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, 1995
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 Net Assets Available for Plan
Benefits as of December 31, 1995 4
Statement of Net Assets Available for Plan
Benefits as of December 31, 1994 5
Statement of Changes in Net Assets Available
for Plan Benefits for the Year Ended
December 31, 1995 6
Statement of Changes in Net Assets Available
for Plan Benefits for the Year Ended
December 31, 1994 7
Statement of Changes in Net Assets Available
for Plan Benefits for the Year Ended
December 31, 1993 8
Notes to Financial Statements 9
Signatures 15
Consent of Independent Public Accountants 16
11-K Schedules
Schedules I, II, and III are omitted because the required
information is included in the financial statements
ERISA Schedules
Item 27a - Schedule of Assets Held for Investment
Purposes Schedule I
Item 27d - Schedule of Reportable 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 net assets
available for plan benefits of the Enron Corp. Savings Plan
as of December 31, 1995 and 1994 and the related statements
of changes in net assets available for plan benefits for
each of the three years ended December 31, 1995. 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 net assets
available for plan benefits of the Enron Corp. Savings Plan
as of December 31, 1995 and 1994 and the changes in net
assets available for plan benefits of the Enron Corp.
Savings Plan for each of the three years ended December 31,
1995 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
purposes as of December 31, 1995 and reportable transactions
for the year ended December 31, 1995 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 17, 1996
<PAGE>
<TABLE>
ENRON CORP. SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE
FOR PLAN BENEFITS
DECEMBER 31, 1995
<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 $ 4,074,926 $ 77,236 $ 9,332,356 $ 26,245 $ 57,543 $ 4,173 $ - $ 13,572,479
INVESTMENTS
Common Stock of Enron
Corp. - 7,128,063
shares (cost
$71,382,316) 271,757,402 - - - - - - 271,757,402
Cumulative Second
Preferred Convertible
Stock of Enron Corp.-
70,000 shares (cost
$20,181,998) 36,433,775 - - - - - - 36,433,775
Common Stock of Enron
Oil & Gas - 619,989
shares (cost $12,652,595) - 14,879,736 - - - - - 14,879,736
Fixed Income Deposit
Contracts, at cost which
approximates market value - - 90,229,266 - - - - 90,229,266
Fidelity Equity Income
Fund - 517,488 shares
(cost $17,650,809) - - - 19,628,336 - - - 19,628,336
Fidelity OTC Fund - 159,544
shares (cost $4,602,999) - - - - 4,838,972 - - 4,838,972
Fidelity Balanced Fund-
321,540 shares (cost
$4,230,142) - - - - 4,347,216 - - 4,347,216
Fidelity Growth & Income
Fund - 391,902 shares
(cost $9,505,379) - - - - 10,600,946 - - 10,600,946
Fidelity Magellan Fund-
178,920 shares (cost
$14,650,959) - - - - 15,383,571 - - 15,383,571
Fidelity Growth Company
Fund - 236,896 shares
(cost $8,192,429) - - - - 8,596,945 - - 8,596,945
Fidelity Overseas Fund-
122,959 shares (cost
$3,491,290) - - - - - 3,574,420 - 3,574,420
308,191,177 14,879,736 90,229,266 19,628,336 43,767,650 3,574,420 - 480,270,585
RECEIVABLES
Contributions and loan
payments 514,271 741,336 327,055 82,867 252,211 28,735 - 1,946,475
Notes receivable from
participants - - - - - - 17,736,544 17,736,544
Transfers between funds,
net (461,857) 307,669 (537,326) 340,294 474,202 (122,982) - -
Accrued income receivable 222,573 2,629 14,610 233 515 40 - 240,600
TOTAL 274,987 1,051,634 (195,661) 423,394 726,928 (94,207) 17,736,544 19,923,619
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $312,541,090 $16,008,606 $99,365,961 $20,077,975 $44,552,121 $3,484,386 $17,736,544 $513,766,683
<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
ENRON CORP. SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE
FOR PLAN BENEFITS
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 Fund - 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 & Income
Fund - 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 and loan
payments 512,911 85,840 349,141 75,328 105,668 30,386 - 1,159,274
Notes receivable from
participants - - - - - - 15,273,837 15,273,837
Transfers between funds,
net (315,433) (1,471) 283,141 7,374 9,862 16,527 - -
Accrued income receivable 5,973 1,842 3,732 - - - - 11,547
TOTAL 203,451 86,211 636,014 82,702 115,530 46,913 15,273,837 16,444,658
