SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1994
Commission file number 1-3423
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
ENRON CORP. SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office:
ENRON CORP.
1400 Smith Street
Houston, Texas 77002
<PAGE>
ENRON CORP. SAVINGS PLAN
Page
Report of Independent Public Accountants 3
Financial Statements:
Savings Plan
Statement of Financial Condition as of
December 31, 1994 4
Statement of Financial Condition as of
December 31, 1993 5
Statement of Income and Changes in Plan Equity
For the Year Ended December 31, 1994 6
Statement of Income and Changes in Plan Equity
For the Year Ended December 31, 1993 7
Statement of Income and Changes in Plan Equity
For the Year Ended December 31, 1992 8
Notes to Financial Statements 9
Signature Page 14
Consent of Independent Public Accountants 15
11-K Schedules
Schedules I, II, and III are omitted because the required
information is included in the financial statements
ERISA Schedules
Schedule of Assets Held for Investment Schedule I
Schedule of Reportable Series Transactions Schedule II
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Administrative Committee of
Enron Corp. Savings Plan:
We have audited the accompanying statements of financial
condition of the Enron Corp. Savings Plan as of December 31,
1994 and 1993 and the related statements of income and
changes in plan equity for each of the three years ended
December 31, 1994. These financial statements and the
schedules referred to below are the responsibility of the
Committee. Our responsibility is to express an opinion on
these financial statements and schedules based on our
audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
condition of the Enron Corp. Savings Plan as of December 31,
1994 and 1993 and the income and changes in plan equity of
the Enron Corp. Savings Plan for each of the three years
ended December 31, 1994 in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental schedules of assets held for investment as of
December 31, 1994 and reportable series transactions for the
year ended December 31, 1994 are presented for purposes of
additional analysis and are not a required part of the basic
financial statements but are supplementary information
required by the Department of Labor's Rules and Regulations
for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974. The supplemental schedules
have been subjected to the auditing procedures applied in
the audit of the basic financial statements and, in our
opinion, are fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
MIR FOX & RODRIGUEZ
Houston, Texas
June 23, 1995
<PAGE>
<TABLE>
ENRON CORP. SAVINGS PLAN
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1994
<CAPTION>
Enron Oil & Fidelity Fidelity Fidelity
Enron Corp. Gas Company Enron Corp. Equity Domestic Overseas Loans to Total
Stock Fund Stock Fund Income Fund Income Fund Funds Fund Participants All Funds
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
SHORT-TERM INVESTMENTS $ 1,116,702 $ 202,378 $ 509,726 $ 7,096 $ 6,981 $ 1,424 $ 237,287 $ 2,081,594
INVESTMENTS
Common Stock of Enron
Corp. - 7,428,492 shares
(cost $68,776,689) 226,569,006 - - - - - - 226,569,006
Cumulative Second Preferred
Convertible Stock of Enron
Corp. - 70,000 shares
(cost $20,181,998) 29,147,020 - - - - - - 29,147,020
Common Stock of Enron Oil &
Gas - 523,365 shares (cost
$8,880,263) - 9,813,094 - - - - - 9,813,094
Fixed Income Deposit
Contracts, at cost which
approximates market value - - 91,550,045 - - - - 91,550,045
Fidelity Equity Income Fund-
370,297 shares (cost
$12,277,367) - - - 11,368,114 - - - 11,368,114
Fidelity OTC Portfolio-
43,120 shares (cost
$1,013,411) - - - - 1,003,409 - - 1,003,409
