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: Bazmataz who wrote (9318)	1/22/1998 7:53:00 PM
From: John Carpenter	Read Replies (1) of 95453

Yes, the thing that was most striking about the interview was that the GLM CEO said that even if WTI Crude dropped $4 FROM CURRENT PRICES and stayed at that level for six months, his business would be unaffected. He specifically reminded investors that the fundamentals behind drilling are reserve replacement(recovering the 3% depletion per year) plus meeting demand. He also said that if all drilling stopped tommorrow, there would be an oil shock in just one to two months. Said he expects WTI to return to the $17 to $19 trading range.

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