Gary Peng 01/14/2000 09:11 AM Christopher Herbold/AA#'Corp/Enron@Enron, Lisa Stein/AA/Corp/Enron@Enron Subject: 4Q99EARNINGS xl GOVERNMENT EXHIBIT 28709 Cm No. H 04-0025 To: cc: I ENRON CORP. Table I - Earnings Summary (Unaudited: in milliions except per share data) Quarter Ended December 31, 1999 1998 Year Ended December 31, 1999 1998 Revenues Transportation and Distribution: Gas Pipeline Group $ 181 $ 170 Portland General 377 327 Wholesale Energy Operations and Services 10,774 6,618 Retail Energy Services 468 322 Exploration and Production (a) - 230 Corporate and Other (including intercompany eliminations) (145) 35 Total Revenues $ 11,655 $ 7,702 $ 653 $ 653 1,379 1,196 37,125 27,725 1,720 1,072 526 884 (609) (270) $ 40,794 $ 31,260 After tax results Core Businesses Retail Energy Services Net Income Excluding Nonrecurring Items Nonrecurring Items: Gain on sale of. EOG stock Charges related to MTBE asset Cumulative effect of accounting changes Net income $ 257 $ 190 I 258 171 - 45 - (40) $ 258 $ 176 $ 1,013 $ 783 (85) 956 698 345 45 (278) (40) (131) _________ $ 892 $ 703 Earnings (loss) per share (diluted) (b) Core Businesses Retail Energy Services EPS (diluted) excluding nonrecurring items Nonrecurring items: Gain on sale of EOG stock Charges related to MTBE asset Cumulative effect of accounting changes EPS (diluted) Average shares outstanding (diluted) (b) $ 0.30 $ 0.27 0.30 0.24 0.07 (0.06) $ 0.30 $ 0.25 779.1 716.4 $ 1.25 $ 1.13 1.18 1.01 0.45 0.06 (0.36) (0.06) (0.17) _________ $ 1.10 $ 1.01 769.0 695.3 (a) Reflects results of Enron Oil & Gas through August 16,1999, date of share exchange transaction. (b) Shares outstanding and EPS amounts have been restated to reflect the two-for-one common stock split that was effective August 13, 1999. Fourth Quarter 1999 ENRON CORP. Table 2a - Results by Segment (Unaudited: in millions, except per share amounts) Retail Core Energy Businesses Services Non- Recurring Total IBIT: Transportation and Distribution: Gas Pipeline Group Portland General Wholesale Energy Operations and Services Retail Energy Services Exploration and Production (a) Corporate and Other IBIT Interest and Related Charges, net Dividends on Preferred- Securities of Subsidiaries Minority Interests Income Tax Provision (Benefit) Net Income (Loss) Preferred Dividends: Second preferred stock Series A and Series B Preferred Stock (b) Earnings (Loss) on Common Stock $ 97 $ 105 275 97 105 275 2 2 - - (4) 473 2 - 475 122 - - 122 20 - - 20 41 - - 41 33 1 - 34 257 1 - 258 4 4 20 - - 20 $ 233$ 1$ - $ 234 Average Number of Shares Used: (c) Basic Diluted Earnings (Loss) per Common Share: (c) Basic Diluted 715.3 779.1 779.1 779.1 779.1 $ 0.33 $ 0.30 $ - $ - $ 0.31 (a) Reflects results of Enron Oil & Gas through August 16, 1999, date of share exchange transaction. (b) The Series A and Series B Preferred Stock are antidilutive and therefore have been excluded from the calculation of diluted earnings per share. (c) Shares outstanding and EPS amounts have been restated to reflect the two-for-one common stock split that was effective August 13, 1999. Fourth Quarter 1998 ENRON CORP. Table 2b - Results by Segment (Unaudited: in millions, except per share amounts) Retail Gore Energy Non- Businesses Services Recurring IBIT: Transportation and Distribution: Gas Pipeline Group Portland General Wholesale Energy Operations and Service Retail Energy