Fidelity Balanced Fund-
158,135 shares (cost
$2,067,873) - - - - 1,943,475 - - 1,943,475
Fidelity Growth and Income
Portfolio - 121,840 shares
(cost $2,703,255) - - - - 2,569,614 - - 2,569,614
Fidelity Magellan Fund-
61,561 shares (cost
$4,306,714) - - - - 4,112,260 - - 4,112,260
Fidelity Growth Company
Fund - 55,382 shares
(cost $1,584,493) - - - - 1,509,715 - - 1,509,715
Fidelity Overseas Fund-
81,869 shares (cost
$2,333,985) - - - - - 2,235,022 - 2,235,022
255,716,026 9,813,094 91,550,045 11,368,114 11,138,473 2,235,022 - 381,820,774
RECEIVABLES
Contributions 197,478 84,369 632,282 82,702 115,530 46,913 - 1,159,274
Notes receivable from
participants - - - - - - 15,273,837 15,273,837
Accrued income receivable 5,973 1,842 3,732 - - - - 11,547
TOTAL $257,036,179 $10,101,683 $92,695,785 $11,457,912 $11,260,984 $2,283,359 $15,511,124 $400,347,026
PLAN EQUITY $257,036,179 $10,101,683 $92,695,785 $11,457,912 $11,260,984 $2,283,359 $15,511,124 $400,347,026
<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
ENRON CORP. SAVINGS PLAN
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1993
<CAPTION>
Enron
Oil & Gas Fidelity
Enron Corp. Company Enron Corp. Equity Loans To
Stock Fund Stock Fund Income Fund Income Fund Participants Total
<S> <C> <C> <C> <C> <C> <C>
ASSETS
SHORT-TERM INVESTMENTS $ 5,122,094 $ 335,992 $ 14,110,255 $ 9,036 $ 25,330 $ 19,602,707
INVESTMENTS
Common Stock of Enron
Corp. - 7,861,219 shares
(cost $82,183,527) 227,975,351 - - - - 227,975,351
Fixed Income Deposit
Contracts - - 91,231,733 - - 91,231,733
Fidelity Equity Income
Fund at market value -
384,880 units (cost
$12,891,904) - - - 13,024,384 - 13,024,384
Common Stock of Enron
Oil & Gas - 346,142
shares (cost $4,820,310) - 6,749,769 - - - 6,749,769
227,975,351 6,749,769 91,231,733 13,024,384 - 338,981,237
NOTES RECEIVABLE FROM
PARTICIPANTS - - - - 10,032,803 10,032,803
TOTAL $233,097,445 $7,085,761 $105,341,988 $13,033,420 $10,058,133 $368,616,747
PLAN EQUITY $233,097,445 $7,085,761 $105,341,988 $13,033,420 $10,058,133 $368,616,747
<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
ENRON CORP. SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1994
<CAPTION>
Enron Oil & Fidelity Fidelity Fidelity
Enron Corp. Gas Company Enron Corp. Equity Domestic Overseas Loans to Total
Stock Fund Stock Fund Income Fund Income Fund Funds Fund Participants All Funds
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INCOME
Interest $ 542,300 $ 60,332 $ 5,741,577 $ 45,325 $ 34,631 $ 10,339 $ - $ 6,434,504
Dividends 5,998,734 47,579 - 351,046 124,365 - - 6,521,724
6,541,034 107,911 5,741,577 396,371 158,996 10,339 - 12,956,228
REALIZED APPRECIATION 2,381,446 141,230 - 677,331 147,248 35,377 - 3,382,632
UNREALIZED APPRECIATION
(DEPRECIATION) 10,464,267 (705,409) - (980,952) (537,273) (98,989) - 8,141,644
CONTRIBUTIONS FROM
PARTICIPANTS 4,392,129 1,283,749 4,581,648 1,529,576 1,584,582 352,732 - 13,724,416
ASSETS TRANSFERRED
Transfers between funds,
net (4,254,979) 2,920,001 (7,323,671) (2,140,776) 8,987,758 1,811,667 - -
Rollovers and transfers
in from new participants 46,513,545 261,516 1,554,772 256,865 1,782,978 312,836 - 50,682,512
42,258,566 3,181,517 (5,768,899) (1,883,911) 10,770,736 2,124,503 - 50,682,512
LOANS TO PARTICIPANTS, NET
OF REPAYMENTS (3,880,429) (226,335) (843,277) (192,052) (250,059) (60,839) 5,452,991 -
PARTICIPANT WITHDRAWALS (37,996,208) (756,031) (16,218,332) (1,099,591) (606,594) (78,463) - (56,755,219)
OTHER, NET (222,071) (10,710) (138,920) (22,280) (6,652) (1,301) - (401,934)
INCREASE (DECREASE) IN
PLAN EQUITY 23,938,734 3,015,922 (12,646,203) (1,575,508) 11,260,984 2,283,359 5,452,991 31,730,279
PLAN EQUITY, BEGINNING OF
