J. Just sell vol.
[email protected] on 03/02/2001 10:54:14 AM
To: [email protected]
cc:
Subject: Re: silverman
my next aga number is 75-sllitely more than pira and assumes 7.2 bcf/d y on y
s&d swing-the higher prices now the uglier it'll be later.
contmaplating buying some 4.00 puts for lat 2nd q or early 3q for a few
pennies.
so whaen we go above last years stx in may!!
beleive it or not pero been worse chop fest than gas-all i know is going to
steamboat co skiing next wed-sunday with mans refined prod groups next week so
taking postion down to the stuff i really like, dont have to worry too much
about.
[email protected] on 03/02/2001 11:44:50 AM
To: Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject: Re: silverman
i think this is the biggest chopfest in nat gas history. scale up seller,
scale down buyer.
reviewing my aga model and assumptions later today. i'll see if i have any
new inspirations.
[email protected] on 03/02/2001 10:25:45 AM
To: [email protected]
cc:
Subject: Re: silverman
he will be if we cut him off for a week i bet he gets some inspiration.
have a
good weekdn. any view here? i think short term range stuff-med-longer term
you
know what i think.
sprds/front to backs range-bear em at -2 bull em at -5 till they go
prompt.
[email protected] on 03/02/2001 11:22:30 AM
To: Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject: Re: silverman
ok.
i would not describe him as the hardest working man in the energy business.
[email protected] on 03/02/2001 08:54:44 AM
To: [email protected]
cc:
Subject: silverman
i say we make a pact, next time silver man calls in sick on a friday after
a
typical nite out you and i cut him off for the entire next week. deal?
| ||
arnold-j/sent/637.
|
subject:
content: are you free at 3:00 today to go over the aga model?
| ||
arnold-j/sent/638.
|
subject: Re: silverman
content: i think this is the biggest chopfest in nat gas history. scale up seller,
scale down buyer.
reviewing my aga model and assumptions later today. i'll see if i have any
new inspirations.
[email protected] on 03/02/2001 10:25:45 AM
To: [email protected]
cc:
Subject: Re: silverman
he will be if we cut him off for a week i bet he gets some inspiration. have a
good weekdn. any view here? i think short term range stuff-med-longer term you
know what i think.
sprds/front to backs range-bear em at -2 bull em at -5 till they go prompt.
[email protected] on 03/02/2001 11:22:30 AM
To: Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject: Re: silverman
ok.
i would not describe him as the hardest working man in the energy business.
[email protected] on 03/02/2001 08:54:44 AM
To: [email protected]
cc:
Subject: silverman
i say we make a pact, next time silver man calls in sick on a friday after
a
typical nite out you and i cut him off for the entire next week. deal?
| ||
arnold-j/sent/639.
|
subject: Re: silverman
content: ok.
i would not describe him as the hardest working man in the energy business.
[email protected] on 03/02/2001 08:54:44 AM
To: [email protected]
cc:
Subject: silverman
i say we make a pact, next time silver man calls in sick on a friday after a
typical nite out you and i cut him off for the entire next week. deal?
| ||
arnold-j/sent/64.
|
subject: Re: The date
content: it just wasn't the same without you. how was el doritos?
From: Margaret Allen@ENRON on 10/26/2000 05:33 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: The date
Oh, I got it -- you must have had a good date. So tell me about it since I
missed it.
| ||
arnold-j/sent/640.
|
subject: Re: thanks/ follow up
content: maybe cal 2.
