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Page 1 of 4
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3 -F~ _ 1~3

Enron Corp.


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2nd Quarter 2001 Earnings Review

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July 16, 2001

EXH012-00319



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Page 2 of 4
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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 ESP
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
Reclass froMto Wholesale
Total Corporate & Other
Overview
INCOME BEFORE INT., M.I. & INC. TAXES
Interest Expense. Net
  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
Effective Tax Rate - Recurring Earnings

OY Prr'GpcrroCtwToresnoe toranvIO •NtkdO

  1
ENRON
EARNINGS RELEASE - EXTERNAL FORMAT
  (Mali.. of Dollars. except as rated)

  Second Quarter

S 76.7	S 03	S 77.0
57.7	7.2	64.9
134.4	7.5	141.9
		
959.5	279.6	1,239.1
98.0	(44.3)	53.7
54.6	(205)	34.1
107	26	133
(3.8)	(1.4)	(5.2)
(4.8)	5.3	0.5
41.7	-	41.7
(6000)	104.2	(495.8)
(19.6)	(35.5)	(55.1)
538.3	290.0	826.3
252	83	33.5.
138	1.7	155
(35.0)	(2.0)	(37.0)
(39.2)	3.4	(35.8)
501.1	301.4	802.5
49.0	10.8	59.8
(15.0)	(87.0)	(102.0)
(25.3)	(6.1)	(31.4)
129	154)	75
2.7	80	10.7
(0.1)	(1.9)	(2.0)
(95.9)	28	(93.1)
4.2	(4.7)	(0.5)

  (101.5) 7.3 108.8
180.0 te0.0
748.0 45.4 793.4

201.2	13.8		2150
182	-		182
40.4	(10.9)		29.5
488.2	42.5		530.7
117.2	9.2		126.4
S 371.0	S 33.3	$	4404.3
$ 0.42	$ 0.03	S	045
S 0.42	S 0.03	$	0-45
886.0			891.1
240%			23.8%

  2000 01 vs 00
Actual Growth
$ 77.3
  62.0
139.3 2 %
331.2
  645
(3.5)
(7.8)
19.3
54.3
(22.4)
435.6
  238
70
(17.5)
(34A)

45.7
(8.0)

94%
31%

  (108)
13.4
  9.0
(1.2)
(34 2)
424
(1.7)
16.9

50814	30%
105.5	10%
208	
388	
353.3	50%
64.4	
S 288.9	40r/.
S 0.34	32%
S 0._3i-	
862 .2	
18.2%	



EXH012-00320


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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
Structured Transactions
Other
Total Corporate & Other
Overview

INCOME BEFORE INT., M.I. 3INC. TAXES
Interest Expense, Net
  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
Effective Tax Rate - Recurring Earnings

ENRON
EARNINGS RELEASE - EXTERNAL FORMAT
  (Millions of Dollars, except as noted)

Quarter Ended
March 31, 2001

Plan	2001	2000
$ 1318	$ 133.3	$ 127.9
1000	600	105.3
231.8	193.3	233.2

Quarter Ended
June 30,2001

1stCE	2001	2000
S 76.7	$ 77.0	S 77.3
57.7	64.9	62.0
134.4	141.9	139.3

2706	847.9	137.5
82.4	869	67.7
46.1	46.3	500
9.0	89	-
(36)	(3.6)	(14.2)
9.2	81	34
91.1	47.9	675
-	(2304)	105
(08)	(57.3)	
504.0	754.7	322.4
40.0	147	1044
5 1	155	4.1
(35 1)	(15.1)	(22.9)
97.5	(150)	21.2
611.5	754.8	429.2
52.4	39.6	6.0
(35.0)	(35.0)	(0.3)
(17.1)	(31.5)	(60)
(9.8)	(16.8)	11.9
(16.1)	(17.1)	(33)
(0.1)	(1.4)	' (0.4)
(82.2)	(95.7)	(35.7)
40	4.8	6.8
		(17.4)
1121.3)	(157.1)	44.1