PERIOD 233,097,445 7,085,761 105,341,988 13,033,420 - - 10,058,133 368,616,747
PLAN EQUITY, END OF PERIOD $257,036,179 $10,101,683 $ 92,695,785 $11,457,912 $11,260,984 $2,283,359 $15,511,124 $400,347,026
<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
ENRON CORP. SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1993
<CAPTION>
Enron
Oil & Gas Fidelity
Enron Corp. Company Enron Corp. Equity Loans To
Stock Fund Stock Fund Income Fund Income Fund Participants Total
<S> <C> <C> <C> <C> <C> <C>
INCOME
Interest $ 377,697 $ 42,844 $ 6,838,734 $ 48,409 $ - $ 7,307,684
Dividends 5,712,496 30,132 - 197,347 - 5,939,975
6,090,193 72,976 6,838,734 245,756 - 13,247,659
REALIZED APPRECIATION 5,045,381 324,260 - 1,152,467 - 6,522,108
UNREALIZED APPRECIATION 43,099,734 825,470 - 132,426 - 44,057,630
CONTRIBUTIONS FROM
PARTICIPANTS 5,657,796 1,386,478 6,372,169 2,229,693 - 15,646,136
ASSETS TRANSFERRED
Transfers Between
Funds, net 5,144,784 866,665 (4,408,878) (1,602,571) - -
Transfers in from
new participants 5,644,016 252,313 3,688,727 670,225 - 10,255,281
10,788,800 1,118,978 (720,151) (932,346) - 10,255,281
LOANS TO PARTICIPANTS,
NET OF REPAYMENTS (176,739) 65,323 (514,139) (95,818) 721,373 -
PARTICIPANT WITHDRAWALS (29,318,587) (461,632) (11,304,632) (1,211,469) - (42,296,320)
OTHER, NET (386,349) 3,347 3,278 - - (379,724)
INCREASE IN PLAN EQUITY 40,800,229 3,335,200 675,259 1,520,709 721,373 47,052,770
PLAN EQUITY, BEGINNING
OF PERIOD 192,297,216 3,750,561 104,666,729 11,512,711 9,336,760 321,563,977
PLAN EQUITY, END OF
PERIOD $233,097,445 $7,085,761 $105,341,988 $13,033,420 $10,058,133 $368,616,747
<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
ENRON CORP. SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1992
<CAPTION>
Enron
Oil & Gas
Enron Corp. Company Enron Corp. Loans To
Stock Fund Stock Fund Income Fund Equity Fund Participants Total
<S> <C> <C> <C> <C> <C> <C>
INCOME
Interest $ 320,182 $ 32,249 $ 7,885,004 $ 46,389 $ - $ 8,283,824
Dividends 5,395,734 20,001 - 317,622 - 5,733,357
5,715,916 52,250 7,885,004 364,011 - 14,017,181
REALIZED APPRECIATION 719,359 139,925 - 39,724 - 899,008
UNREALIZED APPRECIATION 45,916,490 919,541 - 467,143 - 47,303,174
CONTRIBUTIONS FROM
PARTICIPANTS 3,552,497 927,649 6,177,673 1,776,732 - 12,434,551
ASSETS TRANSFERRED
Transfers between
funds, net 1,189,095 (45,758) (1,989,834) 846,497 - -
Transfers in from
new participants 1,414,415 56,507 2,468,144 166,417 - 4,105,483
2,603,510 10,749 478,310 1,012,914 - 4,105,483
LOANS TO PARTICIPANTS,
NET OF REPAYMENTS (899,050) 110,842 (1,312,253) (150,248) 2,250,709 -
PARTICIPANT WITHDRAWALS (6,330,120) (57,212) (4,875,926) (422,669) - (11,685,927)
OTHER, NET 3,398 (4,116) 30,128 26,575 - 55,985
INCREASE IN PLAN EQUITY 51,282,000 2,099,628 8,382,936 3,114,182 2,250,709 67,129,455
PLAN EQUITY, BEGINNING
OF PERIOD 141,015,216 1,650,933 96,283,793 8,398,529 7,086,051 254,434,522
PLAN EQUITY, END OF
PERIOD $192,297,216 $3,750,561 $104,666,729 $11,512,711 $9,336,760 $321,563,977
<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
ENRON CORP. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF THE PLAN
Enron Corp. ("Enron") offers eligible employees the
opportunity to participate in the Enron Corp. Savings
Plan ("Savings Plan"). Participation in the Savings
Plan is voluntary and an employee is eligible to
participate the first day of the month following
employment. However, an individual whose conditions of
employment are governed by a collective bargaining
agreement shall not be considered an employee for this
purpose unless the collective bargaining agreement
provides otherwise. The Savings Plan is subject to the
provisions of the Employee Retirement Income Security
Act of 1974 ("ERISA").
