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Gold/Mining/Energy : Conoco (COC) - The biggest U.S. IPO ever
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To: barber who wrote (70)2/14/1999 5:26:00 PM
From: Night Writer  Read Replies (2) of 123
 
barber,
Read the COHO thread. What do you think are COHO's chances of finding some money? It appears they bought low production OK wells.

I have read, that many low production wells in US may shut down. The expense of producing the oil has or is becoming greater then the sale price. Read somewhere that these wells produce about 1.5 Bbd. If they all shut down, US dependency on foreign oil increases greatly.

I have also read that some Middle East oil countries are unhappy because they are not making enough money to support their National programs.

Oil drilling technology has advanced to the point that oil wells can be drilled more economically, in more locations, and with fewer dry holes. (?)

World economic problems have decreased demand for oil as more oil wells come on line.

Companies are having to restate the value of their oil and gas reserves due to lower market prices. This reduces the value of the company and impacts it's market value.

Interesting business. I look forward to learning more about it as time permits. How am I doing so far?

I don't short stocks anymore. I will buy a few puts every now and then. Don't worry about me. I'm taking my sweet time and learning a few things before I do anything else.
NW
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