Subject: Mariner
From: [email-masked]
To: [email-masked], [email-masked]
Cc: [email-masked], [email-masked]
Date: Thu, 16 Mar 2000 13:25:00 -0800 (PST)

Sally and Ted,

Brenda, Vlady and I met today to discuss Project Door Step for Mariner.  
Since Mariner is an E&P company rather than a trading company (or so we 
think), I believe our approach may be somewhat different from the other 
trading reviews.  The review will likely focus on the company's risk 
management policies and procedures which we  think relates mostly to hedging 
oil and gas production.  Based on a review of the last Mariner 10-Q (Sept 
99), it appears the company does a significant amount of hedging with 
financial instruments extending out to 2002.  The company also has 
significant ($14MM) of deferred losses related to hedging activities.

As discussed with Ted, we have preliminary planned to visit Mariner on Tues. 
March 21.  As a starting point,  Vlady is pulling RAROC information related 
to Mariner and Brenda is getting all Enron positions with Mariner.  Please 
call if you have any questions.

          
        Thanks,

         Jim