Prior to January, 1, 1994, participants in the Savings
Plan could allocate their contributions to one or more
of four investment funds including an Enron stock fund,
an Enron Oil & Gas Company ("EOG") stock fund, a fixed
income fund, and an equity fund.
The Savings Plan was amended and restated effective
January 1, 1994 primarily to provide for six additional
investment options in the form of diversified mutual
funds and to provide for daily account valuations as
well as daily changes in contribution percentages,
investment choices and transfers between funds subject
to certain limitations. The investment options
available beginning January 1, 1994 are as follows:
Enron Corp. Stock Fund
EOG Stock Fund
Enron Corp. Income Fund
Fidelity Equity Income Fund
Fidelity OTC Portfolio
Fidelity Balanced Fund
Fidelity Growth and Income Portfolio
Fidelity Magellan Fund
Fidelity Growth Company Fund
Fidelity Overseas Fund
Participants whose gross pay is less than $66,000 per
year may contribute amounts up to 14% of their normal
pay on an after-tax or before-tax basis, or any
combination thereof, up to the 14% maximum.
Participants whose gross pay is equal to or greater than
$66,000 per year may contribute amounts up to 11% of
their normal pay. Contributions may be made on an after-
tax or before-tax basis, or any combination thereof, up
to a maximum of 11%. However, the maximum for before-
tax contributions is limited to 8% subject to a maximum
contribution amount of $9,240 for the plan year 1994
(and adjusted annually thereafter to reflect changes in
the cost of living).
The Savings Plan permits participants to borrow up to
50% of the market value of their accounts, subject to
certain limitations. Generally, notes receivable from
participants must be repaid within five years. The
Savings Plan is qualified under Section 401(a) of the
Code; withdrawals, distributions, and loans to
participants are limited as specified by the Code and
related Internal Revenue Service ("IRS") regulations.
Number of Participants
The following is a summary of participants in the
Savings Plan:
<TABLE>
<CAPTION>
December 31,
1994 1993
<S> <C> <C>
Enron Corp. Stock Fund 5,780 5,707
Enron Corp. Income Fund 4,129 4,651
Fidelity Equity Income Fund 1,608 1,687
EOG Stock Fund 1,501 1,283
Fidelity Domestic Funds 2,325 -
Fidelity Overseas Fund 549 -
The total number of participants in the Savings Plan at
December 31, 1994 is 6,667 and is less than the sum of
the number of participants shown above because many were
participating in more than one fund.
2. ACCOUNTING POLICIES
In accordance with the provisions of the Savings Plan,
the financial records and participants' annual
valuations are determined on the accrual basis and the
investments are presented at market value. Security
transactions are recorded as of the trade date. The
common stock owned by the Savings Plan is carried in
each of the individual participants' accounts at cost.
The market value of the Enron or EOG stock fund is
determined by the closing price of such common stock as
quoted in the listing of the New York Stock Exchange
Composite Transactions as of the financial statement
date. The fixed income deposit contracts are valued at
cost plus interest earned as of the financial statement
date. The market value of the Fidelity mutual funds at
December 31, 1994 is the net asset value of each such
individual fund as of the financial statement date. The
market value of the Enron Corp. Cumulative Second
Preferred Convertible Stock (the Preferred Stock) is
based upon the market value of the equivalent number of
Enron Corp. common shares into which the Preferred Stock
is convertible (see Note 3).
In accordance with rules established by the Department
of Labor, amounts recorded in the financial statements
as realized gain or loss on the sale of assets is
determined by comparing the sales proceeds to the market
value of the assets at the beginning of the plan year or
the purchase price, if purchased during the year ("ERISA
Cost").
Repayments of loans by participants are reinvested in
the Savings Plan based upon the participant's current
investment election; therefore, loans are shown as being
a receivable of the Savings Plan rather than a
receivable of a particular investment fund.
Additionally, the Savings Plan recognizes unrealized
appreciation (depreciation) representing the increase
(decrease) in the market value over the prior year
market value of its investments.
3. INVESTMENTS
Employee contributions to the Savings Plan are invested
as designated by the employee.