Caroline Abramo@ENRON
03/02/2001 08:00 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: thanks/ follow up
Thanks for talking to Catequil...
any chance we get 02 and 03 on-line soon?
| ||
arnold-j/sent/641.
|
subject: Re: mkts
content: freak show. cash started -7 then to -15 then -7 ended -15.
| ||
arnold-j/sent/642.
|
subject: Re: cash mkts
content: freak show. started at -7. went to -15 then -7 then finishing out -15
[email protected] on 02/28/2001 08:32:27 AM
To: [email protected]
cc:
Subject: Re: cash mkts
john wud you mind terrbly telling me how hen hub and east etc cash mkts are
this
am as a delta to the screen? im working from home and my connection too slow
to
get eol??? appreciate it alot-i bot some apr/jul (bulls sprd) for a short
term
play.
| ||
arnold-j/sent/643.
|
subject: Re: mkts
content: industrial demand the scary thing. no question there are some steel mills
and auto factories and plastics plants that were on last november that arent
coming up now and its not due to gas prices. the economy sucks and it will
affect ind demand.
[email protected] on 02/28/2001 08:03:43 AM
To: [email protected]
cc:
Subject: Re: mkts
at least a myn dollars-need to talk to pira on that. excellant point. need to
do
some margin analyses . having said all that look at corporate earnings from
last
year to this year regardless of natgas costs as a feed industrials will be
running slower and consumers just now feeling the pinch as rate increases have
only just recently gotten approved and passed to the likes of us and people
less
fortunate than us.
[email protected] on 02/27/2001 11:05:40 PM
To: Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject: Re: mkts
but that's my point. the demand destruction roared its ugly head beginning
of Jan. The price level was $9. Of course there is a lag. Let's make up
a lag time...say one month. On Dec 1 cash was trading $6.70. Probably a
similar lag on the way down. Cash is $5.20 today. How much lost demand
will there be in a month if we're still $5.2? million dollar question if
you can answer that.
[email protected] on 02/27/2001 08:12:32 PM
To: [email protected]
cc:
Subject: Re: mkts
off the cuff i wud say tho same goes for 5.00 gas-currently 6-7 bcf/day
swing y
on y too much, to buy this level you need to take the view that industrial
america and residential and end users will be able to get back on their
feet and
recocover a lion share of the 4-4.5 bcf/d demand destruction(this assumes
as
current. very little if any dist fuel switching. i think the answer is
no-not
unless the economy was jump starter quickly-2nd q is gone,so maybe th 4q.
remember the demand destruction and industrial shit really just started
only 6
weeks ago-me thinks it will take longer than that to get back into full
swing.
we all trade the y on y gap...all things remaining equal(ie term px for the
summer), starting april we'll have a surplus the other way by july barring
a
greenhouse in the ohio valley
good to hear your view pt as always-even if it is wrong!!! ha
[email protected] on 02/27/2001 08:23:22 PM
To: Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject: Re: mkts
Good to hear from you.
After a great F, had an okay G. Held a lot of term length on the
risk/reward play. Figured if we got no weather, all the customer and
generator buying would be my stop. It was. Amazing that for the drop in
price in H, the strips have really gone nowhere. just a big chop fest.
i here your arguments, but think they are way exagerated. Agree with 1.5-2
bcf/d more supply. Call it 2 with LNG. Imports from Canada should be
negligible. Now let's assume price for the summer is $4. No switching,
full liquids extraction, methanol and fertilizer running. Electric
generation demand, considering problems in west and very low hydro, around
1.5 bcf/d greater this year with normal weather. Means you have to price 2
bcf/d out of market. Don't think $4 does that. What level did we start
really losing demand last year? It was higher than 4. concerned about
recession in industrial sector thats occuring right now.
Think gas is fairly valued here. Dont think we're going to 7. But I think
fear of market considering what happened this past year will keep forward
curve very well supported through spring. we're already into storage
economics so the front goes where the forward curve wants to go.
