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To: marginmike who wrote (98064)	4/26/2001 3:48:45 AM
From: patron_anejo_por_favor	Respond to of 436258

<<I own XLE, and RD what others are good diversified plays?>> Generally, the integrated oils are pretty diversified in that they include both upstream (E&P, drilling) and downstream (refining and marketing) of oil and gas. These include many of the household names, including XOM, TX and CHV (they are merging), BP, RD and UCL. The dividends are pretty good on most of these, and obviously earnings are going through the roof and will for the forseeable future, IMO. The "downstream" exposure of refining and marketing is thought to provide some protection in case of recession (as gasoline demand is somewhat more inelastic than other oil derivatives, ie, petrochemicals). Better pure play in refiners, IMO, best two are SUN and VLO. Tosco, which was the largest independant refinery, was recently purchased by Phillips Petroleum.