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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: beachbum who wrote (14253)3/9/1998 8:32:00 PM
From: marc chatman  Read Replies (2) of 95453
 
Maxwell was about as negative as anyone I've heard. He continues to see oil at $12 and most likely lower, and he sees no imminent recovery. If I heard correctly, he said it could be years before oil prices recover. Oh yeah, he said this would be bad for oil, drilling and service stocks.

I understand the economics of oil exploration and drilling, but I have a few questions for anyone here. If oil companies stop or slow down their exploration and drilling efforts, what do they intend to sell 1, 2 or 5 years down the road? Or is it so easy to play catch-up that they can cut their budgets now and get back into the game later? And if some of the majors maintain a full program of exploration and drilling, will others cave to the pressure and follow suit?

Am I grasping at straws here? I am a long term investor here, but in my book "long term" means I bail if the fundamentals change substantially for the worse.
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