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Gold/Mining/Energy : Oil & Gas Exploration & Production Co.'s

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To: DELT1970 who wrote (64)5/18/2003 7:53:22 PM
From: Ed Ajootian  Read Replies (1) of 112
Yes, I have even bought a little of it, right after the 1Q press release. They are getting a very low multiple of Enterprise Value/ EBITDA. Their EV is actually a bit _lower than their market cap because they not only have no net debt but actually have net excess cash!

Been meaning to look at them more, and listen to the 1Q CC, but right now I'm having too much fun buying the over-levered burn-outs that are being saved by these high commodity prices, where the market has been a bit slow in realizing the turnaround: KCS, ATPG, TMR, MSSN, etc.

Would be interested to hear what you think about XEC if you look at them more.

BTW, I need to retract my previous comment about EPL, it looks like their earn-out payment was only about $1 M for 1Q, obviously not large enough to warrant special disclosure. Still a bit befuddled as to how their debt got so high in the 3 months ended 3/31/03, but it looks like they are in good shape now that they raised the equity capital.
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