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

To: Big Dog who wrote (51246)	9/16/1999 8:52:00 AM
From: Tomas	Read Replies (2) \| Respond to of 95453

Houston energy conference survey: "Will the OSX outperform the S&P 500 in 1999?" the survey asked of the attendees. Responses were 82.9 percent "yes," and 17.1 percent "no." For the year 2000, 78 percent were sure of the OSX's future outperformance, whereas only 22 percent issued a "no" response. Crude prices to fall by year's end By Myra P. Saefong, CBS MarketWatch, Sep 16, 1999 HOUSTON (CBS.MW) -- Most oil and natural gas executives, investors and analysts predict that the price of oil will likely fall from its current high in the $24 a barrel range by the end of 1999, according to a survey conducted by Dain Rauscher Wessels at its seventh annual energy conference in Houston, Texas. The results incorporated the opinions of 146 company executives, analysts, private and institutional investors, out of several hundred conference attendees. On average, they predicted that the price per barrel of oil will be around $22.70 at the end of 1999. The tally also showed that most attendees believe prices to be around $20.30 a barrel by the end of the year 2000 with an average price of $20.70 that year. Results of the survey are preliminary, however, at least until the official tally is sent out in a press release available to the public sometime in the next few days, said Dan Callahan, manager of public relations at Dain Rauscher, who tallied the results. "They're predicting a bubble in the price," said Callahan, "so they've predicted that we're at our peak and that it's going to drop." Prices are currently beyond $24 a barrel and it appears that most energy enthusiasts believe that prices are currently a bit too high, said Callahan. "Equally that for the price of natural gas," he said, as prices are also expected to fall and then subsequently rise. Prices will likely be at $3.10 per million cubic feet by the end of 1999, according to the average results of the survey with the year 2000 ending with gas at $2.50 per mcf. "It's a pessimistic industry." They believe we are at a high point and that prices will fall, he commented. Participants also predicted that the Philadelphia Oil Service Index (OSX: news, msgs) will end at 101.4 on December 31, 1999 and 124.7 on December 31, 2000, significantly lower that where it's currently at. "Will the OSX outperform the S&P 500 in 1999?" the survey asked of the attendees. Responses were 82.9 percent "yes," and 17.1 percent "no." For the year 2000, 78 percent were sure of the OSX's future outperformance, whereas only 22 percent issued a "no" response. In terms of energy enthusiasts' favorite pair for a successful marriage of oil companies, answers appeared to be all over the board, said Callahan. "The ones that came up most frequently as a pair and as well as separately was Chevron (CHV: news, msgs) and Texaco (TX: news, msgs)." Some responses implied that there has been too much consolidation within the market. Attendees at the conference predicted that the current worldwide production of 75 million barrels of crude oil per day will increase by 2.7 percent in one year. Of those that answered, 93.8 percent saw an increase in oil output, compared to 6.2 percent who predicted a decrease. "Wicklund's response was that this is really interesting information," Callahan said in reference to Jim Wicklund, head of energy research at Dain Rauscher. "It's showing some trends. I'm sure Jim would admit that this is a cynical, pessimistic business," he added. As much as the whole sense that energy has made a comeback, I think there's also sort of some hesitation to "go sell the farm" because they're going to invest in oil and they seem to be quite "guarded." cbs.marketwatch.com

To: Big Dog who wrote (51246)	9/16/1999 8:53:00 AM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

Oklahoma's oil output may hit 86-year low The Daily Oklahoman Oklahoma's production of oil, despite higher prices, appears headed for an 86-year low, while the state's gas output for 1999 is sliding toward a more than 30- year low, state Corporation Commission statistics showed Monday. ... Since commission officials indicate the vast majority of Oklahoma's more than 29,000 gas wells are generally producing all they can, production in the second half of 1999 might be comparable to the first-half totals ... Lower numbers of new drilling permits during this year's first eight months also suggests new wells will continue to be added at too slow a pace to offset production declines this year.