AMENDMENT TO NATURAL GAS SWAP TRANSACTIONS LETTER AGREEMENT
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EXHIBIT 10.57(b)
AMENDMENT
TO
NATURAL GAS SWAP TRANSACTIONS
LETTER AGREEMENT
Reference for all purposes is hereby made to that certain Natural Gas Swap
Transactions Letter Agreement (the Letter Agreement), dated March 31, 1995
between and among ENRON CORP.,a Delaware corporation ("ENRON"), ENRON CAPITAL &
TRADE RESOURCES CORP.
WHEREAS, ENRON, ECT and EOG each desire to amend the Letter Agreement as
hereinafter set forth effective as of March 31, 1995 (the "Effective Date");
NOW, THEREFORE, for and in consideration of the premises and of the sum of Ten
Dollars ($10.00) and other good and valuable consideration, the receipt and
sufficiency of which is acknowledged by each of the parties hereto, ENRON, ECT
and EOG do hereby amend the Letter Agreement as follows:
1 Capitalized terms used herein shall have the meanings given to
them in the Letter Agreement, unless otherwise defined herein.
2 Exhibit A of the Letter Agreement is hereby amended by deleting
same and substituting Amended Exhibit A attached hereto in lieu
thereof. Amended Exhibit A attached hereto is made a part of the
Letter Agreement and supercedes Exhibit A attached to the Letter
Agreement.
3 Except as expressly amended hereby, the Letter Agreement shall
remain in full force and effect as heretofore entered into.
ENRON, ECT and EOG each ratifies and confirms the Letter Agreement
as hereby amended.
EXECUTED this 19th day of December, 1995, but effective for all purposes as of
the Effective Date.
ENRON CORP. ENRON OIL & GAS COMPANY
By: /s/ X.X. Xxxxxx III By: /s/ Xxxx X. Xxxx
------------------------- ------------------------------------
Name: Xxxxxx X. Xxxxxx III Name: Xxxx X. Xxxx
------------------------- ------------------------------------
Title: Executive Vice President Title: President, North American Operations
------------------------- ------------------------------------
ENRON CAPITAL & TRADE
RESOURCES CORP.
By: /s/ Xxxxxxx X. Xxxxxx
-------------------------
Name: Xxxxxxx X. Xxxxxx
-------------------------
Title: Vice President
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AMENDED EXHIBIT A : SCHEDULE FOR 6,000,000 MMBTU
PER MONTH ECT/EOG SWAP TRANSACTIONS
QUARTER QUARTER
UNDISCOUNTED DISCOUNTED UNDISCOUNTED DISCOUNTED MARGIN PURCHASE SALE
YEAR MONTH $ DISC % $ $ $
1995 3 $1,600,200 $1,582,476 $1,600,200 $1,582,476 $0.266700 $1.8500 $2.116700
6,000,000 4 $3,166,800 $3,113,093 $0.527800 $1.8500 $2.377800
MMBTU/MTH 5 $3,166,800 $3,093,958 $0.527800 $1.8500 $2.377800
6 $3,166,800 $3,075,552 $9,500,400 $9,282,603 $0.527800 $1.8500 $2.377800
7 $3,166,800 $3,056,648 $0.527800 $1.8500 $2.377800
8 $3,166,800 $3,037,860 $0.527800 $1.8500 $2.377800
9 $3,166,800 $3,019,787 $9,500,400 $9,114,295 $0.527800 $1.8500 $2.377800
10 $3,166,800 $3,001,226 $0.527800 $1.8500 $2.377800
11 $3,166,800 $2,983,371 $0.527800 $1.8500 $2.377800
12 $3,166,800 $2,965,033 $9,500,400 $8,949,630 $0.527800 $1.8500 $2.377800
$30,101,400 $28,929,004
1996 1 $2,500,200 $2,326,516 $0.416700 $1.9200 $2.336700
6,000,000 2 $2,500,200 $2,313,135 $0.416700 $1.9200 $2.336700
MMBTU/MTH 3 $2,500,200 $2,298,917 $7,500,600 $6,938,568 $0.416700 $1.9200 $2.336700
