Third, I recommend Pogo Producing Co. (PPP), which
was also on last year's Stumblers list. This
natural-gas producer, based in Houston, is down 10
percent this year.
A week ago Pogo said that it might sell its oil
and gas holdings in Thailand and Hungary to raise
cash. It also will delay drilling 210 wells
worldwide because of high drilling costs.
Two-thirds of Pogo's output in the Gulf of Mexico
was shut down last quarter by Hurricane Ivan, and
total production of oil and gas fell 33 percent
for the quarter to 41,921 barrels a day, the
company reported