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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Crimson Ghost who wrote (43156)4/23/1999 11:07:00 PM
From: Mike from La.  Read Replies (2) of 95453
 
RIG blows my mind. Beat estimates by a huge amount, PE less than 10, and it drops. Don't try to understand it, just buy some. It seems to me that if oil stays above $16 the deep water rigs should have no problems getting good renewal contracts. I don't see how any company that has a deep water program going can take a chance of losing their rigs. There is still a large shortage of rigs needed to develop all the leases out there, and the clock is running. My reading of the RIG earnings statement is that even the rigs just lately renewed have gotten higher dayrates. If oil is up, and most likely staying that way, why would there be problems getting the rigs working? Must be something I don't understand.
I do see a lot of news releases quoting "analysts" from companies I've never heard of, trying to talk down oil prices. I'm getting either suspicious or paranoid. Where do these guys come from, and how do they manage to get their opinions quoted in the news? There's the ex-oil minister from Saudi Arabia saying that OPEC has to be careful they don't drive prices too high, and here are these guys predicting a collapse. I think someone may be trying to do some game playing, taking advantage of the "nervious nellie" attitude just mentioned.
Mike
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