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Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO)

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Nov 26 4:00 PM EST

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To: Charles A. King who wrote (10411)	1/26/1999 11:31:00 AM
From: Charles A. King	Read Replies (1) of 13091

CNN did a piece with an oil analyst who said that while oil prices are extremely low now, they will come back up eventually. Factors are the timing of OPEC coming to a new agreement, Asian economies beginning to recover, and oil companies slashing capital spending and employee rosters. He said oil companies are reducing capital expenditures 25% which is bound to bring oil prices back up as demand grows. Here is an oil company cutting spending drastically. Occidental Slashes Spending As It Crashes To Loss LOS ANGELES (Reuters) - Occidental Petroleum Corp. (NYSE:OXY - news) Monday reported a fourth-quarter loss of $38 million or 12 cents per share compared with an $884 million net loss, $2.65 a share in 1997, and said it was slashing spending to $350 million from $1.06 billion. Results before special items were a loss of $35 million for the fourth quarter of 1998, in line with analyst expectations, compared with earnings of $99 million for the same period in 1997. Sales were $1.7 billion for the fourth quarter of 1998, compared with $1.9 billion for the fourth quarter of 1997. ''Occidental's 1998 results reflect significantly lower oil and gas and chemical prices than we realized in 1997. Prudent planning dictates that we reduce our capital spending during this period of low oil and chemical prices,'' said Chairman and Chief Executive Ray Irani. For 1998, Occidental's net income totaled $363 million or 99 cents per share, compared with a net loss of $390 million or $1.43 per share for 1997. Total year 1998 income before special items was $104 million, compared with 1997 income before special items of $548 million, which excludes MidCon's operating earnings of $143 million. Sales were $6.6 billion for 1998, compared with $8.0 billion for 1997. Occidental sold its MidCon pipeline assets and bought the U.S. government's stake in its Elk Hills oil field in 1998. dailynews.yahoo.com

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