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

To: Roebear who wrote (72505)	9/6/2000 10:14:45 PM
From: Tomas	Respond to of 95453

Apache's chief financial officer Roger Plank on oil prices How long will high prices last? ``That's the multimillion-dollar question -- how long will it last? I've been in the industry 20 years now. You've got to be very cautious. I will say that relative to any point in the last 20 years I have never seen supply and demand as tight as it is today so I personally believe we could see some pretty substantial returns out of our sector and out of Apache in terms of earnings growth for an extended period of time, maybe two to three years.'' Will prices reach $40 or $50 a barrel? ``I don't think it will average that but we are operating at over 90 percent capacity (in U.S. refineries) and that leaves room for supply disruptions and you could see some significant spikes to those levels. I think that's well within the realm of possibility.'' Bloomberg Energy, September 6