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Gold/Mining/Energy : Texaco (TX)
TX 38.17-0.8%Dec 12 9:30 AM EST
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To: hoopsville who wrote (77)2/15/1998 10:09:00 AM
From: hoopsville  Read Replies (1) of 143
 
Texaco's implied strategy is interesting. They are slowly moving
to primarily becoming a producing company. Their stated goal is to
double 1995 earnings by year 2000.

For example:
Texaco intends to increase oil and gas reserves through purchases
which makes a lot of sense at current low prices.

Texaco continues to reduce downstream (refining/marketing) exposure
through joint ventures. This maintains or improves downstream earnings while freeing up investment capital to purchase O&G reserves.

Texaco is reducing emphasis on their oil and gas exploration efforts
which have been historically lacking in major discoveries.

Texaco has almost completely exited the cyclical petrochemical business.

If Texaco has time to increase O&G reserves before the price of oil
goes back up, Texaco's earnings and stock price will explode when
it does.
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