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

To: Art Bechhoefer who wrote (92690)	7/23/2001 8:25:15 PM
From: Sweet Ol	Read Replies (1) \| Respond to of 95453

Historically the oil companies integrated in order to better withstand the cycles. When crude was down, product margins were better and the pipelines always make money, even when you are an owner-shipper. Over the long haul XOM, BP, Shell and Chevron will find a way to make money every year. They may not always make a lot of money, but they are very stable. Recently I have been playing the smaller E&P's and some drillers who were positioned to make a lot of money in the up cycles in crude and NG. As a result, I have not followed the giants lately. I did take a ride with Murphy last winter and did OK. But it was based strictly on TA and not FA. So, I really don't have an opinion on them. It may be time to think about them for a LT play. It is hard not to like XOM in that regard because they are so spread out and into so many aspects of the business and they are good operators. They will get a piece of every big play one way or the other. Best, JRH