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Page 1 of 5
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Enron Corp.
2nd Quarter 2001 Financial Review

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July 19, 2001

EXH012-00323



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Page 2 of 5
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ENRON
EARNINGS RELEASE • EXTERNAL FORMAT
  (Millions of Dollars. ercepl as rored)
  Second Quarter

Transmission & Distribution
Enron Transportation Services
Portland General
Total Transmission & Distribution
Wholesale Energy Operations & Services
Americas
  Europe
Global Markets
Industrial Markets
Net Works
  EEOS
Global Assets
  Retail Risk Management
Other Wholesale
Subtotal
  Global Finance
Global E&P
Prepays
Other
Total Wholesale Energy Ops. & Services
Enron Energy Services '
Enron Broadband Services
Corporate and Other
Azurix
  Enron Renewable Energy Corp
Clean Fuels
  Enron Investment Partners
Corporate & Other Expenses
Slruclured Transactions
Reclass from/to Wholesale
Total Corporate & Other
Overview
INCOME BEFORE INT., M.l. & INC. TAXES
Interest Expense. Nel
  Dividends on Preferred Stock of Subsidiaries
Minority Interest
PRE-TAX INCOME
Income Tax Expense
NET INCOME - RECURRING
DILUTED EPS
  Recurring
Non-recurring
TOTAL DILUTED EPS

Avg shares outstanding -Diluted
Etlective Tax Rate - Recurring Earnings

O~ aw.~•~OVOrniCJrx)TOi CSFO. it0?O&r ro]e.lLra

	[uuI	
1st CE	Update	Actual
S 767	$ 03	S 770
57.7	7.2	64 9
134.4	7.5	141.9

9595	2796	1.239 1
980	(44.3)	53.7
54 6	(205)	34.1
107	26	133
(3.8)	(1.4)	(52)
(4.8)	5.3	0 5
41.7	-	41.7
46000)	104.2	(4958)
(19.6)	(35.5)	_ (55.1)
539.3	290.0	826.3
25.2	6.3	33.5
138	1.1	15.5
(35.0)	(20)	(37.0)
(39.2	3.4	(35.6L
501.1	301.4	802.5
49.0	10.8	59.8
(15.0)	(97.0)	(102.0)
(25.3)	(6 1)	(31.4)
129	(54)	7.5
27	80	107
(0.1)	(1.9)	(20)
(959)	28	(93.1)
4.2	(4.7)	(05)

  101.5 17.3) (106.9)
180.0 (180.0)
  748.0 45.4 793.4

201 2	13,8		2150
18.2			18.2
404	(109)		295
488.2	42.5	5	30.7
117.2	92		1264
S 371.0	S 33.3	S	404.3
			
S 042	S 003	S	045
S 0.42	S 0.03	s	0.15
886 0			891.1
24.0%			23 8%

  2000 of vs00
Actual Growth
S 77.3
  62.0
139.3 2

331.2
64.5
(3.5)
(7.8)
19.3
54 3
(22.4)

  435.6
23.8
  7.0
(17.5)
J4.4
  414.5

45.7
(9.0)

  (10.8)
13 4
  90
(1.2)
(34.2)
42.4
(1.7)
16.9

609.4

  195.5
20.8
38 8
  353.3
64.4
S 24 TO

94
31%

30'/.
107
50%
405:

S 034
S 0.34

  062.2
18.2%

32'/.

CVUn17_71r1'7d


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Page 3 of 5
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  P

Transmission & Distribution
Enron Transportation Services
Portland General
Total Transmission & Distribution
Wholesale Energy Operations & Services
Americas
  Europe
Global Markets
Industrial Markets
Net Works
  EEOS
Global Assets
  Retail Risk Management
Other Wholesale
Subtotal
  Global Finance
Global E&P
Prepays
Other
Total Wholesale Energy Ops. 8, Services
Enron Energy Services

Enron Broadband Services
Corporate and Other
Azurix
  Enron Renewable Energy Corp
Clean Fuels
  Enron Investment Partners
Corporate & Other Expenses
Structured Transactions
Other
Total Corporate & Other
Overview

INCOME BEFORE INT., M.1. & INC. TAXES
Interest Expense. Net
  Dividends on Preferred Stock of Subsidiaries
t.lInority Interest
PRE-TAX INCOME
Income Tax Expense
NET INCOME . RECURRING

DILUTED EPS fTi
Recurring C-7
Non-recurring G
TOTAL DILUTED EPS C
Avg snares outstanding - Diluted
Effective Tax Rare - Recurring Earnings C e
Q1
tai

