I think that John took the message to heart this morning.  I do not think that John's intent by speculating the Nymex was to detract from building the Wellhead business. I apologize for not knowing of the intraday speculative positions.  I receive his P&L daily and on average, his position is flat.

I have asked him to break out the subset of new producer counterparties that the Wellhead desk has brought to ENA.  Please find John the three seats near the East desk or the Weather group on 32.

Mrha

 -----Original Message-----
From: 	Grass, John  
Sent:	Wednesday, July 11, 2001 12:38 PM
To:	Mrha, Jean
Subject:	Follow up to the July 11, 2001 meeting.

I will focus all my efforts on building a wellhead business consistent with the expectations outlined in the meeting this morning.  I would like to have some additional feedback on the new entity ENA Upstream Company, LLC and third party transactions to mitigate risk.  

I will continue to assist the origination function to build producer volumes and improving the flow of physical information to the Trading Desks (Financial, East, Central, Texas and West). The Wellhead Desk will only use financial tools to hedge physical transactions. 

I will work with Jeff Story to improve the accuracy and flexibility of our systems in the areas of pricing, transportation, and forward curves associated with wellhead volumes. 
I look forward to providing you with the answers to the issues when you return from your vacation.