============= Page 1 of 46 ============= Enron Corp Earnings Release Details 1st Quarter 2001 page Significant IBIT Variances 1-7 IR Assets and Investments Detail 8 Wholesale Buckets Summary 9 Wholesale Buckets Detail 10 - 19 Business Unit Variance Schedules 20 - 28 EES Restatement 29 Calculation of EPS 30 Interest Expense 31 Dividends on Preferred of Subs 32 Earnings Release Support Pages 33 - 37 Statistical Supplement Pages 38 - 45 Distribution: Rick Causey Mark Koenig Paula Rieker Liz Ivers Scott Vonderheide Mark Palmer cc: Bob Butts Greg Adams EXH066-00381 EC06419BO101152 GOVERNMENT EXHIBIT 4258 Crim. No. H-04-25 (S-2) ============= Page 2 of 46 ============= Enron Wholesale Significant Variances (In Millions) 1 Qtr 1 Qtr 20 2001 20 2000 Diff Comments Commodity Gas trading, excl originations (net of expenses) - see summary at (a) 432 32 400 Originations FX loss (10) - (10) Other gas originations (less than $1 Om) 14 9 5 Gas Trading 436 41 395 Power trading, excl originations (net of expenses) - see summary at (b) 317 117 200 Originations Alberta Power PPA 25 - 25 Genco - 21 (21) Peakers sale 225 - 225 Other power originations (less than $1 Om) 18 2 16 Power Trading 585 140 445 Retail PRM (230) 10 (240) Retail Trading (230) 10 (240) Equity trading (index) 1 33 (32) Metals trading (27) - (27) Interest & FX books (hedge of books) 64 52 12 Global liquids (net of expenses) 45 20 25 Crude oil prepayments (19) (28) 9 Weather, paper, coal, S02 39 16 23 Credit adjustment 22 5 17 Spread options 19 24 (5) Networks expenses (14) - (14) Other (including expenses) (136) (57) (79) Other Trading (6) 65 (71) Total Commodity 785 256 529 Assets and Investments Fair value/other portfolio related income - see summary at (c) (3) 20 (23) Earnings on JEDI, JEDI II, Condor, others (fair value) 7 166 (159) Accrual earnings on merchant investments 8 6 2 Finance originations 2 - 2 Asset selldowns and 125s (1) 6 (7) Expenses (27) (43) 16 Merchant Activity (14) 155 (169) Asset operations - see summary at (d) 78 82 (4) Development and construction (5) (17) 12 Operations and Development 73 65 8 Total Assets and Investments 59 220 (161) Total Unallocated Expense (89) (47) (42) Total Wholesale 755 429 326 ECO641980101153 sigvar1Q01, summary 4/17/2001, 12:11 AM EXH066-00382 ============= Page 3 of 46 ============= Enron Wholesale Significant Variances (In Millions) WHOLESALE DETAILS per above (a) Gas trading, excluding originations: Canada (gross margin) US (gross margin) Credit reserve adj - Blue Ridge Europe (net of expenses) Gas transport (Europe) South America (gross margin) Other (including HPL and expenses) (b) Power trading, excluding originations: NA - East (gross margin) NA - West (gross margin) NA - TVA settlement Europe (gross margin) Other (including expenses) (c) Fair value/other portfolio related income (loss): JEDI NPI Heartland Steel Raptor notes receivable/hedge Quanta First World Kafus Rhythms (net of hedge amort) Others (less than $15m) 1 Qtr 1st Qtr 20 i 2001 2000 Diff Comments (10) 18 (28) 526 56 470 6 (17) 23 (1) 2 (3) 2 (2) (89) (29) (60) 432 32 400 31 (39) 70 445 91 354 (253) - (253) 160 102 58 (66) (37) (29) 317 117 200 (33) 25 (58) (43) (43) 43 - 43 - 26 (26) 29 (29) (23) 23 17 (17) 30 (54) 84 (3) 20 (23) ECO6419BO101154 sigvarlQ01, summary 4/17/2001, 12:11 AM EXH066-00383 ============= Page 4 of 46 ============= Enron Wholesale Significant Variances (In Millions) WHOLESALE DETAILS per above (d) Asset operations: Equity earnings from: Europe Centragas CIESA/TGS DPC Phase I Eco Electrica Korea (SK) Transredes Other international Elektro IBIT Vengas ESA operations India operations CALME operations APACHI operations Europe management fees JEDI management fee EGEP operations Expenses Other 1 s Qtr 1st Qtr 2001 2000 Diff Comments (7) 7 (14) 1 1 - 9 12 (3) 15 16 (1) 6 22 (16) 12 13 (1) 4 8 (4) 40 79 (39) 32 36 (4) 6 8 (2) (2) 8 (10) (1) 2 (3) 6 6 9 22 (13) 3 2 1 5 5 - 38 34 4 (70) (112) 42 12 (8) 20 78 82 (4) EC06419BO101155 sigvarlQ01, summary 4/17/2001, 12:11 AM EXH066-00384 ============= Page 5 of 46 ============= Enron Corp Significant Variances (In Millions) 1200 tr 120t 0Q0 1 1 Diff Comments Transportation Services Gross margin 243 201 42 Operating expenses (incl deprec) (124) (81) (43) Equity earnings: Citrus 8 6 2 Northern Border 2 2 - EOTT 2 (2) 4 Other 2 1 1 14 7 7 Other income: Other - 1 (1) 1 (1) Transportation Services 133 128 5 Portland General Group Gross margin 185 195 (10) Operating expenses (incl deprec) (118) (124) 6 Equity earnings - 1 (1) Other income: Customer Choice - 31 (31) Reversal of accrual for program cancelled COLI (10) 11 (21) Other 3 (9) 12 Other income (7) 33 (40) Portland General Group 60 105 (45) sigvar1Q01, summary 4 ECO6419BO101156 4/17/2001, 12:11 AM EXH066-00385 ============= Page 6 of 46 ============= Enron Corp Significant Variances (In Millions) 1 st Qtr 1 st Qtr 2001 2000 Diff Comments Retail Energy Services Gross revenues: Gas and power sales 249 62 187 Power MTM 139 35 104 Facilities services/Outsource and other 189 138 51 International 116 79 37 Total gross revenues 693 314 379 Cost of sales Gas and power sales (250) (61) (189) Power MTM - - - Facilities services/Outsource and other (161) (116) (45) International (78) (57) (21) Total cost of sales (489) (234) (255) Gross margin Gas and power sales (1) 1 (2) Power MTM 139 35 104 Facilities services/Outsource and other 28 22 6 International 39 22 17 Total gross margin 205 80 125 Operating expenses (incl deprec) (179) (95) (84) Minority interests (Omicron, EES) - - - Gain on sale of Resco warrants 30 20 10 Equity income (loss) (15) 2 (17) Other income (1) (1) - Retail Energy Services 40 6 34 ECO641960101157 sigvar1Q01, summary 5 4/17/2001, 12:11 AM EXH066-00386 ============= Page 7 of 46 ============= Enron Corp Significant Variances (In Millions) 1 0 Qtr 1 t Qtr 2001 2000 Diff Comments Broadband Services Gross revenues: Dark fiber and software sales 1 48 (47) Content services and other 64 - 64 Contract originations 4 - 4 Merchant investments (6) 11 (17) Trading 20 - 20 Total gross revenues 83 59 24 Cost of sales Dark fiber and software sales - (8) 8 Content services and other (2) - (2) Contract originations - - - Merchant investments - - - Trading (27) - (27) Total cost of sales (29) (8) (21) Gross margin Dark fiber and software sales 1 40 (39) Content services and other 62 - 62 Contract originations 4 - 4 Merchant investments (6) 11 (17) Trading (7) - (7) Total gross margin 54 51 3 Operating expenses (incl deprec) (92) (51) (41) Other income 3 - 3 Broadband Services (35) - (35) sigvarlQ01, summary 6 ECO6419BO101158 4/17/2001 , 12:11 AM EXH066-00387 ============= Page 8 of 46 ============= Enron Corp Significant Variances (In Millions) 1 Qtr 1 t Qtr 20 i 2001 2000 Diff Comments Corporate and Other Corporate (including Co 099) Corporate expenses and other (96) (55) (41) Azurix earnings (32) (6) (26) ECM 5 7 (2) EEDC (1) - (1) Resco - - - (124) (54) (70) EREC (17) 13 (30) Clean Fuels operations (17) (3) (14) Corporate and Other (158) (44) (114) Total recurring IBIT 795 624 171 Nonrecurring items (pretax): Azurix impairment - - - SAB 51 gain - - - Write-off EES costs - - - Nonrecurring items - - - Total IBIT Interest expense Company-obligated preferred of subs Minority interests Pretax earnings Income tax expense Income before cumulative accounting changes Cumulative effect of accounting changes, net of tax Net income sigvar1Q01, summary 795 624 171 201 161 40 18 18 - 40 35 5 536 410 126 130 72 58 406 338 68 19 - 19 425 338 87 7 ECO6419BO101159 4/17/2001, 12:11 AM EXH066-00388 ============= Page 9 of 46 ============= Enron Wholesale Significant Variances (In Millions) 1 tr 1 tr 2000 1 20 0 Diff Comments Assets and Investments Income from Merchant Investments Equity Earnings FV vehicles (JEDI, JEDI II, Condor) (99) 150 (249) JEDI - NPI (33) 25 (58) Raptor Hedge 111 111 Other (less than $50MM) 8 (25) 33 Total Merchant Investments (13) 150 (163) Asset selldowns and 125s Other(less than $3OMM) (1) 6 (7) Total Asset selldowns and 125s (1) 6 (7) Asset operations Elektro IBIT APACHI operations DPC Phase I EGEP Operations SK- Enron Eco Electrica Expenses Other (less than $30MM) 32 36 (4) 9 22 (13) 15 16 (1) 38 34 4 12 13 (1) 6 22 (16) (70) (112) 42 32 34 (2) Total Asset operations 74 65 9 74 65 60 221 (161) EC06419BO101160 IR summary.xls, A&I 4/17/2001, 12:12 AM EXH066-00389 ============= Page 10 of 46 ============= Enron Corp. Wholesale Buckets 2001 b Quarter 2000 6 Quarter 01-00 Comparison 00-99 comparison YTD IQ Subcategory Description Year 4Q 3Q 2Q IQ Year 4Q 3Q 2Q IQ Incr (Decr) Incr (Decr) 99 Year Incr (Decr) SUMMARY Commodity Gas Trading 436.1 - - - 436.1 852.8 388.3 183.4 240.0 41.1 395.0 395.0 187.2 665.6 Cnnvmdity PowerTrading 585.0 - - - 585.0 695.6 148.2 234.3 172.8 140.3 444.7 444.7 368.2 327.4 Commodity Retail Trading (230.3) - - - (230.3) (8.0) 1.0 3.0 (22.0) 10.0 (240.3) (240.3) (18.0) 10.0 Commodity Other Trading (5.7) - (5.7) 81.2 0.4 (13.2) 29.6 64.4 (70.1) (70.1) 72.6 8.6 Commodity Sales & Services 785.1 - - - 785.1 1,621.6 537.9 407.5 420.4 255.8 529.3 529.3 610.0 1,011.6 Merchant Activity Income from Merchant Invest (12.9) - - - (12.9) 462.3 122.9 171.0 18.6 149.8 (162.7) (162.7) 356.7 105.6 Merchant Activity Gains on Sales (inel 125s) (1.4) - (1.4) 248.9 144.9 84.3 14.1 5.6 (7.0 (7.0) 294.0 (45,1) Merchant Activity (14.3) - - (14.3) 711.2 267.8 255.3 32.7 155.4 169.7 (169.7) 650.7 60.5 operation.. Dev & C,n.tr Asset Operations 78.0 - - - 78.0 228.1 54.9 64.6 26.6 82.0 (4.0) (4.0) 244.4 (16.3) Op-ti-.,Dcv&Con.tr Development &Consteaction (4.5) - (4.5) (50.5) (13.3) (15.3) (4.8) (17.1) 12.6 12.6 (45.9) (4.6) Operations, Dev & Constr 73.5 73.5 177.6 41.6 49.3 21.8 64.9 8.6 8.6 198.5 (20.9) Total Assets &investments 59.2 59.2 888.8 309.4 304.6 54.5 220.3 (161.1 (161.1) 849.2 39.6 Uc.11-led Expense Unallocated Expense (89.5) - - - (89.5) (258.6) (69.2) (82.1) (60.0) (47.3) (42.2) (42.2) (160.8) (97.8) Total Wholesale 754.8 754.8 2,251.8 778.1 630.0 414.9 428.8 326.0 76% 326.0 76% 1,298.4 953.4 Buckets 2001,1, 1 Qtl l 9 73% ECO6419BO101161 4/16/2001.7:00 PM EXH066-00390 ============= Page 11 of 46 ============= Enron Corp. Wholesale Buckets Subcategory Description 2001 6 Quarter 2000 b Quarter 01-00 Comparison 00-99 comparison YTD IQ Year 4Q 3Q 2Q IQ Year 4Q 3Q 2Q IQ Incr (Deer) Incr (Decr) 99 Year Incr (Decr) GAS TRADING NA GaaTrediog Canada-Gas Trading (9.5) (9.5) 9.3 (27.5) 1.4 17.6 17.8 (27.3) (27.3) 78.8 (69.5) NA Gas Trading Credit Reserve - Blue Range - - - - - - - - - (33.0) 33.0 NA (is. Trading US-Gas Trading 525.6 525.6 1,056.1 449.2 282.7 268.5 55.7 469.9 469.9 130.7 925.4 Nn Gas Tmding South America - Gas Trading (1.3) (1.3) - - - - - (1.3) (1.3) - - NA Once,Trading Domestic Assets (HPULRC) (29.9) (29.9) (58.6) (26.8) (29.6) (5.4) 3.2 (33.1) (33.1) (4.2) (54.4) NA Gas Trading Bridgelinc equity carvings 4.7 4.7 7.0 4.1 (2.5) 3.4 2.0 2.7 2.7 - 7.0 NA GseTrading Gas Originations [A below] 4.2 - - - 4.2 39.9 15.1 8.6 7.4 8.8 (4.6) (4.6) 104.0 (64.1) NA Trading E.penscs Gas trading expenses (62.7) (62.7) (223.6) (80.5) (58.5) (50.7) (33.9) (28.8) (28.8) (175.6) (48.0) NA 431.1 - - - 431.1 830.1 333.6 202.1 240.8 53.6 377.5 377.5 100.7 729.4 EUR G.., I ding Gas Trading 24.6 24.6 14.2 60.1 (12.5) (20.9) (12.5) 37.1 37.1 5.5 8.7 Et1R Gas Trading Gas Transport Revenues (0.7) (0.7) 9.2 2.3 2.2 2.3 2.4 (3.1) (3.1) 9.4 (0.2) FUR Gus Trading Gas Originations - - - - - - - - - IlIIR 1'radingExpcnscs Gas trading expenses (18.9) (18.9) (20.5) (7.2) (4.8) (4.6) (3.9) (15.0) (15.0) (7.4) (13.1) EUR 5.0 - - - 5.0 2.9 55.2 (15.1) (23.2) (14.0) 19.0 19.0 7.5 (4.6) SA GnrTrading Gas Trading - - 8.7 (3.0) 1.9 8.2 1.6 (1.6) (1.6) (I.l) 9.8 SA (ins Trading Cuiaba MTM - - 17.6 3.3 (1.4) 15.7 - - - 82.9 (65.3) SA Tradingllcpcn..e. Gas trading expenses - (6.5) (0.8) (4.1) (1.5) (0.1) 0.1 0.1 (2.8) (3.7) EGA - 19.8 (0.5) (3.6) 22.4 1.5 (1.5) (1.5) 79.0 (59.2) Gas trading 436.1 436.1 852.8 388.3 183.4 240.0 41.1 395.0 961% 395.0 961% 187.2 665.6 356% POWER TRADING NA Power I ding Power-east 30.8 30.8 137.9 34.5 135.7 6.7 (39.0) 69.8 69.8 101.4 36.5 NA PowcrTrading Power-west 445.3 445.3 396.3 104.4 55.8 144.8 91.3 354.0 354.0 47.8 348.5 NA Trading Power - SA 9.1 9.1 - - - - - 9.1 9.1 - - NA PowcrTrading Other (TVA Settlement) (253.3) (253.3) 4.9 4.9 - - - (253.3) (253.3) (1.0) 5.9 NA PnwerTrading Power Origination lB below] 268.0 - - - 268.0 49.8 8.6 8.0 10.5 22.7 245.3 245.3 125.1 (75.3) NA Trading Expense. Power trading expenses (49.5) (49.5) (101.9) (45.5) (13.4) (26.0) (17.0) (32.5) (32.5) (80.8) (21.1) NA 450.4 - 450.4 487.0 106.9 186.1 136.0 58.0 392.4 392.4 192.5 294.5 1UR PnwcsTruding Power Trading 160.4 160.4 333.9 79.4 95.2 57.1 102.2 58.2 58.2 127.7 206.2 17UR Power Trading Power Origination [C below) - - - - - - - - - - - - 66.1 (66.1) CUR InidingExpcosc. Power trading expenses (25.8) (25.8) (122.2) (41.1) (39.6) (22.6) (18.9) (6.9) (6.9) (9.0) (113.2) EUR 134.6 134.6 211.7 38.3 55.6 34.5 83.3 51.3 51.3 184.8 26.9 PA PowcrTrading Power Trading - - (1.6) (1.4) (1.0) I.2 (0.4) 0.4 0.4 (1.5) (0.1) SA IradingEspensss Power trading expenses (1.5) (0.2) (0.9) (0.3) (0.1) 0.1 0.1 (3.4) 1.9 EGA (3.1) (1.6) (1.9) 0.9 (0.5) 0.5 0.5 (4.9) 1.8 APACII I Po.rcriruding Power Trading - - - (4.4) 1.3 2.3 0.8 (0.8) (0.8) 3.2 (3.2) APACtI I I'm ding Espenscs Power trading expenses 9.0 (6.8) (0.9) (1.3) 1.3 1.3 (7.4) 7.4 EGA - - - - 4.6 (5.5 1.4 (0.5) 0.5 0.5 (4.2) 4.2 Power trading 585.0 585.0 695.6 148.2 234.3 172.8 140.3 444.7 317% 444.7 317% 368.2 327.4 89 RETAIL TRADING WB.SEES RcwilTrading Retail PRM (230.3) (230.3) (8.0) 1.0 3.0 (22.0) 10.0 (240.3) (240.3) (18.0) 10.0 WHSEES (230.3) (230.3 (8.0 1.0 3.0 (22.0) 10.0 (240.3) (240.3) (18.0) 10.0 Retail trading (230.3) (230.3) (8.0) 1.0 3.0 (22.0) 10.0 (240.3) -2403% (240.3) -2403% (18.0) 10.0 -56% ECO6419BO101162 Buckets 2001.sls. IQ01 10 4/16/20[. 