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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Art Bechhoefer who wrote (11374)	4/29/2002 10:52:49 PM
From: nspolar	Respond to of 36161

Art, I find the earnings of the majors somewhat troubling. Price of oil and gas hasn't been that bad, and yet earnings at some were negative, P for example. Basically I think oil has to go a lot higher before the integrated cos can ever get back to type of earnings they had in the good ole days. Costs of operating older fields, which most are saddled with, are high. This is just fact. There is always the ME factor, but the shorter term outlook on the demand side is somewhat suspect. And oils are very sensitive to this. So no oils for me here. Still have one independent gasser. IMHO.