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

To: Think4Yourself who wrote (55293)	11/23/1999 1:32:00 PM
From: Gameboy	Respond to of 95453

Oilers probably feel like they've been through the stock market crash, great depression, and 500 year meteor shower after surviving $10 crude. In my humble opinion, what doesn't kill them, will only make them stronger. More OEI business survival tactics, besides some hedging, from the S&P Business Summary, 04-Nov-99: OEI's all-in costs (cash and non-cash) were $13.08 per barrel of oil equivalent (BOE) of production during 1998. Its objective is to drive all-in costs to $12.25 per BOE in 1999 with a longer-term goal of $10.00 per BOE by 2001. Since the merger (with Seagull Energy Corp), management has begun consolidating its headquarters and has reduced the company's workforce to about 1,500 employees from 1,800, positioning OEI to realize about $50 million in general and administrative cost savings. In addition the merger has enabled the company to consolidate operations toward a targeted 20% reduction in lease expenses.