7:00 PM EXH066-00391 ============= Page 12 of 46 ============= Enron Corp. Wholesale Reelects Subcateeory Description OTHER TRADING NA Other Tnrding Coal Trading NA Other Trading Credit Reserve Adjustment NA Other Trading Amon of HPL FV NA Other Trading Equity Trading NA Other Trading Interest & FX Books NA Other Trading Networks Partners gain NA Other Trading Other Trading NA Other Trading Paper Trading NA Other Trading S02 Trading NA Other Trading Weather Trading NA Other Trading Interest on Customers Deposits NA Trading Expenses Other trading expenses NA ME Other'[ rnding Swap income - ENA EGE Trading Expenses Expenses EGF t.IM Other Trading Forest Products Trading Elm Other Trading Forest Products Originations Elm Other Trading Steel Trading Elm Other Trading Steel Originations Elm treding Expenses Expenses Elm EGM Other Trading Coal Trading EOM Other trading Equity Trading EGM Other 'I'rading Interest & FX Books EGM Other Trading Other Trading EGM Other Trading S02 Trading EGM Other Trading Weather Trading ECIM Other Trading Other trading expenses EGM Other Trading Global Liquids Trading 11GM Other Trading Crude Oil Prepayments EGM Trading rspeme. Global Liquids Trading Expenses EGM • See NA and EUR for data prior to 4000 Buckets 2001.xIs. 1 Q01 2001 6 Quarter 2000 6 Quarter 01-00 Comparison 00-99 comparison YTD IQ Year 4Q 3Q 2Q I Q Year 4Q 3Q 2Q IQ lncr (Deer) lncr (Deer) 99 Year Incr (Deer) _ - 12.5 - 5.6 3.5 3.4 (3.4) (3.4) 37.3 (24,8) 5.0 - - - 5.0 (5.0) (5.0) 49.5 (44.5) (7.1) (7.1) (28.4) (7.1) (7.1) (7.1) (7.1) - - (28.4) - - - 63.5 - 18.7 11.4 33.4 (33.4) (33.4) 54.3 9.2 49.1 49.1 161.1 64.9 28.7 39.2 28.3 20.8 20.8 91.2 69.9 - - 50.0 50.0 - - - - - - 50.0 0.3 0.3 4.4 4.2 0.5 (0.3) - 0.3 0.3 (2.5) 6.9 - 42.8 11.2 22.5 6.2 2.9 (2.9) (2.9) 21.9 20.9 (0.3) - 2.9 (6.9) 3.7 (3.7) (3.7) (6.8) 6.5 12.9 - 3.4 3.8 5.7 (5.7) (5.7) 13.4 (0.5) (26.0) (26.0) - - - - - (26.0) (26.0) - - (2.6) (2.6) (152.0) (42.1) (37.2) (45.2) (27.5) 24.9 24.9 (155.1) 3.1 13.7 13.7 171.5 81.1 38.0 4.6 47.8 (34.1) (34.1) 74.8 96.7 - - (6.6) - - 6.6 (6.6) (6.6) - - (6.6) 6.6 (6.6) (6.6) (0.3) - - - (0.3) - - - - - (0.3) (0.3) - - 15.7 - - - 15.7 - - - - - 15.7 1 1 15.7 1 1 - - - - 1.1 - - - 0.1 1.1 0.1 - - - - - . 0.1 . 0.1 _ _ (2.4) - - (2.4) - - - (2.4) (2.4) 14.2 14.2 - 14.2 14.2 • 20.3 20.3 46.5 46.5 - - - 20.3 20.3 - 46.5 » 1.3 1.3 0.8 0.8 - - - 1.3 1.3 - 0.8 • 7.5 7.5 3.8 3.8 - - - 7.5 7.5 - 3.8 » 7.9 7.9 (0.6) (0.6) - - - 7.9 7.9 - (0.6) » (6.2) (6.2) 6.5 6.5 - - - (6.2) (6.2) - 6.5 » 8.7 8.7 6.2 6.2 - - - 8.7 8.7 - 6.2 • (29,2) (29.2) (16.2) (16.2) - - - (29.2) (29.2) - (16.2) 61.0 61.0 59.8 16.4 (1.8) 14.8 30.4 30.6 30.6 58.2 1.6 - - (68.3) (33.7) (34.6) - - - - - (68.3) (15.7) (15.7) (51.8) (14.9) (19.3) (7.7) (9.9) (5.8) (5.8) (49.3) (2.5) 55.6 - 55.6 (13.3) 14.8 (55.7) 7.1 20.5 35.1 35.1 8.9 (22.2) ECO6419BO101163 / 4/16/2001, 7:00 PM EXH066-00392 ============= Page 13 of 46 ============= Enron Corp. Wholesale Buckets Subcategory Description ISIS Other Trading Credit Rcserve Adjustment FUR Other Trading Crude Oil Prepayments FUR Other Trading ETOL FUR Other Tmding ETOL Expenses FUR Other Tmding Interest & FX Books FUR Other Trading Margaux Corp Financing FUR Other Tmding Metals Trading 1:50 Other 'Fording Other Trading FUR Other Trading Spread Options FUR Other Trading Sutton Bridge FAIR Other Trading Teesside Utilities F.t1R Other Tmding Watershed 1AII5 Tmding fxpernec Other trading expenses SA Trading Expernoe Expenses N1WK OtherGading Networks Partners gain NTWK meting Ixpwscs Expenses NTWK W'I ISLO'r other Trading 24-7 Crude Trading WIISLOI' Other Trading Crude Oil Prepayments WIISI.OT Trad'mg Expenses Other trading expenses WHSLOT Flints Other Trading Transfer ETOL to Retail Elims TOTAL COMMODITY 2001 b Quarter 2000 b Quarter 01-00 Coto arison 00-99 comparison YTD IQ Year 4Q 3Q 2Q IQ Year 4Q 3Q 2Q IQ Incr (Decr) Incr (Decr) 99 Year Incr (Decr) 21.9 21.9 - - - - - 21.9 21.9 104.6 (104.6) (4.2) (4.2) (55.2) (8.1) - (18.7) (28.4) 24.2 24.2 (38.4) (16.8) 19.2 19.2 36.7 5.2 14.4 5.1 12.0 7.2 7.2 - 36.7 (7.7) (7.7) (13.7) (1.6) (3.6) (5.0) (3.5) (4.2) (4.2) - (13.7) 7.7 7.7 36.6 6.4 6.1 24.1 (16.4) (16.4) 24.5 12.1 - - (12.2) (12.2) - - - - - - (12.2) (26.9) (26.9) 30.3 3.5 26.8 - - (26.9) (26.9) - 30.3 8.0 8.0 6.0 5.8 (0.1) 0.1 0.2 7.8 7.8 9.6 (3.6) 18.8 18.8 (1.5) (72.9) (17.9) 65.4 23.9 (5.1) (5.1) 50.1 (51.6) - - 0.8 - - 0.7 0.1 (0.1) (0.1) (5.0) 5.8 (5.2) (4.1) (0.3) (0.4) (0.4) 0.4 0.4 (13.2) 8.0 (38.9) (38.9) 22.2 22.2 - - - (38.9) (38.9) - 22.2 (35.0) (35.0) (111.9) (51.1) (4.8) (28.2) (27.8) (7.2) (7.2) (143.3) 31.4 (37.1) - - - (37.1) (67.1) (113.3) 20.9 25.1 0.2 (37.3) (37.3) (11.1) (56.0) (4.2) (2.0) (2.2) 2.2 2.2 - (4.2) - (4.2) - (2.0) (2.2) 2.2 2.2 - (4.2) 6.2 6.2 54.5 54.5 - - - 6.2 6.2 - 54.5 (13.5) (13.5) (37.2) (26.5) (5.6) (5.1) (13.5) (13.5) (37.2) (7.3) - - - (7.3) 17.3 28.0 (5.6) (5.1) - (7.3) RDIV/O! (7.3) 4DIV/0! - 17.3 #DIV/o! (17.2) (17.2) - - - - - (17.2) (17.2) - - (15.0) (15.0) - - - - - (15.0) (15.0) - - (1.2) (1.2) (1.2) (1.2) (33.4) - - - (33.4) - - - - - (33.4) ODIV/O! (33.4) 4DIV/0! - - RDIV/0! (11.4) (11.4) (23.0) (3.6) (10.8) (0.1) (8.5) (2.9) (2.9) (23.0) (11.4) - - (11.4) (23.0) (3.6) (10.8) (0.1) (8.5) (2.9) 34% (2.9) 34% - (23.0) sDIV/o! (5.7) (5.7) 81.2 0.4 (13.2) 29.6 64.4 (70.1) -109% (70.1) -109% 72.6 8.6 12% 785.1 785.1 1,621.6 537.9 407.5 420.4 255.8 529.3 207% 529.3 207% 610.0 1,011.6 166% EUR EGA INCOME FROM MERCHANT INVEST NA Fair Vah,c income Fair value income ID belowl 72.9 - - - 72.9 (97.5) - (39.2) (70.1) 11.8 61.1 61.1 (1.2) (96.3) NA Fair Value income Rhythms FV - reclass - - - - - - - - - 136.0 (136.0) NA Equcam-FV vehicles Condor (23.5) (23.5) 30.5 30.5 - - - (23.5) (23.5) - 30.5 NA liqueam-FNvehicle% IEDI (45.7) (45.7) 203.0 88.3 (20.9) 25.5 110.1 (155.8) (155.8) 10.7 192.3 NA Equcam-rvvchide, JEDIII (24.5) (24.5) 63.8 (6.1) 12.8 17.3 39.8 (64.3) (64.3) 91.5 (27.7) NA Iqmroent- UV vehicles Enscreo (0.9) (0.9) (6.0) (3.2) (3.2) (0.3) 0.7 (1.6) (1.6) (0.5) (5.5) NA Equcam- FV vehicles Other equity earnings - - (0.4) (0.4) - - - - - 1.6 (2.0) NA Structuring inoomo Structuring income 3.5 3.5 - - - - - 3.5 3.5 4.6 (4.6) NA Financeoriginationc Canada 2.2 2.2 4.3 - - 4.3 - 2.2 2.2 - 4.3 NA Finance eriginatinns Motown - - 12.6 - - 12.6 - - - 1.8 10.8 NA Fimmee originations Tenaska Clebome - - 20.7 - 1.5 19.2 - - - - 20.7 NA Finance origin,th,ns West QF's - - 6.7 - - 6.7 - - - - 6.7 NA Acemal in-, march invest Accrual income on mereh invest 3.9 3.9 (14.9) (15.2) (13.6) 8.7 5.2 (1.3) (1.3) 77.6 (92.5) NA Other Ponrclis Related EGF Reimb of JEDI ENE Puts - - - - - - - - - 7.0 (7.0) NA Other Portf lio Related ENE puts - - (79.2) - - - (79.2) 79.2 79.2 (80.7) 1.5 NA Other Ponfnlio Related ECT Investments - - - - - - 9.1 (9.1) NA odtarPsnror,tOnt ted Other - - (12.5) (7.0) - 0.5 (6.0) 6.0 6.0 (2.9) (9.6) NA Expenses -Merchant irvost Expenses - SA (1.4) (1.4) - - - - - (1.4) (1.4) - NA Expenses-Merchant irvem Expenses-NA (13.4) (13.4) (109.2) (22.6) (21.8) (23.6) (41.2) 27.8 27.8 (93.6) (15.6) NA (26.9) - - (26.9) 21.9 64.3 (84.4) 0.8 41.2 (68.1) -165% (68.1) -165% 161.0 (139.1) -06% /2 Bockeu 20111 xls. IQOI ECO6419BO101164 4/16/2001. 7:00 PM EXH066-00393 ============= Page 14 of 46 ============= Enron Corp. Wholesale Buckets 2001 6 Quarter 2000 6 Quarter 01-00 Comparison 00-99 corn arison YTD IQ Subcategorv Description Year 4Q 3Q 2Q IQ Year 4Q 3Q 2Q I Q Incr (Deer) Incr (Decr) 99 Year Incr (Decr) EGF 1'V/Other Pmtoho Related Chewbaeca (JED] restructure) - - (1.0) - - - (1.0) 1.0 1.0 - (1.0) eaF IV/OthcrPnmi,Rn Rclatcd Condor income allocation 12.3 12.3 (74.8) - (51.0) (0.6) (23.2) 35.5 35.5 - (74.8) IecF Fwother Ponfnsa Related M'lM Inns an W Wham cct to agreement (154.2) (154.2) 3.5 3.5 - - - (154.2) (154.2) - 3.5 EGF IV/Other Portfolio Related Whitewing cost of carry charge 36.6 36.6 (17.3) (17.3) - - - 36.6 36.6 - (17.3) EGI' IV/Other Pnrtti,lic Related Condor Velocity - - (28.7) (28.7) - - - - - - (28.7) EGI' IV/Other Portfolio Rclatcd EMW warrants MTM 1.8 1.8 - - - - - 1.8 1.8 - - EGP IV/Other Ponfnllo Related EOG - TRS (7.9) (7.9) 110.7 110.7 - - - (7.9) (7.9) - 110.7 F(A' IV/OthcrPnnl'nliaRdeted EOG Exchangeable Notes - FV 130.5 130.5 (293.0) (157.8) (53.3) (81.9) - 130.5 130.5 - (293.0) EGF IV/OtherPnnfnlie Related EOGR - FV (154.0) (154.0) 245.4 43.1 62.9 139.4 - (154.0) (154.0) 43.0 202.4 Hit` FV/OthcrPooli,licRetated EOGRHedge -FV 23.5 23.5 (37.2) (25.2) (9.6) (2.4) - 23.5 23.5 - (37.2) 13T 17V/OtherPnnfollo Related FAS 133 3.8 3.8 - - - - - 3.8 3.8 - - EciF F//Other Ponlolio Related Flash to actual - - (0.1) - - (0. 1) - - - 9.0 (9.1) EGP FV/Othcr Portfolio Related International Cash Management 2.8 2.8 - - - - - 2.8 2.8 - - sGF PV/Other Portfolio Related JEDI equity cam/stock swaps - - 79.2 - - - 79.2 (79.2) (79.2) 80.6 (1.4) EGF FV/OlherPonlolioRelated JEDI NPI (33.0) (33.0) 75.5 48.9 (13.2) 14.9 24.9 (57.9) (57.9) (10.8) 86.3 r:or FV/Other Pnrtfnso Related JILP amortization - - (2.1) (0.6) (0.5) (0.5) (0.5) 0.5 0.5 (6.0) 3.9 EGP FV/Other Pnrtli,lin Related Mariner -FV - - - - - - - - - (9.0) 9.0 EGI' IV/Other Pnnli,lio Related Marlin adroit fees 3.0 3.0 13.8 3.9 3.1 3.8 3.0 - - 6.9 6.9 P.(iF FV/Other Pnnlblin Related NSM Debt writedown - - - - - - - - - (7.2) 7.2 FGF FV/Other Pnmohn Related Other earnings - - 30.2 30.2 (4A) 3.7 0.4 (0.4) (0.4) (0.1) 30.3 F.GF FV/Other Pnmohn Rclatcd ENE stock (3.0) (3.0) 53.0 12.0 26.0 15.0 - (3.0) (3.0) - 53.0 EGF FV/Other Portlidio Related Project Funding-interest income - - 0.7 - 0.7 - - - - 4.5 (3.8) EGF FV/Other Pnntidie Retaled Project Ghost write-off - - - 2.3 - - (2.3) 2.3 2.3 - - EGI' FV/Other Pnni,lin Related Project Tomas - - 45.3 45.3 - - - - - - 45.3 EGP IV/Other Pnnfnlie Rotated Raptor I Hedge 20.8 20.8 (0.8) - (0.8) - - 20.8 20.8 - . (0.8) EGP I'V/Other Pomolin Related Raptor interest income 22.0 22.0 59.8 49.6 10.2 - - 22.0 22.0 - 59.8 FGF IV/Other Pomblio Rclatcd Reelass - Promigas earnings - - - 11.7 (3.6) (8.1) - - - - - I:GP FV/Other Pnmidio Related Resco income (loss) - - 101.8 (201.5) 251.3 52.0 - - - - 101.8 I!GF I'V/Other Rmthlia Rclatcd Rhythms-FV - - - 121.6 3.4 (125.0) - - - - - EGI' I'V/Other Pnnfolio Related Rhythms FV - reelass - - - - - - - - - 34.0 (34.0) I'GI' FV/Other Portlidie Related Rhythms Hedge - FV - - - (17. I) - - 17.1 (17.1) (17. I) - - IIGI' FV/other Portfolio Related Rhythms stock realized loss - - (142.8) (120.9) (21.9) - - - - - (142.8) F:GF IV/Other Ponl'nlie Related S&P Hedge -FV - - - - - - - - - (10.6) 10.6 ILGF 1:V/Otherl'onli,li,,Rclated TNPCMTM-NPI - - 196.7 196.7 - - - - - - 196.7 11OF FV/other Pnmi,hn Related TNPC NPI earnings (3.8) (3.8) (8.7) (6.7) (2.0) - - (3.8) (3.8) - (8.7) EGF FV/OtherPomolie11l1 ed Warburg Dillon Read-Stock Hedge - - - - - - - - - 2.1 (2.1) POI' 1'V/Other Pnnfnlin Related Wessex - FX gain - - - - - - - - - 33.8 (33.8) EGP t/q.cam-FV,'ehielea Condor equity earnings 104.1 104.1 58.4 11.9 35.2 (4.6) 15.9 88.2 88.2 - 58.4 I/OF Egecam- IV vehicles JEDI II EES bond settlement (I.0) (1.0) (1.2) - - (0.6) (0.6) (0.4) (0.4) - (1.2) X;17 t,qe cam- FV vehicles JEDI Puts - FV - - - - - - - - - (3.5) 3.5 r.GF Eqe cam - IN vehicles Other equity earnings - - 5.0 3.6 0.2 1.2 - - - - 5.0 ElF acme in, on notch invest Cashco interest income 0.6 0.6 (1.2) (0.6) (0.3) (0.1) (0.2) 0.8 0.8 2.2 (3.4) set' so-eaering moan,,, JEDI Restructuring (0.3) (0.3) (0.2) - (0.1) (0.1) - (0.3) (0.3) (17.9) 17.7 I/CI' Streetnring incomc Rawhide 0.2 0.2 - - - - - 0.2 0.2 - - EGI' Iispenses-Mcrchaotiovest Expenses -EGF (8.2) (8.2) (62.4) (52.1) (2.2) (5.2) (2.9) (5.3) (5.3) (39.2) (23.2) EGF (3.4) - - - (3.4) 407.5 66.5 230.4 0.8 109.8 (113.2) -103% (113.2) -103% 111.8 295.7 264% Rackets 211111.sb. IQelt ECO6419BO101165 4/162001, 7:00 PM EXH066-00394 ============= Page 15 of 46 ============= Enron Corp. Wholesale Buckets 2001 b Quarter 2000 b Quarter 01-00 Comparison 00-99 comparison YTD IQ Subcategory Description Year 4Q 3Q 2Q IQ Year 4Q 3Q 2Q IQ Incr (Decr) Incr (Decr) 99 Year Incr (Deer) 0th! rV/OtherPeefohoRelated Alarm. 