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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: The Ox who wrote (1528)	3/13/2001 6:36:33 PM
From: upanddown	Read Replies (1) \| Respond to of 23153

API's not posted yet? They were a bit off... API guesses Inventories of crude oil are expected to have risen by 2.5-3.0 million barrels last week, while gasoline stocks are also expected to have increased 0.4 to 0.8 million barrels, according to analysts and brokers. Distillate stocks are expected to have dropped 0.6 to 1.0 million barrels, while refinery runs are seen down 0.1-0.3 percentage points. API actual API: US crude stocks up 9.509 mln barrels in latest week API: US distillate stocks down 544,000 barrels in latest week API: US gasoline stocks down 3.361 mln barrels in latest week API: US refineries operate at 89.5% in latest wk vs 91.2% John

To: The Ox who wrote (1528)	3/13/2001 11:51:00 PM
From: chowder	Respond to of 23153

Hi Michael! You make some very good points wrt valuing a company using economic data without taking into consideration other pertinent variables. You missed one in your analysis, and one that too many people take for granted. "Management!" We have many examples in the oil patch via hedging strategies, consolidating at the right and wrong time in the cycle, expansion vs. belt tightening, etc. There's no question in my mind that management has a major significance in the share price of a NBR vs PKD for example. I mentioned to Johnny Q via a PM earlier today on the difference between OEI's management team and VPI's management team. At the time the USS Cole was attacked in Yeman, both of these companies had interests in Yeman. OEI wrote their interest off immediately and their share price suffered initially but rebounded quickly. VPI's management team remained silent for the most part and their share price eroded away and has been in a narrowly traded range ever since. It seems as though the companies whose management teams communicate with their shareowners and the way they attack the adversities of the cyclical business have as much to do with their share value as the fundamentals, (supply and demand), of the industry. dabum