Natural Resources >> Sector Roundtables >> February 8, 1999

Roundtable Forum: Major Integrated Oils

SANFORD L. MARGOSHES is a Senior Vice President at Loeb Partners Corporation. Previously, he was associated with Shearson Lehman, Lehman Brothers, Chief Economist-Iranian Oil Operating Companies, Mobil, and Shell Oil. Dr. Margoshes earned his Bachelor's degree from Princeton University, his MBA from Columbia Graduate School of Business, and his Ph.D. in Economics from New York University School of Business. He is a permanent member of the Board of the National Petroleum Investment Analysts and has contributed several articles to the Financial Analysts Journal. He has also appeared on the McNeil Lehrer News Hour and has testified before Congress. Dr. Margoshes is married, has three children, and includes walking, painting, and travel among his personal interests. Profile
MICHAEL C. YOUNG is a Managing Director at Gerard Klauer Mattison and is a senior member of the GKM Energy Group working in the firm's Boston office and is responsible for the analysis of the oil and gas industry. Prior to joining the firm in 2001, Mr. Young was a Managing Director and Senior Energy Analyst at Deutsche Bank for five years. Between 1987 and 1996, he was a Managing Director and the Senior Energy Analyst at Smith Barney, Inc. Mr. Young began his career on Wall Street in 1985 in New York, where he worked in the energy research group at Salomon Brothers, Inc. In 2000, he was ranked seventh among oil analysts in a Reuters survey of the top 100 fund managers in the US. Mr. Young also ranked fifth in a Wall Street Journal calculation of stock-picking performance for his sector. A CFA, he is also a member of the National Association of Petroleum Investment Analysts and the Petroleum Analyst Group of Boston. Mr. Young is a graduate of Dartmouth College, where he received a BA in Economics and Governement. Profile
JOHN B. PARRY is a Vice President, Senior Equity Analyst at John S. Herold, Inc. Mr. Parry's research domain includes many of the international integrated companies, domestic refiners, integrated pipelines and certain diversified energy companies. He is also co-editor of the Herold Energy Investment Outlook. Prior to joining the firm in 1990, Mr. Parry had 20 years of experience in equity analysis with firms such as J. & W. Seligman, McLeod Young Weir, and Copeland, Wickersham, Wiley & Co. He earned a BS in Chemical Engineering and an MS in Industrial Management at Polytechnic Institute of Brooklyn. Mr. Parry is a member of the National Association of Petroleum Investment Analysts, the New York Society of Security Analysts and the Oil Analysts Group of New York. Profile
ALVIN D. SILBER is the Energy Research Analyst at Herzog, Heine, Geduld, Inc. Previously, he was associated with Kidder, Peabody & Co., Dean Witter, and Mobil, Inc. Mr. Silber received his Bachelor's degree in Economics from New York University, as well as his Master's degree and a Doctorate in Chemical Engineering. He is member of the National Petroleum Investment Analysts and the NYSSA. Profile
TWST: John, what drove the major integrated oil stocks in 1998, and how

does the performance compare with stocks in other sectors of energy?

Mr. Parry: The bigger international market cap