[email protected] on 02/26/2001 04:48:06 PM
To: [email protected]
cc:
Subject: mkts
its been a while-hope all is well. not a great few weeks for me in ngas-not
awful just nothing really working for me and as you know got in front of
march/apr a cupla times, no disasters.
well im bearish-i hate to be so after a 4 buck drop but as i said a
month ago
to you-and now pira coming around. 5.00 gas is a disaster for the natgas
demand.
now production up strongly y on y...you guys agree on the production side?
i know youve been bullish the summer-think im stll in the minority-but
here
you go, we have y on y supplly up 2/bcf+ demnad loss 3.5bcf/d, 5.5 bcf/day
y on
y swing . then i submit as we started to see due huge rate increases R/C
demandd
energy conservation will be even more dramatic this summer which will
effect
utilty demand/power demand ulitmately. if pira rite we lost 1.56 in jan
for
this factor i say it cud be bigger this summer as ute loads increase, power
pxes
rise and consumers become poorer. there will be more demand flexibilty in
the
summer part in the midcon and north as AC is more of a luxury item than
heat. i
say 5-6% lower use in residentail/utilty power consumption due rationing is
another .7/1bcf/d loss.
put all this together we wud build an addional 1284 apr thru oct on top
of
last years 1715 build basis last year temps and todays prices. takes us to
3.6
tcf or so. what am i missing my man-summer has to go to 4 bucks or lower to
restore demand??? thots.
as far as that other thing, the p&c its still alive, shud know more soon
and ill
keep you posted.
| ||
arnold-j/sent/644.
|
subject: Re: BNP PARIBAS Commodity Futures Weekly AGA Survey
content: 94
[email protected] on 02/28/2001 07:13:22 AM
To: [email protected]
cc:
Subject: BNP PARIBAS Commodity Futures Weekly AGA Survey
Good Morning,
Just a reminder to get your AGA estimates in by Noon EST (11:00 CST) TODAY.
Last Year -74
Last Week -81
Thanks,
Michael Byrne
BNP PARIBAS Commodity Futures
______________________________________________________________________________
_______________________________________________________
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(et ses filiales) decline(nt) toute responsabilite au titre de ce message,
dans l'hypothese ou il aurait ete modifie.
------------------------------------------------------------------------------
----
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delete it and immediately notify the sender.
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(and its subsidiaries) shall (will) not therefore be liable for the message
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| ||
arnold-j/sent/645.
|
subject: Invoice for advisory work
content: Ina:
Can you get this paid on a rush basis?
thanks,john
---------------------- Forwarded by John Arnold/HOU/ECT on 02/28/2001 06:53
AM ---------------------------
"Mark Sagel" <[email protected]> on 02/02/2001 10:39:38 AM
To: "John Arnold" <[email protected]>
cc:
Subject: Invoice for advisory work
Attached is an invoice that covers the three-month trial period.? Hope all
is well.
?
Mark Sagel
- invoice enron 9938.doc
| ||
arnold-j/sent/646.
|
subject: Re: mkts
content: but that's my point. the demand destruction roared its ugly head beginning
of Jan. The price level was $9. Of course there is a lag. Let's make up a
lag time...say one month. On Dec 1 cash was trading $6.70. Probably a
similar lag on the way down. Cash is $5.20 today. How much lost demand will
there be in a month if we're still $5.2? million dollar question if you can
answer that.
[email protected] on 02/27/2001 08:12:32 PM
To: [email protected]
cc:
Subject: Re: mkts
off the cuff i wud say tho same goes for 5.00 gas-currently 6-7 bcf/day swing
y
on y too much, to buy this level you need to take the view that industrial
america and residential and end users will be able to get back on their feet
and
recocover a lion share of the 4-4.5 bcf/d demand destruction(this assumes as
current. very little if any dist fuel switching. i think the answer is no-not
unless the economy was jump starter quickly-2nd q is gone,so maybe th 4q.
remember the demand destruction and industrial shit really just started only
6
weeks ago-me thinks it will take longer than that to get back into full swing.
we all trade the y on y gap...all things remaining equal(ie term px for the
summer), starting april we'll have a surplus the other way by july barring a
greenhouse in the ohio valley
good to hear your view pt as always-even if it is wrong!!! ha
[email protected] on 02/27/2001 08:23:22 PM
To: Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject: Re: mkts
Good to hear from you.
