Subject: Netting Agreements Status Upsdates 11/06/01
From: [email-masked]
To: [email-masked], [email-masked]
Cc: [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], credit <[email-masked]>
Date: Tue, 6 Nov 2001 13:01:54 -0800 (PST)

Mary/Carol

As requested, I am providing the list of counterparties with whom we are working on netting arrangements and the status.  

ConAgra-	            Detailed negotiations underway.  No major issues.  Attempting to execute by the end of the week. (Master Crude Oil P&S Agreement with CSA)
Conoco- 		Executed by both parties (only payment netting)
Crown Central-		Executed by Enron. Will be sent to Crown for completion of execution. (only 			payment netting requested in their draft)
Morgan Stanley- 	Executed by both parties. (only close-out netting)
Sunoco-		Executed by Enron. Will be sent to Sunoco for completion of execution. (only 			payment netting requested in their draft)
Valero-			Executed by Enron. Will be sent to Valero. (only payment netting requested in 			their draft)
Williams-		Under progress to implement payment netting for crude trading.  I have discussed 			this with Jeff Hodge and he is comfortable with proceeding on this basis, but will 			proceed with Master Netting Agreement.

Please let me know if you have any comments or questions.

John

EB 3853
Office Tel. # (713) 523-0840
Fax # (713) 646-4842