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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (92288)7/15/2001 10:13:42 AM
From: Art Bechhoefer  Read Replies (4) of 95453
 
As an investment advisor and also an energy research analyst, I'll add my two cents. First, the worldwide demand for oil and natural gas, despite the economic slowdown, exceeds the rate at which new supplies are being discovered or developed. Therefore, on a very long term horizon, the trend for prices of these commodities is up.

Second, the current prices of crude oil and natural gas are high enough for numerous companies to make substantial profits. In fact, some of the more producer oriented companies like UNOCAL are likely to do better than large integrated companies, including BP Amoco, Chevron, Royal Dutch, and Exxon Mobil. In determining which companies are the best investments, the critical factor is how good the reserves are and how easy or difficult it is to bring those resources to market. One should look at the changes in proven reserves published by each company that is a candidate for an investment. Proven reserves are based on estimates of resources in the ground and capable of being extracted profitably at existing (or less than existing) price levels. The companies with good quality proven reserves and with a good record of exploration and development are in my view the ones that deserve serious consideration.

Art Bechhoefer
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