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I think you have a conflict for that one, but I understand you are available
for the March 14-5 one! DF From: Susan Scott 01/04/2000 11:12 AM To: Drew Fossum@ENRON cc: Subject: More on El Paso Protest of ENA Purchased Capacity P.S. If it's OK with you I will plan to attend the Energy Seminar on Feb. 10-11 (see 2d half of Lorna's e-mail) ---------------------- Forwarded by Susan Scott/ET&S/Enron on 01/04/2000 11:12 AM --------------------------- Lorna Brennan 01/04/2000 10:25 AM To: Margaret Carson/Corp/Enron@ENRON, Rita Hartfield/Corp/Enron@ENRON, Rockey Storie/ET&S/Enron@ENRON, Stephanie Miller/ET&S/Enron@ENRON, Kent Miller/ET&S/Enron@ENRON, John Dushinske/ET&S/Enron@ENRON, Dave Neubauer/ET&S/Enron@ENRON, Mike McGowan/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Lindy Donoho/ET&S/Enron@ENRON, Jeffery Fawcett/ET&S/Enron@ENRON, Lorraine Lindberg/ET&S/Enron@ENRON, Kevin Hyatt/ET&S/Enron@Enron, Christine Stokes/ET&S/Enron@ENRON, Lee Huber/ET&S/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON cc: Subject: More on El Paso Protest of ENA Purchased Capacity Marathon and Phillips Join Protest Two more shippers have joined Amoco and Burlington Resources in their joint protest against El Paso?s decision to sell to Enron 1.2 Bcf of excess capacity from the San Juan Basin to California. Marathon and Phillips have joined in the protest, attacking the entire deal as anti-competitive. The protesters hope FERC will force El Paso to begin again with capacity assignments. Amoco and Burlington had already protested the deal two weeks ago at FERC, when they claimed the sale would violate El Paso?s rate case settlement and tariff. The shippers argue that El Paso was trying to sell part of that primary firm capacity at delivery points other than PG&E/Topock), which the settlement prohibits. The settlement was intended to protect PG&E and allow it to access service. If this capacity is delivered at other points such as SoCal/Topock, it could add to the glut at that point, the protesters argued. El Paso and Enron stand to gain if the basis differential between the San Juan Basin and California remains large. Marathon and Phillips say that Enron and El Paso can manipulate that basis differential because between them and their affiliates they control all the excess capacity from the San Juan Basin to California. ______________________________________________________________________ Energy Seminars New 2000 Dates! San Francisco February 10-11 Miami Beach February 29-March 1 Houston March 14-15 Stay after for the Houston Energy Expo! Denver April 12-13 Come early for GasMart/Power 2000! Houston May 9-10 Other seminars include: * Gas Contracts from A to Z: Level 100 & 202 * Natural Gas * Electricity 101 * Retail Energy Marketing 101 * Gas Processing Contracts & Negotiations * Basis Trading & Hedging in Electric Power * Basis Trading & Hedging with Natural Gas * Petroleum Products Hedging & Risk Management * And more Seminars are available for in-house sessions also! For More Information: Visit at <A HREF="http://www.energyseminars.com/"<http://www.energyseminars.co m</A< Call 281.362.7979 email:registrar@energyseminars.com ______________________________________________________________________ Speculators Reduce Long Ratio Speculators have reduced the size of their bets on rising NYMEX crude oil futures during the two weeks ending last year. Speculator long positions now outnumber short positions by 1.4 to 1 compared with a ratio of 2.9 to 1 two weeks earlier and 3.8 to 1 four weeks earlier. Prices peaked at a post-Gulf-War high of $27.15 a barrel November 22nd and ended the year at $25.60. Long positions in crude oil futures on the NYMEX held by hedge funds and large speculators were 44,233 on December 28th, little changed from 44,693 on December 14th, according to the CFTC. Speculator short positions doubled, though, to 31,868 from 15,364. Speculators also became less bullish about both gasoline and heating oil as their short positions increased much more than the long positions did during the two-week period. The ratio of longs to shorts in gasoline fell to about 3-to-2 from 20-to-1. For natural gas, speculators increased their overall bet that gas prices would fall. They had placed bets for rising gas prices from April until mid-November, when a lack of severe cold weather demand pulled prices down from a two-year high. The following table shows the changes in speculator positions for crude oil, heating oil, gasoline and natural gas futures. Contract Date Long Short L - S Crude 12/28 44,233 31,868 12,365 Crude 12/14 44,693 15,364 29,329 HO 12/28 13,632 11,146 2,486 HO 12/14 9,717 4,372 5,345 Gasoline 12/28 13,115 7,950 5,165 Gasoline 12/14 11,908 585 11,323 NG 12/28 14,879 24,355 (9,476) NG 12/14 12,779 19,925 (7,146) _____________________________________________________________ FOR TIMELY INSIGHTS INTO NORTH AMERICAN GAS MARKET ISSUES From One of North America?s Leading Energy Consultants What We Offer: Comprehensive advice on critical North American gas industry issues and developments unbiased opinions on complex natural gas industry issues, informed by an understanding of your business challenges early