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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Captain James T. Kirk who wrote (47417)	7/6/1999 12:57:00 PM
From: Tomas	Respond to of 95453

Independent Oil Companies Try to Revive Investor Confidence HOUSTON, July 6 /PRNewswire/ -- Independent oil and gas companies need to change the way they run their businesses to restore investor confidence, according to part two of a Special Report published in Weekly Petroleum Argus, the authoritative energy industry newsletter. The recent oil price crash exposed the fundamental problems that are facing the industry. And the financial community is growing increasingly skeptical of the rosy outlook painted by many independents. Without concrete plans and clear targets, the stock prices of many small and mid-size oil and gas companies will continue to lag companies in other sectors. The focus now must be on financial returns and profitability. Many independents, both in the US and Europe, are re-evaluating their business aims. European arch-rivals Lasmo and Enterprise Oil, for example, are both promising new strategies to boost profitability. In the US, the bleak financial results of the past two years have left many firms vulnerable to takeover and well-heeled companies ready to strike. Mergers and acquisitions began increasing in the second quarter and analysts expect an active second half of the year. The landscape has already changed significantly this year with deals involving Devon Energy, PennzEnergy, Ocean, Seagull, Kerr-McGee, and Santa Fe. The second part of this two-part Special Report examines how independents are fighting for investor credibility, opportunities for takeovers and mergers, the most significant mergers of the past two years, and includes an extended interview with the Chief Executive Officer of Burlington Resources, one of the largest independents in the US. For a free copy of the Special Report on independents, contact the Petroleum Argus Sales Department by submitting your name at petroleumargus.com Petroleum Argus publishes over 20 newsletters that survey the global oil and gas industry, covering such issues as investment, corporate strategy, market trends, and pricing information. Petroleum Argus is the only global independent source of oil and gas pricing information backed by a series of analytical newsletters and deep historical databases. The web site -- petroleumargus.com -- describes individual newsletters and reports. biz.yahoo.com