Randy and Kevin - I missed the conference call a few days ago as I was on
vacation. I understand that the question of future price spread between gas
and liquids is still a key issue. For what it is worth,  below is a look at
spreads during last couple of years. Please let me know if I can try to
help with this.
----- Forwarded by Diane Corbett/Long_Beach/Eott on 02/01/01 05:30 PM -----

                    Diane Corbett
                                         To:     Larry Garrett/Long_Beach/Eott@Eott, Bob
                    01/17/01             Jacobs/Long_Beach/Eott@Eott, Rick Suderman/Bakersfield/Eott@Eott
                    05:39 PM             cc:
                                         Subject:     Historic Butane/Propane Value as Gas




Larry -  thanks for 1999 and 2000 Conway and Belvieu prices. Attached is
the rest of the story. Compares those historic prices with equivalent value
of liquids as gas based on historic gas (Calif Socal Border) prices.  As we
suspected, values are negative (i.e. less value as gas) up until recently
and then the numbers turn very positive. i.e. Needles blending project does
not work on historic liquids/gas prices but certainly works now. Therefore,
back to the question of what is price forecast or spreads we can lock into.
I have been given a contact on the Enron gas desk that maybe able to help.


(See attached file: OPISPROBUTAVG.xls)

 - OPISPROBUTAVG.xls