22.4
781.8 795.0 624.0

193.2		201.0		161.1
18.4		18.0		18.1
23.8		400		350
526.4		536.0		409.8
126.4		1300		722
$ 400.0	$	408.0	S	337.6
$ 0.45	$	0.47	S	040
		0.02		
S 0.45	S	0.49	$	0.40
885.0		870.1		651.9
24.0%		24.3%		17.6%

959.5	1,239.1	331.2
980	53.7	64.5
54.6	341	(3.5)
107	13.3	
(3.8)	(52)	(7.8)
(48)	05	193
41.7	41 7	54.3
(6000)	(495.6)	(22.4)
(196)	(55.1)	
536.3	826.3	435.6
25.2	335	23.8
13.8	155	70
(350)	(37.0)	(17.5)
(392)	(35.8)	(34.4)
501.1	802.5	414.5
49.0	59.8	45.7
(15.0)	(102.0)	(8.0)
(25.3)	(31.4)	(10.8)
12.9	7.5	13.4
27	10.7	9.0
(0.1)	(2.0)	(1 2)
(95.9)	(93.1)	(34.2)
4.2	(0.5)	42.4
		(1.7)
(101.5)	(108.8)	16.9
150.0		
748.0	793.4	608.4
201.2	215,0	1955
18.2	18.2	20.8
40.4	295	388
488.2	530.7	353.3
117.2	126.4	64.4
S 371.0	S 404.3	S 288.9
		
S 0.42	$ 0.45	$ 034
$ 0.42	S 0.45	S 0.34
8860	891.1	8622
240%	238%	182%

Six Months Ended
June 30, 2001

1st CE	2001	2000
S 2100	$ 210.3'	$ 2052
117.7	1249	167 3
327.7	335.2	372.5

1.8074	2.0870	466 7
1849	1406	132 2
1009	804	465
196	222	-
(74)	(88)	(220)
3.3	86	227
896	896	12111
(8304)	(7262)	(119)
(769	1124!	_
1,291.0	1,581.0	758,0
39.9	48 2	126 2
29.3	31 0	11 1
(50.1)	(521)	(404)
__ (542)	981	(13 2)
1,255.9	1,557.3	843.7
88.6	09.4	51.7
(50.0)	(137,0)	(8.3)
(568)	(629)	(168)
(3.9)	(93)	253
(14.4)	(64)	57
(1.5)	(34)	(1 6)
(191.6)	(188.8)	(699)
9.0	43	492
		(19 1)
(259.2)	266.51	(27.2
180.0		
1,543.0	1,588.4	1,232.4
402.2	41110	35('16
382	3132	389
804	695	738 "
1,024.2	1,066.7	763.1
247.2	2564	1366
S 777.0	~S --810.3-	
S 0 89	$ o92	
$ 0 7')
002	002	
-
S 0.91		.._0.74-
886 0	881 5	8"1 0
241%	240%	1197

EXH012-00321


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Page 4 of 4
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'

o	
Transmission 6 Distribution	
Enron Transportation Services	
Portland General	
Total Transmission & Distribution	
Wholesale Energy Operations & Services	
Americas	
Europe	
Global Markets	
Industrial Markets	
Net Works	
EEOS	
Global Assets	
EES Wholesale	
Other Wholesale	
Subtotal	
Enron Global Finance	
Global E&P	
International prior period costs	
Prepays	
Reclass to EES	
Other	
Total Wholesale Energy Ops. 6 Services	
Enron Energy Services	
Reclass from Europe	
Enron Broadband ServIces	
Corporate and Other	
AZnnx	
Errron Renewable Energy Corp. net	
Clean Fuels	
Errron Investment Partners	
Corporate & Other Expenses	
Structured Transactions	
Reclass Iromllo Wholesale	
Total Corporate 6 Other	
Overview	
I
INCOME BEFORE INT., M.I. 6INC. TAXES	
Interest Expense, Net	
Dividends on Prelened Slock of Subsidiaries
Minority Interest	
PRE-TAX INCOME	
Income Tax Expense	
TOTAL NET INCOME -RECURRING	
Anti-dilullve prelerred dividends	M
	C11
TOTAL NET INCOME - RECURRING	
	cm
Non-recurring Net Income	C=
TOTAL NET INCOME	j
6J~
	
	ta
DILUTED EPS	C7
Recurrring	C=
Non-Recurring	~~
TOTAL DILUTED EPS	
Avg shares outstanding - Diluted	

