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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: dmccoach who wrote (57720)1/1/2000 2:38:00 PM
From: BigBull  Read Replies (1) of 95453
 
Hey Jim, I just didn't want FGH to be the only poster child in the Ass whipped contest. <g> Why single out FGH for an Ass whipping since there are so many sore bottoms around? For that matter lets include BHI. What does the dramatic decline in those E&P's say about the E&P business other than it was temporarily out of fashion? Lord knows, the earnings comparison were good. Can we further extrapolate that because they are temporarily down that the E&P sector has no future? Surely Wall Street is looking at the E&P with a very jaundiced eye, isn't it?

In point of fact, I think these E&P's will do very well over the coming year, I happen to think that OVER THE WHOLE YEAR, OS stocks will perform better, and some better than others. Why? Simple. Cost of production. The days of cheap day rates are rapidly drawing to a close. Much of their margins will be squeezed. Now of course there are those have substantial production just coming on line. If you can find them, those will probably perform equal to OS stocks , OVER THE WHOLE YEAR! But for those E&P companies that have waited for "OIL PRICE STABILILTY" will have to pay the piper. And the PIPER is OS. One more thing, most OS companies don't have to worry about the dreaded dry hole. They get paid whether the E&P finds anything or not.

All of course JMVVHO.
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