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $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 CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1995
<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>
Contributions from
participants $ 4,948,827 $ 1,334,435 $ 4,376,017 $ 1,457,782 $ 2,971,523 $ 591,527 $ - $ 15,680,111
Rollovers from other
qualified plans 92,708,200 45,554 500,389 140,151 1,119,509 98,834 - 94,612,637
Interest income 1,101,173 100,505 6,016,747 59,273 99,648 17,592 - 7,394,938
Dividend income 6,712,984 69,149 - 418,250 367,208 38,605 - 7,606,196
Realized gains on sales of
investments, net 9,379,219 2,695,570 - 1,261,408 2,261,473 89,300 - 15,686,970
Unrealized appreciation of
investments 53,110,909 783,574 - 2,425,313 2,831,764 128,140 - 59,279,700
Transfers between funds,
net (49,551,536) 1,891,261 18,009,015 4,287,042 25,060,935 303,283 - -
Total additions 118,409,776 6,920,048 28,902,168 10,049,219 34,712,060 1,267,281 - 200,260,552
Loans to participants,
net of repayments (2,587,270) (21,684) 390,211 49,272 (100,233) 44,284 2,225,420 -
Participant withdrawals (60,092,119) (979,892) (22,550,534) (1,463,943) (1,288,550) (108,024) - (86,483,062)
Other, net (225,476) (11,549) (71,669) (14,485) (32,140) (2,514) - (357,833)
Total deductions (62,904,865) (1,013,125) (22,231,992) (1,429,156) (1,420,923) (66,254) 2,225,420 (86,840,895)
NET INCREASE 55,504,911 5,906,923 6,670,176 8,620,063 33,291,137 1,201,027 2,225,420 113,419,657
NET ASSETS AVAILABLE FOR
PLAN BENEFITS
BEGINNING 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
END OF PERIOD $312,541,090 $16,008,606 $99,365,961 $20,077,975 $44,552,121 $3,484,386 $17,736,544 $513,766,683
<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
ENRON CORP. SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS
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>
Contributions from
participants $ 4,392,129 $ 1,283,749 $ 4,581,648 $ 1,529,576 $ 1,584,582 $ 352,732 $ - $ 13,724,416
Rollovers from other
qualified plans 46,513,545 261,516 1,554,772 256,865 1,782,978 312,836 - 50,682,512
Interest income 542,300 60,332 5,741,577 45,325 34,631 10,339 - 6,434,504
Dividend income 5,998,734 47,579 - 351,046 124,365 - - 6,521,724
Realized gains on sales of
investments, net 2,381,446 141,230 - 677,331 147,248 35,377 - 3,382,632
Unrealized appreciation
(depreciation) of
investments 10,464,267 (705,409) - (980,952) (537,273) (98,989) - 8,141,644
Transfers between funds,
net (4,254,979) 2,920,001 (7,323,671) (2,140,776) 8,987,758 1,811,667 - -
Total additions 66,037,442 4,008,998 4,554,326 (261,585) 12,124,289 2,423,962 - 88,887,432
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)
Total deductions (42,098,708) (993,076) (17,200,529) (1,313,923) (863,305) (140,603) 5,452,991 (57,157,153)
NET INCREASE (DECREASE) 23,938,734 3,015,922 (12,646,203) (1,575,508) 11,260,984 2,283,359 5,452,991 31,730,279
NET ASSETS AVAILABLE FOR
PLAN BENEFITS
BEGINNING OF PERIOD 233,097,445 7,085,761 105,341,988 13,033,420 - - 10,058,133 368,616,747
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 CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS
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>
Contributions from
participants $ 5,657,796 $1,386,478 $ 6,372,169 $ 2,229,693 $ - $ 15,646,136
Rollovers and transfer of
assets from other
qualified plans 5,644,016 252,313 3,688,727 670,225 - 10,255,281
Interest income 377,697 42,844 6,838,734 48,409 - 7,307,684
Dividend income 5,712,496 30,132 - 197,347 - 5,939,975
Realized gains on sales
of investments, net 5,045,381 324,260 - 1,152,467 - 6,522,108
Unrealized appreciation
of investments 43,099,734 825,470 - 132,426 - 44,057,630
Transfers between
funds, net 5,144,784 866,665 (4,408,878) (1,602,571) - -
Total additions 70,681,904 3,728,162 12,490,752 2,827,996 - 89,728,814
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)
Total deductions (29,881,675) (392,962) (11,815,493) (1,307,287) 721,373 (42,676,044)
NET INCREASE 40,800,229 3,335,200 675,259 1,520,709 721,373 47,052,770
NET ASSETS AVAILABLE FOR
PLAN BENEFITS
BEGINNING OF PERIOD 192,297,216 3,750,561 104,666,729 11,512,711 9,336,760 321,563,977
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>
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 eligible employee may
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") and the Internal Revenue Code of
1986, as amended (the "Code").
