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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (26862)	10/11/2000 1:31:01 PM
From: IceShark	Read Replies (2) \| Respond to of 436258

This isn't the manic melt-up we're used to seeing on the reversal ramps. Tell that to my emc poot. shag.

To: patron_anejo_por_favor who wrote (26862)	10/11/2000 1:32:42 PM
From: LLCF	Respond to of 436258

NORWALK, Conn., Oct. 10 /PRNewswire/ -- The boom and bust cycles that have decimated the ranks of oil and gas companies and the crucial steps necessary to thrive in the years ahead are explored in "From Renaissance to Requiem to Rebirth," a special oil and gas industry study authored by John S. Herold, Inc. chairman and CEO Arthur L. Smith and vice president Aliza Fan. As an independent research and consulting firm providing clients with data, valuation and analysis of oil and gas companies since 1948, John S. Herold is uniquely positioned to interpret historical industry trends. The report begins with stark statistics highlighting the destructive impact that commodity price volatility has had on oil and gas companies over the past three decades. Smith and Fan point out that of 82 oil companies followed by Herold in 1970, only 7 (9%) survive today; of 157 companies followed in 1990, only 63 (40%) are still in business. The 1998-1999 oil and gas wellhead price meltdown was particularly brutal, dealing "body blows to all petroleum producers and oil service providers; some staggered, some fell and many merged or were acquired." At the same time, enormous capital flows were withdrawn from the energy sector, as energy industry weighting in the S&P 500 plunged form 26& in 1982 to a low of under 5% in early 2000. Soaring commodity prices have made most surviving E&P companies flush with cash in 2000, a situation that in the past has triggered spending sprees. But Smith and Fan, using the voluminous financial, operations, and M&A data collected by John S. Herold, see signs that industry executives have revised their strategies based on the bitter lessons of the last cycle. Oil and gas companies are now exhibiting capital constraint, focusing on the bottom line, and planning for the future based on conservative projections of commodity prices and demand. At the same time, private capital investors and institutional investors have been diligent in selecting quality energy investments and steering away from high risk exploration companies. Smith and Fan conclude that "this more reasonable, cautious view of the volatile energy industry portends to more sustainable, attractive growth for major and independent oil companies." To request a copy of "From Renaissance to Requiem to Rebirth" or to obtain more information about John S. Herold, contact Tom Biracree at 203-847-3344 or tbiracree@herold.com. SOURCE John S. Herold, Inc. Web Site: herold.com DAK