ENRON
EARNINGS RELEASE - EXTERNAL FORMAT - ADJUSTED FOR OPTIONS
  (U tIora 01 Doears, e.cept as ruled)

	1st Quarter	
2001	2001	2000
Actual	Plan	Actual
1334	1318	127.9
599	1000	105.3
193.3	231.8	233.2
8479	270.6	137.5
87 1	82.4	677
463	46.1	50.0
68	9.0	-
(36)	(36)	(142)
8 1	92	3 4
479	91.1	67.5
(2304)	
-	
-
313	(08)	
780.9	503.9	311.9
146	400	104.4
155	5.1	4.1
(34)	(4.5)	(4.6)
(151)	(35.1)	(229)
(11.5)	-	(66)
(260)	1020	344
755.0	611.4	418.7
28.2	524	7 9
1,15		9.6
39.7	52.4	16.5
(350)	(35.0)	(0.3)
(315)	(17 11	(60)
(168)	(96)	119
(170)	(161)	(33)
(1 4)	(0 1)	(04
)
(95.7)	(82 2)	(53 1)
48	40	68
(157.6)	(121.3)	(44.1)
	224	
795.4	761.7	624.0
201 2	1932	161.1
18 1	104	18 1
403	230	350
535.5	526.4	409.8
129.8	126.3	72.2
406.0	400.0	337.6
406.0	400.0	337.6
		
425.0	400.0	337.8

$ 0.47 $ 0.45 S 0.40
0.02	
S 049	$ 0.45 $ 0.40
8716	8850 851 9

EHecbve Tax Rate - Recurring Earnings 242% 240% 176%

	2nd Quarter	
2001	2001	2000
tat CE	Plan	Actual
87.7	76.8	773
57.7		62.0
145.4	76.8	139.3
959.5	292.8	331.2
980	82.3	645
546	560	(3.5)
10.7	11.4	-
(3.8)	(3.9)	(7.6)
(4.8)	14.5	19.3
41.7	056	54.3
(6000)	
-	
-
(196)	(24)	
536.3	536.3	468.0
25.2	39.9	23.8
13.8	04	70
(5.1)	(44)	(183)
135.0)	(34.7)	(17.5)
(14.1)		-

349	50.9	23.3
14.1		
49.0	50.9	23.3
(15.01	(29.5)	(6.0)
(253)	(195)	(108)
129	0 2	13.4
27	(2.6)	90
(o 1)	(01)	(1.2)
(959)	(82.4)	(359)
4.2	42	42.4

(101.5) (100.2) 16.9
1690 130 -

745.0	596.5	608.4
201.2	gas	1955
18.2	17 7	208
404	224	388
408.2	459.6	353.3
117.2	1103	644

771.1 349.3 286.9
371.1 349.3 260.9

  371.1 349.3 260.9'

S 0.42 S 0.39 $ 0.34
S 0.42	5 0.39	S	0.34
8860	8050		8622

240% 240% 162%

3rd Quarter
2001	2001	2000
1st CE	Plan	Actual
81.7	B1.6	830
309	-	739

1625	190.7	346.9
95.5	79.9	515
678	694	(11.61
i
220	22.7	-
564	564	7.0
220	135	6.8
51.9	49.3	356
(165)	(0.2)	-
451.6	481.6	436.2
709	409	29
-	04	9.3
(4.2)	14.5)	(5.2)
(350)	(44.7)	(26.7)
(4 6)	-	-
500	90.0	210.2
555.7	563.7	226.7

