Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: ItsAllCyclical who wrote (82122)	12/19/2000 5:52:51 PM
From: Think4Yourself	Respond to of 95453

Well this explains the price action in OEI today... Ocean Energy to Have $13 Million 4th-Qtr Charge to Exit Yemen By Jim Kennett Houston, Dec. 19 (Bloomberg) -- Ocean Energy Inc., an oil and natural-gas explorer, said it will have a $13 million fourth-quarter charge to close down its business in the Republic of Yemen. After drilling two exploratory wells in the republic, Ocean decided to cut its losses and take an 8-cent-a-share charge, Chief Financial Officer William Transier said on conference call with analysts. Houston-based Ocean Energy will increase spending 22 percent to $700 million next year from this year, mostly on deep-water projects in the Gulf of Mexico and off West Africa, the company said yesterday. The company also set its first quarterly dividend. Oil and gas production is expected to increase 7 percent, Transier said. ``They're usually very conservative, so I can expect them to be a little on the upside from what they said,'' analyst Mike McAllister of Fahnestock & Co. said. Ocean Energy's shares fell $1 to $14.94. The company has business in Egypt, Russia, Indonesia and Pakistan.

To: ItsAllCyclical who wrote (82122)	12/19/2000 6:01:47 PM
From: hitsoft17	Read Replies (2) \| Respond to of 95453

JimL, I agree with your assessment of the impact of a recession. If that happens we will all be looking back fondly at NAZ 2000 from a much lower perch! However I tend to believe that the FOMC has their hands on the knobs and can likely impact the trend of things if they sense they made a mistake or things turn quickly for the worst. ( they obviously are starting to worry given the shift today) I recall when the international crisis hit a couple years ago and they came in with two mid period rate cuts and turned the slide around quickly. They can do it again and likely will if they think the need is there. An important issue is can they do it without damage elsewhere......... In any case the earnings season next month without a rate cut today is going to be no fun. I am starting to build cash tommorow if the decline is too severe. Hitsoft17