Effective January 1, 1994, the Savings Plan was amended
to permit the Enron Corp. Stock Fund to hold shares of
the Preferred Stock in addition to Enron Corp. common
stock. The Preferred Stock is convertible into Enron
Corp. common stock at a fixed rate of 13.652 common
shares for each preferred share. Participants in the
Enron Corp. Stock Fund receive an equivalent annual
preferred stock dividend in an amount equal to or
greater than the dividend on the common stock. During
1994, the Plan exchanged shares of Enron Corp. common
stock for 70,000 shares of Preferred Stock at the fixed
exchange rate of 13.652 common shares for each preferred
share. Distributions from the Enron Corp. Stock Fund
continue to be made in shares of Enron Corp. common
stock or in cash.
On June 15, 1994, EOG effected, in the form of a stock
dividend, a two-for-one common stock split on all issued
stock. The number of shares of EOG common stock held at
December 31, 1993 has been restated to reflect the
effect of the split.
Fixed income investments are provided by deposit
contracts with insurance companies and banks which
provide both a guaranteed annual rate of interest and a
return of principal at cost as long as withdrawals are
in accordance with provisions of the Savings Plan. This
type of contract is frequently referred to as a
"guaranteed investment contract," or "GIC."
Negotiations are on a bid basis generally arranged to
offer maturities averaging three years. At December 31,
1994, the interest rates ranged from 4.55% to 9.21%.
Effective November 23, 1993, assets in the equity fund
are managed by Fidelity Investments, a registered
investment advisor, and are invested in the Fidelity
Equity Income Fund. Prior to November 23, 1993,
investments in the equity fund were managed by Mellon
Capital Management Corporation, a registered investment
advisor, and were invested in the Mellon Fund.
4. ROLLOVERS AND TRANSFER OF ASSETS
During 1994, participants in the Savings Plan
transferred approximately $45.5 million by means of
direct trust-to-trust transfers from the Enron Corp.
Employee Stock Ownership Plan to the Savings Plan.
During February 1993, the assets in the accounts of
former Access Energy Corporation ("Access") employees
were transferred in a direct trust-to-trust transfer
from the Access Energy Corporation 401(k) Savings Plan
to the Savings Plan. This transfer, in the amount of
$1,412,755, was made pursuant to a provision in the
Stock Purchase Agreement between Enron and Access
effecting the purchase of Access by Enron.
5. FEDERAL INCOME TAXES
No provision for Federal income taxes is required since
the Savings Plan is a qualified plan under Section
401(k) and its related trust is tax-exempt under Section
501(a) of the Code. A favorable determination letter,
dated October 16, 1989, was received from the IRS
stating that the restated plan is a qualified plan and
its related trust is tax-exempt. An application has
been filed with the IRS for a new determination letter
regarding all Savings Plan amendments and restatements
since the last determination letter.
Enron may deduct for Federal income tax purposes the
amount of its contributions to the Savings Plan, and
neither such contributions to the Savings Plan nor the
income of the funds will be taxable to a participant as
income prior to the time that such participant receives
a distribution thereof from the Savings Plan. A
participant is not taxed on his tax deferred
contributions to the Savings Plan until the participant
receives a distribution thereof from the plan. The
participant's taxability is in accordance with the Code.
Generally, the Code imposes on distributions from the
Savings Plan made to a participant before age 59 1/2,
death, or disability, a penalty tax equal to 10% of the
amount of the distribution that is includable in the
participant's gross income.
6. WITHDRAWALS
When a participant terminates employment with Enron,
such participant may elect to receive a distribution of
the balance in his account in the form of a cash
payment, except that distributions from the Enron or EOG
stock funds may be in the form of a cash payment or in
shares of Enron or EOG stock.
7. TRUSTEE
Northern Trust Company ("Northern") serves as the
Trustee of the Savings Plan. Northern does not receive
any compensation from the Savings Plan. Enron and the
Savings Plan participants pay all of the administrative
expenses of the Savings Plan.
8. REALIZED APPRECIATION (DEPRECIATION)
A summary of the realized appreciation (depreciation) on
the Enron and EOG common stock funds and the equity fund
transactions is presented below.