4 $2,500,200 $2,285,241 $0.416700 $1.9200 $2.336700
5 $2,500,200 $2,271,194 $0.416700 $1.9200 $2.336700
6 $2,500,200 $2,257,683 $7,500,600 $6,814,118 $0.416700 $1.9200 $2.336700
7 $2,500,200 $2,243,806 $0.416700 $1.9200 $2.336700
8 $2,500,200 $2,230,014 $0.416700 $1.9200 $2.336700
9 $2,500,200 $2,216,747 $7,500,600 $6,690,567 $0.416700 $1.9200 $2.336700
10 $2,500,200 $2,203,122 $0.416700 $1.9200 $2.336700
11 $2,500,200 $2,190,015 $0.416700 $1.9200 $2.336700
12 $2,500,200 $2,176,554 $7,500,600 $6,569,691 $0.416700 $1.9200 $2.336700
$30,002,400 $27,012,944
1997 1 $1,624,800 $1,405,778 $0.270800 $2.0300 $2.300800
6,000,000 2 $1,624,800 $1,397,971 $0.270800 $2.0300 $2.300800
MMBTU/MTH 3 $1,624,800 $1,389,379 $4,874,400 $4,193,128 $0.270800 $2.0300 $2.300800
4 $1,624,800 $1,381,113 $0.270800 $2.0300 $2.300800
5 $1,624,800 $1,372,624 $0.270800 $2.0300 $2.300800
6 $1,624,800 $1,364,458 $4,874,400 $4,118,195 $0.270800 $2.0300 $2.300800
7 $1,624,800 $1,356,071 $0.270800 $2.0300 $2.300800
8 $1,624,800 $1,347,736 $0.270800 $2.0300 $2.300800
9 $1,624,800 $1,339,718 $4,874,400 $4,043,525 $0.270800 $2.0300 $2.300800
10 $1,624,800 $1,331,483 $0.270800 $2.0300 $2.300800
11 $1,624,800 $1,323,562 $0.270800 $2.0300 $2.300800
12 $1,624,800 $1,315,427 $4,874,400 $3,970,472 $0.270800 $2.0300 $2.300800
$19,497,600 $16,325,320
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AMENDED EXHIBIT A : SCHEDULE FOR 6,000,000 MMBTU
PER MONTH ECT/EOG SWAP TRANSACTIONS
MARGIN PURCHASE SALE
1998 1 $760,200 $611,670 $0.126700 $2.1400 $2.266700
6,000,000 2 $760,200 $608,273 $0.126700 $2.1400 $2.266700
MMBTU/MTH 3 $760,200 $604,534 $2,280,600 $1,824,477 $0.126700 $2.1400 $2.266700
4 $760,200 $600,937 $0.126700 $2.1400 $2.266700
5 $760,200 $597,244 $0.126700 $2.1400 $2.266700
6 $760,200 $593,691 $2,280,600 $1,791,872 $0.126700 $2.1400 $2.266700
7 $760,200 $590,041 $0.126700 $2.1400 $2.266700
8 $760,200 $586,415 $0.126700 $2.1400 $2.266700
9 $760,200 $582,926 $2,280,600 $1,759,382 $0.126700 $2.1400 $2.266700
10 $760,200 $579,343 $0.126700 $2.1400 $2.266700
11 $760,200 $575,896 $0.126700 $2.1400 $2.266700
12 $760,200 $572,357 $2,280,600 $1,727,596 $0.126700 $2.1400 $2.266700
$9,122,400 $7,103,327
1999 1 $349,800 $261,747 $0.058300 $2.2400 $2.298300
6,000,000 2 $349,800 $260,293 $0.058300 $2.2400 $2.298300
MMBTU/MTH 3 $349,800 $258,693 $1,049,400 $780,733 $0.058300 $2.2400 $2.298300
4 $349,800 $257,154 $0.058300 $2.2400 $2.298300
5 $349,800 $255,573 $0.058300 $2.2400 $2.298300
6 $349,800 $254,053 $1,049,400 $766,780 $0.058300 $2.2400 $2.298300
7 $349,800 $253,750 $0.058300 $2.2400 $2.298300
8 $349,800 $252,190 $0.058300 $2.2400 $2.298300
9 $349,800 $250,690 $1,049,400 $756,630 $0.058300 $2.2400 $2.298300
10 $349,800 $249,149 $0.058300 $2.2400 $2.298300
11 $349,800 $247,667 $0.058300 $2.2400 $2.298300
12 $349,800 $246,145 $1,049,400 $742,961 $0.058300 $2.2400 $2.298300
$4,197,600 $3,047,104
$92,921,400 $82,417,699
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INCLUDES FINAL MARKET CONTRACT IMPACT =$901,000
INCLUDES FINAL TRANSACTION COST = $511,000
INCLUDES FINAL INTEREST RATE COST OF MONEY = 7.53% ANNUAL
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