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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Big Dog who started this subject	5/29/2002 6:16:54 PM
From: Big Dog	Read Replies (2) of 206085

Note sent out today by Lehman to their institutional clients: In the past few days, we have communicated that several large independents have increased their 2002 U.S. E&P budgets (Burlington Resources, Chesapeake Energy, Devon Energy, Kerr McGee) and that at least two more are on the threshold of a major increase (Anadarko Petroleum, Apache Corporation). Today El Paso announced an increase in their 2002 E&P budget from $1.8 billion to $2.325 billion. This compares with a 2001 actual of $2.4 billion. While this is a global number and we do not know the regional breakdown yet, it is clear that the vast majority of the spending increase will be in the United States. The company intends to keep E&P spending in 2003 at this level. Apparently, the budgets in both years are based upon a natural gas expectation of $4 per mcf. The stream of budget increases, the strength of leading indicators of drilling, and anecdotal evidence we are getting from the field all point to a continued strong recovery in domestic natural gas drilling in the period ahead.

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