Rick,

This is the presentation and talking points Ken Lay will be using at the 
Repsol YPF Harvard Conference in Spain this Saturday.  He will be speaking 
for 50 minutes and then the floor will be open for discussion. He has been 
asked to talk about what to do after California.. how there is still a case 
for liberalization and the lessons for Europe.

 We are expecting comments from Europe regarding the talking points by 
tomorrow morning. But because Ken will need this tomorrow by noon, I did not 
want to wait until Europe's comments come back to show you this.  Please, let 
me know if you have any comments.



Regards,

Ursula Brenner