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

To: jim_p who wrote (69004)	6/30/2000 10:41:36 AM
From: Tomas	Respond to of 95453

Coffers to open. CapEx budgets will soar - Calgary Sun, June 30 By TODD NOGIER, BUSINESS EDITOR As companies roll towards the end of the second quarter, execs are grappling with the enviable problem of how to spend what are expected to be record profits for many firms. An unprecedented combination of high oil and gas prices has created an industry flush with cash and analysts are expecting some Calgary firms to announce higher exploration and production budgets. And that could mean a "mini-boom" for the industry, say market watchers. PRUDENT GROWTH "It will be an expansion of capital expenditure budgets, not reckless -- but in a measured, prudent manner than has been the case in the past," said Brian Prokop, an analyst with Peters and Co. in Calgary. Burgeoning demand for oil is pushing up prices which have hovered above $30 US a barrel for weeks. And a trend towards natural gas for fuel in power plants in the U.S. has heightened demand for that commodity across the continent. And those companies with diversified operations could be posting record profits. Already, several firms have said they'll spend more than originally planned. PLANS TO SPEND Anderson Exploration and Pan Canadian Petroleum already boosted expenditures, while Alberta Energy Co. and Canadian Occidental Petroleum Ltd. are both said to be planning to increase capital spending. But new exploration opportunities are limited, say experts. "And so what you're going to see is an increase in acquisition and merger activity," said Prokop. Another option is to increase dividends to stockholders -- a move sure to create excitement among investors in petroleum stocks, added Prokop. Anderson Exploration is said to be mulling over a one-time payment to investors. canoe.ca

To: jim_p who wrote (69004)	6/30/2000 10:41:47 AM
From: Razorbak	Respond to of 95453

O/T - That ignore button is a wonderful thing, isn't it? Too bad more people on this thread don't use it. Razor