ytd p l responsibility upstream bhlp deal clarification louise attached worksheet second quarter ytd gross margin numbers upstream bridgeline broken originator project please read following bullet points explain derivation gross margin primary contributors j huber producer netback transaction transported distressed rockies gas transported medicine bow trailblazer landing gas ngplok gage gage gas sold central desk west desk kept segmentation optionality associated transport transaction booked fourth quarter 2000 attributed mark whitt received credit transaction eoy prc time transaction mark reported transaction ena acquired trailblazer transport behalf j huber ferc approval certificate trailblazer transaction approved second quarter 2001 5 8 mm reflects p l associated assignment trailblazer transport remaining p l associated producer netback deal captured last year transmission congestion contract tcc right collect obligation pay day ahead congestion rents associated one 1 megawatt mw transmission specified point injection poi specified point withdrawal pow day ahead congestion rents determined difference congestion component day ahead prices pow tcc congestion component day ahead prices poi tcc hour effective period transaction transmission origination group reported last year group ultimately disbanded reallocated maria tefel peter bennett analysts calculate associated p l congestion contracts contracts end november 2001 note transactions executive p l generated last year various reasons could declared handle administrative tracking make sure p l shows ena behalf addition expected budget upstream products 30 mm include executive since p ecs 16 mm wellhead desk 2 mm producer ecommerce 4 mm formosa upstream products partnered duke energy field services defs close 20 year ngl exchange transportation deal formosa hydrocarbons williams energy field services handle raw make product williams markham plant formosa hydrocarbons building 40 000 bpd fractionator handle gulf coast ngl production accompanying pipeline known seabreeze pipeline system constructed defs texas brine llc provide ngl storage services formosa hydrocarbons system primary production system coming boomvang nansen field deepwater gom first deepwater gom production come onshore texas upstream products also worked arrange 20 year transportation lease agreement dean pipeline owned teppco refinery grade propylene service utilized formosa plastics coupled transaction enron clean fuels entered propylene storage agreement formosa plastics utilize ecf mt belvieu storage facilities addition enron global markets able amend current transportation agreement teppco prematurely terminate take pay obligation realize additional transportation revenues interim ngl production coming williams markham delivered mt belvieu upon close upstream products monetized initial position defs retained risk free net profits position seabreeze pipeline going forward additional 20 000 40 000 bpd excess capacity system bieniawski negotiated hilgert 10 gross margin associated formosa bieniawski negotiated texas brine provide ngl storage services formosa hydrocarbons storage capacity key formosa hydrocarbons handle ngl production expected anticipated gom since john goodpasture ecf refused acknowledged value associated propylene storage agreement entered formosa plastics negotiated hilgert bilberry granted 500 k origination executive dispensed 90 ecs 10 storage based conservative assumptions expect transaction generate minimum 2 5 mm p v ecf theoretically 3 825 mm next chris hilgert name shared mike bilberry since enron value associated formosa much greater p l reflected upstream products please keep mind hubbard compression transaction closed 2000 mtm value recognized upfront transaction based minimum guaranteed load profiles electric horsepower compression transaction significant accrual earnings potential electric compressor run higher load profile shippers pay mmbtu compressor owner gives natural gas ecs llc monetized mark knippa closed transaction responsible coordinating carol carter accrual opportunities ena pluto megs examining capital charges 2001 assigned lisa druzbik analyze accounting cashflows capital charges associated project although gross margin associated transaction originated great job creating project proforma helping reassign deal ecr mariner tennessee gas pipeline virtual compression deal closed end second quarter chris meyer virtual compression deal maintains contractual obligation fulfill physical delivery molecules circumvents need running compression wellhead desk sold 1 25 bcf tennessee deliver storage facility providing adequate pressure run expensive electric compression summer storage withdrawals ena captured value selling gas market also received intra month flexibility delivery gas storage already received memorandum john grass discussing accomplishments ytd wellhead desk producer ecommerce need clarification please let know know email long devil details discuss 1 mm origination associated bhlp well accomplishments follow email mrha