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 Corp. 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
Enron Oil & Gas Company Stock Fund
Enron Corp. Income Fund
Fidelity Equity Income Fund
Fidelity OTC Fund
Fidelity Balanced Fund
Fidelity Growth & Income Fund
Fidelity Magellan Fund
Fidelity Growth Company Fund
Fidelity Overseas Fund
As of January 1, 1996, three additional investment
options were added: Vanguard Growth Portfolio, Vanguard
Conservative Growth Portfolio and Vanguard Moderate
Growth Portfolio.
Participants who are not considered to be "highly
compensated" as set forth in the Code 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 who are considered to be "highly
compensated" 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 1995
(and is 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,
1995 1994
<S> <C> <C>
Enron Corp. Stock Fund 5,626 5,780
Enron Oil & Gas Company Stock Fund 1,524 1,501
Enron Corp. Income Fund 3,762 4,129
Fidelity Equity Income Fund 1,735 1,608
Fidelity Domestic Funds 4,797 2,325
Fidelity Overseas Fund 686 549
</TABLE>
The total number of participants in the Savings Plan at
December 31, 1995 is 6,803 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 and EOG stock funds 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
dates. The fixed income deposit contracts are valued at
cost plus interest earned as of the financial statement
dates. The market value of the Fidelity mutual funds is
based upon 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 investment
election at the time of repayment; 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.
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. The Enron Corp.
Income Fund was managed by Fidelity Management Trust
Company through December 31, 1995 and by Dwight Asset
Management Company beginning January 1, 1996. At
December 31, 1994 and 1995, the interest rates ranged
from 4.55% to 9.21%.
The various Fidelity mutual funds are managed by
Fidelity Investments, a registered investment advisor.
4. ROLLOVERS AND TRANSFER OF ASSETS FROM OTHER QUALIFIED
PLANS
During 1994 and 1995, participants in the Savings Plan
transferred approximately $45.5 million and $90.0
million, respectively, 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 March 5, 1996, was received from the IRS stating
that the plan, as amended and restated through December
31, 1994, is a qualified plan and its related trust is
tax-exempt. There have been no subsequent amendments.
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. Enron and the Savings Plan
participants pay all of the administrative expenses of
the Savings Plan.
8. REALIZED GAINS ON SALES OF INVESTMENTS, NET
A summary of the realized gains (losses) on sales of
investments is presented below.
