There's significant upside for the entire sector. The earnings potential will be huge going into next year. They'll be able to pay down a significant part of debt, buy back stock.
More Quotes from Bruce Lanni:
We don't think oil prices are going to rebound sharply. I think the deal that Mobil's doing is suggesting just that. I think most companies are hunkering down and they expect that prices are going to remain low for the next possibly one to three years. In this event, you may start to see more mergers occur.Bruce Lanni
BP is a very upstanding company and they make every effort to insure safety. It's a very dangerous operation. You're dealing with a lot of volatile materials.
Bruce Lanni
When you start polling the world for where major oil companies can do business, you have West Africa, Russia, the Middle East and Latin America. What they all share is that they're becoming more and more difficult operating environments.
Bruce Lanni
In a perfect world, you'd take the premium out, and you're looking at an oil price in the lower- to mid-30s. But it is not a perfect world.
Bruce Lanni
It's a fabulously run company.
Bruce Lanni
Both those companies are probably going to have to make some moves. One of them is going to be an acquirer and one's going to be acquired.
Bruce Lanni
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