</TABLE>
<TABLE>
<CAPTION>
Realized
ERISA Appreciation
Proceeds Cost (Depreciation)
<S> <C> <C> <C>
Year Ended December 31, 1994
Enron Corp. Stock Fund $38,765,919 $36,384,473 $ 2,381,446
Fidelity Equity Income Fund 5,941,877 5,264,546 677,331
Fidelity OTC Portfolio 405,430 415,432 (10,002)
Fidelity Balanced Fund 1,189,699 1,245,178 (55,479)
Fidelity Growth and Income
Portfolio 863,561 748,030 115,531
Fidelity Magellan Fund 1,491,689 1,425,597 66,092
Fidelity Growth Company Fund 587,863 556,757 31,106
Fidelity Overseas Fund 750,903 715,526 35,377
EOG Stock Fund 2,020,075 1,878,845 141,230
$52,017,016 $48,634,384 $ 3,382,632
Year Ended December 31, 1993
Enron Corp. Stock Fund $30,456,091 $25,410,710 $ 5,045,381
Fidelity Equity Income Fund 4,315,147 3,162,680 1,152,467
EOG Stock Fund 1,072,699 748,439 324,260
$35,843,937 $29,321,829 $ 6,522,108
Year Ended December 31, 1992
Enron Corp. Stock Fund $ 4,290,759 $ 3,571,400 $ 719,359
Equity Fund 1,756,799 1,717,075 39,724
EOG Stock Fund 460,641 320,716 139,925
$ 6,508,199 $ 5,609,191 $ 899,008
</TABLE>
9. FIDELITY DOMESTIC FUNDS
For presentation in the accompanying financial
statements, results for the Fidelity OTC Portfolio,
Balanced Fund, Growth and Income Portfolio, Magellan
Fund and Growth Company Fund have been combined under
the heading Fidelity Domestic Funds. Significant
activity for these funds can be broken down by
individual fund as follows:
<TABLE>
<CAPTION>
Growth and
OTC Balanced Income
Portfolio Fund Portfolio
<S> <C> <C> <C>
Contributions $ 168,199 $ 264,664 $ 325,527
Transfers in, net 968,794 1,962,794 2,417,333
Income earned 12,275 66,049 46,212
Realized gain (loss) (10,002) (55,479) 115,531
Unrealized depreciation (10,002) (124,398) (133,641)
Withdrawals (85,931) (92,748) (116,572)
Participant loans, net (29,310) (50,300) (55,464)
Other, net (622) (1,264) (1,302)
Ending Balance $1,013,401 $1,969,318 $ 2,597,624
</TABLE>
<TABLE>
<CAPTION>
Growth
Magellan Company
Fund Fund Totals
<S> <C> <C> <C>
Contributions $ 591,595 $ 234,597 $ 1,584,582
Transfers in, net 3,990,221 1,431,594 10,770,736
Income earned 18,403 16,057 158,996
Realized gain (loss) 66,092 31,106 147,248
Unrealized depreciation (194,454) (74,778) (537,273)
Withdrawals (219,188) (92,155) (606,594)
Participant loans, net (93,993) (20,992) (250,059)
Other, net (2,525) (939) (6,652)
Ending Balance $4,156,151 $1,524,490 $11,260,984
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, members of the Administrative Committee have
duly caused this annual report to be signed by the
undersigned hereunto duly authorized.
ENRON CORP. SAVINGS PLAN
By: James G. Barnhart
James G. Barnhart
Chairman of the Administrative Committee
June 23, 1995
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the
incorporation by reference of our report included in this
Annual Report on Form 11-K of the Enron Corp. Savings Plan
into the Company's previously filed Form S-8 Registration
Statement Nos. 33-13397 (Enron Corp. Savings Plan) and 33-
34796 (Enron Corp. Savings Plan) and 33-52261 (Enron Corp.
Savings Plan).
MIR FOX & RODRIGUEZ
Houston, Texas
June 23, 1995
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<TABLE>
SCHEDULE I
ENRON CORP.
