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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: jbe who wrote (17039)3/29/1998 8:57:00 AM
From: HH  Read Replies (2) of 95453
 
jbe, I am far from being a sexpert in this field but I think there is a
significant aspect when discussing free cash. There is a difference
between obligatory capital expenditures vs discretionary cap ex.
Also , many of these drillers are financing new rig acquisition
out of operations, rather than taking on any significant debt.

my definiton of free cash flow excludes discretionary investments,
which are opportunistic.

HH
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