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

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To: Ed Ajootian who wrote (65)5/19/2003 11:29:59 AM
From: DELT1970   of 112
Merrill Lynch is pounding the table today for Pogo, Stone, Newfield and Energy Partners. On EPL they say:
 Energy Partners (EPL, $10.74, C-1-9)
• A value, offshore Gulf of Mexico oriented E&P that
focuses on balanced operations (exporation,
exploitation and acquisitions), 60% of its production is
natural gas, roughly 30% of its 2003 production is
hedged. Our current 2003 fully diluted operating
EPS/DCFPS estimates of $0.97/$3.92 assume 22%
volume growth, and our 2004 estimates of $0.37/$3.64
forecast 5% volume growth, and assume no
exploration success. EPL could generate $50 MM in
free cash flow this year. Our $14 price objective is
based on 3.6x 2003E DCFPS, which is in line with its
offshore oriented peer group average. The risks to
achieving this price objective is a sustained decline in
commodity prices, unfavorable drilling results, oilfield
services cost inflation and project timing delays.
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