ENRON
EARNINGS RELEASE - EXTERNAL FORMAT
  (UAlelons of Dollars, .xcepi as noted)

Quarter Ended
March 31

Plan	2001 Act	2000 Act
S 131.8	S 133.3	$ 127.9
100.0	60.0	105.3
231.8	- 193.3	233.2

Quarter Ended
June 30

1st CE 2001 Act 2000 Act
S 76.7 S 770 S 77.3
  57.1 64 9 620
134.4 141.9 139.3

270.6	8479	137 5
824	86.9	67.7
46.1	46.3	500
9.0	8.9	-
(36)	(3.6)	(14.2)
9.2	6 1	34
91.1	47.9	67.5
-	(230 4)	105
108)	(57 3)	
504.0	754.7	322.4
400	14.1	104.4
5 1	15.5	4 1
(35 1)	(15 1)	(229)
97.5	(150)	21.2
811.5	754.6	429.2
52.4	39.6	6.0
(35.0)	(35.0)	(0.3)
(17.1)	(31.5)	(6.0)
(98)	(168)	11.9
(16.11	(17.1)	(33)
(0.1)	(1.4)	(04)
(82.2)	(95.7)	(35.7)
4 0	4.8	6.8
		(17.4)
(121'3)	(157.7)	(44.1)
22.4		
161.8	795.0	624.0
193.2	201.0	161.1
18.4	18.0	18.1
238	40.0	350
526.4	536.0	409.8
126.4	130.0	722
S 400.0	S 406.0	S 331.6
		
$ 0.45	3 0.47	$ 0.40
-	002	
$ 0.45	$ 0.49	3 0.40
885.0	870-1	851.9
24.0%	24.3%	17.6%

959,5	1.239.1	331.2
980	537	64.5
546	34.1	(35)
10.7	133	
(38)	(5.2)	(7.8)
(48)	0.5	193
41.7	41.7	54.3
(600.0)	(495.6)	(22.4)
(19 G)	__551)	
536.3	826.3	435.6
252	33 5	238
138	155	7.0
(350)	(37.0)	(11.5)
(39.2)	(35.8)	_(344)
501.1	802.5	414.5
49.0	59.8	45.7
(15.0)	(102.0)	(8.0)
(253)	(31.4)	((0.8)
129	7.5	134
2.7	10.7	9.0
(0.1)	(2.0)	(1.2)
(959)	(93.1)	(342)
4.2	(0.5)	424
		(1.7)
(101.5)	(108.8)	16.9
180.0		
748.0	793.4	609.4
201.2	215.0	195.5
18.2	18.2	20.8
404	29.5	388
488.2	530.7	353.3
117.2	126 4	64.4
S 371.0	S 404.3	S 288.9
		
$ 0.42	$ 0.45	S 0.34
S 0.42	S 0.45	S 0.34
8860	891.1	8622
24.05'.	238%	10.27.

Six Months Ended
June 30

1st CE	2001 Act	2000 Act
S 2100	$ 2103	S 20 2
117.7	124 9	161 1
327.7	335.2	372.5

1,8074	2.087 0	400 7
184 9	1406	137 i
1009	804	dG5
19.6	22 2	
(7 4)	(8 8)	12? 01
33	86	.'i7
696	856	1218
(8304)	(72(', 2)	111 9)
(L621	I I R11-	
_
1,291.0	1,581.0	758 0
399	48 2	121t 2
293	:110	11 1
(50 1)	(521)	1a0 .11
~_(54 21	1_08j	113 ;It
1,255.9	1,551.3	843.1
ties	99.4	51 7
(50.0)	(137.0)	'"
(568)	(62 9)	116 911
13.9)	(II 3)	25 3
(14.4)	(G4)	5 7
(1.5)	(34)	(1 6i
(1916)	(1888)	00 91
90	43	192
		
59.2(	_-'--(2(;6:51.	--._-._.__.127.2)_
180.0		
1,543.0'	1,588.4	1,237 4
4022	4100	3',6 S
362	362	3P 1'
804	_C19-5_	
7 1 0
1,024.2	1,066.7	7111 1
241 2	250 4	
S 771.0	S 810.1	S 626 5
S 0 89	.S 0 92	S o 71
002
_	0
02
-	
_
0.91	.
--
-__-_-0.94
$	
886.0	Bet 5	651 0
24 1%	2.07.	,19'.

