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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Think4Yourself who wrote (59696)2/4/2000 2:27:00 AM
From: Brent Hogenson  Read Replies (2) of 95453
 
XTO and losses (notes E and F)

<<<(E) The three-month 1999 period includes a realized gain of $300,000, an unrealized loss of $8.9 million and interest expense of $1.5 million related to these investments. The year ended December 31, 1999 includes a realized loss of $22.2 million, a decrease in unrealized loss of $27.1 million and interest expense of $6 million related to these investments.
(F) The three-month 1998 period includes a realized loss of $15.6 million, an unrealized loss of $35.1 million and interest expense of $2.7 million related to these investments. The year ended December 31, 1998 includes a realized loss of $14.8 million, an unrealized loss of $72.6 million and interest expense of $6.3 million related to these investments.>>>

Lets see 1998 Loss + interest = 93.7 million
1999 Loss + interest + decrease in unrealized loss = 1.1 million

For the 4th quarter 1999, depending on whether you read the second paragraph or note E (6.7 million loss) or (10.1 million loss)

I don't like it. I talked to the CFO and he said sometimes they buy stock in other companies and then trade the shares for drilling prospects???? Seems strange. Maybe this is why the stock is so cheap. The debt/equity level is extremely high. They are sitting on over a billion in debt and playing games in the market. To top it off they've got to be playing with margin to incur debt from these investments. And all this time management is collecting salaries starting at $700,000 to $3.5 million in cash and options per year. I'd like to get a job like that. I think I am going to flip my XTO money into OEI. I never liked the fact that XTO bought OEI's scraps. Although APA bought all Shell's scraps and everybody seems to think they made out.

On the bright side their production growth was fantastic. Now if we can get them to pay down the debt instead of playing around in the market. Oh well let's see what they have to say on the conference call.
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