SAVINGS PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT
DECEMBER 31, 1994
<CAPTION>
SHARES OR MATURITY INTEREST MARKET
DESCRIPTION PAR VALUE DATE RATE COST VALUE
<S> <C> <C> <C> <C> <C>
COMMON STOCKS:
ENRON CORP. COMMON STOCK 7,428,492 $68,776,689 $226,569,006
ENRON CORP. CUMULATIVE SECOND
PREFERRED CONVERTIBLE STOCK 70,000 20,181,998 29,147,020
ENRON OIL & GAS COMPANY
COMMON STOCK 523,365 8,880,263 9,813,094
FIDELITY EQUITY INCOME FUND 370,297 12,277,367 11,368,114
FIDELITY OTC PORTFOLIO 43,120 1,013,411 1,003,409
FIDELITY BALANCED FUND 158,135 2,067,873 1,943,475
FIDELITY GROWTH AND INCOME
PORTFOLIO 121,840 2,703,255 2,569,614
FIDELITY MAGELLAN FUND 61,561 4,306,714 4,112,260
FIDELITY GROWTH COMPANY FUND 55,382 1,584,493 1,509,715
FIDELITY OVERSEAS FUND 81,869 2,333,985 2,235,022
TOTAL $124,076,048 $290,270,729
FIXED INCOME DEPOSIT CONTRACTS:
CANADA LIFE CONTRACT 12,297,626 6/30/97 4.98% $ 12,297,626 $ 12,297,626
JOHN HANCODK MUTUAL LIFE
INSURANCE CO., GPC 7374 7,832,200 3/31/99 6.49% 7,832,200 7,832,200
HARTFORD LIFE INSURANCE CO.,
GA-9496 9,923,736 9/18/95 Floating 9,923,736 9,923,736
LINCOLN NATIONAL GA-9597 14,479,054 9/30/96 4.55% 14,479,054 14,479,054
METROPOLITAN LIFE CONTRACT
NO. 12111 10,085,409 6/30/95 8.51% 10,085,409 10,085,409
PROVIDENT LIFE AND ACCIDENT
INSURANCE CONTRACT 627-5578 6,418,889 1/31/99 5.21% 6,418,889 6,418,889
PEOPLES SECURITY BDA 00437FR 7,232,152 6/30/99 7.33% 7,232,152 7,232,152
PRUDENTIAL ASSET MANAGEMENT
GROUP CONTRACT - NO.
GA 6538-500 1,795,724 6/30/95 9.21% 1,795,724 1,795,724
PRUDENTIAL ASSET MANAGEMENT
GROUP CONTRACT NO.
GA-6538-501 2,352,700 12/31/96 5.56% 2,352,700 2,352,700
PRUDENTIAL ASSET MANAGEMENT
GROUP CONTRACT NO.
GA-6538-502 4,115,410 12/31/96 5.87% 4,115,410 4,115,410
SUNLIFE OF CANADA INSURANCE
S-00885-G-6-001 15,017,145 9/30/98 5.42% 15,017,145 15,017,145
TOTAL $ 91,550,045 $ 91,550,045
SHORT-TERM INVESTMENTS:
THE NORTHERN TRUST COMPANY
SHORT-TERM INVESTMENT FUND 2,081,594 $ 2,081,594 $ 2,081,594
</TABLE>
<PAGE>
<TABLE>
SCHEDULE II
ENRON CORP.
SAVINGS PLAN
SCHEDULE OF REPORTABLE SERIES TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
<CAPTION>
NUMBER OF PURCHASE SALES GAIN/
DESCRIPTION TRANSACTIONS PRICE PRICE (LOSS)
<S> <C> <C> <C> <C> <S>
COLTV
SHORT-TERM INVESTMENT FUND
PURCHASES 520 $118,325,912
SALES 540 134,103,152 $134,103,152 $ -
ENRON CORP. COMMON STOCK
PURCHASES 15 7,748,288
SALES 46 7,353,882 11,204,930 3,851,048
<FN>
NOTE:THIS SCHEDULE IS A LISTING OF SERIES OF TRANSACTIONS IN THE SAME
SECURITY WHICH EXCEEDED 5% OF THE MARKET VALUE OF PLAN ASSETS HELD ON
JANUARY 1, 1994. TRANSACTIONS LISTED ARE BASED ON JANUARY 1, 1994
PLAN ASSETS OF $368,616,747. THE TRUSTEE INITIATES AND CONSUMMATES
ALL INVESTMENT TRANSACTIONS. THERE WERE NO REPORTABLE SINGLE
TRANSACTIONS WHICH EXCEED 5% OF THE MARKET VALUE OF PLAN ASSETS HELD
ON JANUARY 1, 1994. THERE WERE NO REPORTABLE BROKER TRANSACTIONS.
</TABLE>
