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: The Perfect Hedge who wrote (3894)	11/26/1997 6:56:00 PM
From: Bob A Louie	Read Replies (2) of 95453

Phillips says rigs will not hurt 1998 capex Wednesday November 26, 5:07 pm Eastern Time NEW YORK, Nov 26 (Reuters) - Phillips Petroleum Co said in a statement on Wednesday that it has no plans alter of its 1998 exploration and production (E&P) capital budget as a result of rising costs for oil drilling rigs. ''We are not changing our E&P budget, but we are in general de-emphasising some Gulf Coast activity because of high costs, and we're diverting funds to other exploration opportunities that look relatively more attractive,'' Phillips said in a written response to enquiries. The oil services sector had been shaken by, among other things, talk that Phillips would cut back its E&P spending. ''We intend to pursue out deepwater activities in the Gulf of Mexico through our alliance with Mobil (Corp) (NYSE:MOB - news). As previously announced, we have secured a longterm contract for a deepwater drilling vessel,'' Phillips said. Phillips announced in September that it would drill up to three exploratory wells in its deepwater Gulf of Mexico prospects. Phillips holds one-third of the venture and Mobil the rest in deepwater tracts some 150 miles off the Louisiana Coast. Phillips has not announced its 1998 capital spending plans, but in 1997, it budgeted $1.0 billion for this year.

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