Executive Office Of Houston Natural Gas - 1689 Words

Enron was created in 1985 when Houston Natural Gas and InterNorth merged together. Houston Natural Gas was a utility company based in Houston, Texas before being taken over by InterNorth. InterNorth was a very large energy company based out of Omaha, Nebraska. They specialized in natural gas pipelines, but also were successful in the plastic industry, coal and petroleum exploration and production. In the beginning Kenneth Lay, who was the Chief Executive Office of Houston Natural Gas, became the CEO and the next year earned the Chairman position. At the beginning of the merge Enron focused on the pipeline sector of business. Pipeline sectors are the hundreds of thousands of miles of pipe that deliver the nations crude oil and petroleum products safely through out the United States. As the merger was coming to completion Enron incurred massive debt due to deregulation, they no longer had the exclusive rights to its pipelines. During this time the company was forced to come up with new and innovative business strategies to generate a profit and receive cash flow. Mr. Lay decided to hire McKinsey and Corporation to assist in the development of a new business strategy. McKinsey and Corporation assigned Jeffrey Skilling to the project. Skilling had a background in banking and asset and liability management. He proposed a revolutionary solution to the solve the financial problems that have occurred since the merge. Skilling created the idea of a â€Å"gas bank† where EnronShow MoreRelatedCorporate Fraud, Greed, Corruption, And Ethics1598 Words   |  7 Pagesbegan as Northern Natural Gas Company.1 With revenues up to $7.5, it was one of the nation s premier pipeline networks. 1 To avoid potential takeover from corporate raiders, CEO Sam Segnar looked to b uy Houston Natural Gas. In May 1985 InterNorth acquire Houston Natural Gas for $2.4 billion. Houston Natural Gas was originally formed in the 1920s from the Houston Oil Co., providing gas to Houston retail customers.1 According to the Texas State Historical Association, Houston Natural Gas had assets ofRead MoreEnron Corporation: An Electivity and Natural Gas Company1621 Words   |  7 PagesEnron Corporation was formed in 1985 when Houston Natural Gas merged with InterNorth to create an electricity and natural gas company that would eventually become Enron. After Houston Natural Gas merged with InterNorth, the former chairman of Houston Natural Gas, Kenneth Lay, was appointed as CEO of Enron. The Chief Executive Officer of Enron, Kenneth Lay’s ultimate goal was to make Enron â€Å"the world’s greatest company,† but unfortunately he failed to achieve his goal. During the 1990s, Enron wasRead MoreJp Morgan Background Summary1032 Words   |  5 PagesJPMorgan Corporate Finance – Energy Investment Banking, Houston JPMorgan Chase Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumersRead MoreEnron Corporation : A Foundation Of Fraud, Corruption, Greed, And Immorality1547 Words   |  7 Pages â€Æ' Enron Scandal December 31, 2001 will forever be etched in history as the day that one of the biggest white collar scandals came to an end. Electric and natural gas giant Enron was found to have been defrauding its investors out of billions of dollars in order to increase its stock prices, and fatten the pockets of high executives particularly Chairman and CEO Kenneth Lay, President and COO Jeffrey Skilling, and CFO Andrew Fastow. Thousands of employees were laid-off and lost their 401(k); thoseRead MoreOccidental Petroleum Corporation s International Company Exploration Oils And Gas1248 Words   |  5 PagesExecutive summary An Occidental Petroleum Corporation. It’s international company exploration oils and gas. Company will conduct to work with each section as following: gas and oils, marketing and chemical. Develop and survey natural gas and oils In USA and abroad as well. The Occidental Petroleum does business in 3 sectors: natural gas and oils, midstream and marketing, chemical and so on. Exploration natural gas and oils in domestic are situated in Texas, New Mexico, Colorado and North DakotaRead MoreEssay on The Enron Disgrace2857 Words   |  12 Pagesfilled a whiteboard in the conference room next to the Mr. Fastows office. quot;You cant tell me you understand those equations,quot; Mr. Bowen commented to Mr. Fastow. Mr. Fastow replied: quot;I pulled them out of a book to intimidate people.quot; The Fastows headed to Mrs. Fastows native Houston in 1990, both taking jobs at a young company called Enron. Just five years old, Enron was starting to evolve from a natural-gas and pipeline company into a trading firm. Mr. Fastow was one of theRead MoreThe Collapse Of Enron And Enron1365 Words   |  6 Pagessee the need for better financial reporting. In 1985 two companies merged, InterNorth and Houston Natural Gas and formed the company known as Enron, a company that transported and sold natural gas. However, during this time, there was quite a bit of uncertainty in the natural gas industry, forcing the company to develop new ways of generating cash flow. A few years following the merger, Chief Executive Officer, Kenneth Lay and Chief Operating Officer, Richard Kinder, worked to build Enron by investingRead MoreEnron : Ethics And Law1828 Words   |  8 Pagesethical management. All this was concealed by a leadership culture that seemed to believe they were either too smart to get caught or too important to be questioned. Enron and its executives paved a path that took them from a small oil company to a global leader to bankruptcy court and now many of its former executives sit in federal prison cells 13 years after the company’s tumultuous downfall. The lessons of the self-inflicted largesse from Enron are many but the one that glares from its core isRead More Enron Corporation Essay3370 Words   |  14 PagesEnron Corporation was one of the largest integrated natural gas and electricity companies in the world. It marketed natural gas liquids worldwide and operated one of the largest natural gas transmission systems in the world, totaling more than 36,000 miles. It was also one of the largest independent developers and producers of electricity in the world, serving both industrial and emerging markets. Timeline Enron began as Northern Natural Gas Company, organized in Omaha, Nebraska, in 1930. TheRead MoreEnron s Impact On Enron1554 Words   |  7 Pages1985, two companies, Houston Natural Gas, and InterNorth merged to form Enron. Kenneth Lay wanted to create a company that can supply electricity and natural gas at a much lower price. As time went on, Enron ranked as the nation’s sixth largest energy company with global internet trading commodities in plastics, steel, petrochemicals and waste water to name a few (Fusaro, 2000, p. 157). From the time they merged to form Enron up to the point of their collapse, Enron’s executive committee had squandered