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2002 Lay Presentation

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2002 Lay Presentation Powered By Docstoc
					                                               Commercial
                                  Net Margin   Contribution
                                   $Millions    $Millions

2001 Estimate                        204.0         191.8
Market Conditions in California      (21.3)        (21.3)
Normalized 2001 Estimate             182.7         170.5


2002 Plan                            202.7         191.8

Growth                                20.0           21.3

Percentage Growth                    10.9%          12.5%
                                              2002 Plan               Open Position
                                 Contracted           Open Position   Market Value
                                  $Millions             $Millions       $Millions

Demand & Commodity Margins             157.7                   13.8             9.8
Fuel                                    21.7                    9.5             8.0



Total                        $        179.4           $       23.3    $       17.8


                             Total Net Margins        $      202.7
                             Expenses                        (11.5)
                             Contribution             $      191.2
 Contract                Shipper                      Start         End                    Volume      Current     Un-Contracted   Stretch   Exposure
    #                                                 Date          Date         Days      Per Day      Rate           Rate         Rate


West of Thoreau Resubscription Assumptions
East of Thoreau to West of Thoreau

        25841          PG&E Trading                  2/1/00     10/31/02              61      40,000     $0.1075         $0.0800   $0.0200       244,000    0.05      122,000
        26511          PG&E Trading                 11/1/99     10/31/02              61      21,000     $0.1075         $0.1200   $0.0800       256,200    0.10      128,100
        27340          OneOk                         2/1/01      1/31/02             334      10,000     $0.3483         $0.1200   $0.0400       534,400    0.10      334,000
        27340          OneOk                         2/1/01      1/31/02             334      10,000     $0.3483         $0.0800   $0.0200       334,000    0.05      167,000
Total                                                                                                                                        $1,368,600            $ 751,100

                       Mavrix                        4/1/2002     10/31/2002         151      14,000                     $0.0800   $0.0000    $169,120      0.05      105,700
                       Red Rock Expansion            6/1/2002     12/31/2002         151      13,300                     $0.0800   $0.0200    $200,830      0.05      100,415
                                                                                                                                              $369,950             $ 206,115
Thoreau to West of Thoreau

        27583          North Star Steel              5/1/01      5/31/02             214       1,300     $0.2533         $0.0400   $0.0000     $11,128

Blanco to Thoreau

                       Mavrix                        1/1/2002     10/31/2002         304      32,500                     $0.0500   $0.0000    $494,000      0.05      494,000
                       Mavrix                       11/1/2002     12/31/2002          61      11,000                     $0.0500   $0.0000     $33,550      0.05       33,550
                                                                                                                                              $527,550             $ 527,550

East of Thoreau to East of Thoreau

        24198          Sid Richardson (ROFR)         6/1/95     5/31/02*             122      35,714     $0.1050         $0.0500   $0.0000      217,855    0.025      108,928
        25374          KN Processing                 6/1/98     Mo./Mo.              365      23,000     $0.0500         $0.0500                419,750    0.025      209,875
        27291          Duke                          8/1/00     7/31/02              153      20,000     $0.0250         $0.0200   $0.0000       61,200    0.025       76,500
        27377          Agave                         3/1/01     2/28/02              306      10,000     $0.0500         $0.0200   $0.0000       61,200    0.025       76,500
        27579          Duke                          5/1/01     5/31/02              214      20,000     $0.0600         $0.0200   $0.0000       85,600    0.025      107,000
Total                                                                                                                                         $845,605             $ 578,803
                       *Only resubscribed for 4 of remaining 7 months in the year.
Ignacio to Blanco

        27342          Sempra                       1/1/01      12/31/01             365      30,000     $0.0600         $0.0200   $0.0820 $1,116,900       0.01 $ 109,500

S. Ignacio to Blanco
                       Unsubscribed                   July          Sept             92       29,000 $.09 to max         $0.0400   $0.0400    $213,440      0.01 $    26,680


TOTAL                                                                                                                                        $4,453,173            $2,199,748

				
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