7.0 7.0 - - - - - 7.0 7.0 - - tM Espenee>-Merchant inerO - - - - - EIM 7.0 - 7.0 - 7.0 #DIV/01 7.0 #DIV/0! #D1V/0! EUM Erie value income 0.7 0.7 - - - - 0.7 0.7 - - EUM I pcnsec. Merchant lnveat - - - - EGM 0.7 - 0.7 - 0.7 #DIV/0! 0.7 #DIV/0! #DIV/0! FOR F/irVelueincome Paladin CV - - (1.5) 1.7 1.8 (1.9) (3.1) 3.1 3.1 2.5 (4.0) FUR Fair vane incnmc OPET & OSI 7.5 7.5 23.3 (5.8) 18.3 10.8 - 7.5 7.5 - 23.3 - - - - - - - (14.3) 14.3 FUR El m Fair Vsluc incnmc Ifspen.c..-Merchawinvest Techboard FV Expenses - EUR - (4.9) - (4.9) 0.7 - 0.7 (5.6) (5.6) - 0.7 EUR 2.6 2.6 22.5 (4.1) 20.1 8.9 (2.4) 5.0 -208% 5.0 -208% (11.8) 34.3 -291% CALM1.. Accmalincnnmerchinvent PromigesDividends 3.4 3.4 12.9 3.6 8.1 1.2 2.2 2.2 7.9 5.0 EGA 3.4 3.4 12.9 - 3.6 8.1 1.2 2.2 193% 2.2 183% 7.9 5.0 63% EI rah Velue income Fair value income IE belowl - - - - - - - - - (4.4) 4.4 - - - - - - - - 4.8 (4.8) El Eimmcenriginntinne Finance originations - EI Espensns- Mcrchent incest Expenses - El - - - - - - - El - - - - - - - #DIV/01 #DIV/0! 0.4 (0.4) -100% - - 343 6 (343 6) Eel Fair Value income Rh.ahms FV - - - - - - - . . - - - - 9.8 (9.8) EEl Puir Voice income Sycamore FV ECI - - - - - #DIV/0! - #DIV/0! 353.4 (353.4) -100% NTWK Fair Value incnmc Other 3.7 3.7 (2.5) (3.8) 1.3 - 3.7 3.7 - (2.5) NTWK 3.7 3.7 (2.5) (3.8) 1.3 - - 3.7 #DIV/o! 3.7 #DIV/0! - (2.5) #Div/o1 - - (170 5) 170 5 Eli- Fair Value income Rhythms FV - reclass - - - - - - - . . EElimc Other Pnnfnlio Related Rhythms hedge =on - reclass - - - - - - - - - (10.5) 10.5 - - - - - - - - - (14'0) 14.0 Ellme Other Portli,lin Related Dom Rep write-off - - - - - - (11.8) 11.8 Elim< Other Poel,lie Related Reelass EGF Flash to actual - - - - - 9 2 (9 2) Eli- Other Poel'nlio Related Condor equity earnings - - - - - - - . . Slime Other Portfolio Related Peregrine recless - - - - - - - - - (2.4) 2.4 Elime Other Portfolio Reated Reel- ECI comp expense - - - (66.0) 66.0 Elims - - - - - - #DIV/0! #DIV/0! (266.0) 266.0 -100% Income-Merchant Invest (12.9) (12.9) 462.3 122.9 171.0 18.6 149.8 (162.7) -109% (162.7) -to9% 356.7 105.6 30% Buckets 2001111. 1Q01 EC06419BO101166 4/16/2001. 7,0() PM EXH066-00395 ============= Page 16 of 46 ============= Enron Corp. Wholesale Buckets Subcategory NA Sclldnwns/Sale.. NA Sclldnwns/Selcs NA Sclldovns/Soles NA Sclldnwns/Soles NA SONnwns/Sole. NA SeIlJnwns/Bola NA SeIlJnwns/Sale. NA SeIlJnwns/Soles FCd' Sclldnwns/Soles PS/F Sclldnwns/Sales ta1R Sclldoavna/.Sides I/UR Sclldnwns/Sales LUR Sclldowns/Sxlcs OUR Sclldowns/SuIcs FUR Sclldnwns/Sales FUR SeIlJnwns/Sales FUR Sclldnwns/Sales I:UR SeIlJnwns/Soles SA Selldnwnse/Soles SA Sclldnwns/Sulec India Selldowns/Sales CAI-Mr. ScIldowns/Salos CAI.MI: Sclldnwns/Sales CALMF ScI(dnwnn/Sslcs APACl! SoilJmvns/Soles APACIII ScIlJmvnsBulcs Iil I IQ Sclldnwns/Salsa SeIlJnwns/Soles F.1 [IQ Iil SeIlJnwns/Soles ld:&CC Sclldnwns/Soles IiF&CC ScIlJnsvnc/Sale. FIi&CC Scldnwns/Sales Iili&CC Sclldnwns/Sales i:;ll&CC Sclldosvns/Soles I:I1&CC .4clldmvns/Soles FF&CC SeIlJnwns/Solos 8 Solo 2001 nls. IalI EXH066-00396 Description Bammel Looper (125) Copel Share monetiration Powder River (125) Pittsburg Power Plant Project Rock (125) Wind River(125) Project 20/20 Hanover Compressor Sale NA Poland Project Cochise (planes) EGF Bitterfcld ETOL (125) Margaux 11 (125) Poland Riverside 5 (125) Sutton Bridge 3 (125) Sutton Bridge 4 (125) Expenses 2001 6 Quarter 2000 6 Quarter 01-00 Comparison 00-99 com arison YTD IQ Year 4Q 3Q 2Q IQ Year 4Q 3Q 2Q IQ Incr Decr Incr (Deer) 99 Year Incr (Decr) - - - - 10.0 (10.0) 1.5 1.5 1.5 1.5 _ _ - - 16.6 (16.6) 27.0 (27.0) 27.4 (27.4) 16.9 (16.9) 79.0 - 79.0 - - - - - 79.0 - - 1.2 (1.2) 1.5 - - - 1.5 79.0 79.0 1.5 NDIV/01 1.5 NDIV/01 99.1 (20.1) -20% - - 7.8 (7.8) 7.8 (7.8) 4.8 (4.8) 108.1 108.1 - 108.1 (2.9) (2.9) 36.8 36.8 - - - (2.9) (2.9) - 36.8 - - 7.5 (7.5) - 2.0 (2.0) 8.7 - - 8.7 - 8.7 - _ _ - 39.0 (39.0) EUR (2.9) - (2.9) 153.6 144.9 - 8.7 - (2.9) 9DIV/01 (2.9) NDIV/01 53.3 100.3 188% Cuiaba - - - - - - - - - (1.6) 1.6 Expenses - - ' EGA - - NDIV/0! NDIV/0! (1.6) 1.6 -100% EGA - - NDIV/0! - NDIV/0! NDIV/01 Eco Electrica - - 0.3 - - - 0.3 (0.3) (0.3) - 0.3 Haina - - 10.7 - 5.3 5.4 - - - - 10.7 Expenses - - ' EGA - ILO 5.3 5.4 0.3 (0.3) -10o% (0.3) -100% 11.0 NDIV/0! Guam (125) - - - - - - - - 14.0 (14.0) Expenses - - EGA - - - - - - NDIV/0! - NDIV/0! 14.0 (14.0) -100% Guam - - - - - - - - 0.5 (0.5) Italy/Turkey (125) - - - - - - - - 89.0 (89.0) Expenses - - El - - - - - - - - NDIV/0! - NDIV/0! 89.5 (89.5) -100% Poland - 1.3 - - - 1.3 (1.3) (1.3) - 1.3 India Phase II - 3.2 - - - 3.2 (3.2) (3.2) - 3.2 Puerto Rico - 0.8 - - - 0.8 (0.8) (0.8) - 0.8 Guam - - - - - - - - 4.0 (4.0) Italy/Turkev(125) - - - - - - - - 12.8 (12.8) Sutton Bridge (def constr rev) - - - - - - - - 11.7 (((.7) Teesside (def con str rev) - - - - - - - - 3.4 (3.4) EE&CC - - 5.3 - 5.3 (5.3) -100% (5.3) -100% 31.9 (26.6) -83% Gains on sales (incl 125s) (1.4) - (1.4) 248.9 144.9 84.3 14.1 5.6 (7.0) .125% (7.0) -125% 294.0 (45.1) -t5 % ECO6419BO101167 /~ 4/1612001, 7:(x) PM ============= Page 17 of 46 ============= Enron Corp. Wholesale Buckets 20016 Quarter 2000 6 Quarter 7-71 1 01-00 Comparison 00-99 comparison YTD IQ Subcategory Description Year 4Q 3Q 2Q IQ Year 4Q 3Q 2Q IQ Incr (Decr) Incr (Deer) 99 Year Incr (Decr) ASSET OPERATIONS EGI° Op-lions IEDI Mgmt Fee 5.1 5.1 21.9 6.6 5.1 5.1 5.1 - - 20.0 1.9 EOF Oponriom Other ' EGF 5.1 - - 5.1 21.9 6.6 5.1 5.1 5.1 - 0% 0% 20.0 1.9 9% EIM Operations Operations 8.8 8.8 - - - - - 8.8 8.8 - Elm Operations expense Expenses (0.1) (0.1) - - - - - (0.1) (0.1) ' EIM 8.7 - - 8.7 - - - - - 8.7 #DIV/0! 8.7 ODIV/0! - #DIV/0! HIM operations Operations (0.8) (0.8) 4.3 4.3 - - - (0.8) (0.8) - 4.3 EGM Operations expense Expenses (3.0) (3.0) (4.3) (4.3) - (3.0) (3.0) - (4.3) EGM (3.8) - - (3.8) - - - - (3.8) 4DIV/0! (3.8) #DIV/0! #DIV/0! rue op-l"'. Assets 7.9 7.9 33.8 7.5 16.6 7.0 2.7 5.2 5.2 (3.0) 36.8 El1R open,tinns Enrici (9.0) (9.0) (23.5) (6.6) (5.4) (7.4) (4.1) (4.9) (4.9) (9.5) (14.0) EUR Op-I... Equity Earnings 2.3 2.3 18.4 5.4 4.5 1.5 7.0 (4.7) (4.7) 18.6 (0.2) EUR operations Management Fees 3.0 3.0 10.3 3.7 2.6 1.8 2.2 0.8 0.8 10.7 (0.4) FUR Operations Expenses (5.3) (5.3) (80.8) (30.4) (22.6) (15.0) (12.8) 7.5 7.5 (50.3) (30.5) EUR (I.1) - (1.1) (41.8) (20.4) (4.3) (12.1) (5.0) 3.9 -78% 3.9 -78% (33.5) (8.3) 25% sA Opentionn Elektro IBIT 31.8 31.8 123.8 42.3 21.7 23.6 36.2 (4.4) (4.4) 110.6 13.2 sA Op-Anne Vengas - - 22.8 22.8 - - - - - - 22.8 SA Opentsoee Operations (2.3) (2.3) 32.7 16.3 3.2 5.7 7.5 (9.8) (9.8) 22.2 10.5 SA Operations Equity Earnings-TGS/CIESA 9.2 9.2 37.6 10.6 8.8 6.0 12.2 (3.0) (3.0) 31.8 5.8 SA Op-u- Equity Eamings-Transredes (0.2) (0.2) (10.4) (9.1) (1.3) - - (0.2) (0.2) 13.4 (23.8) sA Operseone Equity Earnings-Other (0.3) (0.3) 3.3 (2.5) 2.8 1.0 2.0 (2.3) (2.3) 3.4 (0.1) SA opertions Equity Earnings-CEG/Rio/Gaspan 3.6 3.6 14.8 4.5 7.1 3.2 - 3.6 3.6 (1.5) 16.3 SA Opererionsespense Expenses (15.7) (15.7) (106.1) (58.1) (14.8) (I7.0) (16.2) 0.5 0.5 (4.8) (101.3) EGA 26.1 - - 26.1 118.5 26.8 27.5 22.5 41.7 (15.6) -37% (15.6) -37% 175.1 (56.6) -32% Indic openeiene Operations (1.2) (1.2) 11.4 1.5 1.9 6.0 2.0 (3.2) (3.2) 7.0 4.4 India operations Equity Eamings-Dabhol l 15.1 15.1 51.3 15.4 15.1 4.4 16.4 (1.3) (1.3) 30,0 21.3 India Operations expense Expenses (9.8) (9.8) (9.7) (2.0) (2.0) (3.1) (2.6) (7.2) (7.2) (12.3) 2.6 EGA 4.1 - 4.1 53.0 14.9 15.0 7.3 15.8 (11.7) -74% (11.7) -74% 24.7 28.3 115% CAI..ME Operations Vcngas 5.6 5,6 28.9 1.9 8.9 9.7 8.4 (2.8) (2.8) - 28.9 CA1.ME Operations Bahia Las Minas 3.8 3.8 9.5 4.5 0.6 1.5 2.9 0.9 0.9 - 9.5 CAI-ME Operations Promigas 3.1 3.1 - - - - - 3.1 3.1 - - CAI.ME Operaions SECLP 3.9 3.9 2.0 - - - 2.0 1.9 1.9 - 2.0 CALMF. Opentiens Operations-Other (5.1) (5.1) 2.3 (5.0) 3.1 3.5 0.7 (5.8) (5.8) 46.1 (43.8) CALME operations Equity Earnings-Other (0.7) (0.7) 14.1 (1.5) 5.8 4.5 5.3 (6.0) (6.0) (1.2) 15.3 CALMI! Opurnlion. Equity Earnings-EcoElcctrica 5.5 5.5 22.6 (0.5) 2.3 (1.1) 21.9 (16.4) (16.4) - 22.6 CALMIi Open6nos Equity Earnings-Ccntragas 1.4 1.4 3.6 - 1.4 1.3 0.9 0.5 0.5 7.9 (4.3) CALMI: Opentionsexpense . Expenses (5.3) (5.3) (31.7) (13.8) (3.8) (3.5) (10.6) 5.3 5.3 2.6 (34.3) EGA 12.2 12.2 51.3 (14.4) 18.3 15.9 31.5 (19.3) -61% (19.3) -61% 55.4 (4.1) -7% APACIII operations Batangas Power 5.1 5.1 44.5 10.1 11.4 11.5 I L5 (6.4) (6.4) 10.8 33.7 APACIII Operations Hainan - - 10.9 - (0.1) 3.1 7.9 (7.9) (7.9) 7.5 3.4 APACUI Op-u-., Sichuan haling 6,5 6.5 36.9 17.9 11.8 7.2 - 6.5 6.5 - 36.9 APACIII Op-d-. Other (1.8) (1.8) 3.6 2.1 0.6 (I.1) 2.0 (3.8) (3.8) (3.7) 7.3 APACIII Opertions Equity Earnings-Other 1.3 1.3 4.8 1.4 0.5 1.8 1.1 0.2 0.2 4.9 (0.1) APACIII Operaions Equity Earnings-SK Enron 12.0 12.0 23.1 6.6 0.6 3.4 12.5 (0.5) (0.5) 11.7 11.4 APACIII Op-no- Expenses (8.4) (8.4) (110.3) (17.2) (25.5) (28.8) (38.8) 30.4 30.4 (18.0) (92.3) EGA 14,7 - 14.7 13.5 20.9 (0.7) (2.9) (3.8) 18.5 -487% 18.5 -487% 13.2 0.3 2% EI openions Other - - (24.8) (16.3) (3.6) 0.2 (5.1) 5.1 5.1 (52.4) 27.6 Iq Op-'.ms Equity Earnings - - - - - - - - - 13.2 (13.2) EI I IQ Operations Write-off Hainan excess development costs - - (15.7) - - (15.7) - - - - (15.7) El IQ Orysmiens San Juan (3.5) (3.5) (5.0) (1.9) (0.8) (2.3) (1.2) (1.2) (8.9) 3.9 El (3.5) - (3.5) (45.5) (16.3) (5.5) (16.3) (7.4) 3.9 -53% 3.9 -53% (48.1) 2.6 -5% t4;IiP opereons E&P operations 38.1 38.1 141.6 40.3 30.0 37.4 33.9 4.2 4.2 41.2 100.4 FGttP Op-al- Expenses (22.6) (22.6) (84.4) (3.5) (20.8) (30.3) (29.8) 7.2 7.2 (26.7) (57.7) EGEP 15.5 - 15.5 57.2 36.8 9.2 7.1 4.1 11.4 278% 11.4 278% 14.5 42.7 294% 13uckcts 2001.xIs. IQ01 ECO6419BO101168 4/1612001.7:00 PM EXH066-00397 ============= Page 18 of 46 ============= Enron Corp. Wholesale Buckets 2001 6 Quarter 2000 6 Quarter 01-00 Comparison 00-99 comparison YTD IQ Subcategory Description Year 4Q 3Q 2Q IQ Year 4Q 3Q 2Q IQ Iner (Decr) lncr (Deer) 99 Year Incr (Decr) ECI Operations Dark fiber & software sales - - - - - - - - 140.0 (140.0) GCI Operations Equity earnings - - - - - - - - 2.5 (2.5) GCI oporationn Expenses (109.4) 109.4 ECI #DIV/0! #DIV/0! 33.1 (33.1) -100% Uinss Operations COS adjustment 1 t Elims - - - - #DIV/0! - #DIV/0! (10.0) 10.0 -100% Asset Operations 78.0 78.0 228.1 54.9 64.6 26.6 82.0 (4.0) -5% (4.0) -5% 244.4 (16.3) .7% DEVELOPMENT & CONSTRUCTION SA Dcv & Cony Dcv fees - - - - - - - - - - - SA I)vv & Corns Expenses - - (19.6) (8.2) (3.2) (4.7) (3.5) 3.5 3.5 (37.2) 17.6 SA Don & C- t Interest income - - - - EGA - - - (19.6) (8.2) (3.2) (4.7) (3.5) 3.5 -100% 3.5 -100% (37.2) 17.6 -47% India Den & Const Dcv fees - - - - - - - - - - India Dev&Cotnt Expenses (46.6) (22.1) (8.4) (11.7) (4.4) 4.4 4.4 (9.7) (36.9) EGA - - (46.6) (22.1) (8.4) (11.7) (4.4) 4.4 -100% 4.4 -100% (9.7) (36,9) 380% CAI-Mr Dcv&Const De, fees - - 3.7 - - 2.6 1.1 (I I) (1.1) 6.3 (2.6) CALMI.. Dcv&Const Expenses (6.7) (6.7) (29.2) - (10.5) (10.3) (8.4) 1.7 1.7 (13.9) (15.3) CALMS Dec & Cnna Interest income - - - - - - - - 3.2 (3.2) CALMIi Dcc & Cony Other fees - - - - - - - - 3.3 (3.3) EGA (6.7) (6.7) (25.5) (10.5) (7.7) (7.3) 0.6 .8% 0.6 -8% (1.1) (24.4) 2218% A'ACI II Dev & Cnmt Dev fees (5.9) (5.9) - - - - - (5.9) (5.9) - - APACIII I3ev & Const Expenses EGA (5.9) (5.9) - - - - - (5,9) #DIV/0! 