EXH012-00325


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Page 4 of 5
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Transmission It Distribution
Enron Transportation Services
Portland General
Total Transmission b Distribution
Wholesale Energy Operations A Services
Americas
  Europe
CATS.IMargaux
Global Markets
Industrial Markets
Net Works
  EEOS
Global Assets
  Retail Risk Management
Other Wholesale
Subtotal
  Global Finance
Global E&P
Prepays
Other
Total Wholesale Energy Cps. & Services
Enron Energy Services
Enron Broadband Services
Corporate and Other
Azurix
  Enron Renewable Energy Corp
Clean Fuels
  Enron Investment Partners
Corporate & Other Expenses
Structured Transactions
Reclass IrorrVto Wholesale
Total Corporate 6 Other
Overview
INCOME BEFORE INT., M.I. & INC. TAXES
Interest Expense, Net
  Dividends on Preferred Stock o1 Subsidiaries
Minority Interest
PRE-TAX INCOME
Income Tax Expense
NET INCOME -RECURRING
DILUTED EPS
  Recurring
Non-recurring
TOTAL DILUTED EPS

Avg shares outstanding - Diluted
Effective Tax Rate - Recurring Earnings

0 C..ps... oPOF:.¢r.arnresr va r4orwrrw .r.pr+0
rnrm . u w

Et.
EARNINGS RELEASE -EXTERNAL F(.. _
  (Mnlaru of rbaars. except as noted)
  Second Quarter

$ 76.7	$ 0.3	f. 77.0
57.7	7.2	64.9
134.4	7.5	141.9
		
959.5	279.6	1.239.1
98.0	(1.2)	96.6
-	(43.1)	(43.1)
54.6	(20.5)	34.1
10.7	26	133
(38)	(1.4)	(5.2)
(4.8)	5.3	0.5
41.7	-	41.7
(600 0)	104.2	(495.8)
19.6	( 35.5)	_ _ (55.1)
536.3	290.0	126.3
25.2	6.3	335
13.0	1.7	155
(35.0)	(2.0)	(37.0)
39.2	3.4	35.0
501.1	301.4	802.5
49.0	10.8	59.6
(15.0)	(87.0)	(102.0)
(25.3)	(81)	(314)
12.9	(54)	7.5
2.7	8 0	10 7
(0.1)	(1.9)	(20)
(95.9)	2.8	(93.1)
4.2	(4.7)	(0.5)

  (101.5) (7.31 108.8
180.0 110.0
748.0 45.4 793.4

201.2	13.8	2150
18.2	-	18 2
40.4	(109)	29.5
418.2	42.5	530.7
117.2	9.2	126.4
$ 371.0	f 33.3	$ 404.3
$ 0.42	S 0.03	f 0.45
f 0.42	$ 0.03	f 0.45
886.0		891.1
24.0%		23.8

  2000 01 ve 00
Actual Growth
$ 77.3
  82.0
139.3 2%

331.2
64.5
(3.5)
(7.6)
19.3
54.3
(22.4)

  435.6
23.8
  7.0
(17.5)
(34.4)
414.5

45.1
(8.0)

  (108)
134
  90
(1 2)
(34.2)
42.4
(t.7)
16.9

94%
31%

	908.4	30%
	195.5	10%
	20.8	
	38.5	
	353.3	50%
	84.4	
f	288.9	40%
f	0.34	32%
f	0.34	
	862.2	
	18.2%	

EXH012-00326


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Page 5 of 5
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~e<4~0~

Transmission & Distribution
Enron Transportation Services
Portland General
Total Transmission & Distribution
Wholesale Energy Operations & Services
Americas
  Europe
CAT S/Margaux
Global Markets
Industrial Markets
Net Works
  EEOS
Global Assets
  Retail Risk Management
Other Wholesale
Subtotal
  Global Finance
Global E &P
Prepays
Other
Total Wholesale Energy Ops. & Services
Enron Energy Services
Enron Broadband Services
Corporate and Other
Azurix
  Enron Renewable Energy Corp
Clean Fuels
  Enron Investment Partners
Corporate 8 Other Expenses
Structured Transactions
Other
Total Corporate & Other
overview

INCOME BEFORE INT., M.I. & INC. TAXES
Interest Expense, Net
  Dividends on Preferred Stock of Subsidlarles
klinorily Interest
PRE-TAX INCOME
Income Tax Expense
NET INCOME - RECURRING
DILUTED EPS
  Recurring
Non-recurring
TOTAL DILUTED EPS

A.g shares outstanding - Diluted
Effective Tax Rate - Recurring Earnings

tr.rtON
EARNINGS RELEASE - EXTERNAL FORMAT
  (M6eons of Doean, except as noted)

