Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: SliderOnTheBlack who wrote (50829)	9/10/1999 12:18:00 PM
From: CpsOmis	Read Replies (1) of 95453

SLB/PGO Earnings est. cut: NEW YORK, Sept 10 (Reuters) - Salomon Smith Barney said Friday analyst Geoff Kieburtz has reduced his 1999 earnings estimates for two oifield service companies -- Schlumberger Ltd <SLB.N> and Petroleum GeoServices <PGO.N> -- while leaving his his buy ratings for both stocks in place. "Due to continued pricing pressure across most product lines, we are reducing our 1999 earnings (per share) estimate to $1.05 from $1.10, (while maintaining) our 2000 estimate of $1.60," the analyst wrote. The First Call/Thomson Financial consensus estimates are $1.11 and $1.65, respectively. Citing 'sustained pricing pressure on non-exclusive surveys," Kieburtz wrote, he is reducing his estimate of Petroleum GeoServices' 1999 earnings to $0.65 per share from $0.75 while noting "that fourth quarter multi-client sales remain a wildcard, yielding potential upside to our estimate." The consensus estimate is $0.66 per share. In trading on the New York Stock Exchange Friday morning, Schlumberger was off 1/2 to 69-15/16 and Petroleum Geo was down one at 20-11/16. REUTERS Rtr 11:41 09-10-99

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