Services Exploration and Production Corporate and Other IBIT Interest and Related Charges, net Dividends on Preferred Securities of Subsidiaries Minority Interests Income Tax Provision (Benefit) Net Income (Loss) Preferred Dividends: Second preferred stock Earnings (Loss) on Common Stock $ 84 $ 84 201 - - - (26) - 31 - - 26 - (39) 426 (26) (39) 152 - - 19 17 - - 48 A71 (44) 190 (19) 5 4 - - $ 186$ (19)$ 5 84 84 201 (26) 31 (13) 361 152 19 17 176 4 $ 172 Average Number of Shares Used: Basic 716.4 716.4 716.4 Earnings (Loss) per Common Share: Basic Diluted $ 0.27 $ (0.03) $ 0.01 $ Note: Shares outstanding and EPS amounts have been restated to reflect the two-for-one common stock split that was effective August 13, 1999. Total Diluted 661.8 716.4 $ 0.26 0.25 1999 Year ENRON CORP. Table 2c - Results by Segment (Unaudited: in millions, except per share amounts) Retail Core Energy Businesses Services Non- Recurring IBIT: Transportation and Distribution: Gas Pipeline Group Portland General Wholesale Energy Operations and Services Retail Energy Services Exploration and Production (a) Corporate and Other IBIT Interest and Related Charges, net Dividends on Preferred Securities of Subsidiaries Minority Interests Income Tax Provision (Benefit) Income (Loss) before Cumulative Accounting Changes Cumulative Effect of Accounting Changes, net of tax Net Income (Loss) Preferred Dividends: Second preferred stock Series A and Series B Preferred Stock (b) Earnings (Loss) on Common Stock (73) (73) 7 13 13 $ 380 $ 305 1,329 65 2,057 652 49 - - $ 947 $ (57) $ (64) 77 - 135 - - 180 (23) (54) 1,013 (57) 67 - - (131) 1,013 (57) (64) 17 380 305 1,329 (73) 65 1,997 659 77 135 103 1,023 (131) 892 17 49 $ 826 Average Number of Shares Used: (c) Basic Diluted Earnings (Loss) per Common Share: (c) Basic Diluted 769.0 769.0 769.0 $ 1.25 $ (0.07) $ (0.08) $ 705.3 769.0 $ 1.17 1.10 (a) Reflects results of Enron Oil & Gas through August 16, 1999, date of share exchange transaction. (b) The Series A and Series B Preferred Stock are antidilutive and therefore have been excluded from the calculation of diluted earnings per share. (c) Shares outstanding and EPS amounts have been restated to reflect the two-for-one common stock split that was effective August 13, 1999. Total 1998 Year ENRON CORP. Table 2d - Results by Segment (Unaudited: in millions, except per share amounts) Retail Core Energy Businesses Services Non- Recurring IBIT: Transportation and Distribution: Gas Pipeline Group Portland General Wholesale Energy Operations and Services Retail Energy Services Exploration and Production Corporate and Other IBIT Interest and Related Charges, net Dividends on Preferred Securities of Subsidiaries Minority Interests Income Tax Provision (Benefit) Net Income (Loss) Preferred Dividends: Second preferred stock Earnings (Loss) on Common Stock $ 351 $ 286 968 -s (119) 128 - - 7 - (39) 1,740 (119) (39) 546 4 - 77 77 - - 783 (85) 5 17 - - $ 766 $A~1$ 5 351 286 968 (119) 128 1,582 550 77 77 175 703 17 $ 686 Average Number of Shares Used: Basic Diluted Earnings (Loss) per Common Share: Basic Diluted 695.3 695.3 695.3 $ 1.13 $~A~L~3)~$ - Note: Shares outstanding and EPS amounts have been restated to reflect the two-for-one common stock split that was effective August 13, 1999. Total 642.3 695.3 $ 1.07 $ 1.01 I Transportation and Distribution ENRON CORP. Table 3a - Core Business Highlights (Unaudited) Quarter Ended December 31, 1999 1998 Year Ended December 31, 1999 1998 Gas Pipeline Group (In Millions) Net Revenues Operating Expenses Depreciation & Amortization Equity in Earnings Other Income, net BIT Total Volumes Transported (BBtu/d) (a) Northern Natural Gas Transwestern Pipeline Florida Gas Transmission Northern Border Pipeline $ 176$ 167$ 626$ 640 74 71 264 276 14 20 66 70 8 4 38 32 1 4 46 25 $ 97$ 84$ 380$ 351 3,738 1,460 1,538 2,406 3,792 1,564 1,471 1,723 3,817 1,462 1,493 2,405 4,046 1,646 1,328 1,766 Portland General (In Millions) Revenues Purchased Power & Fuel Operating Expenses Depreciation & Amortization Other Income, net IBIT $ 377 $ 327 $ 1,379 $ 1,196 179 129 639 451 81 65 304 295 44 47 181 183 32 j~ 50 19 $ 105$ 84$ 305$ 286 Retail Customers (end of period, thousands) 719 698 719 698 Electricity Sales (Thousand MWh) Residential Commercial Industrial __________ __________ __________ __________ Total Retail Wholesale __________ __________ __________ Total Sales 2,004 1,879 1,198 5,081 8,381 1,449 1,815 834 4,098 2,675 6,773 7,404 7,392 4,463 19,259 12,612 31,871 5,049 5,056 2,641 12,746 8,632 21,378 (a) Reflects 100% of each entity's throughput volumes. Wholesale Energy Operations and Services ENRON CORP. Table 3b - Core Business Highlights (Unaudited) Quarter Ended December 31, 1999 1998 lWholesale Energy Operations and Services - (In Millions) Commodity Sales and Services Energy Assets and Investments Unallocated Expenses IBIT $ 161 $ 107 151 140 $ 275$ 201 Year Ended December 31, 1999 1998 $ 638 $ 411 852 709 (161) {i~~ $ 1,329 $ 968 Projects Under Construction Pipeline: Bolivia-Brazil Pipeline, Phase I - Bolivia Bolivia-Brazil Pipeline, Phase I - Brazil Cuiaba - Brazil Power Plants: Barge Power Plants EcoElectrica Power, Phase I - Puerto Rico Nowa Sarzyna - Poland Cuiaba, Phase II - Brazil Cuiaba, Phase Ill - Brazil Puerto Quetzal (Barge Mounted) - Guatemala Sarlux - Italy Sichuan Jialing Electric Power Ltd. - China Gaza - Palestine Dabhol, Phase II - India Other: EcoElectrica LNG Terminal - Puerto Rico Accroven NGL Facility - Venezuela LNG Vessel Dabhol LNG Terminal - India 346 miles 1,601 miles 389 miles 270 MW 507 MW 116 MW 75 MW 255 MW 124 MW 551 MW 359 MW 140 MW 1,624 MW 137500 Cu Meters Commodity Sales and Services Physical Volumes (BBtue/d) (a) Gas: United States Canada Europe Other Transport Volumes Total Gas Volumes Oil Liquids Electricity (b) Total Physical Volumes (BBtue/d) (a) Electricity Volumes Marketed (Thousand MWh) United States Europe & Other Total Quarter Ended December 31, 1999 1998 10,219 4,406 1,604 26 16,255 693 16,948 5,877 947 9 433 86,666 121 7,941 4,101 1,605 4 13,651 510 14,161 4,923 586 8,609 28,279 78,969 242 79,211 Year Ended December 31, 1999 1998 8,982 4,398 1,549 23 14,952 575 15,527 5,407 753 378,930 ~Li~i 7,418 3,486 1,243 8 12,155 559 12,714 2,960 610 401,843 529 Financial Settlements (Notional)(BBtue/d) 106,665 79,879 (a) Includes third-party transactions of Enron Energy Services. (b) Represents electricity transaction volumes marketed, converted to BBtue/d. SizelCapacity Estimated Commercial Operation Date Percent Complete at 12131199 102000 2Q 2000 20 2000 99% 95% 70% Table not yet u 10 2000 102000 102000 20 2000 20 2000 20 2000 20 2000 40 2000 102001 402001 30 2000 20 2001 30 2001 40 2001 95% 95% 99% 95% 75% 70% 99% 40% 2% 45% 70% 45% 10% 30% 98,528 75,266