After a great F, had an okay G. Held a lot of term length on the
risk/reward play. Figured if we got no weather, all the customer and
generator buying would be my stop. It was. Amazing that for the drop in
price in H, the strips have really gone nowhere. just a big chop fest.
i here your arguments, but think they are way exagerated. Agree with 1.5-2
bcf/d more supply. Call it 2 with LNG. Imports from Canada should be
negligible. Now let's assume price for the summer is $4. No switching,
full liquids extraction, methanol and fertilizer running. Electric
generation demand, considering problems in west and very low hydro, around
1.5 bcf/d greater this year with normal weather. Means you have to price 2
bcf/d out of market. Don't think $4 does that. What level did we start
really losing demand last year? It was higher than 4. concerned about
recession in industrial sector thats occuring right now.
Think gas is fairly valued here. Dont think we're going to 7. But I think
fear of market considering what happened this past year will keep forward
curve very well supported through spring. we're already into storage
economics so the front goes where the forward curve wants to go.
[email protected] on 02/26/2001 04:48:06 PM
To: [email protected]
cc:
Subject: mkts
its been a while-hope all is well. not a great few weeks for me in ngas-not
awful just nothing really working for me and as you know got in front of
march/apr a cupla times, no disasters.
well im bearish-i hate to be so after a 4 buck drop but as i said a
month ago
to you-and now pira coming around. 5.00 gas is a disaster for the natgas
demand.
now production up strongly y on y...you guys agree on the production side?
i know youve been bullish the summer-think im stll in the minority-but
here
you go, we have y on y supplly up 2/bcf+ demnad loss 3.5bcf/d, 5.5 bcf/day
y on
y swing . then i submit as we started to see due huge rate increases R/C
demandd
energy conservation will be even more dramatic this summer which will
effect
utilty demand/power demand ulitmately. if pira rite we lost 1.56 in jan
for
this factor i say it cud be bigger this summer as ute loads increase, power
pxes
rise and consumers become poorer. there will be more demand flexibilty in
the
summer part in the midcon and north as AC is more of a luxury item than
heat. i
say 5-6% lower use in residentail/utilty power consumption due rationing is
another .7/1bcf/d loss.
put all this together we wud build an addional 1284 apr thru oct on top
of
last years 1715 build basis last year temps and todays prices. takes us to
3.6
tcf or so. what am i missing my man-summer has to go to 4 bucks or lower to
restore demand??? thots.
as far as that other thing, the p&c its still alive, shud know more soon
and ill
keep you posted.
| ||
arnold-j/sent/647.
|
subject:
content: Forgot, I'm leaving town tomorrow afternoon. Will be back Thursday morn.
We'll do it some other time.
| ||
arnold-j/sent/648.
|
subject: Re: mkts
content: Good to hear from you.
After a great F, had an okay G. Held a lot of term length on the risk/reward
play. Figured if we got no weather, all the customer and generator buying
would be my stop. It was. Amazing that for the drop in price in H, the
strips have really gone nowhere. just a big chop fest.
i here your arguments, but think they are way exagerated. Agree with 1.5-2
bcf/d more supply. Call it 2 with LNG. Imports from Canada should be
negligible. Now let's assume price for the summer is $4. No switching, full
liquids extraction, methanol and fertilizer running. Electric generation
demand, considering problems in west and very low hydro, around 1.5 bcf/d
greater this year with normal weather. Means you have to price 2 bcf/d out
of market. Don't think $4 does that. What level did we start really losing
demand last year? It was higher than 4. concerned about recession in
industrial sector thats occuring right now.
Think gas is fairly valued here. Dont think we're going to 7. But I think
fear of market considering what happened this past year will keep forward
curve very well supported through spring. we're already into storage
economics so the front goes where the forward curve wants to go.
