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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 (79260)	11/16/2000 9:50:38 PM
From: isopatch	Respond to of 95453

ESNJ hedge liabilities are neither unique nor extraordinary. Jim, With the huge recent run in NG to new highs, more and more of the E&Ps with part of their production hedged at considerably lower prices are going to report significant hits on earning and cash flow IMO. Let's see if the next few weeks prove me right... Just one of many examples is EEE. Their nightmare of a very large number of very low hedges all finally expired at the end of last month. But in recent weeks, the stock has been acting as if the next earnings release is going to make hedge liabilities like ESNJs look like a picnic<g>. No positon in EEE. Currently a 1/2 pos in ESNJ after an unbroken series of excellent trading profits since first positioning it in the Spring despite their hedge liabilities during that entire period. As I said above bad hedges are the rule rather than the exception as has been the case in the patch during the past 2 years. JQP has focused almost entirely on unhedged producers. As I said to Excar, would like to see ESNJ sell off to the lo 3s so I can go back to a full position and run it up again. Iso