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Strategies & Market Trends : Value Investing

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To: E_K_S who wrote (35584)	10/6/2009 11:29:55 AM
From: Paul Senior	Read Replies (1) of 78763

ATPG. They buy proven oil properties from others and develop those assets. They've spent big bucks developing a couple of projects, and these are scheduled to come on-stream through 2012. It doesn't seem to me that they need to acquire and develop more projects now, but that seems to be their business model. Whether they continue that, and will remain 98 successful, I don't know. I don't understand this 98% success number they're quoting. I see a couple of big transformational bet-the-company projects; I don't know how they figure there were 49 of 50 actions that were successful (98%) conversions. They reduce debt by partnering or selling off parts of their business (pipelines, for example), and have lowered d/e ratios by selling stock.

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