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: IndioBlues who wrote (54403)	11/10/1999 4:48:00 PM
From: upanddown	Read Replies (1) 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. 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. Indio, looks like you didn't "cut and paste" the entire quote.<vbg> Its true that you could get a negative read on it since it doesn't go into much detail. Sounds to me like they are getting rid of some of the small stuff and going for bigger plays. Big projects will take years to bring to production so it probably will cut volume growth for a couple of years. The buyers will probably try to maximize the old properties. TX is probably going to be looking for elephants with the increased CAPEX. Both will need lots of help from OS companies. John

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