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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Crane who wrote (9346)	10/24/2002 3:55:01 PM
From: Richard Saunders	Respond to of 24905

crane re: CNQ - I believe recently some downgrades have happened and rumouring is also happening re: possible lower results vs. previous Ladyfern expectations......

To: Crane who wrote (9346)	10/24/2002 6:37:02 PM
From: stan_hughes	Respond to of 24905

Further to what Richard said, I would also suspect that the $4 billion plus in debt makes some people nervous, especially the ones who are calling for lower oil prices post-Iraqi invasion (if, as, and when we see one). Whether you agree with the premise or not, the current popular scenario calls for higher interest rates as the western economies recover. That logic in tandem with the commodity price risk is putting high-debt energy issues like CNQ in the crosshairs of institutional sellers. They almost always overdo it, tripping over each other trying to get out at the same time for the same reasons. Looks to me like a lot of negative stuff is already baked in at this point -- my guess is that $40 holds BWTFDIK

To: Crane who wrote (9346)	10/25/2002 2:46:09 PM
From: teevee	Read Replies (1) \| Respond to of 24905

CNQ? I have heard price targets as low as around $23... Washington (Platts)--22Oct2002 Lehman Brothers said Tuesday that natural gas production from Canada's once-prolific Ladyfern play is "declining even more quickly than we thought it would. As a result, Lehman dropped its production estimate for Canadian Natural Resources, the major Ladyfern producer, by 2.5% for both 2003 and 2004. The lowered estimates also take into account a more conservative Canadian gas-production outlook, the analyst noted. CNR is being hit with a continued influx of water into its Ladyfern wells, Lehman said. Production from Ladyfern, which peaked at 700,000 Mcf/d, will exit the year at just 100,000 Mcf/d and will decline to roughly 20,000 Mcf/d by the end of next year, the analyst predicted. This story was first published in Platts real-time news and market reporting service Natural Gas Alert.