Quarter Ended
March 31

Plan	2001 Act	2000 Act
S 131.8	S 133.3	$ 127.9
100.0	60.0	105.3
231.9	193.3	233.2

Quarter Ended
June 30

1st CE	2001 Act	2000 Act
$ 76.7	S 77.0	S 77.3
57.7	64.9	62.0
134.4	141.9	139.3

270.6	847.9	137.5
62.4	99.0	67.7
	(121)	-
46.1	46.3	50.0
9.0	8.9	-
(3.6)	(3.6)	(14.2)
92	8.1	3.4
91.1	47.9	67.5
-	(230.4)	10.5
_ (0.B)	(57.3)	-
504.0	754.7	322.4
40.0	14.7	104.4
5.1	15.5	4.1
(351)	(151)	(22.9)
97.5	(15.0)	21.2
611.5	754.6	429.2
52.4	39.8	6.0
(35.0)	(35.0)	(0.3)
(17.1)	(31.5)	(6.0)
(98)	(16.8)	11.9
(16.1)	(17.1)	(33)
(0.1)	(1.4)	(0.4)
(82.2)	(95.7)	(35.7)
4.0	4 8	6.8
		(17.4)
(121.3)	(157.7)	(44.1)
22.4		
761.8	795.0	624.0
193.2	201.0	161.1
18.4	180	18.1
238	40.0	35.0
526.4	536.0	409.8
126.4	1300	72.2
$ 400.0	S 406.0	S . 331.6
		
f 0.45	S 0.47	$ 040
	0.02	-
f 0.45	$ 0.49	$ 0.40
665.0	870.1	8519
240%	24.3%	17,6%

[.n
  W

959.5	1,239.1	331.2
98.0	96.8	64.5
	(43.1)	
54.0	34.1	(3.5)
10.7	13.3	-
(3.8)	(5.2)	(7.8)
(4.6)	0.5	19.3
41.7	41.7	54.3
(600.0)	(495.8)	(22.4)
_519.62	155.1)	
536.3	826.3	435.6
25.2	33.5	23.6
13.8	155	7.0
(35.0)	(37.0)	(17.5)
(39.2)	`135.81	(34.4)
501.1	602.5	414.5
49.0	59.6	45.7
(15.0)	(102.0)	(6.0)
(253)	(31.4)	(10.8)
12.9	7.5	13.4
2.7	10.7	90
(0.1)	(2.0)	(1.2)
(95.9)	(93.1)	(34 2)
4.2	(0.5)	42.4
		
(101.5)	_(108.81	16.9
160.0		
748.0	793.4	608.4
201.2	2150	195.5
16.2	- 16.2	20.8
40.4	29.5	38.6
488.2	530.7	353.3
117.2	126.4	64.4
S 371.0	S 404.3	S 288.9
		
f 0.42	S 0 45	5 0.34
S 0.42	f 0.45	S 0.34
0860	891.1	e62.2
24.0%	230%	182%

Six Months Ended
June 30

1st CE	2001 Act	2000 Act
S 210.0	S 2103	S 205 2
117.7	1249	1673
321.7	335.2	372.5

1,807.4 .	2.0070	468 7
197.0	1958	132.2
(12.1)	(552)	
1009	804	46 5
196	22.2	
(7.4)	(8.8)	(220)
33	8 6	- 22 7
69.6	696	121 8
(830.4)	(726.2)	(119)
_.176.9	-__i1 12.4L	_
.
1,291.0	1,581.0	758
0
399	48.2	128 2
29.3	31.0	11 1
(50.1)	(52 1)	(40 4) -
?1	_ (50 8)_	(12_21
1,255.9	1,557.3	---843.7-
88.6	99.4	51.7
(50.0)	(137.0)	(8.3)
(568)	(529)	11611)
(39)	(9.3)	25 3
(14 4)	(6 4)	5 7
(1.5)	(3 4)	(1 6)
(191.6)	(108 8)	(69 9)
90	43	492
		
__(259-2)-	----(266.51_	........ (27.`11
180.0		
1,543.0	1,588.4	1,232.4
402,2	4160	3566
36.2	36 2	30 9
80.4	69 5	73 8
1,024.2-	----1,066.7-	-------75].1
247.2	256 4	1366

f 777.0	_-_
S 010.3	_

626.5
$
S 0.89	S 11 92	S 0 74
002	002	
S 0.91	S 0,94	S 074
6860	98.10	1,57n
24 1 %	74 0'.',	1 7

EXH012-00327