[email protected] on 02/26/2001 04:48:06 PM
To: [email protected]
cc:
Subject: mkts
its been a while-hope all is well. not a great few weeks for me in ngas-not
awful just nothing really working for me and as you know got in front of
march/apr a cupla times, no disasters.
well im bearish-i hate to be so after a 4 buck drop but as i said a month
ago
to you-and now pira coming around. 5.00 gas is a disaster for the natgas
demand.
now production up strongly y on y...you guys agree on the production side?
i know youve been bullish the summer-think im stll in the minority-but here
you go, we have y on y supplly up 2/bcf+ demnad loss 3.5bcf/d, 5.5 bcf/day y
on
y swing . then i submit as we started to see due huge rate increases R/C
demandd
energy conservation will be even more dramatic this summer which will effect
utilty demand/power demand ulitmately. if pira rite we lost 1.56 in jan for
this factor i say it cud be bigger this summer as ute loads increase, power
pxes
rise and consumers become poorer. there will be more demand flexibilty in the
summer part in the midcon and north as AC is more of a luxury item than heat.
i
say 5-6% lower use in residentail/utilty power consumption due rationing is
another .7/1bcf/d loss.
put all this together we wud build an addional 1284 apr thru oct on top of
last years 1715 build basis last year temps and todays prices. takes us to
3.6
tcf or so. what am i missing my man-summer has to go to 4 bucks or lower to
restore demand??? thots.
as far as that other thing, the p&c its still alive, shud know more soon and
ill
keep you posted.
| ||
arnold-j/sent/649.
|
subject: Re: Suspend switch
content: Would prefer a stand alone button as sometimes the problem is I can't operate
stack manager. I need the ability to force everybody out of the website so
people don't try to click numbers that are old.
On a similar topic, what's the status of the out of credit message? Still a
very frustrating problem for both counterparties and me.
Do I need to follow up with Bradford about lowering sigma?
Grab me Thursday afternoon to talk.
From: Andy Zipper/ENRON@enronXgate on 02/27/2001 06:03 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Suspend switch
I asked them to permission on your stack manager this function. You might
want to have it as a stand alone icon on your desktop in case you can't
operate stack manager.
When you have a second I'd like to talk about the broker EOL product and ED F
Man.
Congrats on a big day. Total EOL gas volume was 425BcF (!!).
| ||
arnold-j/sent/65.
|
subject: Re: good morning
content: very interesting.... i've been looking for new activities. maybe i was born
to be a knight
"Jennifer White" <[email protected]> on 10/26/2000 12:45:17 PM
To: [email protected]
cc:
Subject: Re: good morning
http://www.kofc.org/ (I can find anything!)
It looks like they are an organization of Catholic men (with 'Vote for
life' on their web site - scarry!). I'm voting at a middle school.
Let's hope I don't get shot.
---- [email protected] wrote:
>
> my polling location is the knights of columbus hall.
>
> what exactly is a knight of columbus?
>
>
___________________________________________________________________
To get your own FREE ZDNet Onebox - FREE voicemail, email, and fax,
all in one place - sign up today at http://www.zdnetonebox.com
| ||
arnold-j/sent/650.
|
subject: EnronOnline Spreads Information Session
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/27/2001 06:51
PM ---------------------------
Enron North America Corp.
From: Savita Puthigai @ ENRON 02/27/2001 04:43 PM
To: John [email protected], [email protected], [email protected],
[email protected], John Arnold/HOU/ECT@ECT, Peter F Keavey/HOU/ECT@ECT,
[email protected]
cc:
Subject: EnronOnline Spreads Information Session
We have scheduled an information session regarding the new spreads
functionality .
Date Time Location
2/28/01 4.00 - 5.00 p.m. 27C2
I would appreciate it if you could forward this message to all the traders on
your desk.
Thanks
Savita
| ||
arnold-j/sent/651.
|
subject: Re: john griffith
content: true
Jeanie Slone
02/27/2001 10:06 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: john griffith
true or false-John Griffith should be moved into your cost center with the
same salary, same title effective Feb. 01.
| ||
arnold-j/sent/652.
|
subject: Re: when are you free for scuba next week?
content: i'm free all week right now. prefer early in the week
"White, J. (Jennifer)" <[email protected]> on 02/26/2001
02:57:45 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: when are you free for scuba next week?
