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ENRON CAPITAL LLC AND ENRON CAPITAL RESOURCES, L.P. ANNOUNCE DIVIDENDS ON CUMULATIVE PREFERRED SECURITIES
HOUSTON --- William R. Cordes has been named president of Transwestern Pipeline Company, in addition to his responsibilities as president of Northern Natural Gas Company.
"Due to changes in the marketplace following the deregulation of natural gas under Order 636, our two wholly owned interstate pipelines are operating more and more as one integrated grid," said Stan Horton, co-chairman and CEO of Enron Operations Corp. "Combining the organizations of the two pipelines will increase our effectiveness and efficiency."
Headquartered in Houston, Transwestern Pipeline Company is a 2,662-mile system which has a capacity of 1.1 Bcf/d. Located in the southwest U.S., transports natural gas to California and midwest markets. The system complements Northern Natural Gas, a 4.3 Bcf/d pipeline which is headquartered in Omaha, serving upper midwest markets. Both Transwestern Pipeline and Northern Natural Gas are Enron Corp. affiliates.
A native of Omaha, Cordes graduated from the University of Nebraska with a degree in business administration. He joined Northern Natural Gas in 1970 and has held a number of positions, including working at People Natural Gas, formerly a division of Enron, and in the rates and regulatory affairs departments of a number of Enron's pipelines. Cordes was named vice president of regulatory affairs at Northern Natural Gas in 1990 and vice president of regulatory affairs and financial analysis in 1992. He was named president of Northern Natural Gas in 1993.
No relocations of Omaha or Houston based personnel are anticipated as a result of this consolidation. Cordes and his family will continue to reside in Omaha.
Enron Corp., one of the world's largest integrated natural gas companies with approximately $13 billion in assets, operates the second largest natural gas transmission system in the world; is the largest purchaser and marketer of natural gas and the largest non-regulated marketer of electricity in North America; produces and markets natural gas liquids worldwide; owns 60 percent of Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns 55 percent of Enron Global Power & Pipelines L.L.C., which is owner and manager of operating power plants and natural gas pipelines in emerging markets; and is one of the largest independent developers and producers of electricity in the world. Enron Corp. is traded under the ticker symbol, "ENE."
For additional information please contact:
Elaine McCasland
(713) 853-6814
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