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Pengrowth Energy Corporation Message Board

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  • cruckymucky cruckymucky Mar 8, 2004 8:47 AM Flag

    Buffett buying all year oil/gas

    You are correct to point out the math of oil; and generally I agree that oil in the long run offers a very compelling profit center for those that own the commodity and those that explore for the commodity.

    Some names - SLB for oil exploration, HAL for oil services and exploration, and TMXN as a potential take over target by one of the majors or PKZ.

    HOWEVER - I think this oil depletion story is a bit too easy to swallow. It's too neat and it seems to me that the easy money has already been made. I still bitterly recall the days of 1998, when oil suddendly seemed to be more abundant than salt water. Such a scenario seems not only possible but likely to occur at least once more in the near future (US faulters? Iraq proves good? Russia starts pumping like nuts? Saudi's start pumping like nuts? China faulters? etc). I am moving away from oil for now but keeping a very close eye on it.

    Good luck with PGH. I am selling; the payouts are fantastic and the appreciation potential is there, but they are (accounting wise at least) not able to meet current dividend obligation even with current very elevated oil prices. Imagine the pain when things get rough out there.

    Like I said; good luck.

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