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: Fun-da-Mental#1 who wrote (57051)	12/16/1999 8:15:00 PM
From: Gameboy	Read Replies (2) of 95453

Oil and gas prices were good last quarter, but it seems the money didn't come through to the bottom line Good question. Third quarter oil prices were good - they averaged $21.71 barrel. Third quarter, RRC realized $16 on oil but hedging cost them another $3, so they took $13 to the bank and out of that they had to pay operating expenses; that's a far cry from taking $26/barrel (today's price of oil) to the bank. Fortunately, for RRC although scheduled somewhat in advance, their contracts expire every month. Jiml's right of course, several E&P's shot into the black 3rd quarter. The market's obviously saying that $26 oil is too good for oiler's to last or the share price of E&P's would be multiples of their 52 week lows (based on $10 oil) instead of being barely above them. As investor's, we can wait - time is on our side. There's a peaceful satisfaction about watching the money roll in.

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