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: ldo79 who wrote (74005)	9/20/2000 7:19:21 PM
From: ldo79	Read Replies (1) of 95453

Anadarko looks to be rollin' the dice: 09/20 17:24 Anadarko Isn't Hedging Price of Oil Sales, Executive Says By Terence Flanagan San Francisco, Sept. 20 (Bloomberg) -- Anadarko Petroleum Corp. isn't hedging the price of the oil it sells because the company expects prices to remain high, President and Chief Operating Officer John Seitz said yesterday. Energy companies hedge by locking in a price for oil or natural-gas sales in advance to protect themselves if market prices fall. Hedges reduce the risk of losses if prices drop, but also limit profits if they rise or don't change. While buyers are offering Anadarko ``stupendous'' locked-in prices for advance oil purchases, the company isn't biting, Seitz said. The market shows no signs of weakness, he said. ``I would not want to get in front of this locomotive,'' Seitz said at a Banc of America Securities investment conference in San Francisco. ``We may hedge limited volumes next year.'' Crude oil traded on the New York Mercantile Exchange rose to a 10-year high of $36.90 a barrel today. The price is up more than 50 percent since April. Houston-based Anadarko had $701.1 million in sales last year. The company's shares rose 95 cents to 64 today on the New York Stock Exchange. The shares are up 89 percent this year. --------------------------------------------------------------------------------

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