111 Dev & Const Interest income 1:1 Dev & Const Dcv exp (start-up costs write-ff) - - - - - - - - (8.2) 8.2 Ill Dcv & Cony Expenses (inel HQ allot) - - - - (41.4) 41.4 El - - - - - - - - - #DIV/0! #DIV/0! (49.6) 49.6 -100% EE&CC Dcv & Censt Accrovcn - EE&CC 0.5 0.5 13.8 2.5 5.2 2.7 3.4 (2.9) (2.9) 6.2 7.6 EUCC Dcv&Cona Cuiaba-EE&CC - - 0.5 0.2 (1.4) 1.1 0.6 (0,6) (0.6) 4.9 (4.4) EG&CC Dev&Censt Demar-EE&CC - - 0,2 (0.6) 0.8 - - - - 4.6 (4.4) EE&CC Ikv & Const Guam - EE&CC - - - - - _ 1.9 (1.9) 11r:&CC Dev & Cone India phase 11- EE&CC 1.8 1.8 10.7 2.9 0.8 3.2 3.8 (2.0) (2.0) - 10.7 a RE&CC Dcv & Comt Ncpco - Lagos - EUCC 1.4 1.4 2.7 2.7 - - - 1.4 1.4 - 2.7 sr T EE&CC Ixv & Cony Ncpco • Other • EUCC 0.7 0.7 15.4 5.4 3.4 6.4 OZ 0.5 0.5 13.5 1.9 C EE&CC Dc, & Consl Ncpco - Goldendale Fee Peakers - EE&CC - 4.0 4.0 - - - - - 4,0 ER&CC Dev&Cuna Nepco-Green County -EE&CC - - 8.4 2.7 2.0 2.6 1.1 (1.1) (1.I) 8 4 9 EE&CC Dcv & Cony Nepco - Panda - EE&CC 15.7 15.7 - - - - - 15.7 15.7 - . - rat&CC Dcv & Conrl Nepco - 2000 Peakers - EE&CC (4.9) (4.9) 9.2 9.2 - - - (4.9) (4.9) - 9.2 Mir CG EUCC Dcv & Const Other - EE&CC - - ( ) (4.9) (4. ) 6.2 20 ) (2.0 (2.0) 9.0 (10.6) V 1111&CC Den &Cona Poland-EE&CC - - Q2 I. 1 ( ) 1 1 .3 - - 2.3 (2.1)  . . IT CC Dcv&Conel Puerto Rico -EE&CC (5.0) (5.0) (28.4) (6.4) (3.6) (5.4) (13.0) 8.0 8.0 1.3 (29.7) 11 &CC Dcv & Conel Sutton Bridge - EE&CC - - 8.0 1.2 5.6 1.2 - - - 5.3 2.7 1111.&CC Dev&Con..t Turkey (constr)-EE&CC (2.1) (2.1) (1.9) (1.9) - - - (2.1) (2.1) (0.3) (1.6) EUCC I)cv & Cony Westinghouse settlement -EE&CC - - 3.0 (3.0) EE&CC 8.1 - - 8.1 41.2 17.0 6.8 19.3 1.9 10.0 -526% 10.0 -526% 51.7 (10.5) -20% Development & Construction (4.5) - (4.5) (50.5) (13.3) (15.3) (4.8) (17.1) 12.6 -74% 12.6 -74% (45.9) (4.6) 10% TOTAL ASSETS & INVESTMENTS 59.2 59.2 888.8 309.4 304.6 54.5 220.3 (161.1) .73% (161.1) -73% 849.2 39.6 5% NA Unallocated Expenses-NA (42.7) (42.7) (170.6) (27.5) (63.0) (47.4) (32.7) (10.0) (10.0) (125.2) (45.4) NA Unallocated Expenses -SA (5.2) (5.2 (5.2) (5.2) EIM Unallocated Expenses - EIM (21.1) (21.1) - - - - - (21.1) (21.1) - - EGM Unallocated Expenses - EGM (6.2) (6.2) (16.1) (16.1) - - - (6.2) (6.2) - (16.1) FUR Unallocated Expenses-EUR (14.3) (14.3) (71.9) (25.6 (141) (12.6) (14,6) 0.3 0.3 (35.6) (36.3) TOTAL UNALLOCATED (89.5) - (89.5) (258.6) (69.2) (82.1) (60.0 (47.3) (42.2) 89% (42.2) 89% (160.8) (97,8) 61% TOTAL WHOLESALE 754.8 - - 754.8 2,251.8 778.1 630.0 414.9 428.8 326.0 76% 326.0 76% 1,298.4 953.4 73% 13ucl:cls 2001.a6. 1Q01 / 4/16/200I, 7:W PM EXH066-00398 ============= Page 19 of 46 ============= Enron Corp. Wholesale Buckets 2001 b Quarter 2000 6 Quarter 01-00 Comparison 00-99 coo arison YTD IQ Subcategory Description Year 4Q 3Q 2Q IQ Year 4Q 3Q 2Q IQ Incr (Decr) Incr (Decr) 99 Year Incr (Decr) JAI GAS ORIGINATIONS - NA NA Origination. (Commodity) APEA - - - - - - - - 5.0 (5.0) NA Origination (Commodity) BPA - - - - - - - - - 7.0 (7.0) NA Odginutinnr (Commodity) Canada - - 20.4 5.7 4.6 3.8 6.3 (6.3) (6.3) 11.7 8.7 NA Originetions (Commodity) Entex - - - - - - - - - 10.1 (10.1) NA Origination.. (Commodity) Ft. James - - - - - - - - - 1.1 (1. 1) NA origination.. (Commodty) FP&L - - - - - - - - - 8.3 (8.3) NA Origination, (Commodity) FX loss (10.4) (10.4) - - - - - (10.4) (10.4) - - NA Originctions(Cnmmndity) HPL 8.5 8.S - - - - - 8.5 8.5 - - NA Or ginotion, (Commodity) Mugs 2.4 2.4 - - - - 2.4 2.4 - - NA Origination, (Coo nod t9 Other Originations 2.7 2.7 19.5 9.4 4.0 3.6 2.5 0.2 0.2 15.5 4.0 NA Orlgimdtnns (Commodity) Palm Springs/S. San Francisco - - - - - - - - - 8.0 (8.0) NA Origination, (Commodity) Peoples - - - - - - - - 14.0 (14.0) NA Origmminns (Commodity) Pilkington 1.0 1.0 - - - - - 1.0 1.0 - NA Ongination, (Commodity) Qualituch - - - - - - - 6.9 (6.9) NA Origintion (Commodity) Walton EMC - - - - - - - - 7.9 (7.9) NA Origination (Commodity) Wilton Center - - 8.5 (8.5) NA 4.2 - - 4.2 39.9 15.1 8.6 7.4 8.8 (4.6) (4.6) 104.0 (64.1) JBI POWER ORIGINATIONS - NA NA origination (commodity) Alberta Power PPA 25.0 25.0 - - - - - 25.0 25.0 - - NA Origination (Conanodity) Cactus - - - - - - - - - 5.5 (5.5) NA Origination. (Commodity) Doyle distributable cash 1.3 1.3 - - - - - 1.3 1.3 - - NA origination, (Commodity) Central Maine Power 3.0 3.0 - - - - - 3.0 3.0 - - NA Orlginminns(Commodity) Genco - - 31.6 - - 10.5 21.1 (21.1) (21.1) 40.6 (9.0) NA Origination (Commodity) Gcnco-Peakers Transaction - - - - - - - - - 49.0 (49.0) NA Origination (Commodity) Intcrgen 3.5 3.5 - - - - - 3.5 3.5 - NA Origination (Commodity) Nstar 5.0 5.0 - - - - - 5.0 5.0 - - NA Origination (Commodity) Other Originations 4.9 4.9 18.2 8.6 8.0 - 1.6 3.3 3.3 - 18.2 NA Onginunn, (Commodity) Peak- sale 225.3 225.3 - - - - - 225.3 225.3 - - NA OriginGon, (Commodity) United Illuminating - 30.0 (30.0) NA 268.0 - 268.0 49.8 8.6 8.0 10.5 22.7 245.3 245.3 125.1 (75.3) ICI POWER ORIGINATIONS - EUR CUR Originations(Cnmmodily) Eastern Transportation - - - - - - - - 96.3 (96.3) FUR Ongintions (Commodity) Other Origination - - - - - - - - - - - EttR Orgination Espcna Expenses (30.2) 30.2 EUR 66.1 (66.1) Bockms200l A, lQDl , ~ ECO6419BO101170 "1`/2001.''00 PM EXH066-00399 ============= Page 20 of 46 ============= Enron Corp. Wholesale Buckets Subcateaorv Description ID] FAIR VALUE INCOME - NA NA Fair Value income Active Power NA Fair Vrluc income .Alamac Cogeneration FV NA Fair Value income American Coal NA Fair Value income Black Mountain FV NA Fair Value income Bonne Terre NA Fair value in-me Brigham NA Fair Value incnmc Canada FV NA Fair Value incnmc Canfibre Riverside IPC NA Fair Value incnmc Carizzo FV NA Fair Value income Catalytica FV NA Fair Value income City Forest FV NA Fair Value income Costilla FV NA Fair Value income Cypress Enpl FV NA Pair value income East Coast Power FV NA Fair Value income Ecogas FV NA Fair Value incnmc First World FV NA Fair Value income H=over Compressor FV NA Fair Value income Heartland Steel FV NA Fair Value income Hedge Performance FV NA Fair Value income Hedge Performance FV (Raptor) NA Fvlr VaI, income Hughes Raevles NA Fair Value income HV Marine NA Fair Value income Kafus FV NA Fair Vahre income Linder Oil NA Fair Value income Mariner FV NA Pair Value income Merlin NA Fair Value income NSM FV NA Pair Value men- Oconto Falls FV NA Fair Value vrurme Other - FV NA Fair Value income Papier Masson FV NA Fair Value incnmc Qualiteeh FV NA Fair Value income Quanta FV NA Fair Value income Reeon/Kafss FV NA Fair Value income Structured credit FV NA Fair Value income Venoco FV NA IEI FAIR VALUE INCOME - El It Fair Value income NSM FV Docker. 2(IO l,n lr. I Q0I 2001 b Quarter 7~ F- 2000 b Quarter 01-00 Comparison 00-99 coin arison YTD IQ Year 4Q 3Q 2Q IQ Year 4Q 3Q 2Q IQ Incr (Deer) Incr (Deer) 99 Year Iner (Deer) - - 60.9 - 60.9 - - - - - 60.9 7.3 7.3 - - - - - 7.3 7.3 - - _ - (3.7) - (3.7) - - - - - (3.7) 7.3 (7.3) (2.6) - (2.6) - - - - - (2.6) (5.5) - (5.5) - - - - - (5.5) 2.3 - 1.4 0.9 - - - (1.6) 3.9 (42.8) - (37.8) (5.0) 5.0 5.0 (2.2) (40.6) - - 0.1 - - 0.1 - - - (5.6) 5.7 4.9 4.9 69.8 - 69.8 - - 4.9 4.9 16.5 53.3 (1.0) (1.0) (1.0) (8.0) 8.0 (5.0) 5.0 4.4 (4.4) (37.4) - (37.9) 0.5 - - - 10.8 (48.2) (21.6) - (20.8) (29.6) 28.8 (28.8) (28.8) 96.8 (118.4) (5.1) (5.1) - - - - - (5.1) (5.1) - - (42.9) (42.9) (9.1) - (4.8) (4.3) - (42.9) (42.9) 6.7 (15.8) (2.1) (2.1) (17.1) - (I.1) (2.0) (14.0) 11.9 11.9 (105.9) 88.8 111.2 111.2 - - - - - 111.2 111-2 - - - (5.6) - - (5.6) - - - - (5.6) 11.7 - 10.2 1.5 - - - - 11.7 (118.0) - (65.9) (28.7) (23.4) 23.4 23.4 47.8 (165.8) 1.2 - - 1.2 - - - - 1.2 (0.2) - (2.5) 2.3 - - - 14.7 (14.9) (15.8) - (5.5) (10.3) - - - - (15.8) (10.6) 10.6 - - (6.7) - (6.7) - - - (2.7) (4.0) (0.8) (0.8) 6.2 - 3.3 3.1 (0.2) (0.6) (0.6) (1.2) 7.4 0.4 0.4 (2.8) - (3.8) 1.0 - 0.4 0.4 10.3 (13.1) - (67.7) 67.7 25.6 - - - 25.6 (25.6) (25.6) 5.4 20.2 - - _ _ (4.8) 4.8 - (7.8) 7.8 14.6 13.8 0.8 1.2 13.4 72.9 72.9 (97.5) (39.2) (70.1) 11.8 61.1 61.1 (1.2) (96.3) (4.4) 4.4 (4.4) 4.4 El E C 06419 B O 101171 4116 1011.7:00 PM EXH066-00400 ============= Page 21 of 46 ============= Enron Corp Enron Transportation Services (EGPG4) Detailed Variation Analysis 1st Quarter First Quarter 2001 2000 Incr (Decry Revenues NNG 175.0 165.8 9.2 A TW 58.6 39.3 19.3 8 Other Ops 11.9 0.8 11.1 C 245.5 205.9 39.6 Cost of Sales NNG 2.7 0.8 1.9 D TW - 4.0 (4.0) Other Ops - - 2.7 4.8 (2.1) Gross Margin NNG 172.3 165.0 7.3 TW 58.6 35.3 23.3 Other P/L Ops 11.9 0.8 11.1 242.8 201.1 41.7 Operating Expenses incl taxes NNG 65.2 53.6 11.6 E TW 25.5 8.7 16.8 F EOTT - 0.2 (0.2) Other Ops 16.0 2.6 13.4 G NNG - depreciation 11.6 11.1 0.5 TW - depreciation 4.8 4.8 - Other Ops - depreciation 0.3 0.3 123.4 81.0 42.4 Operating Income 119.4 120.1 (0.7) Equity Earnings NNG (Trailblazer, Overthrust) 1.2 0.9 0.3 Citrus 8.1 6.5 1.6 Northern Border 1.8 1.7 0.1 EOTT 2.4 (2.1) 4.5 H Other TOTAL 13.5 7.0 6.5 Gains on Sales NNG (Overthrust/Kingman Land/Zavala) - - - NNG (Tejas/Champlin) - - - NNG (Seagull'00) - - - TW (Burton Flats) (0.1) - (0.1) Trailblazer Monetization - - - Customer County Assets - - Other (0.1) (0.1) Other Income Interest Income 0.1 0.3 (0.2) TW speculative deal-FAS 133 adoption 0.1 - 0.1 NNG speculative deal-FAS133 adoption 0.6 - 0.6 NNG CIAC grossup 0.1 - 0.1 NP (Reimb. Of Transcanada Payment) - - - NNG Overthrust 2000 - 0.9 (0.9) NNG Conoco 2000 - - - ENA swap 2000 - - - NNG ( Cooper Cameron inventory sale) - - - Other (0.4) (0.4) TOTAL 0.5 1.2 (0.7) I61T 133.3 128.3 5.0 NNG 97.4 102.1 (4.7) TW 28.3 21.3 7.0 Citrus 8.2 6.5 1.7 EOTT 2.1 (1.9) 4.0 Other Ops (2.7) (0.2) (2.5) TOTAL [BIT 133.3 127.8 5.5 Interest Expense Int on 3rd party debt 9.4 10.5 (1.1) Other trade interest - - - Capitalized interest (0.1) 0.1 Int exp- trade 9.4 10.4 (1.0) Interco interest (inc)/exp (11.4) (30.2) 18.8 (2.0) (19.8) 17.8 EC06419BO101172 EXH066-00401 ============= Page 22 of 46 ============= A Increase due to higher transportation rates and entitlement units, partially offset by rate case adjustment recorded in 2000. B Increase due to higher sales volumes and prices as well as increased transportation volumes. C Increase due to revenues earned on services provided to EOTT and Mont Belvieu Storage (co 1AI) now in ETS rollup from Clean Fuels. P Increase due to increase in gas prices. E Increase due to higher SBA (system balancing agreement) expense, pipeline refunds in 2000 and timing of O&M expense. F Increase due to higher gas sales, partially offset by net over-retention. G Increase due to costs associated with services provided to EOTT and bonus expense of $1.5mm, consulting fees of $1.0mm and ex-pat deferred bonus payment of $1.2mm. H EOTT MLP ECO6419BO101173 EXH066-00402 ============= Page 23 of 46 ============= Enron Corp Portland General (PGE4) Detailed Variation Analysis 1st Quarter First Quarter 2001 2000 1 ncr(Decr) IBIT Gross revenues PGG Retail & Other 287.0 283.1 3.9 PGG Wholesale 479.9 114.0 365.9 Gross revenues 766.9 397.1 369.8 Cost of sales PGG (581.7) (202.5) (379.2) Other Cost of sales (581.7) (202.5) (379.2) Gross margin 185.2 194.6 (9.4) A Operating expenses (50.2) (59.4) 9.2 B DD&A (incl fair value) (51.3) (46.3) (5.0) C Taxes, other (16.8) (17.9) 1.1 Equity in earnings of unconsol - 1.3 (1.3) D Other income, net Customer Choice 31.0 (31.0) E TOLI (10.4) 10.7 (21.1) F BPC stock sale - 5.7 (5.7) Stock agreement - (11.5) 11.5 Gain on sale of Coyote II - - - Gain on Seneca Partnership - - - Trojan valuation - - NEIL settlement - - - Centralia valuation - - - Onieda leasing rental income 2.5 - 2.5 AFUDC equity 1.2 - 1.2 Other (0.2) (2.9) 2.7 G BIT 60.0 105.3 (45.3) Less reclass of gain on Seneca Adjusted IBIT 60.0 105.3 (45.3) Interest Expense Int on 3rd party debt 18.9 14.5 4.4 H Other trade interest - 3.3 (3.3) I Capitalized interest (0.7) (0.6) (0.1) Int exp - trade 18.2 17.2 1.0 Interco interest (inc)/exp (6.1) (0.5) (5.6) J 12.1 16.7 (4.6) A Gross margin decreased due to