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REMARKS AT THE
MESA PICNIC
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Welcome. Looks like we’ve got another great crowd. . .683 registered.
You’ll be happy to know I’m going to keep this very brief so we can all get back to having fun.
First, I’m sure that by now you’ve heard that we made another offer to settle the City’s suit against Mesa.
We believe it’s a very fair offer and will be good for the city and Mesa. . .Create jobs, revenues.
If the city wants to pursue the lawsuit, we’re confident we’ll win in the end because we’re on the right side of the issue.
But we would much rather settle it and put this behind us.
The thrust of this settlement offer is to end the dispute in the most constructive way possible.
Our offer would lower Amarillo customers’ gas prices and give a big boost to the community’s job situation. . .we all come out winners.
If the city pursues the suit, it will drag on for probably two or three years. . .in the end the only ones to come out ahead will be the lawyers.
So we’re hoping the City Council will accept our proposal when it meets Tuesday. . .we need to get this behind us.
Other than the lawsuit, Mesa has done well this year and we’ve got a lot to look forward to.
Most of you are aware that we’re in the midst of a major acquisition attempt. We feel we have a good shot at buying one or two very large blocks of Tenneco oil and gas properties.
We may not succeed because there are a lot of other bidders involved. . .but we’re going to give it our best effort.
The added reserves would greatly strengthen Mesa’s position in the industry and our future.
That’s not to say Mesa’s future won’t be good without the Tenneco properties. . .in fact, the next few quarters look good financially. . .1989 still a little tough, beyond that looks better.
Gas prices are firming and appear to be meeting our predictions; we’ve also been able to get our gas out from under contracts, which will be very important as the spot prices rise.
Also, we just recently signed a $1 billion revolving credit facility, which will give us a lot of flexibility as acquisition opportunities arise.
But these things are just part of what makes Mesa strong. . .you are the company’s primary strength.
Our employees give their all at everything they do. . .at work, at home and in the community.
You make Mesa great. . .I’m proud of our team, and I certainly appreciate all that you do.
That brings me to our purpose for being here today. . .not to listen to a speech, but to have a good time.
So let’s do it!