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

To: energyplay who wrote (44604)	6/4/2005 11:01:58 AM
From: Elroy Jetson	Respond to of 206323

I listened to the California offshore bid being read on a speaker-phone in a crowded room with the head of Production and the head of Exploration. Chevron won every single tract the head of Exploration had bid on. This left about 15% of the tracts won at far lower prices to a variety of other firms. Once it had all been totaled, the head of Production stood up and turned to the head of Production before he walked out. He loudly announced, "Lewis, I have to get back to work to pay for all of this money you've thrown around." These offshore tracts are far more valuable than is assumed. Unless Chevron has their leases stolen, no other company has any interest in this field, not Unocal, not anyone. As for the board. Large companies get a lot of pressure to put political hacks on their boards. This is one of the many ways Washington shakes down the Fortune 500. At Chevron, this started with Carla Hill, progresses through Condi Rice, and has now progressed to Sam Nunn a retired politician. The common thread between all of these people is that they know nothing about the oil business. They are occasionally useful in dealing with the State Department on international projects. Carla Hill also took a personal interest in the choice of retirement and service gifts given to employees - much to the annoyance of all involved. Everyone smiles and tells them how valuable their input is. Chevron has traditionally named a tanker after each one of these political appointees when they leave the board. There is potentially enough money involved to bring out the most bestial and ruthless behaviour by those in government and competitors. .