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ENRON CORP. ANNOUNCES PLANS TO SPIN OFF ENRON OIL TRADING & TRANSPORTATION COMPANY AND ANNOUNCES CORPORATE STAFF PROMOTIONS

 ENRON CORP. ANNOUNCES PLANS TO SPIN OFF ENRON OIL TRADING &
 TRANSPORTATION COMPANY AND ANNOUNCES CORPORATE STAFF PROMOTIONS
 HOUSTON, Oct. 22 /PRNewswire/ -- Enron Corp. (NYSE: ENE) announced today its plans to spin off its subsidiary, Enron Oil Trading & Transportation Company (EOTT), to Enron Corp. common shareholders. The action will result in a new, separately traded public entity independent of Enron Corp. All Enron common shareholders will receive shares in the new company in the transaction.
 "As a stand-alone, independent company, we believe EOTT will be able to respond more efficiently and quickly to the very specific and competitive needs of its markets," said Kenneth L. Lay, chairman and CEO of Enron Corp. "As we pursue our goal of becoming the first natural gas major, it also becomes apparent to us that the crude oil related business functions of EOTT do not fall within the scope of our overall corporate direction.
 "While Enron's revenues will decrease by 50 percent or more as a result of the proposed transaction, the reduction in earnings will be minimal. We fully expect Enron to meet its 15 percent earnings per share growth target for 1993 in spite of the spin-off of EOTT to shareholders," Lay added.
 Enron will file an information statement with the Securities and Exchange Commission (SEC) that will be distributed to Enron shareholders prior to the spin-off and will outline specific assets, activities and pro forma financial statements for the new company. Enron plans for the spin-off to occur during the first quarter of 1993.
 J. Michael Muckleroy, chairman and CEO of Enron Liquid Fuels, will be named chairman and CEO of the new company and, effective immediately, the balance of the Liquid Fuels Group will report directly to Enron's Office of the Chairman, which consists of Lay and Richard D. Kinder, president and chief operating officer of Enron Corp.
 "Consistent with the additional operating responsibilities for the Office of the Chairman, we have recreated the role of chief of staff to lead corporate staff activities," Lay said. Edmund P. Segner III will assume these responsibilities and has been named executive vice president and chief of staff.
 Those reporting to Segner include: Jack I. Tompkins, senior vice president, chief information, administrative and accounting officer; Rodney L. Gray, newly promoted to senior vice president, finance and treasurer; as well as functional heads for government affairs, public relations, investor relations, planning, corporate development and human resources. Both Segner and Tompkins will continue as members of Enron's management committee.
 Segner previously was Enron's senior vice president, investor, public and government relations. He joined the company in early 1988. Gray previously was Enron's vice president, finance and treasurer and also joined the company in early 1988.
 Enron Corp., America's leading natural gas company, with more than $13 billion in annual revenues and $10 billion in assets, operates the nation's largest natural gas transmission system; is a leading purchaser and marketer of long-term natural gas supplies; markets natural gas liquids, crude oil and refined products nationally and worldwide; owns 80 percent of Enron Oil & Gas Company, one of the country's largest independent (non-integrated) natural gas exploration and production companies; and is one of the largest independent developers and producers of electricity in the United States and the United Kingdom, with extensive experience in combined heat and power installations. Enron Corp. is traded under the ticker symbol "ENE".
 -0- 10/22/92
 /CONTACT: Diane Bazelides of Enron Corp., 713-853-6285/
 (ENE) CO: Enron Corp. ST: Texas IN: OIL SU:


GK -- NY081 -- 3534 10/22/92 11:40 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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