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: victorw who wrote (55441)	11/25/1999 10:13:00 PM
From: Gameboy	Read Replies (1) of 95453

OEI 4th qtr earnings estimate update: OEI's percentage of oil/gas production ratio is about 53% oil/47% gas (not 60%/40% as I had assumed earlier, but who knows with rising oil prices); 3rd qtr OEI produced 73,965 barrels/day (or about 6.6 million barrels for the quarter). The whammy 4th qtr is an after tax extraordinary loss of $24 million associated with retiring its old credit facility. All of this information is contained in OEI's 3rd qtr report biz.yahoo.com Previously, on this thread, Razor had mentioned OEI's hedge on 5,600 barrels/day of oil. Obviously, natural gas and probably more than just 5,600 barrels/day of oil has been hedged. Oil has rebounded to stay - I have no doubts. Considering the $24 million 4th qtr charge that OEI will be taking, I would have to reduce my 4th qtr estimate for OEI to a profit of around $30 million which would be only slightly larger than its 3rd qtr profit of $28 million. I do believe OEI is getting its house in order and will be a leading participant in boom 2000 and it is still at the top of my A list. Anyone's else's observations, pro or con, are certainly welcome. Hope you're all enjoying your Thanksgiving holiday.

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