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

To: Aggie who wrote (86825)	2/10/2001 2:15:21 PM
From: stsimon	Read Replies (2) \| Respond to of 95453

Let's keep in mind that energy is under weighted by both institutions and the general public. The brokers, venture capitalists and investment bankers, having bilked the public out of billions in the Internet bubble, are going to find people less than enthusiastic about tech for some time. If the NAZ gets down to 1800 or below, perhaps a very long time. I suspect investment bankers, green mailers, VCs, M&A people, and other unsavory types (VBG), may now be drawn to the energy sector with the mantra that it is really energy that powers the new economy. For long term investors who choose not to try to time the intermediate swings, it will be the entry of these types that will both trigger the largest gains as well as be the key signal that it is time to look for the exits. If the recession is deep, the we certainly should expect a nasty correction in energy along the way. With oil supplies concentrated in just two major swing producers, part of that risk is eliminated, but not all of it. The really dumb money has yet to enter this sector. if it does, valuations will go well above fair value.

To: Aggie who wrote (86825)	2/14/2001 8:31:07 AM
From: Dale Baker	Read Replies (1) \| Respond to of 95453

Any thoughts on XTO's report today? Cross Timbers Oil Announces Record Cash Flow and Gas Production for Fourth Quart /FROM PR NEWSWIRE DALLAS 888-776-3971/ TO BUSINESS AND ENERGY EDITORS: Cross Timbers Oil Announces Record Cash Flow and Gas Production for Fourth Quarter and the Year FORT WORTH, Texas, Feb. 14 /PRNewswire/ -- Cross Timbers Oil Company (NYSE: XTO) today announced record fourth quarter cash flow from operations, before changes in operating assets and liabilities and exploration expense of $137.2 million, or $1.86 per share. Cash flow increased 170% from fourth quarter 1999 cash flow of $50.8 million, or 69 cents per share. Fourth quarter gas production averaged a record 366 million cubic feet (Mmcf) per day, a 10% increase from fourth quarter 1999 daily production of 333 Mmcf. Long-term debt at December 31, 2000 totaled $769 million, a decline of $159 million during the fourth quarter. Earnings available to common stock for the quarter, before change in derivative fair value, non-cash incentive compensation and gains and losses on asset sales, were $67.3 million, or 91 cents per share. Comparable fourth quarter 1999 earnings were $12.2 million, or 17 cents per share. Earnings for the quarter were $49.8 million net of after-tax charges of $13.5 million for the fair value losses on certain derivatives related to the Company's hedging activities and $10.5 million in after-tax non-cash incentive compensation and after-tax gains of $6.5 million related to asset sales. Comparable fourth quarter 1999 earnings were $5.6 million. Total revenues for the quarter were $205.4 million, an 85% increase over fourth quarter 1999 revenues of $111 million. Operating income for the quarter was $82.9 million, a 111% increase from fourth quarter 1999 operating income of $39.3 million. "Our fourth quarter results exceeded all expectations," noted Bob R. Simpson, Chairman and Chief Executive Officer. "Once again, exceptional internal production growth and strong commodity prices produced a record quarter. Fourth quarter cash flow topped cash flow for all of 1999, a previous Company record. As impressive as these results are, they are only a prelude to expected record results for 2001 and 2002." "We believe Cross Timbers has the potential for low-risk, multi-year gas production growth that is unequaled among our competitors," added Steffen E. Palko, Vice Chairman and President. "Fourth quarter gas production surpassed our projections and put us ahead of schedule in meeting our objective of increasing gas production by 20% this year." Fourth quarter gas production averaged 366 Mmcf per day, a 10% increase from fourth quarter 1999 daily production of 333 Mmcf. Natural gas liquids production for the quarter averaged 4,523 barrels per day, a 3% increase from the prior year quarter production of 4,382 barrels per day. Fourth quarter oil production averaged 12,852 barrels per day, a 3% decline from the prior year quarter. Increased gas and liquids production is attributable to the Company's development activity. Decreased oil production is primarily related to property sales. The average gas price for the quarter was $4.56 per thousand cubic feet (Mcf), a 95% increase from the fourth quarter 1999 average price of $2.34 per Mcf. The fourth quarter average oil price increased 28% to $29.63 per barrel from the fourth quarter 1999 average price of $23.15 per barrel. Natural gas liquids prices averaged $22.82 per barrel for the quarter, a 54% increase from the 1999 quarter average price of $14.81. For the year 2000, cash flow from operations was a record $344.6 million or $4.84 per share, a 160% increase from $132.7 million or $1.89 per share for 1999. The Company reported earnings available to common stock of $115.2 million, or $1.62 per share, compared with earnings of $45 million or 64 cents per share for 1999. Excluding after-tax, non-cash incentive compensation, gains on asset sales and losses in the fair value of certain derivatives related to the Company's hedging activities, earnings were $140.1 million or $1.97 per share for the year 2000, compared with earnings of $14.7 million or 21 cents per share for 1999. Total revenues for 2000 were $600.9 million, a 76% increase from revenues of $341.3 million for 1999. Operating income for the year was $212.1 million, a 122% increase from $95.4 million for 1999. Gas production for the year was a record 344 Mmcf per day, a 19% increase from 1999 daily production of 288 Mmcf. Natural gas liquids production for 2000 was 4,430 barrels per day, a 22% increase from 1999 production of 3,631 barrels per day. Oil production for 2000 averaged 12,941 barrels per day, an 8% decline from 1999 production. The average gas price for 2000 was $3.38 per Mcf, a 59% increase from the 1999 average price of $2.13 per Mcf. The average oil price for the year was $27.07 per barrel, a 60% increase from the 1999 average price of $16.94 per barrel. Natural gas liquids prices averaged $19.61 per barrel, or 66% higher than the 1999 average of $11.80 per barrel.