<TABLE>
<CAPTION>
ERISA Realized
Proceeds Cost Gains/(Losses)
<S> <C> <C> <C>
Year Ended December 31, 1995
Enron Corp. Stock Fund $ 79,949,997 $70,570,778 $ 9,379,219
Enron Oil & Gas Company
Stock Fund 18,302,620 15,607,050 2,695,570
Fidelity Equity Income Fund 3,498,486 2,237,078 1,261,408
Fidelity OTC Fund 1,048,595 658,750 389,845
Fidelity Balanced Fund 2,069,729 2,152,409 (82,680)
Fidelity Growth & Income
Fund 1,660,717 1,216,028 444,689
Fidelity Magellan Fund 2,116,322 1,125,914 990,408
Fidelity Growth Company Fund 1,205,890 686,679 519,211
Fidelity Overseas Fund 1,683,292 1,593,992 89,300
$111,535,648 $95,848,678 $15,686,970
</TABLE>
<TABLE>
<CAPTION>
ERISA Realized
Proceeds Cost Gains/(Losses)
<S> <C> <C> <C>
Year Ended December 31, 1994
Enron Corp. Stock Fund $38,765,919 $36,384,473 $ 2,381,446
Enron Oil & Gas Company
Stock Fund 2,020,075 1,878,845 141,230
Fidelity Equity Income Fund 5,941,877 5,264,546 677,331
Fidelity OTC Fund 405,430 415,432 (10,002)
Fidelity Balanced Fund 1,189,699 1,245,178 (55,479)
Fidelity Growth & Income
Fund 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
$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
Enron Oil & Gas Company
Stock Fund 1,072,699 748,439 324,260
Fidelity Equity Income Fund 4,315,147 3,162,680 1,152,467
$35,843,937 $29,321,829 $ 6,522,108
</TABLE>
9. FIDELITY DOMESTIC FUNDS
For presentation in the accompanying financial
statements, results for the Fidelity OTC Fund, Balanced
Fund, Growth & Income Fund, 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:
Year Ended December 31, 1995
<TABLE>
<CAPTION>
Growth &
OTC Balanced Income
Fund Fund Fund
<S> <C> <C> <C>
Contributions $ 321,196 $ 363,576 $ 670,899
Rollovers 107,280 125,762 278,149
Interest and dividend income 10,433 148,153 148,943
Realized gains (losses) 389,845 (82,680) 444,689
Unrealized appreciation 170,126 332,664 1,131,850
Transfers between funds, net 3,003,872 1,788,994 5,892,573
Loans to participants, net (9,525) (30,731) (14,733)
Participant withdrawals (120,982) (236,718) (336,970)
Other, net (3,522) (3,156) (7,795)
Net Increase $3,868,723 $2,405,864 $8,207,605
</TABLE>
<TABLE>
<CAPTION>
Growth
Magellan Company
Fund Fund Totals
<S> <C> <C> <C>
Contributions $ 1,083,232 $ 532,620 $ 2,971,523
Rollovers 435,179 173,139 1,119,509
Interest and dividend income 108,520 50,807 466,856
Realized gains (losses) 990,408 519,211 2,261,473
Unrealized appreciation 815,699 381,425 2,831,764
Transfers between funds, net 8,616,680 5,758,816 25,060,935
Loans to participants, net (22,843) (22,401) (100,233)
Participant withdrawals (434,545) (159,335) (1,288,550)
Other, net (11,353) (6,314) (32,140)
Net Increase $11,580,977 $7,227,968 $33,291,137
</TABLE>
Year Ended December 31, 1994
<TABLE>
<CAPTION>
Growth &
OTC Balanced Income
Fund Fund Fund
<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 gains (losses) (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)
Net Increase $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 gains (losses) 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)
Net Increase $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 17, 1996
<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 17, 1996
<PAGE>
<TABLE>
ERISA SCHEDULE I
EIN 47-0255140
PLAN NO. 001
ENRON CORP. SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
<CAPTION>
(c)DESCRIPTION OF INVESTMENT
