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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Tulvio Durand who wrote (17020)3/29/1998 12:08:00 AM
From: jbe  Read Replies (2) of 95453
 
Cash flows & free cash flows -- there is a big difference, or isn't there? (Paul Levy, are you listening?)

One of the confusing things about this sector is that although almost all of the drillers/oil service companies in it have great cash flows, most have negative FREE cash flows (because they are building -- perhaps too many -- new rigs).

Question: what good is it to have a lot of cash flowing in, if you pay 150% of it out in capital expenditures? As the founder of a (now defunct) Free Cash Flow thread, I would appreciate an expert's response to this question.

Thanks.

jbe
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