John:

The position is hedgeable. Tom Barkeley, from our group, has put together a 
spreadsheet showing the necessary combination of digitals and europenas to 
make it happen. We will be glad to assist you pricing that.



Paulo Issler




John Griffith@ENRON
03/09/2001 12:42 PM
To: Paulo Issler/HOU/ECT@ECT
cc:  
Subject: Phillips Production Company - Hedge


---------------------- Forwarded by John Griffith/Corp/Enron on 03/09/2001 
12:45 PM ---------------------------


Louis Dicarlo
03/01/2001 06:55 AM
To: John Griffith/Corp/Enron@Enron
cc:  

Subject: Phillips Production Company - Hedge

When you have a few minutes, please take a look at the request below.  My 
thoughts are this product is not hedgable.  I'm looking for another opinion 
and I figure you've probably seen everything under the sun.  

I don't need a response today but this week would be great.  Thanks

---------------------- Forwarded by Louis Dicarlo/NA/Enron on 03/01/2001 
06:52 AM ---------------------------


Nelson Ferries
02/27/2001 01:19 PM
To: Louis Dicarlo/NA/Enron@ENRON
cc:  

Subject: Phillips Production Company - Hedge

Louis:

Can you take a look at this and respond to John Singer.
---------------------- Forwarded by Nelson Ferries/Corp/Enron on 02/27/2001 
01:18 PM ---------------------------
   
	Enron North America Corp.
	
	From:  John M Singer                           02/27/2001 10:26 AM
	

To: Nelson Ferries/Corp/Enron@ENRON
cc:  

Subject: Phillips Production Company - Hedge

Phillips Production would like to know if it is possible to do a Financial 
Hedge for both the NYMEX Settle and Basis.  The attached scheudle calculates 
the Basis as a percentage of the NYMEX Settle instead of a traditional 
location basis.   Please review.  

Can the Basis be hedged since it is based on the NYMEX Settle instead of a 
traditional location basis?

Volume:  5,000 - 7,000 per day.
Period is :  Apr01 - Oct01