564	67.9	300
4.6		
61.0	67.9	30.0
(10.0)	(36.4)	(20.0)
(21 8)	(20 7)	(24.3)
05	02	3.3
(4.8)	(4 6)	(6.1)
0 2	(0.1)	I.1
(97.9)	(833)	(1068)
42	45	56

(119.6) (104.0) (127.2)
1530 260

7556	598.9	666.4
1886	884	2410
18.7	11 8	197
406	17.5	35.5
507.9	475.2	364.2
121.9	114.1	72.3

386.0 361.2 291.9

306.0 361.2 291.9
306.0 361.2 291.9

$ 0.44 111 0.41 S 0.34
S	0.44	$ 0.41	S 0.34
	8866	8050	8696

240% 24 0% 19 9%

	4th Quarter	
2001	2001	2000
1st CE	Plan	Actual
94 4	106.8	1030
57.1		995
151.5	106.8	202.5
2564	220.1	510.1
126.4	110.7	750
1001	101.6	324
230	237	46.3
58 0	58 0	24 2
309	31.7	17 0
34.1	62.8	103
(165)	39	
612.4	612.4	727.3
49.3	41.2	46 1
	04	360
(4.2)	(4 4)	(163)
(29.5)	(530)	(33.7)
(60)		
392	100	169
661.2	605.	7-77 .1
6692	74.9	33 2
60		

75.2	_
_ 74.9,_	
_ 33 2
15.01	35.9	(31.7)
(19.7)	(18 1)	(203)
494	02	769
(11.5)	(65)	(144)
03	(0 1)	(3.1)
(1001)	(865)	(1555)
123	12.7	40 3
		
2 0		
615.6	663.7	047.0
201 3	119 7	234 7
16 7	17.8	18 2
41 4	17 5	_
44 2
554.2	5311.1	_
5499
1330	_ 1293	_2027
421.2	409.4	347.2
	__	210
421.2	409.4	326.2
		
421.2	409.4	`_ 392

  111 0.47 S 046 $ 0.41
$ 0.47 S_046 _ $ 0 05
  801 7 865 0 7117 1

24 0% 24 o;. 36 9%

_	Total Year	
2001	2001 -	2000
101 CE	Plan	Actual
397.2	397 2	391 2
2056	10_0_0_	340 7
602.8	497.2	731.9
2.2462	974 2 1	1.325
407 0	355 2	758 7
2688	273 1	67 3
64 4	66 8	411 3
1070	1069	92
562	6o9	455
1756	2886	1771
(830 4)		
__1838)	5
__ ()	
-_
2.411.1 '	.
2.134.4-	7,933 4
1600	1620	177 2
293	6 '.1	5 7 7
116.9)	(11 n)	(44 4)
(1146)	(16773)	(101(11)
(362)		(06)
43 2
--	_ 252 (I	245 4
-
2,476 0	2.368 6-	_
-1,259 4
1888	2.16 1	11 4
362		Hf,
_ _ 225 0	246.1	103 0
(650)	(650)	(60o)
(963)	(54)	(694)
45(1	102)	.,,
(:106)	(291))	(14 H)
(I0)	(05)	117;1
(309 6)	(334 4)	( 1.'.I .1)
25 5	2!, 4	'I'. 1
(448.0)	(4219)	(200 S)
324 0		
3.114 8	2,623 0	2,745 8
792:1	4111	11
101
		,
1621	r11 2	I'.)',
2,086.1	2,000 0	1.617 2
50!_9	_ 490 0	4 1I r;
1,584.2	1,520 1	1.265 6
		66 0
1,564.2	1,520 1	1.199 6
19.0	-	_, (281 0)
1,6032	1,520.1	9126

  $ 190 S (71 $ 141
-----0.02 - (0151
S 182 S 111 $ 112
  0029 111150 -is I I4

24 1 % Ja 0% 7.r '.".,

EXH012-00322