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To: Bald Eagle who wrote (3676)	2/27/1998 4:01:00 PM
From: Boca_PETE	Read Replies (2) \| Respond to of 42834

Wiseowl: re: <XON .. is 63 and change, less than 10% from it's all time high. The price of oil is nowhere near it's all time high.> I believe the correlation of oil prices to oil company stock prices is not one-for-one. It tends to differ for each oil company depending upon the oil vs gas mix of its reserves and production, and the magnitude of it's downstream (refining and marketing) operations. XON's production /reserves are approximately 50/50 oil vs gas, whereas the correlation (influance) for a company whose production/reserves are approximately 70% oil would likely be greater. Perhaps it might be more correct to say the fluctuations in oil prices influence stock prices of oil companies to a greater or lessor extent depending upon the above factors. P