I just talked to Henry about another pool session. What evenings are you
available next week so that we can coordinate with Jeff (instructor)?
The information contained in this communication is confidential and
proprietary information intended only for the individual or entity to whom
it is addressed. Any unauthorized use, distribution, copying, or disclosure
of this communication is strictly prohibited. If you have received this
communication in error, please contact the sender immediately. If you
believe this communication is inappropriate or offensive, please contact
Ocean Energy`s Human Resources Department.
| ||
arnold-j/sent/653.
|
subject: Drift Meeting
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/26/2001 08:31
PM ---------------------------
Shirley Tijerina@ENRON
02/26/2001 09:53 AM
To: Wes Colwell/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, John
Arnold/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Harry Arora/HOU/ECT, Joseph
Deffner/HOU/ECT
cc: Anita DuPont/NA/Enron@ENRON, Ina Rangel/HOU/ECT@ECT, Judy
Zoch/NA/Enron@ENRON, Barbara Lewis/HOU/ECT, Megan Angelos/NA/Enron
Subject: Drift Meeting
The above mentioned meeting has been scheduled as requested on Wednesday,
2/28 from 3:30 - 4:30pm in EB3321.
If you have any questions, please call me at X58113.
Thanks.
| ||
arnold-j/sent/654.
|
subject: FW: "Chinese Wall" Classroom Training
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/26/2001 08:30=
=20
PM ---------------------------
From: Mark Frevert/ENRON@enronXgate on 02/23/2001 01:12 PM
To: Jeffery Ader/HOU/ECT@ECT, Berney C Aucoin/HOU/ECT@ECT, Edward D=20
Baughman/HOU/ECT@ECT, Dana Davis/ENRON@enronXgate, Doug=20
Gilbert-Smith/Corp/Enron@ENRON, Rogers Herndon/HOU/ECT@ect, Ben=20
Jacoby/HOU/ECT@ECT, Ozzie Pagan/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT,=20
Fletcher J Sturm/HOU/ECT@ECT, Bruce Sukaly/Corp/Enron@Enron, Lloyd=20
Will/HOU/ECT@ECT, Mark Tawney/ENRON@enronXgate, George McClellan/HOU/ECT@EC=
T,=20
Fred Lagrasta/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT,=
=20
Hunter S Shively/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Thomas A=20
Martin/HOU/ECT@ECT
cc: =20
Subject: FW: "Chinese Wall" Classroom Training
Chinese Wall training of one hour has been scheduled on the dates listed=20
below. The training is mandatory and allows EWS to continue operating all=
=20
its businesses including equity trading without violating the securities la=
ws.
Please register for one of the four one-hour sessions listed below. Each=
=20
session is tailored to a particular commercial group, and it would be=20
preferable if you could attend the session for your group. (Your particula=
r=20
group is the one highlighted in bold on the list below.) =20
Monday, March 5, 2001, 10:00 a.m. =01) Resource Group
Monday, March 5, 2001, 11:00 a.m. =01) Origination/Business Development
Monday, March 5, 2001, 3:30 p.m. =01) Financial Trading Group
Monday, March 5, 2001, 4:30 p.m. =01) Heads of Trading Desks
Each of the above sessions will be held at the downtown Hyatt Regency Hotel=
=20
in Sandalwood Rooms A & B. Alternatively, two make-up sessions are schedul=
ed=20
for Tuesday, March 13, 2001 at 3:30 p.m. and 4:30 p.m. Location informatio=
n=20
for the make-up sessions will be announced later.
Please confirm your attendance at one of these sessions with Brenda Whitehe=
ad=20
by e-mailing her at [email protected] or calling her at extension=
=20
3-5438.
Mark Frevert and Mark Haedicke
=20
|
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