SEC 10-Q Analysis of Oil & Gas Co -- El Paso Energygreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Here is another in our series of analysis of the SEC mandated 10-Q quarterly reporting statements on Y2K status. This next company is a natural gas company also...
EL PASO ENERGY
The goal of the Year 2000 Program is to ensure that all critical systems and processes which are under the companys direct control remain functional. The Year 2000 Program has assessed numerous assets, including but not limited to, pipelines, compressor stations, processing plants, storage facilities, pipeline interconnects, administrative facilities, gas control, environmental and safety devices, measurement facilities, and joint ventures. We are addressing the electronic tools (such as computer hardware and software) that support our critical business processes, and we are assessing the readiness of our critical business partners and their ability to provide goods and services on and after January 1, 2000.
What are the major components of El Paso Energys Year 2000 Program?
In-House Applications consisting of software internally developed and supported by the Company.
3rd Party Products consisting of hardware and software products purchased by the Company.
Embedded Systems consisting of computer chips located in our operational areas. Joint Ventures consisting of operating facilities owned domestically and internationally with other business partners. End-User Applications consisting of software or spreadsheet type applications that are internally developed by end users. Facilities consisting of buildings, vehicles and other equipment owned or leased by the Company. Business Partner / Supply Chain includes an assessment of the Companys critical business partners to determine their Y2K readiness.
Risk Management includes the development of contingency plans to mitigate risk for potential failures that could occur in critical processes.
Are contingency plans part of the Y2K Project? Yes. Contingency planning is part of the risk management initiative and is a major component of El Paso Energys Year 2000 Program. Each business unit is preparing Y2K contingency plans for its critical business processes.
What procedure is El Paso Energy using to test equipment for Y2K readiness? El Paso Energys Y2K Program Office developed a standard testing procedure to be used to test hardware and software (including embedded systems) to verify Y2K readiness. The "Testing Toolkit" includes recommended testing procedures and defines the minimum documentation requirements.
Is El Paso Energy willing to sign a statement of Y2K compliance?????
NO. The issues with Y2K are too subtle and too diverse and there are too many factors that are beyond our control. Although we are making reasonable, extensive efforts to avoid disruptions in gas flow, we will not make guarantees or warrantees.
How do I get more information on El Paso Energys Y2K program?
We will discuss our overall approach and progress on our Year 2000 program. However, if detailed information regarding specific facilities or low level discussions regarding operational and commercial plans is required, El Paso Energy will require a mutual non-disclosure agreement prior to the discussions.
[Editor's Conclusions: This company doesnt tell us what the remediation status. NO dates are given for goals Or completions. We can only confirm that they're claiming to be working on it. How far along are they? Will they finish in time? We are not given dates. Dates would reasonably help us draw conclusions aboutjust how well their efforts are doing. By virtue of the non-candor plus the statement that they'll tell you if you will keep your mouth shut, tells me things are not going well and there are things to hide.
-- R.C. (email@example.com), October 17, 1999
I hope others are reading these postings. It is much worse than I thought and I was a pessimist to begin with. Meat and potatoes postings are getting fewer responses these days.
-- Mike Lang (firstname.lastname@example.org), October 17, 1999.
"Meat and potatoes postings are getting fewer responses..."
I suspect that it might have to do with the meat pointing to the pollies that they've been dead wrong. You just don't get Hoffmeister or Davis or Decker or Anita to come on and argue against the evidence. Once in a while I see Cheri the Brigadoon troll of "embeddeds" arguing
Speaking of Cheri, I notice that she hasn't posted anything about Baker Hughes and its reems of embedded products that are NOT compliant I guess again it is mute testimony to the fact that the evidence is the truth. They can't argue against it.
-- R.C. (email@example.com), October 17, 1999.