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

To: kormac who wrote (72362)	9/5/2000 10:01:06 PM
From: Ed Ajootian	Respond to of 95453

Re: TMR -- In an energy industry commentary dated 8/29, Dain Rauscher Wessels (DRW) raised their 1 yr. price target on TMR from $8 to $10. DRW also raised their earnings/cash flow projections to as follows: 2000: $0.95/$2.03 2001: $0.44/$1.80 Can't figure out why they think the DD&A will increase so much in '01 vs. '00. DD&A is usually the biggest difference between earnings and cash flow, and such difference increases from $1.08 to $1.36, from '00 to '01. If anything I would think the DD&A would be _lower in '01 vs. '00, due to the reductions in the cost pool that are occuring in the latter half of this year as a result of the property sales. The stock still looks undervalued here at close to a 2 yr. high, $6.375, a mere 3 x current year cash flow. Would appreciate any thoughts/comments.

To: kormac who wrote (72362)	9/5/2000 10:10:18 PM
From: William JH	Read Replies (1) \| Respond to of 95453

Yamani is trying to talk about things 20 years from now. If technology is going to replace oil, because of environmental concerns, it will happen regardless of the price per barrel. I notice that PLUG Power has moved their launch of 100,000 fuel cell generators out by a year, from 2001 to 2002. Seems like Ballard has been on the verge of a breakthrough for years.

To: kormac who wrote (72362)	9/5/2000 10:23:59 PM
From: kormac	Respond to of 95453

Part of the reason why "modest" increases in Saudi Production will not do much, IMO =================== August 21, 2000, 02:41 PM TEHRAN (Reuters) - Iran, OPEC's second largest oil producer, plans to import about $3 billion worth of gasoline over the next five years, a senior energy official was quoted as saying on Monday. "This is a very heavy burden on the government. The high consumption of gasoline is a major problem for the country," Reza Kasaeizadeh, who coordinates refinery policies, told the Hamshahri daily. Iran will pay an estimated $7.5 billion in subsidies for refined oil products in the year begun in March, of which $2 billion alone would go towards subsidising gasoline prices, he said. Iran has some of the world`s lowest fuel prices, with a litre of regular petrol selling for several US cents. Periodic government attempts to raise prices in order to limit demand and ease the burden on the budget are generally beaten back by a parliament fearful of public reaction. Huge domestic shortage An official said recently that Iran's consumption of oil products exceeds international norms by an order of 10, forcing it to import six million litres of gasoline per day. He said average daily consumption of oil products was estimated at 46 million litres, enough to put the country on a par with India, which has more than 12 times the population. Kasaeizadeh said Iran, which has the world's second largest gas reserves, should switch to using more gas and also improve quality of its roads and technology in car-making to save gasoline. He said Iran would not be able to export any diesel fuel in the current Iranian year, which began on March 20, because of a rise in domestic consumption of more than 10 percent. Liquefied natural gas for exports has also been diverted for domestic use for the second year in a row, he said. Kasaeizadeh said Iran had spent about $370 million to upgrade refined oil products and related services and would budget another $300 million for it this year. He said a $500 million project would be tendered soon to upgrade the Abadan refinery, one of Iran's oldest. Another project, worth $40 billion, seeks to upgrade the refinery at the Gulf port of Bandar Abbas. Best, Seppo