SHARES OR MATURITY INTEREST
(a) (b)ISSUER PAR VALUE DATE RATE (d)COST (e)MARKET VALUE
<S> <C> <C> <C>
SHORT-TERM INVESTMENTS:
NORTHERN TRUST COLLECTIVE STOCK INDEX FUND 13,572,479 $ 13,572,479 $ 13,572,479
COMMON STOCKS:
* ENRON CORP. COMMON STOCK 7,128,063 $ 71,382,316 $271,757,402
* ENRON CORP. CUMULATIVE SECOND PREFERRED
CONVERTIBLE STOCK 70,000 20,181,998 36,433,775
* ENRON OIL & GAS
COMPANY COMMON STOCK 619,989 12,652,595 14,879,736
FIDELITY EQUITY INCOME FUND 517,488 17,650,809 19,628,336
FIDELITY OTC FUND 159,544 4,602,999 4,838,972
FIDELITY BALANCED FUND 321,540 4,230,142 4,347,216
FIDELITY GROWTH & INCOME FUND 391,902 9,505,379 10,600,946
FIDELITY MAGELLAN FUND 178,920 14,650,959 15,383,571
FIDELITY GROWTH COMPANY FUND 236,896 8,192,429 8,596,945
FIDELITY OVERSEAS FUND 122,959 3,491,290 3,574,420
TOTAL $166,540,916 $390,041,319
<FN>
*Designates party-in-interest
</TABLE>
<PAGE>
<TABLE>
ERISA SCHEDULE I
EIN 47-0255140
PLAN NO. 001
ENRON CORP. SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
<CAPTION>
(c)DESCRIPTION OF INVESTMENT
SHARES OR MATURITY INTEREST
(a) (b)ISSUER PAR VALUE DATE RATE (d)COST (e)MARKET VALUE
<S> <C> <C> <C> <C> <C>
FIXED INCOME DEPOSIT CONTRACTS:
ALLSTATE GA-5826 $ 4,122,350 6/30/98 6.30% $ 4,122,350 $ 4,122,350
CANADA LIFE CONTRACT P-45770 12,297,626 1/03/97 4.98% 12,297,626 12,297,626
6/30/97
J.P. MORGAN Enron-02 3,691,836 10/15/98 6.97% 3,691,836 3,691,836
J.P. MORGAN Enron-01 4,553,484 7/07/98 7.12% 4,553,484 4,553,484
JOHN HANCOCK MUTUAL
LIFE INSURANCE CO. GAC 7374 6,673,546 3/31/00 6.49% 6,673,546 6,673,546
LINCOLN NATIONAL GA-9597 7,265,955 10/10/97 4.55% 7,265,955 7,265,955
NEW YORK LIFE GA-30282 4,630,259 12/31/98 6.04% 4,630,259 4,630,259
PEOPLES SECURITY BDA00149TR-1 3,498,883 5/15/01 7.16% 3,498,883 3,498,883
PEOPLES SECURITY BDA00149TR-2 3,821,273 11/15/00 7.18% 3,821,273 3,821,273
PEOPLES SECURITY BDA00437FR 7,763,331 6/30/99 7.33% 7,763,331 7,763,331
PRINCIPAL MUTUAL 4-20383 4,068,747 9/18/00 6.30% 4,068,747 4,068,747
PROTECTIVE LIFE GA-1206 4,120,161 3/31/98 6.20% 4,120,161 4,120,161
PROVIDENT LIFE AND
ACCIDENT INSURANCE 627-5578 4,727,319 1/31/99 5.21% 4,727,319 4,727,319
PRUDENTIAL 6538-502 4,116,047 12/31/96 5.87% 4,116,047 4,116,047
PRUDENTIAL 6538-501 1,313,195 12/31/96 5.56% 1,313,195 1,313,195
SUNLIFE OF CANADA
INSURANCE S-0885-G 9,498,645 6/30/00 5.42% 9,498,645 9,498,645
TRANSAMERICA 51313-00 4,066,609 12/31/99 6.15% 4,066,609 4,066,609
TOTAL $ 90,229,266 $ 90,229,266
LOANS TO PARTICIPANTS:
PLAN PARTICIPANTS LOANS Interest rate at prime plus one $ - $ 17,736,544
</TABLE>
<PAGE>
<TABLE>
ERISA SCHEDULE II
EIN 47-0255140
PLAN NO. 001
ENRON CORP. SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<CAPTION>
(b)DESCRIPTION OF ASSET
NUMBER OF (c)PURCHASE (d)SELLING (j)NET GAIN/
(a)IDENTITY OF PARTY TRANSACTIONS PRICE PRICE (LOSS)
<S> <C> <C> <C> <C>
NORTHERN TRUST COLLECTIVE STOCK
INDEX FUND
PURCHASES 527 $245,821,554
SALES 525 234,620,645 $234,620,645 $ -
ENRON CORP. COMMON STOCK
PURCHASES 11 6,849,845
SALES 107 70,570,778 79,949,997 9,379,219
ENRON OIL & GAS CO. COMMON STOCK
PURCHASES 58 20,377,444
SALES 59 15,607,050 18,302,620 2,695,570
<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, 1995, which totaled $400,347,026. 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, 1995. There were no reportable broker
transactions.
</TABLE>
