Results of Burlington Resources, Apache Corp., and VastarResources are just the beginning of the tale of woe thatindependent producers’ will be telling with their third quarterearnings. The companies turned in results that could only beconsidered poor outside the context of depressed gas and oil pricesand liquids margins that are at historic lows. Production of allthree companies was impacted by Gulf storms and hurricanes.
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Stock Prices Belie Company Performance
The common stocks of some natural gas companies which alreadyhad been showing a downtrend got caught in the sinkhole that wasMonday’s cliffjumper stock market and several established new lows.There was no one explanation for the declines in the stocks of someof the hardest hit, including Coastal Corp., Consolidated NaturalGas, Dynegy, El Paso Energy and Williams. Some were pointing to thecompanies’ exposure in the international arena or to declining oil,natural gas and liquids prices for the trend.
September 1, 1998
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