significantly high cost market combined with lower hydro generation and higher gas prices and $8.8mm trading reserve, B Decrease due to capitalization of delivery system costs and lower restoration costs of ($6)mm, ($4)mm Corp lower O/H, ($3.8)mm employee benefit costs, and $2.4mm 2000 Colstrip cost of sale provision, offset by higher energy efficiency expenditures of $ 1.4mm and $5mm non-recurring NEIL refunds. C Deprec/Amort expense increased $5 mm due to $5mm lower credit amortizations resulting from Sept. 2000 Trojan b/s offset. D Decrease due to Seneca partnership terminated in 2000 E Decrease due to reversal of purchase accounting reserve for Customer Choice recorded in 2000. F TOLI loss due to market downturn G Increase in Other, Net due to non-recurring 2000 Y2K amortization of $2mm and $1 mm AFDC Equity. H Interest paid on trading deposits $2.6mm, $1.8mm more debt outstanding at higher interest I Lower commercial paper outstanding compared to 2000 J No current year interest on PGH borrowings from Corp., except interest income on merger obligation (resulting from 9/00 Trojan offset) and Oneida balance outstanding. aA EC06419BO101174 EXH066-00403 ============= Page 24 of 46 ============= Enron Corp Retail Energy Services (RETAIL4) Detailed Variation Analysis 1st Quarter First Quarter 2001 2000 Incr Decr BIT Gross revenues Gas sales 249.0 61.9 187.1 Power sales 0.2 - 0.2 MTM 139.3 35.1 104.2 Facilities Services 176.2 133.2 43.0 Outsource & Other 11.8 4.5 7.3 EES Int'l 116.1 78.9 37.2 Investment Earnings - - Total Gross revenues 692.6 313.6 379.0 Cost of sales Gas (250.1) (61.3) (188.8) Power (0.4) - (0.4) Facilities Services (153.5) (114.0) (39.5) Outsource & Other (7.2) (1.8) (5.4) EES Int'I (77.6) (57.2) (20.4) Total cost of sales (488.8) (234.3) (254.5) Gross margin Gas sales (1.1) 0.6 (1.7) Power sales (0.2) - (0.2) MTM 139.3 35.1 104.2 A Facilities Services 22.7 19.2 3.5 Outsource & Other 4.6 2.7 1.9 EES Int'l 38.5 21.7 16.8 B Investment Earnings - Total Gross margin 203.8 79.3 124.5 Operating expenses (164.4) (83.6) (80.8) C Deprec & amort (8.8) (9.1) 0.3 Taxes, other (5.4) (2.6) (2.8) Equity in Unconsol. Affiliates (14.9) 1.9 (16.8) D Gain on sale of Resco warrants 30.0 20.0 10.0 E Other income, net (0.6) (0.1) (0.5) IBIT before Min. Int. 39.7 5.8 33.9 Minority Interest in Omnicron - - - Minority Interest in EES 0.2 (0.2) Total recurring IBIT 39.7 6.0 33.7 Nonrecurring items (pretax) SAB 51 gain on sale of TNPC stock - - - Write-off EES costs Nonrecurring items - Total IBIT 39.7 6.0 33.7 Interest Expense Int on 3rd party debt 0.1 (0.1) 0.2 Other trade interest 0.3 - 0.3 Capitalized interest - (0.1) 0.1 Int exp - trade 0.4 (0.2) 0.6 Interco interest (inc)/exp 1.8 - 1.8 2.2 (0.2) 2.4 ,23 EC06419BO101175 EXH066-00404 ============= Page 25 of 46 ============= A Mark to Market (Gas and Power) gross margin represents origination on deals closed in the quarter. Significant deals closed in 1Q01 include: Quaker Oats $23.6mm, JC Penney $7.6mm, Saks $4.2mm, Verizon $7.5mm, Maine Electricity Consumer Cooperative $20.6mm, OCM BOCES $11.2mm, Owens Illinois $7.4mm, Ohio MSG $5.2mm, Pilkington DSM $4.2mm and OCM NYSEG $4,6mm. The remainder of the margin relates to Mass Market Gas $15'.4mm and other deals totalling $27.5mm. B Change in Europe's margin reflects an increase of $23mm reflecting the growth in Europe's retail business. This increase is offset by $6mm of ETOL margin included in 1000, versus $0 ETOL margin in 1001. ETOL was transferred to Wholesale in 4000. C Operating expense increased as follows: Europe $7mm, EFS $ 5mm, 2000 bonus underaccrual $10mm, IBM IT costs $7mm, commissions $6mm, payroll and other employee-related expenses $20mm, bad debt expense $5mm, legal $4mm and other Outside Services of $16mm. D Equity loss in earnings of TNPC was $14.9 mm in 1001. No equity loss was recorded in 1000. $1.9mm in 2000 reflects Europe ETOL equity earnings- E Gain on sale of TNPC warrants in 1 Q01 represents a larger amount of warrants monetized versus prior year. asp ECO641980101176 EXH066-00405 ============= Page 26 of 46 ============= Enron Corp Enron Broadband Services (EBS) Detailed Variation Analysis 1st Quarter First Quarter 2001 2000 Incr (Decr) IBIT Gross revenues Dark fiber sales 0.5 37.5 (37.0) A Software sales - 10.0 (10.0) B Merchant Investments (5.6) 11.4 (17.0) C Content Services 58.6 0.2 58.4 D Contract Originations 3.8 - 3.8 E Trading 20.1 - 20.1 Other 5.7 5.7 Total Gross revenues 83.1 59.1 24.0 Cost of sales Dark fiber sales (0.1) (7.8) 7.7 Software sales - - - Merchant Investments - - - Content Services - - - Contract Originations - - - Trading (26.6) - (26.6) Other (2.2) (2.2) Total cost of sales (28.9) (7.8) (21.1) Gross margin Dark fiber sales 0.4 29.7 (29.3) Software sales - 10.0 (10.0) Merchant Investments (5.6) 11.4 (17.0) Content Services 58.6 0.2 58.4 Contract Originations 3.8 - 3.8 Trading (6.5) - (6.5) Other 3.5 3.5 Total Gross margin 54,2 51.3 2.9 Operating expenses (69.6) (47.0) (22.6) F Deprec & amort (14.0) (2.9) (11.1) G Taxes, other (8.1) (2.0) (6.1) H Other income, net 2.5 0.3 2.2 IBIT (35.0) (0.3) (34.7) Interest Ex ense Int on 3rd party debt 1.1 - 1.1 Other trade interest - - - Capitalized interest (6.7) - (6.7) Int exp - trade (5.6) - (5.6) Interco interest (inc)/exp (0.1) 3.0 (3.1) (5.7) 3.0 (8.7) A Fiber routes were essentially complete at year-end. B Software sale to Inktomi in 2000. C Decrease due primarily to decline in Avici. Equinix and Mshow investments. D Monetization of additional portion of Content Services business $58M. E Global Crossing $2.2M, Compaq $1.6M F Headcount increased to 970 from 690 G Assets placed in service in last half of 2000 H Increase primarily due to higher payroll taxes (increased headcount) and ad valorem taxes. .25 EC06419BO101177 EXH066-00406 ============= Page 27 of 46 ============= Corporate Staff and Service Group Analysis Corporate Staff & Services Groups - Costs Retained (In thousands of dollars, except headcount) Fi rst Quarter 2001 2000 Variance Executive (11.3) (5.6) (5.7) Legal (2.9) (2.2) (0.7) Risk Assessment & Controls 0.9 (0.1) 1.0 Accounting (3.9) (3.6) (0.3) Tax (4.4) (2.1) (2.3) SAP ISC (1.9) (1.9) - Strategic Sourcing (2.0) (0.4) (1.6) Investor Relations (1.1) (0.9) (0.2) Government Affairs (3.1) (0.1) (3.0) Public Affairs (2.2) (3.6) 1.4 Property Services & Aviation (1.1) (1.7) 0.6 Corporate Development (1.3) (1.0) (0.3) Human Resources (5.1) (3.0) (2.1) Community Relations (2.3) (2.2) (0.1) V Benefit Plans - $8.4 restricted stock, $7.1 bonus accrual (30.9) (13.1) (17.8) t~ Allocation of stock option charge - 10.9 (10.9) Restricted stock hedge loss (5.6) - (5.6) Amortizations (16.3) (14.0) (2.3) IT costs - timing of allocations in 2000, moved to ENW in 2001 - (9.4) 9.4 Interest income 5.2 12.6 (7.4) EBS costs (4.7) - (4.7) EREC adjustment - - - Azurix adjustment - (8.0) 8.0 Other (1.8) (3.7) 1.9 Total Corporate costs retained (95.8) (53.1) (42.7) Azurix (31.5) (6.0) (25.5) Structured Transactions 4.8 6.8 (2.0) EREC (16.8) 11.9 (28.7) Clean Fuels (17.1) (3.3) (13.8) Enron Investment Partners (1.4) (0.4) (1.0) Total Corporate & Other - recurring (157.8) (44.1) (113.7) 4116/01 8:04 PM O:\Corpaate\GPGFin\CORPRPTG\EARNINGS\2001\1Q 01\Vu1Q01 Other.,ds)CORP ECO6419BO101178 EXH066-00407 ============= Page 28 of 46 ============= Enron Cor EREC EREC+ERECMIN Detailed Variation Analysis 1st Quarter First Quarter 2001 2000 Incr (Decr) EREC EREC+ERECMIN Gross Margin Trent Mesa 3.2 - 3.2 A Montford 3.4 - 3.4 A German Sub - "Tacke" (1.0) 7.6 (8.6) B Lake Benton II - 3.0 (3.0) A Other 0.7 2.5 (1.8) 6.3 13.1 (6.8) Op Costs & Expenses (22.5) (12.9) (9.6) C Equity in Unconsol Subs Qualified Facility Partnerships (0.4) 11.9 (12.3) D Other (0.1) - (0.1) Other income (excl Min Int) (0.1) 0.4 (0.5) IBIT - EREC (16.8) 12.5 (29.3) EREC - Minority Interest 0.6 (0.6) (16.8) 13.1 (29.9) A Project gross margin increased due to Trent Mesa and Montford projects in America during 2001 offset by Lake Benton II in 2000. B Europe gross margin decreased due to lower turbine sales in 2001. C Operating costs and expense increased primarily due to higher G&A costs in Europe. D Qualified Facility Partnership income decreased due to 1999 income being recorded in 2000 with no similar activity in 2001 and a build-up of reserves in 2001 due to utilities not paying on energy contracts. d27 EC06419B0101179 EXH066-00408 ============= Page 29 of 46 ============= Enron Corp Clean Fuels Detailed Variation Analysis 1st Quarter Fi rst Quarter 2001 2000 Incr (Decr) Clean Fuels Revenues 37.9 54.9 (17.0) A Cost of Sales (33.1) (42.1) 9.0 A Reversal against charge to reflect losses on contracted MTBE production - 7.7 (7.7) B Op Costs & Expenses (21.9) (24.0) 2.1 C Equity in Unconsol Subs - - - Other income (incl Min Int) 0.1 0.2 (0.1) [BIT - CF (17.0) (3.3) (13.7) A: Primarily due to lower volumes as a result of the plants being non-operational for half of quarter. B: Reserve was fully utilized at end of second quarter 2000. C: Decrease due to Mt Belvieu Storage (co 1A1) moving to ETS roll-up. .7g EC06419BO101180 EXH066-00409 ============= Page 30 of 46 ============= EES Restatement of Revenues and IBIT Revenues 1999 Q1 Q2 Q3 Q4 Year Reported 370 340 542 555 1,807 Reclass to EWS (189) (179) (340) (223) (931) EES - Revised 181 161 202 332 876 MIT (recurring) 1999 Q1 Q2 Q3 Q4 Year Reported (31) (26) (18) 7 (68) Reclass to EWS (8) (7) 3 30 18 EES - Revised (39) (33) (15) 37 (50) 2000 Q1 Q2 Q3 Q4 Year 642 840 1,476 1,657 4,615 (328) (420) (941) (1,160) (2,849) 314 420 535 497 1,766 2000 Q1 Q2 Q3 Q4 Year 16 24 30 33 103 Excludes non-recurring items in 04 (10) 22 (3) (1) 8 Negatives are income to EWS and positives are loss to EWS 6 46 27 32 111 ECO6419B0101181 EES restate by qtr.xls, Summary 1121 4/16/2001, 11:03 PM EXH066-00410 ============= Page 31 of 46 ============= ENRON CORP CALCULATION OF EARNINGS PER SHARE 3 - months ended March 31, 2001 2000 Numerator: Basic Income before cumulative effect of accounting changes $ 406.0 $ 338.4 Preferred stock dividends: Series J Second Preferred Stock (4.1) (4.4) Series B Convertible Preferred Stock (16.3) (16.4) Income available to common shareholders before cumulative effect of accounting changes 385.6 317.6 Cumulative effect of accounting changes 19.0 - Income available to common shareholders $ 404.6 $ 317.6 Diluted Income available to common shareholders $ 385.6 $ 317.6 Effect of assumed conversion of dilutive securities: Series J Second Preferred Stock (a) 4.1 4.4 Series B Convertible Preferred Stock (a) 16.3 16.4 Income before cumulative effect of accounting changes 406.0 338.4 Cumulative effect of accounting changes 19.0 - Income available to common shareholders after assumed conversions $ 425.0 $ 338.4 Denominator: Denominator for basic earnings per share - weighted-average shares 751.5 722.5 Effect of assumed conversion of dilutive securities: Series J Second Preferred Stock (a) 33.3 35.2 Series B Convertible Preferred Stock (a) 50.0 50.0 Stock options 31.9 44.2 Forward Contracts 4.9 - Dilutive potential common shares 120.1 129.4 Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversions 871.6 851.9 Basic earnings per share: Before cumulative effect of accounting changes $ 0.51 $ 0.44 Cumulative effect of accounting changes $ 0.03 $ - Basic earnings per share $ 0.54 $ 0.44 Diluted earnings per share: Before cumulative effect of accounting changes $ 0.47 $ 0.40 Cumulative effect of accounting changes $ 0.02 $ - Diluted earnings per share $ 0.49 $ 0.40 (a) The Series J Second Preferred Stock and the Series B Convertible Preferred Stock are both dilutive in the first quarter of 2001 and 2000. O ECO6419BO101182 EXH066-00411 ============= Page 32 of 46 ============= Enron Corp. Interest Expense (Millions of Dollars) 2000 Actuals 2001 Actuals 1st Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Variance Interest on third party debt Co 99 only Interest on long-term debt 100.5 101.7 99.9 125.2 427.3 67.4 67.4 (33.1) Interest on short-term debt 1.9 1.1 (2.8) 6.1 6.3 2.4 2.4 0.5 Other interest - Inter Company 0.1 2.3 (2.4) 33.6 33.6 33.5 Interest rate swaps 6.5 15.6 7.6 (4.0) 25.7 (15.2) (15.2) (21.7) 109.0 120.7 102.3 127.3 459.3 88.2. 