reporting on important trends, strong competitive intelligence clearly written, focused research. Ziff Energy?s North American Gas Strategies Retainer Service - Join other producers, pipelines, marketers, LDCs, and end-users from Canada and the U.S. who are our retainer clients. As a Retainer Client You Receive: Bi-annual executive briefings customized to focus on your issues insightful and high quality research reports - at least one report per month access to senior consultants. Custom Consulting: Our experienced staff in Calgary and Houston understand the current strategic issues that are affecting the North American gas industry today. Our strategic gas consulting features strong objective analysis, and our significant industry experience. Ziff Energy performs consulting work in a variety of areas including markets, transportation, supply, storage and mid-stream. We have the experience and the capability to integrate these areas to address your needs. In business since 1982, Ziff Energy has grown to become one of North America?s leading energy consultants. With our large U.S. producer and pipeline client base, Ziff Energy offers strong supply intelligence on the U.S. Gulf of Mexico and onshore U.S. gas basins. With 50+ staff in our Calgary and Houston offices, we are available to meet your strategic information needs. For more information about Ziff Energy?s Retainer Service and consulting areas where we can be of assistance, contact Jim Oosterbaan, V.P. Gas Services at (403) 234-4279 or joosterbaan@ziffenergy.com. <A HREF="www.ziffenergy.com/nagsconference"<www.ziffenergy.com/nagsconference< /A< ______________________________________________________________________ Statoil Sells E&P Business to Equitable Equitable Resources, has acquired Statoil Energy?s Appalachian Basin Gas Exploration and Production subsidiaries, Eastern States Exploration Company and Eastern States Oil and Gas for $630 million. The transaction is expected to close in February. The sale includes natural gas reserves totaling approximately 1.1 Tcf, 6,500 production wells, and 4,000 miles of pipeline network in Kentucky, West Virginia, Pennsylvania and Ohio. Sale of the exploration and production business is the first step in The Statoil Group?s overall plan of complete divestment of Statoil Energy. Statoil Energy?s remaining businesses, power generation, energy marketing and trading, will be offered for sale in a separate process starting later this month. The divestment plan is part of Statoil?s overall restructuring program to concentrate on its core business activities: exploration and production in Norway and other selected areas of the world; the European natural gas and energy business; crude oil trading, refining and marketing; and petrochemicals. Equitable?s market capitalization is $1.1 billion. ______________________________________________________________________ TAGE The Austin Group Energy Executive Search Consultants pj@austingrp.com - <A HREF="http://www.austingrp.com"<www.austingrp.com</A< Phone (281) 497-8595 - Fax (281) 597-0099 ______________________________________________________________________ EPRI Launches Customized Technical Support Services Subsidiary A new subsidiary of the Electric Power Research Institute will offer customized technical support services to both members and non-members of its research program. EPRIsolutions is a for-profit subsidiary created to hasten the application of EPRI technologies already developed through decades of collaborative research. EPRIsolutions will work directly with our customers to select, install and support the EPRI technologies most suitable for their particular needs. Many of the services offered will be performed by the staff of EPRI?s Technology Application Centers located throughout the US. For example, the Engineering and Test Centers in Lenox, Mass. and Haslet, Tex. can provide audits of utility power delivery systems to identify weaknesses before they lead to outages. The Maintenance and Diagnostics Center in Charlotte, N.C. can help customers save on the cost of operating and maintaining their fossil-fired power plants. As an example of how such integrated services will be offered, EPRIsolutions can help customers adapt and install the powerful, sophisticated software packages now available for load forecasting, environmental risk assessment, and retail market management. In some cases, EPRIsolutions will go one step further by acting as an application service provider for companies that want to outsource data-intensive operations. The first such ASP activity will be on-line monitoring and diagnosis of water chemistry for several nuclear power plants. EPRIsolutions is being formed through the merger of two existing subsidiaries, EPRICSG and EPRIGEN, which were created to allow EPRI to conduct proprietary R&D on behalf of individual funders, who would retain rights to the intellectual property involved. In addition to continuing this activity, EPRIsolutions takes on the function of providing customized technology application and consulting services. Such private-benefit work lies beyond the scope of EPRI's tax-exempt, collaborative research mission and thus requires the use of a taxable