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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (41748)	9/16/2005 4:21:22 PM
From: ild	Read Replies (1) \| Respond to of 110194

Market Pulse: Annaly slips 10% as firm cautions about rates Friday September 16, 9:54 am ET By Greg Morcroft NEW YORK (MarketWatch) -- Shares of mortgage REIT Annaly Mortgage Management slipped more than 10% Friday after the firm said the contraction of the spread between short-term and long-term interest rates has hurt its profitability. The shares fell 11.2% to $13.22. The firm also set 13 cents a share dividend on Thursday, payable October 27 with a September 28 record date. In June, Annaly announced a 36 cents a share quarterly dividend. As a REIT, the firm pays out the majority of its earnings as a dividend.

To: Wyätt Gwyön who wrote (41748)	9/16/2005 7:52:40 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 110194

You are confusing two entirely unrelated issues. 1.) Sulfur in refined products. Sulfur in gasoline or other refined products creates deposits in engines and undesirable pollution. Tier 2 gasoline should have less than 80 parts per million of sulfur. This is a sound environmental and economic decision, even if you don't like it. This has nothing to do with "sour crude". Years ago Chevron was the first refiner to meet Top Tier standards in California and is the first refiner to meet Top Tier standards company-wide. chevron.com It cost Chevron only $16 million to upgrade their $1.5 billion Richmond CA refinery to add a secondary hydrogen sulfide roaster to far exceed Tier 2 standards. The additional cost is a fraction of a penny per gallon of refined product. Any refiner who cries "crocodile tears" about the costs of meeting Tier 2 standards is full of shit. Yet, in spite of this upgrade, Chevron's Richmond CA refinery can still refine only "sweet crude" with less than 2.5% sulfur. More than 2.5% sulfur and it poisons the catalysts and eats through the refinery walls. 2.) Sulfur in crude oil. To refine crude with more than 2.5% sulfur, you need very expensive equipment to extract the sulfur during the process. It costs 50% more to refine and $3 billion to upgrade the refinery. If you go to the expense of rebuilding your refinery to handle "sour crude", it costs you nothing extra to meet the sulfur standards in refined product. .