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: Douglas V. Fant who wrote (24287)	6/17/1998 3:48:00 PM
From: Sunny	Read Replies (3) of 95453

Doug, If you ask the CEO of any of the majors would you rather have $20/bbl, $15/BBl or a jab in the eye with a sharp stick he will take the $20 price. Because the refiners can pass along the increased crude price it does not affect their net as much as the increase in crude price. This time last year when oil was above $20/BBl most oil companies were reporting record profits, rig utilization was at all time highs and the service companies were raising prices and also reporting record revenues and profits. And best of all Stock prices were up substantially. The fall in oil prices has driven all of the good things away, and I think it is time for us to adapt, improvise and find a way to survive. Sunny

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