88.2 (20.8)., __ Corp & IVEST4E (excluding Co 99) 25.2 13.8 (1.2) (11.8) 26.0 (10.9) (10.9) (36.1) Elims (ENRON4E) - - 14.3 (19.2) (4.9) (0.6) (0.6) (0.6) ECM (Corp) (0.4) 29.7 62.3 70.3 161.9 74.5 74.5 74.9 EREC 0.8 1.5 0.8 2.1 5.2 1.0 1.0 0.2 Clean Fuels - (0.2) (0.1) (0.3) (0.1) (0.1) (0.1) EOG - - - ' ETS-(NNG/TWP) 10.5 9.9 9.5 9.5 39.4 9.4 9.4 (1.1) PGE 17.8 18.2 18.4 18.0 72.4 18.9 18.9 1.1 Wholesale: North America(EGSVC) 0.3 - 6.1 14.8 21.2 0.2 0.2 (0.1) WHOLE4E - - (3.2) - (3.2) (1.0) (1.0) (1.0) Enron - Europe(ECINT) 4.7 (1.1) 14.0 22.6 40.2 5.4 5.4 0.7 Global Assets - - - 13.8 13.8 13.8 CALME 0.5 (0.3) 0.2 2.0 2.4 - (0.5) APACHI 0.7 2.2 4.6 4.1 11.6 - - (0.7) South America (1.5) (3.1) 5.8 3.6 4.8 - 1.5 San Juan 0.2 0.2 0.3 0.7 - - (0.2) India - 0.1 1.9 1.3 3.3 - EGBLM(Gtobal Markets) - - 0.1 5.7 5.8 0.6 0.6 0.6 El Regions (1) - - - (2) - - ECMGR(Wholesale) 2.2 4.2 4.2 6.9 17.5 11.7 11.7 9.5 EENGC - - 0.3 0.3 - EGEPG EXH066-00412 EBS EES Total 3rd Party Capitalized Interest EOG EGPG PGE North America EGBLM(Global Markets) Global Assets CALME APACHI ESA India El HQ(CRPINT) El Regions EBS EES CORP EREC Clean Fuels Total Capitalized Interest Amort of debt discount Discount on assigned receivables Total Intercompany Interest Total Interest Expense 0.1 (0.7) (0.7) (0.1) 0.1 0.1 8.3 (0.5) (0.5) (0.5) 0.3 0.7 (6.7) (6.7) (6.7) 0.1 (8.5) (8.5) (8.5) 2.2 0.1 (16.3) - - (16.3) (4.0) 4.8 4.8 1.1 161.3 195.5 247.4 234.0 838.2 201.2 201.2 39.9 161.3 195.5 247.0 234.0 837.8 201.2 201.2 (1) 1999 4th qtr decrease due to the restructuring of Elektro Debt. (2) Qtr decrease due to El's trade interest expense being reported by regions in 2000. 3 1 Intexp igOI.xls, interest 7.1 2.2 34.0 61.3 104.6 30.7 30. 0.1 0.1 0.6 0.8 1.1 1.1 1.1 (0.1) 1.3 5.4 _.._.(1.3) 5.3 0.5 0.5 0.6... 169.9 197.4 245.7 256.7 869.7... 212.7 212.7 _ _ 42.8 (0.1) (0.1) (0.3) (0.2) (0.7) (0.6) (0.8) (1.0) (1.0) (3.4) (8.2) (7.3) 0.1 0.6 (14.8) - - - (0.3) (0.3) (1.5) (0.4) (1.9) (1.4) (0.6) (1.0) (3.0) (2.1) 1.4 (0.3) (1.0) (0.3) (0.4) (1.6) (2.3) (0.7) 0.9 0.2 - 0.4 - - - (25.6) (25.6) (0.1) (0.3) 0.4 - (2.2) (1.5) (1.0) (4.7) (0.1) (0.1) 0.2 (12.3) (13.1) (2.7) (29.2) (57.3) 3.7 4.7 4.4 6.5 19.3 6.5 - 6.5 ECO6419BU101183 4/16/2001, 10:33 PM ============= Page 33 of 46 ============= Enron Corp. Dividends on Preferred of Subs (Millions of Dollars) (Preliminary) (VEST: Enron Capital Trust I (1P1) - TOPrS Enron Capital Trust II (964) - TOPrS Enron Capital Trust III (970) - ACTs Enron Capital LLC (579) - MIPS Enron Capital Resources LP (655) - MIPS Organizational Partner, Inc (604) PGE EEC (445) EGBLM(Global Markets) EGA(37T) Rounding entry Total Dividends on Pref of Subs Intexp IgOl.xls, div on pref 2000 Actuals 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 4.2 4.1 4.1 4.2 16.6 3.0 3.0 3.1 3.0 12.1 3.2 3.3 - - 6.5 4.3 4.2 4.3 4.3 17.1 1.7 1.7 1.7 1.7 6.8 0.4 0.4 0.4 0.4 1.6 16.8 16.7 13.6 13.6 60.7 0.6 0.6 0.5 0.6 2.3 - 2.1 4.4 2.1 8.6 - 2.4 1.2 1.9 5.5 0.7 (0.7) - (0.1) (0.1) 18.1 21.1 19.7 18.1 77.0 3~ 2001 Actuals 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 4.2 4.2 3.0 3.0 4.3 4.3 1.7 1.7 0.4 0.4 13.6 13.6 0.6 0.6 2.2 2.2 1.9 1.9 (0.3) (0.3) 18.0 - - - 18.0 18.0 EC06419BO101184 4/16/2001, 8:31 PM EXH066-00413 ============= Page 34 of 46 ============= ENRON CORP. Table I - Earnings Summary (Unaudited: in millions, except per share data) Revenues Transportation and Distribution: Transportation Services Portland General Wholesale Services Retail Energy Services (a) Broadband Services Corporate and Other (including intercompany eliminations) Total Revenues Quarter Ended March 31, 2001 2000 $ 246 $ 206 767 397 48,506 12,329 693 314 83 59 (166) (160) $ 50,129 $ 13,145 After tax results Net income excluding nonrecurring items $ 406 $ 338 Non-recurring items Cumulative effect of accounting change 19 - Net income $ 425 $ 338 Earnings per share (diluted) (b) EPS (diluted) excluding nonrecurring items $ 0.47 $ 0.40 Non-recurring items Cumulative effect of accounting change 0.02 - EPS (diluted) $ 0.49 $ 0.40 Average shares outstanding (diluted) (b) 871.6 851.9 (a) See Table 3b. (b) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the first quarter of 2000 and 2001. t11 m ECO6419BO101185 EXH066-00414 ============= Page 35 of 46 ============= First Quarter 2001 ENRON CORP. _ - Table 2a - Results by Segment (Unaudited: in millions, except per share amounts) Non- Recurring Recurring Total IBIT: Transportation and Distribution: Transportation Services Portland General Wholesale Services Retail Energy Services Broadband Services Corporate and Other IBIT Interest and Related Charges, net Dividends on Preferred Securities of Subsidiaries Minority Interests Income Tax Expense Net Income Before Cumulative Accounting Change Cumulative Effect of Accounting Change, net of tax Net Income Preferred Dividends (a): Second Preferred Stock Series B Preferred Stock Earnings on Common Stock Average Number of Shares Used: Basic Diluted Earnings per Common Share: Basic Diluted $ 133 $ $ 133 60 60 755 755 40 40 (35) (35) (158) (158) 795 - 795 201 201 18 18 40 40 130 130 406 - 406 19 19 ,~ 406 19 425 4 4 16 16 $ 386 $ 19 $ 405 751.5 871.6 871.6 871.6 $ 0.54 $ 0.47 $ 0.02 $ 0.49 (a) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the first quarter of 2001. ECO6419BO101186 EXH066-00415 ============= Page 36 of 46 ============= First Quarter 2000 ENRON CORP. - - Table 2b - Results by Segment (Unaudited: in millions, except per share amounts) IBIT: Transportation and Distribution: Transportation Services Portland General Wholesale Services Retail Energy Services (a) Broadband Services Corporate and Other IBIT Interest and Related Charges, net Dividends on Preferred Securities of Subsidiaries Minority Interests Income Tax Expense Net Income Preferred Dividends (b): Second Preferred Stock Series B Preferred Stock Earnings on Common Stock Average Number of Shares Used: Basic Diluted Earnings per Common Share: Basic Diluted Non- Recurring Recurring Total $ 128 $ $ 128 105 105 429 429 6 6 (44) (44) 624 - 624 161 161 18 18 35 35 72 72 338 - 338 4 4 16 16 $ 318 $ - $ 318 722.5 851.9 851.9 851.9 $ 0.44 $ 0.40 $ - $ 0.40 (a) See Table 3b. (b) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the first quarter of 2000. Ul N) ECO6419BO101187 EXH066-00416 ============= Page 37 of 46 ============= ENRON CORP. Table 3a - Business Highlights (Unaudited) Quarter Ended March 31, 2001 2000 Transportation Services (In Millions) Net Revenues $ 243 $ 201 Operating Expenses 107 65 Depreciation and Amortization 17 16 Equity in Earnings 14 7 Other, net - 1 IBIT $ 133 $ 128 Total Volumes Transported (BBtu/d) (a) Northern Natural Gas 3,750 4,147 Transwestern Pipeline 1,725 1,566 Florida Gas Transmission 1,234 1,563 Northern Border Pipeline 2,490 2,464 Portland General (In Millions) Revenues $ 767 $ 397 Purchased Power and Fuel 582 202 Operating Expenses 67 78 Depreciation and Amortization 51 46 Other Income, net (7) 34 IBIT $ 60 $ 105 Retail Customers (end of period, thousands) 727 724 Electricity Sales (Thousand MWh) Residential 2,171 2,361 Commercial 1,820 1,872 Industrial 1,200 1,169 Total Retail 5,191 5,402 Wholesale 2,739 4,281 Total Sales 7,930 9,683 (a) Reflects 100% of each entity's throughput volumes. t?c) ECO641980101188 EXH066-00417 ============= Page 38 of 46 ============= ENRON CORP. Table 3b - Business Highlights (Unaudited) - Quarter Ended March 31, 2001 2000 Wholesale Services (In Millions) Commodity Sales and Services $ 785 $ 256 Assets and Investments 59 220 Unallocated Expenses (89) (47) IBIT $ 755 $ 429 Commodity Sales and Services Physical Volumes (BBtue/d) Gas: United States 20,898 16,217 Canada 6,358 4,389 Europe and Other 8,699 2,469 35,955 23,075 Transportation Volumes 506 456 Total Gas Volumes 36,461 23,531 Crude Oil and Liquids 6,836 6,134 Electricity (a) 25,732 12,170 Total Physical Volumes (BBtue/d) 69,029 41,835 Electricity Volumes (Thousand MWh) United States 195,246 102,903 Europe and Other 36,339 7,844 Total 231,585 110,747 Financial Settlements (Notional)(BBtue/d) 302,694 141,865 Retail Energy Services Revenues (in millions) (b) $ 693 $ 314 IBIT (in millions) (b) $ 40 $ 6 Total Contract Value (in billions)(c) $ 5.9 $ 3.7 Broadband Services Revenues (in millions) $ 83 $ 59 IBIT (in millions) $ (35) $ - Total Contract Value (in millions)(c) $ 45 $ 31 Terabytes Delivered (d) 43,400 6,005 (a) Represents electricity volumes, converted to BBtue/d. (b) Beginning in 2001, risk management activities associated with Enron's retail customers are managed by Wholesale Services. Prior to the restatement, Retail Energy Services' reported revenues and recurring IBIT were $642 million and $16 million, respectively, for the first quarter of 2000 and $4,615 million and $103 million, respectively, for the full year 2000. Restated full year 2000 revenues and recurring IBIT were $1,766 million and $111 million, respectively. Current year and the restated 2000 amounts include activities related to the management of customer relationships, net profits of new commodity contracts originated and all flows related to energy asset management and services. (c) Represents customers' estimated future expenditures related to new contracts. (d) Unit of measurement for data delivered, equal to one trillion bytes. EC06419BO101189 h W) EXH066-00418 ============= Page 39 of 46 ============= SELECTED FINANCIAL DATA tnron corp. ana auosimanes 1999 2000 2001 In Millions Except Per Share Amounts 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr Revenues, Net of intercompany Transportation and Distribution $ 178 $ 121 $ 160 $ 175 $ 634 $ 202 $ 163 $ 126 $ 201 $ 692 $ 247 Transportation Services Portland General 299 296 407 377 1,379 397 382 663 608 2,050 686 Wholesale Services (1) 6,691 8,702 10,841 9,938 36,172 12,162 15,632 409 28,445 513 39,201 452 95,440 1 662 48,407 642 Retail Energy Services (1) 188 157 181 321 - 847 - 288 59 151 135 63 , 408 85 Broadband Services Exploration and Production (2) - 149 - 175 - 105 - 429 - 37 - 149 - 125 - 226 - 537 - 62 Corporate and Other 127 221 672 $ 141 11 835 $ 162 10 973 651 $ 40 112 13 145 $ 886 16 007 $ 30 $ 40,751 $ 100,789 $ 50,129 Total $ 7,632 $9, , , , , , , Net Income Income (Loss) Before Interest, Minority Interests and Income Taxes Transportation and Distribution $ 126 $ 72 $ 85 $ 97 $ 380 $ 128 $ 77 $ 83 $ 103 $ 391 $ 133 Transportation Services Portland General 92 56 52 105 305 105 62 74 100 341 60 Wholesale Services (1) 328 363 375 233 1,299 429 415 46 630 27 778 32 2,252 111 755 40 Retail Energy Services f1) (39) (33) (15) - 37 - (50) - 6 - (8) (20) (32) (60) (35) Broadband Services - 12 - 20 33 - 65 - - - - - - Exploration and Production (2) d Other t C 14 9 23 1 17 44 17 128 134 289 158 orpora e an IBIT - Recurring 533 469 507 473 1,982 624 609 666 847 2,746 795 s) orted Earnin f Re A l i It S R i N - - 13 - 13 - - 264 264 - g p ee na ys s o ems ( ecurr ng on- 473 1 995 624 609 666 583 2482 795 Total IBIT net Interest and Related Charges 533 175 469 175 520 187 119 , 656 161 196 247 234 838 201 , Dividends on Company-Obligated Preferred Securities of Subsidiaries 19 19 19 19 76 18 21 20 18 45 77 154 18 40 Minority Interests 33 53 23 30 38 14 41 35 135 104 35 72 39 64 35 72 226 434 130 Income Tax Provision (Benefit) Net Income Before Cumulative Changes 253 222 290 259 1,024 338 289 292 60 979 406 Cumulative Effect of Accounting Changes, net of tax 131 122 - 222 - 290 259 131 893 - 338 - 289 - 292 60 979 19 425 Net Income d Stock Dividend (3) f P 4 19 19 24 66 20 21 21 21 83 20 re erre 71 235 $ 827 $ 318 $ 268 $ 271 $ 39 $ 896 $ 405 Earnin s on Common Stock $ 118 $ 203 $ 2 $ Earnings Per Share (4) Basic $ 0.17 0.29 0.38 0.33 $ 1.17 $ 0.44 0.37 0.37 0.05 $ 1.22 $ 0.54 Diluted Recurring $ 0.34 $ 0.27 $ 0.27 $ 0.31 $ 1.18 $ 0,40 $ 0.34 $ 0.34 $ 0.41 $ 1.47 $ 0.47 sis of Reported Earnings) Items (See Anal Non-Recurrin 0.18 - 0.08 0.08 - - 0.36 0.35 0.02 y g 31 0 $ 1 10 0 40 $ 34 0 34 $ 0 $ 05 0 $ 12 1 $ 0.49 Reported $ 0.16 $ 0.27 $ 0.35 $ . . . . . . . Depreciation, Depletion and Amortization Transportation and Distribution $ 17 $ 17 $ 18 $ 14 $ 66 $ 16 $ 17 $ 16 $ 18 $ 67 $ 17 Transportation Services Portland General 46 48 43 44 181 46 46 60 59 211 51 Wholesale Services 57 70 71 96 294 75 9 85 9 89 10 94 10 343 38 92 9 Retail Energy Services 6 