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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: jim_p who wrote (17847)	2/5/2003 6:54:17 AM
From: quehubo	Respond to of 206195

Jim: I think the net effort to deliver oil to the market for the first few years will increase OSX revenues. The question is which service providers will be the winners in Iraq and which will be the losers. I suspect the market believes 5 to 1 that Saddam will be toast, Allot of events need to pass before we can be assured that Iraqi production can go from ZERO for several months to whatever its present capacity really is. So Iraq may be a reliable exporter at <3 mbpd by Q4. Clearly some are holding energy because of the war and because the possible outcomes can be very bullish for energy. But I hear many more people waiting to buy when the war premium disappears. But any way you look at it the cycle needs to unfold for another 2-3 months to get a good feel for earnings Q2 to Q2 2004.

To: jim_p who wrote (17847)	2/5/2003 7:09:18 AM
From: ItsAllCyclical	Read Replies (2) \| Respond to of 206195

EP News. Jim, nice call - Selling more assets, cutting dividend and taking lots of charges. El Paso to Sell $2.9 Billion in Assets Wednesday February 5, 6:52 am ET HOUSTON (Reuters) - El Paso Corp. (NYSE:EP - News), the largest U.S. pipeline company, on Wednesday announced several measures to cut costs and improve its cash position, including slashing its dividend, selling almost $3 billion in assets and reducing spending. ADVERTISEMENT The Houston company, which is already in the process of liquidating its trading portfolio and already sold $4 billion in assets last year to shore up its finances, has been grappling with the demise of the energy trading market in the wake of Enron Corp.'s (Other OTC:ENRNQ.PK - News) collapse. As part of the plan, it plans to sell $2.9 billion of non-core assets this year, lower its capital spending 35 percent from last year to $2.6 billion and cut its common stock dividend to 16 cents a share annually. El Paso also forecast earnings per share from ongoing operations in 2003 of $1 and a raft of fourth-quarter charges that will result in a loss for the fourth quarter and the full year. The consensus estimate of analysts polled by Thomson First Call for 2003 is $1.31.