subsidiary. ______________________________________________________________________ HEAD?S UP? PRICES DOWN! Natural gas prices have fallen to $2.40/MMBtu from $3.20/MMBtu just last month. Storage injections still outweigh storage withdrawals. Where will prices go? Depends on the weather. If it is warm in Houston and New York City over the Thanksgiving holidays, will prices continue to head south? Under those conditions, they have since 1993. Call it ?Rader?s Stupid Frozen Turkey Theory? or call it storage fundamentals, but be prepared in case this silly theory comes true one more year. For an in-depth, wellhead to burnertip study of the natural gas industry, following is the winter schedule for the original Natural Gas 101? training courses. Or call to set up an in-house course at your convenience. NATURAL GAS 1010 Schedule 2nd Week Jan - Houston, TX Early Feb - Call for Exact dates Early Mar - Houston, TX April 19 - New Orleans, LA Speaking at EEI National Accounts Natural Gas 101 is a registered trademark of Rader Energy Consultants. Contact: Linda K. Rader, Rader Energy Consultants P.O. Box 27391, Houston, TX 77227-7391 (713) 621-0808 or (713) 993-9325, ext. 161 natgas101@att.net ______________________________________________________________________ Oxy and EOG Swap Properties Occidental Petroleum and EOG Resources have exchanged oil and natural gas fields to cut costs and boost production. Oxy received fields in California that produce about 12 MMcf per day and mineral rights to more than 700,000 acres of land in the state. It also received properties in the western Gulf that produce 26 MMcfe per day, adjacent to fields Oxy already owns. EOG received properties in eastern Texas that are next to fields it owns and which produce 33 MMcf per day and 3,000 barrels of oil a day. It also acquired exploration rights on 312,000 acres in the Oklahoma panhandle. _____________________________________________________________________ Houston Energy Expo GasMart/Power2000 Are you planning to attend the Houston Energy Expo or GasMart/Power2000? Today?s hot issues: Deregulation, Gridlock, Gas Supply & Power Demand, Merchant Plants, Fossil Fuels, Mergers and Aquisitions. Are you reacting to the changes throughout your industry? Or, are you acting strategically & decisively through integration of goals and objectives? We offer innovative experiences, transformations and integrated marketing solutions for your next tradeshow. For a free "Tradeshow Timeline & Exhibit Staffing Strategy Guide" call, fax or e-mail us today. Attn: Brent P. Sells Mail to: bsells@o-group.com Phone: 800-725-8347 Ext. 121 Fax: 713-462-8347 25 years Domestically and Internationally For more information regarding the Houston Energy Expo, please visit the NESA website at <A HREF="http://www.nesanet.org"<www.nesanet. org</A< For more information about attending, exhibiting, advertising, or sponsorship at GasMart/Power2000, please visit our website at <A HREF="http://www.gasmart.com"<www.gasmart.com</A< ______________________________________________________________________ Calpine Buys Reserves from Vintage Calpine has acquired 90 Bcf of natural gas reserves from Vintage Petroleum for $71.5 million, becoming the largest gas producer in California?s Sacramento Valley. Calpine bought the remaining 58% interest in the Rio Vista field that it did not already own, along with some exploration rights. It received the 42% stake when it acquired Sheridan Energy last November for $128 million. Calpine plans to purchasing natural gas fields and pipelines so it can provide fuel for its natural gas powered generators at lower costs. Calpine plans to expand its electric generation businesses in California, Texas, Arizona and Nevada along with the Southeast and Northeast. It operates power plants that can generate 3,400 MW. . Callon Natural Gas Blowout Callon Petroleum had a natural gas blowout while drilling a test well in the Gulf of Mexico and a fire is burning from a portion of the well. There were no injuries at the at South Marsh Island Block 261 well, about 60 miles south of Lafayette, Louisiana. The fire is burning from a portion of the well casing about 20 feet above sea level. Wild Well Control, a well-blowout specialty company, is making preparations to bring the well under control. Please Welcome Our Advertisers by Visiting These Websites! <A HREF="www.nesanet.org"<www.nesanet.org</A< <A HREF="http://www.gasmart.com"<www.gasmart.com</A< <A HREF="http://www.austingrp.com"<www.austingrp.com</A< <A HREF="http://www.energy.com/ebid"<www.energy.com/ebid</A< <A HREF="www.ziffenergy.com/nagsconference"<www.ziffenergy.com/nagsconference< /A< Financial Summary The TSE 300 rose 7.68 points to 8413.75 The CRB Index is 204.27 The US Dollar retreated 1.65 points to 100..29 The Dow lost 140.23 points to 11356.89 The S&P 500 decreased 14.08 points to 1455.17 The Nasdaq was up 61.40 points to 4130.71 February NYMEX Crude Oil is 25.60 Canadian-U.S. Exchange fell .0074 to 1.4433 Enerfax Daily is the North America's gas and power information source. It is sent to you free of charge. Enerfax Daily may be copied and redistributed in its entirety to all interested energy professionals. 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