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 5:49:00 PM
From: BigBull	Read Replies (1) of 95453

Indio, TX sold about 4 billion worth of bonds a while back. Very soon thereafter the showed up in a big way at the Brazilian offshore auction. Mostly deepwater stuff. They then announced their plans to spend a good chunk of that money on exploration and infrastructure. All this in calendar year 99. They also recently announced large acquisitions off Angola. Again, deepwater. With the sale of their more marginal properties, it seems to me as though the are gearing for a full tilt deep water boogie in these large new fields. The language of the article you cited seemed strange. OK so they are announcing "CUTS in production"? Yeah, so what? they go into refining? Petrochemicals? I don't think so. The only other alternative is that they will only drill and not produce? C'est bizarre, don't you think? ESPECIALLY AT$25 BBL. No, what I think is that TX is doing is getting the jump on the competition, who all seem to be futzing around in merger land and sitting on their hands saying woe is me. IMO this will get straightened when they announce capex.

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