4 9 10 - 29 - 3 8 52 14 77 14 Broadband Services Exploration and Production (2) - 82 - 89 - 42 - 213 - - - - 119 - 30 orate and Other r C 7 8 42 30 87 23 27 29 40 p o 225 194 $ 870- f-$ - 172 $ 192 $ 256 $ 235 $ 855 $ 213 Total $ 215 $ 236 $ $ (1) Beginning in 2001, risk management activities associated with Enron's retail customers are managed by Wholesale Services. Prior period Wholesale Services and Retail Energy Services amounts have been restated. (2) Reflects results of Enron Oil & Gas through August 16, 1999, the dale of the share exchange transaction; following this dale the results of the exploration and production operations in India and China are included in Wholesale Services. (3) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the first three quarters of 2000 and both antidilutive in the fourth quarter. The Second Preferred Stock is dilutive for the year-to-date 2000, while the Series B Preferred Stock is antidilutive for the same period. The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the first quarter of 2001. (4) Adjusted to reflect two-for-one common stock split effective August 13, 1999. EC06419B0101190 Printed: 4/17/2001 12:37 AM EXH066-00419 ============= Page 40 of 46 ============= ANALYSIS OF REPORTED EARNINGS onron for . anu auosiwarres 1999 2000 2001 In Millions, Except Per Share Amounts 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr Diluted Earnings Per Share - Recurring (1) $ 0.34 $ 0.27 $ 0.27 $ 0.31 $ 1.18 $ 0.40 $ 0.34 $ 0.34 $ 0.41 $ 1.47 $ 0.47 Non-Recurring Earnings (Loss) Items Per Share (1) Corporate and Other Charge to reflect impairment by Azurix of certain assets - - - - - - - - (0.41) (0.40) - Gain on The New Power Company, net - - - - - - - - 0.05 0.05 - Gain on sale of subsidiary stock - - 0.44 - 0.45 - - - - Charge to reflect losses on impairment of MTBE assets - - (0.36) - (0.36) - - - - - - Cumulative effect of accounting changes (2) (0.18) - - - (0.17) - - - - 0.02 Total Non-Recurring Earnings (Loss) Items Per Share (0.18) - 0.08 - (0.08) - - - (0.36) (0.35) 0.02 Reported Diluted Earnings Per Share $ 0.16 $ 0.27 $ 0.35 $ 0.31 $ 1.10 $ 0.40 $ 0.34 $ 0.34 $ 0.05 $ 1.12 $ 0.49 Average Number of Common Shares Used In Diluted Computation (1) 744.6 771.1 781.1 779.1 769.0 851.9 862.2 869.6 787.7 813.9 871.6 Non-Recurring Earnings (Loss) Items - After tax (3) Corporate and Other Charge to reflect impairment by Azurix of certain assets $ - $ - $ - $ - $ - $ - $ - $ - $ (326) $ (326) $ - Gain on The New Power Company, net - - - - - - - - 39 39 - Gains on sales of subsidiary stock - - 345 - 345 - - - - - - Charge to reflect losses on impairment of MTBE assets - - (278) - (278) - - - - - - Cumulative effect of accounting changes (2) (131) - - - (131) - - - - - 19 Total Non-Recurring Earnings (Loss) Items - After tax $ 131 $ - $ 67 $ - $ 64 $ - $ - $ - $ 287 $ (287) $ 19 Non-Recurring Earnings (Loss) Items - Pretax Corporate and Other Charge to reflect impairment by Azurix of certain assets $ - $ - $ - $ - $ - $ - $ - $ - $ (326) $ (326) $ - Gain on The New Power Company, net - - - - - - - - 62 62 - Gains on sales of subsidiary stock - - 454 - 454 - - - - - - Charge to reflect losses on impairment of MTBE assets - - (441) - (441) - - - - - - Cumulative effect of accounting changes (2) (200) - - - (200) - - - - - 31 - Total Non-Recurring Earnings (Loss) Items - Pretax $ (200) $ - $ 13 $ - $ 187 $ - $ - $ - $ (264) $ (264 $ 31 (1) Adjusted to reflect two-for-one common stock split effective August 13, 1999. (2) 1999 primarily due to the adoption of an accounting pronouncement requiring that costs for all start-up activities and organization costs be expensed as incurred. 2001 due to the adoption of an accounting pronouncement requiring the measurement of all derivative instruments at fair value. (3) Except where a specific tax rate applied, assumes a 35% tax rate. .31? EC06419B0101191 Printed: 4/17/2001 12 37 AM EXH066-00420 ============= Page 41 of 46 ============= CAPITAL STRUCTURE AND STATISTICS Enron Cor . and Subsidiaries (In Millions, Except Per Share Amounts) 1st Qtr 2nd Qtr 1999 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 2000 3rd Qtr 4th Qtr Year 2001 1st Qtr Common Shares Outstanding (1) Average, Basic 683.4 708.0 714.1 715.3 705.3 722.5 733.4 741.2 747.8 736.2 751.5 Average, Diluted 744.6 771.1 781.1 779.1 769.0 851.9 862.2 869.6 787.7 813.9 871.6 End of Period, Diluted 764.4 779.0 781.1 783.2 783.2 861.3 858.3 872.3 791.1 824.5 874.2 Market Price Per Share (end of period) (1) $ 32.125 $ 40.875 $ 41.063 $ 44.375 $ 44.375 $ 74.875 $ 64.500 $ 87.645 $ 83.125 $ 83.125 $ 58.100 Dividends Per Share Cumulative Second Preferred Convertible Stock ('Series J') (2) (3) (4) $ 3.413 $ 3.413 $ 3.413 $ 3.413 $ 13.652 $ 3.413 $ 3.413 $ 3.413 $ 3.413 $ 13.652 $ 3.413 Junior Convertible Preferred Stock ('Series A') (5) - 59.150 59.233 - 118.383 - - - - - Junior Manditonly Convertible Preferred Stock ('Series B') (4) (5) - - 4.333 65.000 69.333 65.000 65.000 65.000 65.000 260.000 65.000 Common Stock (1) 0.125 0.125 0.125 0.125 0.500 0.125 0.125 0.125 0.125 0.500 0.125 Company-Obligated Preferred Stock of Subsidiaries 8% Cumulative Preferred ('Series C") (3) 0.500 0.500 0.500 0.500 2.000 0.500 0.500 0.500 0.500 2.000 0.500 9% Cumulative Preferred ("Series A') (3) 0.563 0.563 0.563 0.563 2.252 0.563 0.563 0.563 0.563 2.252 0.563 8.57% Cumulative Preferred 2,142.500 2,142.500 2,142.500 2,142.500 8,570.000 2,142.500 2,142.500 2,142.500 2,142.500 8,570.000 2,142.500 7.39% Cumulative Preferred 1,847.500 1,847.500 1,847.500 1,847.500 7,390.000 1,847.500 1,847.500 1,847 500 1,847.500 7,390.000 1,847.500 8.30% Trust Originated Preferred ('Series T") (3) 0.519 0.519 0.519 0.519 2.076 0 519 0.519 0.519 0.519 2.076 0.519 8.125% Trust Originated Preferred ('Series R") (3) 0.508 0.508 0.508 0.508 2.032 0.508 0508 0.508 0.508 2.032 0.508 7.1% Cumulative Preferred 19.878 19.878 19.878 19.878 79.512 19.878 19.878 19.878 19.878 79.512 19.878 Adjustable Rate Trust Securities (6) 13.653 12.968 13.177 14.430 54.228 16.105 11.691 - - 27.796 - 7.75% Cumulative Preferred 1.938 1.938 1.938 1.938 7.750 1.938 1.938 1.938 1.938 7.752 1.938 LNG Power II, L.L.C. Preference Units - - - - - - 18.125 18.125 18.125 54.375 18.125 Capital Structure Total Debt $ 9,419 $ 8,979 $ 8,592 $ 8,152 $ 8,152 $ 10,172 $ 11,697 $ 13,781 $ 10,229 $ 10,229 n/a Percent 44.1 41.5 41.4 38.5 38.5 43.7 46.3 49.5 40.9 ' 40.9 n/a Minority Interests $ 2,125 $ 2,475 $ 1,822 $ 2,430 $ 2,430 $ 1,872 $ 1,893 $ 1,889 $ 2,414 $ 2,414 n/a Percent 9.9 11.4 8.8 11.5 11.5 8.0 7.5 6.8 9.7 9.7 n/a Company-Obligated Preferred Securities of Subsidiaries $ 1,001 $ 1,001 $ 1,001 $ 1,000 $ 1,000 $ 1,099 $ 899 $ 904 $ 904 $ 904 n/a Percent 4.7 4.6 4.8 4.7 4.7 4.7 3.6 3.2 3.6 3.6 n/a Shareholders' Equity $ 8,824 $ 9,206 $ 9,345 $ 9,570 $ 9,570 $ 10,140 $ 10,769 $ 11,276 $ 11,470 $ 11,470 n/a Percent 41.3 42.5 45.0 45.3 45.3 43.6 42.6 40.5 45.8 45.8 n/a Annual Date Optional Redemption Securities PREFERRED STOCK Dividend Rate Issued Call Date Price Authorized Original Issue Outstanding at 313112001 Enron Corp. Second Preferred Stock ('Series J ") (2) (3) (4) $ 13.65 8/83 8/93 $ 100 1,370,000 2,396,455 1,210,506 Enron Corp. Junior Manditoriy Convertible Preferred Stock ('Series B") (4) (5) 6.500% 9/99 n/a 4,000 250,000 250,000 250,000 Preferred Securities of Subsidiary Companies Enron Capital L.L.C. ('Series C") (3) 8.000% 11/93 11/98 25 9,200,000 8,550,000 8,550,000 Enron Capital Resources, L. P. ('Series A') (3) 9.000% 7/94 8/99 25 3,000,000 3,000,000 3,000,000 Enron Equity Corp. 8.570% 12/94 12/99 100,000 880 880 880 Enron Equity Corp. 7.390% 4/96 4/01 100,000 150 150 150 Enron Capital Trust I ('Series T") (3) 8.300% 11/96 12/01 25 8,000,000 8,000,000 8,000,000 Enron Capital Trust II ("Series R") (3) 8.125% 1197 3/02 25 6,000,000 6,000,000 6,000,000 Private Placement 7.100% 3/97 4/02 n/a (7) 20,000 20,000 20,000 Enron Capital Trust III (6) Variable 6/97 Variable 1,000 200,000 200,000 - Portland General Electric Company 7.750% 6/93 n/a 100 30,000,000 300,000 300,000 LNG Power II, L.L.C. Preference Units 6.740% (e) 3/00 n/a 1,000 105,000 105,000 105,000 (1) Adjusted to reflect two-for-one common stock split effective August 13, 1999. (5) On September 24, 1999. one share of Series B Junior Manditorily Convertible Preferred Stock was issued in exchange for eac h share of (2) Each share is convertible into 27.304 shares of Enron common stock at the holder's option following the call by Enron in 1993 (adjusted for common Series A Junior Voting Convertible Preferred Stock. Each sh are of Series B is manditorly convertible i nto 200 shares of Enron common stock split effective August 13, 1999). The dividend is equal to the higher of $10.50 per shar e or the equivalent dividend that would be paid if the shares stock on January 15, 2003. had been converted. (6) Redeemed June 6, 2000. (3) Publicly traded on the New York Stock Exchange. (7) Redemption price varies based on original issue amounts. (4) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the first thr ee quarters of 2000 and both antidilutive in the fourth quarter. (8) Initial rate is 6.74% increas ing to 7.79%. The Second Preferred Stock is diklive for the year-to-date 2000, while the Series B Preferre d Stock is antidilutive for th e same period. The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the first quarter of 2001 . 4L0 EC06419BO101192 Printed: 4/17/200112:38 AM EXH066-00421 ============= Page 42 of 46 ============= CONSOLIDATED BALANCE SHEET Enron Corp. and Subsidiaries 1999 2000 (In Millions) 3/31 6130 9130 12131 3/31 6/30 9/30 12131 Current Assets Cash and cash equivalents $ 296 $ 286 $ 316 $ 288 $ 466 $ 718 $ 697 $ 1,374 Trade and other receivables, net 3,534 3,522 3,851 3,548 4,352 6,269 7,675 12,270 Assets from price risk management activities 1,554 1,756 2,156 2,205 3,139 5,696 7,294 12,018 Inventories 458 557 613 598 437 571 1,942 953 Other 603 772 631 616 939 1,116 1,198 3,766 Total Current Assets 6,445 6,893 7,567 7,255 9,333 14,370 18,806 30,381 Investments and Other Assets Investments in and advances to unconsolidated equity affiliates 4,632 4,779 4,968 5,036 6,020 5,621 5,376 5,294 Assets from price risk management activities 2,271 2,364 3,052 2,929 3,428 5,228 7,367 8,988 Goodwill 2,690 2,696 2,636 2,799 2,905 3,408 3,646 3,638 Other 5,076 5,599 5,578 4,681 5,101 5,728 6,348 5,459 Total Investments and Other Assets 14,669 15,438 16,234 15,445 17,454 19,985 22,737 23,379 Property, Plant and Equipment, at cost 17,197 17,507 12,924 13,912 14,012 14,682 15,133 15,459 Less accumulated depreciation, depletion and amortization 5,612 5,691 3,149 3,231 3,315 3,471 3,680 3,716 Net Property, Plant and Equipment 11,585 11,816 9,775 10,681 10,697 11,211 11,453 11,743 Total Assets $ 32,699 $ 34,147 $ 33,576 $ 33,381 $ 37,484 $ 45,566 $ 52,996 $ 65,503 Current Liabilities Accounts payable $ 2,694 $ 2,603 $ 2,281 $ 2,154 $ 2,914 $ 4,400 $ 5,390 $ 9,777 Liabilities from price risk management activities 1,542 2,386 2,829 1,836 2,697 4,292 6,187 10,495 Short-term debt - - - 1,001 1,884 1,486 3,117 1,679 Other 1,408 1,457 1,559 1,768 1,695 2,044 2,408 6,455 Total Current Liabilities 5,644 6,446 6,669 6,759 9,190 12,222 17,102 28,406 Long-term Debt 9,419 8,979 8,592 7,151 8,288 10,211 10,664 8,550 Deferred Credits and Other Liabilities Deferred income taxes 2,194 2,352 1,908 1,894 1,791 1,678 1,565 1,644 Liabilities from price risk management activities 1,852 2,068 2,521 2,990 3,510 5,525 7,314 9,423 Other 1,640 1,620 1,718 1,587 1,594 2,369 2,282 2,692 Total Deferred Credits and Other Liabilities 5,686 6,040 6,147 6,471 6,895 9,572 11,161 13,759 Minority Interests 2,125 2,475 1,822 2,430 1,872 1,893 1,889 2,414 Company-Obligated Preferred Securities of Subsidiaries 1,001 1,001 1,001 1,000 1,099 899 904 904 Shareholders' Equity Cumulative second preferred convertible stock 131 131 130 130 129 127 127 124 Junior voting convertible preferred stock 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 Common stock 6,249 6,588 6,640 6,637 7,041 7,665 8,003 8,348 Retained earnings 2,256 2,369 2,537 2,698 2,922 3,101 3,277 3,226 Cumulative foreign currency translation adjustment (711) (760) (853) (741) (756) (861) (958) (1,048) Common