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

To: Sweet Ol who wrote (92691)	7/24/2001 9:05:17 AM
From: Art Bechhoefer	Read Replies (2) \| Respond to of 95453

I wouldn't exactly call UNOCAL a small operator, though it certainly is smaller than the likes of Exxon-Mobil and Chevron. The reason I liked Unocal is (1) its record of new discoveries over the past four or five years is much better than the industry average, and (2) its patents on reformulated gasoline are beginning to produce royalties, now that the Court of Appeals has ruled against Exxon and other biggies who tried to infringe the Unocal patents. Several refiners, including Valero, which is one of the largest in California, are paying Unocal about 1-1/4 cents per gallon royalties. This has got to count for something! Art