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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Czechsinthemail who wrote (13782)	3/5/1998 2:37:00 PM
From: Chuzzlewit	Read Replies (1) \| Respond to of 95453

Baird, here again, I must disagree: "but if cash flows for the independent E&P companies fall, they will have less available to budget for drilling." Drilling is their future, and so long as there is a positive increment they will continue to budget for drilling. Each project should be treated independently, and cash flow projections must be made on a project by project basis at the margin! If the risk-adjusted expected value of the cash flows is positive these companies will borrow to make the commitments. Regards, Paul