stock held in treasury (50) (1) (1) (49) (16) (84) (18) (32) Restricted stock and other 51 121 108 105 180 179 155 148 Total Shareholders' Equity 8,824 9,206 9,345 9,570 10,140 10,769 11,276 11,470 Total Liabilities and Shareholders' Equity $ 32,699 $ 34,147 $ 33,576 $ 33,381 $ 37,484 $ 45,566 $ 52,996 $ 65,503 *1 ECO6419BO101193 Printed: 4/17/2001 12:38 AM EXH066-00422 ============= Page 43 of 46 ============= CONSOLIDATED STATEMENT OF CASH FLOWS Enron Corn. and Subsidiaries (In Millions) 3131 YTD 6130 1999 9130 12131 3131 YTD 6130 2006 9130 - 12/31 Cash Flows From Operating Activities Reconciliation of net income to net cash provided by (used in) operating activities Net income $ 122 $ 344 $ 634 $ 893 $ 338 $ 627 $ 919 $ 979 Cumulative effect of accounting changes 131 131 131 131 - - - - Depreciation, depletion and amortization 215 451 676 870 172 364 620 855 Impairment of long-lived assets (including equity investments) - - 441 441 - - - 326 Deferred income taxes 2 (11) (38) 21 30 31 22 207 Gains on sales of non-merchant assets (12) (12) (461) (541) (18) (90) (135) (146) Changes in components of working capital (556) (909) (1,072) (1,000) (313) (524) (188) 1,769 Net assets from price risk management activities (518) 247 55 (395) (52) (799) (952) (763) Merchant assets and investments: Realized gains and losses on sales (22) (161) (252) (756) (31) 29 15 (104) Proceeds from sales 26 561 708 2,217 199 553 683 1,838 Additions and unrealized gains (135) (829) (657) (827) (517) (1,095) (1,414) (1,295) Other operating activities 87 150 208 174 265 357 530 1,113 Net Cash Provided by (Used in) Operating Activities 660 38 43 1,228 457 547 100 4,779 Cash Flows From Investing Activities Capital expenditures (519) (969) (2,022) (2,363) (496) (1,009) (1,549) (2,381) Equity investments (409) (648) (718) (722) (316) (390) (870) (933) Proceeds from sales of non-merchant assets 43 138 245 294 17 105 222 494 Acquisition of subsidiary stock - - - - (485) (485) (485) (485) Business acquisitions, net of cash acquired (38) (40) (213) (311) (144) (358) (773) (777) Other investing activities 207 340 447 405 69 117 147 182 Net Cash Used in Investing Activities (1,130) (1,859) (3,155) (3,507) (1,493) (2,254) (3,602) (4,264) Cash Flows From Financing Activities Issuance of long-term debt 114 1,301 1,570 1,776 1,361 2,479 2,725 3,994 .Repayment of long-term debt (68) (645) (1,417) (1,837) (393) (431) (545) (2,337) Net increase (decrease) in short-term borrowings 1,119 128 2,038 1,565 962 1,301 1,694 (1,595) Net issuance (redemption) of company-obligated preferred securities of subsidiaries - - - - 105 (95) (95) (96) Issuance of common stock 839 889 889 852 179 264 182 307 Issuance of subsidiary equity 513 513 568 - - - 500 Dividends paid (113) (227) (346) (467) (156) (265) (396) (523) Net (acquisition) disposition of treasury stock 119 181 223 139 70 (129) 354 327 Other financing activities 35 68 67 140 - 107 8 6 Net Cash Provided by Financing Activities 1,975 2,072 3,403 2,456 2 128 3,231 3,911 571 Increase (Decrease) in Cash and Equivalents 185 175 205 177 178 430 409 1,086 Cash and Cash Equivalents, Beginning of Period 111 111 111 111 288 288 288 288 Cash and Cash Equivalents, End of Period 296 286 316 288 466 718 697 1 374 Capital Expenditures Transportation and Distribution Transportation Services $ 25 $ 50 $ 66 $ 120 $ 10 $ 2 $ 33 $ 71 Portland General 29 60 128 196 31 78 130 199 Wholesale Services 278 610 1,035 1,216 317 523 862 1,280 Retail Energy Services 22 34 49 64 17 30 40 70 Broadband Services - - - - 71 219 280 436 Exploration and Production 92 180 227 226 - - - - Corporate and Other 73 35 517 541 50 157 204 325 Total 519 969 2,022 2.363 496 1,009 1,549 2,381 Equity Investments Transportation and Distribution Transportation Services $ - $ - $ - $ - $ - $ - $ - $ 1 Portland General - - - - - - - - Wholesale Services 381 647 709 712 304 372 848 911 Retail Energy Services - - - - - - - - Broadband Services - - - - - - - - Exploration and Production - - - - - - - - Corporate and Other 28 1 9 10 12 18 22 21 Total 409 648 718 722 316 390 870 933 ECO6419BO101194 Printed: 4/17/2001 12:38 AM EXH066-00423 ============= Page 44 of 46 ============= SELECTED FINANCIAL AND OPERATING HIGHLIGHTS 1rarispuiL4UVnanu IwU! ULMI-iialid ulLOUVuv 1999 2000 2001 (In Millions, Except Where Noted 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr Transportation Services Gross Margin $ 181 $ 124 $ 145 $ 176 $ 626 $ 201 $ 148 $ 119 $ 182 $ 650 $ 243 Operating Expenses 61 65 64 74 264 65 76 63 76 280 107 Depreciation and Amortization 17 17 18 14 66 16 17 16 18 67 17 Equity in Earnings of Unconsolidated Affiliates 8 8 14 8 38 7 10 28 18 63 14 Other net 15 22 8 1 46 1 12 15 (3) 25 - , Reported Income Before Interest and Taxes $ 126 $ 72 $ 85 $ 97 $ 380 $ 128 $ 77 $ 83 $ 103 $ 391 $ 133 Northern Natural Gas (100% Owned) Transportation Revenues $ 140 $ 87 $ 86 $ 137 $ 450 $ 164 $ 69 $ 77 $ 136 $ 446 $ 170 Average Transportation Rate (per MMBtu) $ 0.35 $ 0.27 $ 0.27 $ 0.40 $ 0 32 $ 0.44 $ 0.23 $ 0.28 $ 0.40 $ 0.34 $ 0.50 Gas Transportation BBtu/d 4,464 3,553 3,525 3,738 3,820 4,147 3,237 3,009 3,728 3,529 3,750 Transwestern Pipeline (100% Owned) Transportation Revenues $ 35 $ 35 $ 36 $ 36 $ 142 $ 36 $ 36 $ 39 $ 40 $ 151 $ 41 Average Transportation Rate (per MMBtu) $ 0.28 $ 0.27 $ 0.25 $ 0.27 $ 0.27 $ 024 $ 0.25 $ 0.24 $ 0.25 $ 0.25 $ 0.24 Gas Transportation BBtu/d 1,393 1,419 1,575 1,460 1,462 1,566 1,606 1,746 1,715 1,657 1,725 Florida Gas Transmission (50% Owned) Transportation Revenues $ 75 $ 76 $ 78 $ 76 $ 305 $ 76 $ 77 $ 78 $ 77 $ 308 $ 80 Average Transportation Rate (per MMBtu) $ 0.68 $ 0.54 $ 0.47 $ 0.54 $ 0.56 $ 0.54 $ 0.53 $ 0.51 $ 0.66 $ 0.56 $ 0.72 Gas Transportation BBtu/d 1,225 1,546 1,659 1,538 1,495 1,563 1,591 1,649 1,270 1,501 1,234 Northern Border Pipeline (8% Owned) Transportation Revenues $ 74 $ 73 $ 74 $ 78 $ 299 $ 76 $ 77 $ 78 $ 79 $ 310 $ 77 Gas Transportation (BBtu/d) 2,388 2,405 2,419 2,406 2,405 2,464 2,429 2,420 2,460 2,443 2,490 Rate per 100 Dekatherm Miles _ $ 0.037 $ 0.037 $ 0.036 $ 0.036 $ 0.037 $ 0.041 $ 0.041 $ 0.040 $ 0.040 $ 0.041 $ 0.037 .43 ECO6419BO101195 Printed 4/17/2001 12:38AM EXH066-00424 ============= Page 45 of 46 ============= SELECTED FINANCIAL AND OPERATING HIGHLIGHTS Tranennrtatinn and rlietrihutinn . Pnrtland (;anaral Flertric 2000 (In Millions Except Where Noted 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr Revenues (Portland General Group) Residential $ 134 $ 98 $ 86 $ 120 $ 438 $ 135 $ 99 $ 90 $ 124 $ 448 $ 134 Commercial 89 86 96 96 367 92 92 102 102 388 94 Industrial 36 39 46 52 173 46 51 56 55 208 48 Accrued (Collected) Revenues 10 6 7 3 26 3 2 9 - 14 - Retail Revenues 269 229 235 271 1,004 276 244 257 281 1,058 276 Wholesale 25 62 166 102 355 114 182 466 409 1,171 480 Other 5 5 6 4 20 7 5 6 9 27 11 Total Revenues 299 296 407 377 1,379 397 431 729 699 2,256 767 Purchased Power &Fuel 100 119 241 179 639 202 252 522 485 1,461 582 Operating Expenses 70 79 74 81 304 78 76 85 82 321 67 Depreciation & Amortization 46 48 43 44 181 46 46 60 59 211 51 Other Income (Expense) 9 6 3 32 50 34 5 12 27 78 7 Income Before Interest and Taxes $ 92 $ 56 $ 52 105 $ 305 $ 105 $ 62 $ 74 $ 100 $ 341 $ 60 Operating Statistics (Portland General Electric) Retail Customers (End of Period, Thousands) 708 711 714 719 719 724 726 722 725 725 727 Electricity Sales (Thousand MWh) Residential 2,342 1,618 1,440 2,004 7,404 2,361 1,480 1,444 2,148 7,433 2,171 Commercial 1,816 1,746 1,951 1,879 7,392 1,872 1,769 1,964 1,922 7,527 1,820 Industrial 1,020 1,083 1,162 1,198 4,463 1,169 1,235 1,249 1,259 4,912 1,200 Total Retail 5,178 4,447 4,553 5,081 19,259 5,402 4,484 4,657 5,329 19,872 5,191 Wholesale 1,338 3,053 4,921 3,300 12,612 4,281 4,909 5,703 3,655 18,548 2 739 Total Sales 6,516 7,500 9,474 8,381 31,871 9,683 9,393 10,360 8,984 38,420 7,930 Average Billed Revenue (g per kWh) Residential 5.73 6.08 6.04 5.99 5.91 5.72 6.69 6.23 5.77 6.03 6.17 Commercial 4.91 4.92 4.87 5.12 4.97 4.91 5.20 5.19 5.31 5.15 5.16 Industrial 3.49 3.63 3.96 4.32 3.88 3.93 4.13 4.48 437 423 4.00 Total Retail 5.00 5.03 5.01 5.27 5.08 5.05 5 40 5.33 527 5.25 5.32 Wholesale 1.88 2.03 3.37 3.11 2.82 2.66 371 8.17 11.19 6.31 17.52 Total Sales 4.36 3.81 4.15 4.42 4.18 4.00 4.51 6.89 7.68 5.77 9.67 Resource Mix Coal 18% 12% 14% 16% 15% 13% 7% 9% 14% 11% 16% Combustion Turbine 4% 6% 8% 14% 8% 10% 6% 14% 17% 12% 17% Hydro 13% 10% 5% 8% 9% 8% 7% 4% 6% 6% 6% Total Generation 35% 28% 27% 38% 32% 31% 20% 27% 37% 29% 39% Firm Purchases 47% 61% 61% 56% 57% 62% 74% 63% 53% 63% 53% Secondary Purchases 18% 11% 12% 6% 11% 7% 6% 10% 10% 8% 8% Total Resources 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Average Variable Power Cost (Mills/kWh) Generation 8.0 87 10.1 11.5 11.3 121 14.5 15.1 16.0 14.5 24.0 Firm Purchases 16.7 16.8 30.3 25.0 23.2 23.3 25.0 50.1 43.0 34.9 91.2 Secondary Purchases 15.0 18.5 22.0 27.4 19.7 25.5 74.6 1266 226.6 123.6 173.9 Total Average Variable Power Cost 15.0 15.5 24.7 20.7__ 20.0 20.8 26.9 48.8 52.1 37.2 71.9 ECO6419B0101196 Printed: 4/17/2001 12:38 AM EXH066-00425 ============= Page 46 of 46 ============= SELECTED FINANCIAL AND OPERATING HIGHLIGHTS Wholesale Services (In Millions, Except Where Noted) 1st Qtr Income Before Interest, Minority Interests and Income Taxes Commodity Sales and Services (1) Assets and Investments Unallocated Expenses Reported IBIT Physical Volumes (BBtue/d) Gas United States 9,088 Canada 3,954 Europe and Other 1,799 Total Physical Sales Volumes 14,841 Transportation Volumes 556 Total Physical Gas Volumes 15,397 Crude Oil and Liquids 4,284 Electricity (2) 9,594 Total Physical Volumes 29,275 Electricity Volumes (Thousand MWh) United States 85,962 Europe and Other 384 Transaction Volumes Marketed 86,346 Financial Settlements /Notionall(BBtue/d) 95,151 8,038 8,573 10,219 8,982 4,475 4,748 4,406 4,398 1,223 1,640 1,630 1,572 13.736 14,961 16,255 14,952 513 537 693 575 14, 249 15,498 16,948 15,527 8,822 4,699 6,824 6,160 10,637 12,406 10,306 10,742 33,708 32,603 34,078 32,429 16,217 15,851 17,176 21,417 17,674 4,389 6,587 7,449 6,993 6,359 2,469 3,593 3,605 4,866 3,637 23,075 26,031 28,230 33,276 27,670 456 595 618 925 649 23,531 26,626 28,848 34,201 28,319 6,134 5,048 5,754 7,406 6,088 12,170 15,056 18,857 23,068 17,308 41,835 46,730 53,459 64,675 51,715 20,898 6,358 8,699 35,955 506 36,461 6,836 25,732 69,029 94,966 111,336 88,254 380,518 102,903 124,089 162,963 188,832 578,787 195,246 1,833 2,795 6,564 11,576 7,844 12,912 10,525 23,389 54,670 36,339 96,799 114,131 94,818 392,094 110,747 137,001 173,488 212,221 633,457 231,585 82,699 109,351 109,872 99,337 141,865 152,627 212,174 276,865 196,148 302,694 Retail Energy Services 1999 2000 2001 In Millions, Except Where Noted 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr Revenues(1) $ 181 $ 161 $ 202 $ 332 $ 876 $ 314 $ 420 $ 535 $ 497 $ 1,766 $ 693 IBIT (recurring) (1) $ (39) $ (33) $ (15) $ 37 $ (50) $ 6 $ 46 $ 27 $ 32 $ 111 $ 40 Total Contract Value (In Billions) (3) $ 1.7 $ 1.7 $ 2.5 $ 2.6 $ 8.5 $ 3.7 $ 3.8 $ 4.1 $ 4.5 $ 16.1 $ 5.9 Broadband Services 1999 2000 2001 (In Millions, Except Where Noted 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr Revenues - - - - - $ 59 $ 151 $ 135 $ 63 $ 408 $ 83 [BIT - - - - - $ - $ (8) $ (20) $ (32) $ (60) $ (35) Total Contract Value (3) - - - - - $ 31 $ 1,019 $ 19 $ 86 $ 1,155 $ 45 Terabytes Delivered (4) - - - - - 6,005 13,692 19,446 33,263 72,406 43,400 (1) Beginning in 2001, risk management activities associated with Enron's retail customers are managed by Wholesale Services. Prior period Wholesale Services and Retail Energy Services amounts have been restated (2) Represents electricity volumes, converted to BBtue/d. (3) Represents customers' estimated future expenditures related to new contracts. (4) Unit of measurement for data delivered, equal to one trillion bytes. 45 1999 2000 2001 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr_ 3rd Qtr 4th Qtr Year 1st QI $ 232 $ 88 $ 169 $ 121 $ 610 $ 256 $ 420 $ 407 $ 539 $ 1,622 $ 785 136 325 240 149 850 220 55 305 309 889 59 (40) (50) (34) (37) (161) (47) (60) (82) (70) (259) (89 $ 328 $ 363 $ 375 $ 233 $ 1,299 $ 429 $ 415 $ 630 $ 778 $ 2,252 $ 755 E CO6419BO101197 Printed: 4/17/2001 1238 AM EXH066-00426