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: diana g who wrote (43863)	5/4/1999 9:26:00 AM
From: The Ox	Read Replies (1) of 95453

APA CEO on CNBC Mr. Plank said: APA can farm the oil wells bought from Shell at a lower cost. The Shell deal adds 20% to APA's reserves. Apache drills several hundred wells per year in the US. Looking to expand drilling in Egypt and Australia. Oil prices at the mercy of producing countries. Deep water market for gas improving. Outlook "pretty good" for the future. Explained the write downs taken ($158 million last year). These write downs will translate into higher earnings ( referred to $500+million recently calculated...I didn't catch his full comment...damn phone!<vbg> Doesn't see oil going above $20/bbl. Gave a range of $14 to $19 as his expected oil price for the rest of the year. If someone else was listening, please correct any mistakes in this post, TIA. Michael

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