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

To: William JH who wrote (60350)	2/15/2000 6:00:00 PM
From: Nello Filippone	Respond to of 95453

WJH, RE:<<The reporting on this sector is seldom very good, but one of the worst ever was on Nightly Business Report (PBS) last night.>> I agree, but I think that CNBC trumps everyone when it comes the worst reporting in this sector. Today Bob Pissani said that "BPA,RD and XOM make up half of the Cap Ex spending of all the integrated oils (I need to research this)and they are cutting Cap Ex spending by 30%". Where the $%#& does he get that number, from everything I'm reading it looks like Cap Ex spending is up 10 - 20%. Don't quote me but I think BPA announced today that they are increasing Cap EX by 20%.

To: William JH who wrote (60350)	2/15/2000 9:23:00 PM
From: Meridian	Read Replies (1) \| Respond to of 95453

It'd be great if OPEC compliance was 60% with oil at $30.00 - less incremental supply to come onto the market. Only when compliance is 30-40% (when they've released another 1.0-1.5 mmb/d back on the market) and Oil prices are still in the $20-$24 range, that's when we see the big rally. There will be nothing much to worry about at that point. The perception of sustainability in the $20-$24 range IS the key, especially for the beaten down E&P group. And that's only possible when OPEC doesn't have much spare capacity left.