Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: BigBull who wrote (54387)	11/10/1999 4:29:00 PM
From: IndioBlues	Read Replies (2) of 95453

BBull, the TX announcement can be read as negative can't it? The same story, as reported by Reuters, says that TX is engaged in a "major shift" which will entail a "sharp reduction" in the production of oil and gas. More profit, on less production it seems. I'm just playing the devil's advocate here but it seems to me that this strategy, if followed by other majors, would not necessarily bode well for the drillers and service cos. Now, if the properties sold off end up being developed by independants maybe that consequence won't materialize. thoughts? NEW YORK, Nov 10 (Reuters) - Texaco Inc. (NYSE:TX - news) Chairman and Chief Executive Peter Bijur on Wednesday outlined a ``major shift' in the company's strategy, calling for a sharp reduction in projected growth of oil and natural gas production. In an effort to boost profitability by selling off or cancelling marginal projects, Bijur said the company now planned to increase production by just one-to-two percent annually over the next three-to-five years, down from earlier targets of seven-to-nine percent growth annually.

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