HOUSTON, July 7— Enron may still be called Enron, but the company that was once at the pinnacle of the international energy industry is now little more than a shadow of its former self.

''The company is a smoking ruin, nothing more,'' said John Olson, chief investment officer at Sanders Morris Harris, a Houston investment bank. ''What's left now is for a few people to swoop down and pick at Enron's carcass -- at least, the good parts.''

Gone already from the old Enron, sometimes at fire-sale prices, are some iconic properties, including the company's ambitious energy trading operations, which it transferred to the investment bank UBS in 2002; its share of the controversial Dabhol power project in India, sold to General Electric and Bechtel in April 2004; and Wessex Water, the British utility that it sold to YTL Power of Malaysia in May 2002 to pay down the debts from its costly foray into the water business.

Enron's payroll is down to 10,300 employees around the world, compared with 32,000 before the company collapsed into labyrinthine Chapter 11 bankruptcy proceedings. Here in its home base, the contraction has been even sharper, down to 1,100 local workers from 7,500 four years ago, and the company has moved from its glistening former headquarters, designed in part by the architect Cesar Pelli, to a humbler building a few blocks away. That is where Stephen F. Cooper, Enron's chief restructuring officer, oversees efforts to sell assets and raise cash for creditors.

ChevronTexaco recently agreed to acquire one of the two former Enron towers and move 500 employees here from locations in California and Louisiana, a welcome development for Houston's beleaguered downtown. The other tower, sold last year for $55 million to a group of investors led by Antonio Pacifico, a cardiologist, is said to be on the market once again.

Beyond the buildings, though, some of Enron's asset sales are producing mixed results. At the end of June, the company said that a group formed by Southern Union and General Electric had offered $2.35 billion for CrossCountry Energy, the Enron unit that operates the company's original business, natural gas pipelines that stretch from Texas to California and Florida. That bid, topping an offer of $2.2 billion from the oil executive Oscar S. Wyatt and his partners, should allow Enron to close a sale of CrossCountry by September.

Enron also has an offer of $2.35 billion for Portland General Electric, an electric utility serving nearly half of Oregon's population. The bidder is a company backed by the Texas Pacific Group, an investment firm.

If both sales go through, Enron expects to have $11 billion to $12 billion in cash to distribute to creditors, or roughly 18 cents on the dollar for the $67 billion in outstanding claims. Owners of Enron stock would get nothing.

Enron has had a much harder time attracting bids for one remaining group of businesses -- Prisma Energy, a collection of more than 20 power companies and related assets scattered from Guatemala to Guam.

The company had been trying to sell some of those assets piecemeal, including its stake in a gas pipeline linking Bolivia and Brazil and Elektro, an electric utility serving more than 1.7 million customers in São Paulo, Brazil. But now its restructuring plan calls for Prisma to be handed to the creditors in the form of stock.

That leaves Enron with just a few remaining odds and ends, like the company's stake in a fiber optic network.

While Enron has been winding itself down to its workaday roots, some former employees have found work at other energy companies in Houston. Others have gone on to form new businesses like DKRW Energy, a venture created by former Enron executives to produce electricity from wind generation and to import natural gas to Mexico.

Many former Enron employees, though, are still waiting to see how the bankruptcy will affect their financial future. On June 4, the federal government took steps to protect four pension plans that Enron was operating when it collapsed, expressing concerns that the company and its creditors might otherwise use bankruptcy as a chance to renege on Enron's obligations to its former workers and retirees.

By law, companies must set aside enough money to cover the pensions that they promise workers, and once the benefits have been earned, they may not be taken away. But when companies collapse, it often emerges that they had been shortchanging their pension funds in their final years, as they scrounged for cash to stay afloat. There may not be enough money in the plans to pay for benefits, no matter what the law says.

The federal government insures traditional defined-benefit pensions through the Pension Benefit Guaranty Corporation, but it covers benefits only within certain limits. When the agency intervened last month, it said it was ''preserving assets that might otherwise flow from the bankrupt company to other creditors.''

The four Enron plans cover about 17,000 workers and retirees from Enron itself and from three former subsidiaries, Enron Financial Services, Garden State Paper and San Juan Gas. All four plans are short of assets to cover future benefits to retirees, and could be left stranded when Enron's surviving business units emerge from bankruptcy.

An Enron spokeswoman said there was nothing to fear because the company had already ''allocated'' $200 million to be paid into the plans. With that additional money, Enron said, the plans would have enough to pay a life insurance company to take over their obligations to retirees and keep benefits intact, a fairly common practice in the pension industry known as a standard termination.

But the government said there was a big difference between mentioning a $200 million allocation in a reorganization plan and actually producing the cash. So far, Enron has not taken any steps to make its pledge binding and irrevocable.

In addition, the government does not agree that $200 million would be enough to make all four plans sufficient. The bankruptcy judge overseeing Enron has given the company and the government until the end of this month to come to an agreement on a figure.

Photos: In Enron's glory days, brokers in Houston made billions of dollars trading energy packages tied to its far-flung holdings. Most of the trading operations were transferred to the investment bank UBS in 2002. In those days, the company employed almost 32,000 workers. (Photo by Getty Images); Today, many of Enron's assets have been sold, and even CrossCountry Energy, the unit that operates the company's original business -- natural gas pipelines that stretch from Texas to California and Florida -- is on the table. The company now employs 10,300 workers. Chart: ''Enron's Pieces: What Was Sold; What's Left'' PIPELINES Sold -- More than 25,000 miles from Texas to California, the Upper Midwest and Florida Own -- Pipelines in Argentina, Bolivia, Brazil, Colombia, Puerto Rico and Venezuela UTILITIES Sold -- The major stake in Wessex Water, which provides water and sewer service to 1.2 million customers in Britain Being Sold -- Portland General Electric, which has 725,000 customers in Oregon POWER PLANTS Sold -- The huge Dabhol project in India Part Ownership -- Plants in the Caribbean, Latin America, China, Turkey, Italy and Poland ENERGY TRADING Sold -- EnronOnline, a commodity trading service that allowed customers around the world to buy and sell contracts for gas, electricity and other related commodities TELECOMMUNICATIONS NETWORK Part Ownership -- Through ownership or access to a high-capacity fiber optic network, Enron offers broadband and routing services to most major U.S. cities, several cities in Europe and Tokyo (Source by Enron)