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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (74490)	1/26/2000 12:00:00 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 132070

MB, >>But it is the assets in the ground, both in the US and in Asia, and their exploration expertise that make the firm attractive. The book value is low because the producing fields are way undervalued on the books. Also, UCL continuously finds ways to get production out of fields that are all but depleted on the books. This is shades of "Gulf Western" (I think this was the name of the company) back in the early 80's. I had the opportunity to have lunch with the VP's and they learned a big lesson on undervaluing the "assets in the ground". <ggg> Joan

To: Knighty Tin who wrote (74490)	1/26/2000 1:49:00 PM
From: double-plus-good	Read Replies (1) \| Respond to of 132070

Michael, on the topic of UCL there may be a rationale for its relative discount to peers. like Talisman from Canada, Unocal has a somewhat checkered history regarding the locales of their exploration. I live among Mon people, some of whom who were displaced by the pipeline that Total and Unocal constructed through Burma to Thailand. There are a number of strong allegations regarding the practices used in the construction of the pipeline. Forced labor among local populations and consription of men to serve as porters for the military in their effort to "cleanse" the area are among some of the charges that have been leveled against Unocal. Certainly they were complicit (as must be said of many resource companies) in a number of local abuses. As regards some of the more specific and egregious behavior they are accused of, I believe there are legal proceedings in the LA courts. One of the possible reasons for the underperformance of UCL. I own shares in a number of EnP companies but don't care to be a shareholder of either UCL or Talisman. FWIW ++good