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

To: Bazmataz who wrote (19004)	4/14/1998 12:13:00 PM
From: Douglas V. Fant	Read Replies (1) \| Respond to of 95453

Bazmataz, GLM and RDC started the ballgame with base hits today. Let's see if the followup hitters can "drive them in". I just read the Annual Report of a major integrated oil company. I noted (1) that average crude prices dropped $1.50/bbl last quarter; (2) and that natural gas price increases made up for the dollars decrease in crude oil. That is, the oil price drop, natural gas price increase was a net zero effect financially on this company (which does $50b+ business annually-no small change). So do you think that the effect of the oil price drop on oilfield service stocks may have either been taken out of context or overestimated, or at least failed to "price in" the offsetting effect of natural gas price increases?? Sincerely, Doug F.